Tata’s Battle continues, PayTm duped, Cashback on fuel- Weekly Digest #26

Monday- 12th December 2016

  • Malvinder and Shivinder Singh are in negotiations with private equity group TPG Capital to sell a 26% share in Fortis Healthcare, the country’s second-largest private hospital chain. The current market cap of Fortis Healthcare is  INR 7,909 crore.
  • Tata Industries removed Cyrus Mistry as director after a shareholder’s meeting. This is expected to be followed by similar voting in other group companies.
  • Indian Oil Corp announced that from Tuesday, consumers will get an assured 0.75% cashback on cashless payment for fuel from state-owned outlets. The cashback will be credited within 3 working days.
  • Online B2B commerce company OfBusiness has raised an amount of INR 75 crores in a round of funding led by Zodius Technology Opportunities Fund. This takes the total capital raised by the venture to INR 110 crores.

Tuesday-13th December 2016

  • Shareholders of Tata Consultancy Services voted in favour of the removal of Cyrus Mistry as the director on Tuesday. 93% votes were in favour of removal while only 7% voted against the proposition.
  • Chinese smartphone maker Nubia is looking to invest $100 million in India over the period of next five years to expand its operations in India.
  • DLF is looking to split the sale of its rental commercial property arm between US private equity major Blackstone Group and Singapore’s sovereign wealth fund GIC, each getting a 20% stake. Total sale is expected to fetch INR 12,000 crores.
  • Retail inflation fell to a two-year low in November owing to cash shortage following demonetization. It fell from 4.2% in October to 3.63% in November.

Wednesday- 14th December 2016

  • Shareholders of Tata Teleservices voted to remove Cyrus Mistry as a director from the company. This is the third straight day where Cyrus Mistry was voted out as a director.
  • VK Sharma, acting chief of LIC of India has been officially appointed as chairman and MD of LIC of India for five years after the Cabinet’s Appointments Committee recommended his candidature.
  • Nusli Wadia has sent a letter to the shareholders of Tata Motors regarding his removal as an independent director for his “totally independent” decision of backing the former chief, Cyrus Mistry.
  • Amazon launched its Prime Video service in India along with 241 other countries. In India, it comes at no extra cost for existing Amazon Prime subscribers. Introductory price is INR 500 for a year and later as INR 1,000 for a year.
  • Coal India’s stock corrected to INR 292.25 on Wednesday as many brokers slashed their target prices after a weak Q2 was reported by the company.

Thursday- 15th December 2016

  • Nusli Wadia has filed an INR 3,000 crore defamation suit against Ratan Tata and Tata Sons for the accusations imposed against him in public statements to shareholders.
  • Renowned Investor Rakesh Jhunjhunwala has invested in Mandhana Retail Ventures to acquire a 12.74% stake in the company. It holds the licence to manufacture Being Human’s merchandise.
  • Axis Bank has suspended its 24 employees and is now examining over 50 accounts under suspicion after some of its branches were investigated by Government agencies for suspicious transactions in the wake of demonetization.
  • Telenor is in talks with Idea Cellular for the sale of former’s India’s business to the latter. Telenor has marked down the value of its India unit significantly throughout the year.
  • Indraprastha Gas shares hit an all-time high of INR 911.17 per share after traders were bullish on this stock and brokers raised their target price.

Friday- 16th December 2016

  • The government has offered a final window for income declaration under Pradhan Mantri Garib Kalyan Yojana 2016, which will start from December 17, 2016, to 31st March 2017. The assessee will be charged 50% tax and 25% declared income will compulsorily be deposited into a non-interest account of Pradhan Mantri Garib Kalyan Deposit Scheme with the lock-in of 4 years.
  • The government is proposing an equalisation levy on the revenues of cloud computing companies and content providers from next financial year. This will be known as Google tax and companies like IBM, Microsoft, Amazon Web Services will fall under it.
  • CBI has filed a case against 15 people from Delhi after PayTm accused them of duping the mobile payment platform for INR 6.15 lakh for over 2 years.
  • Reserve Bank of India has reduced merchant discount rates for card payments below INR 2,000. It has also instructed banks to not levy charges on transactions up to INR 1,000 through USSD, IMPS or UPI. This comes as a welcome move in an economy facing aftermaths of demonetization.

 

Source- The Economic Times

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