Bank’s Data Breach, Proposed GST Rates, MMT acquires Ibibo- Weekly Digest #19

Monday- 17th October 2016

  • Companies such as LG, Videocon and Godrej are not pleased with the discounts offered by e-retailers such as Flipkart, Amazon, and Snapdeal during festival sales. They have suggested that it is a violation of e-commerce regulations and warranty may be void on such products.
  • Piveta Estates, a private venture of Max Group’s founder and chairman Analjit Singh has acquired 51% stake in celebrity chef Ritu Dalmia’s Riga Foods. The company said that the investment will be utilized for domestic and global expansion of the brand in markets like South Africa and the UK.
  • Tata Group’s e-commerce marketplace Tata CLiQ has roped in Vikas Purohit, former head of Amazon’s fashion vertical, as its first chief operating officer.
  • Amidst speculations that the Essar Group would use the proceeds from the sale of its oil business to repay the debts to the ICICI Bank, the price of the share of ICICI bank rose by 7%, its biggest intra-day gain in 7 months.
  • Dewan Housing Finance Corporation (DHFL) has reported a 28.8% rise in the Q2 profits at INR 233 crores. This has been attributed to healthy growth in loan disbursements.

 

Tuesday-18th October 2016

  • The center has proposed various slab rates with a lower rate of 4% for precious metals, a threshold rate of 6%, two standard rates of 12% and 18%, a higher rate of 26% and a cess on luxury items, pan masala and tobacco products. Services to be taxed at 12% and 18%.
  • A banking sector driven rally helped the stock indices recover from their multi-month lows and rise 1.8% to post their biggest single-day gain in five months to achieve the 28,000 levels.
  • Visa Inc said its chief executive Charles Scharf, who orchestrated the company’s reunion with its European affiliate, is stepping down and will be succeeded by former American Express president Alfred Kelly.
  • The Supreme Court has ordered Parsvnath Developers to refund an amount of INR 22 crores to its 70 buyers for delay in  giving possession to buyers in its Exotica project at Ghaziabad.

 

Wednesday- 19th October 2016

  • In one of the biggest ever breaches of financial data in India, banks in India have disclosed that 3.2 billion debit cards have been compromised. The worst-hit of the card-issuing banks are State Bank of India, HDFC Bank, ICICI Bank, YES Bank and Axis Bank, the people said.
  • The Goods and Services Tax (GST) Council was unable to finalise two key elements of the proposed levy’s framework -the rate structure and dividing its administration between state and central authorities -pushing the decision to early next month.
  • Chinese firm Xiaomi sold a record one million smartphones in India in the first 18 days of October, its global chief executive Lei Jun has said, adding that it can become the country’s top smartphone brand within five years.
  • The Supreme Court on Wednesday ordered real estate developer Unitech to refund INR 17 crore to 39 homebuyers of its Gurgaon project Vistas for the delay in delivery of flats.

 

Thursday- 20th October 2016

  • Wipro has acquired Appirio, a US-based company which helps organisations migrate software applications to the cloud for an amount of $500 million. Indian IT companies have spent over $1.1 billion regarding acquisitions this year.
  • Reliance Industries reported an 18.5% rise in standalone profit for Q2, atrributing the rise to the boost to its petrochemicals business and its Jamnagar refinery.
  • After a 5-month ban last year, Nestle on Thursday said Maggi noodles in India has reported sustained recovery, claiming to extend its market share to to 57%. Before the ban, Maggi enjoyed a 75% share in the market.
  • Makemytrip acquired the smaller rival Ibibo Travels for an undisclosed amount. The deal has been estimate around $2 billion.

 

Friday- 21st October 2016

  • TRAI has imposed a penalty of 3,050 crores on on Bharti Airtel, Vodafoneand Idea Cellular for violating licence norms by denying adequate interconnection points to Reliance Jio Infocomm and said their actions appeared to be aimed at stifling competition and were anti-consumer and against public interest.
  • HCL posted a strong Q2 result, as revenue expanded by a sequential 1.9% to $1.72 billion. But the  operating profit margin declined by 40 basis points to 21.8%.
  • GMR Infrastructure’s airport arm has raised $522.60 million by selling bonds to international investors

 

Source: The Economic Times

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