Service Charge optional, PayTm’s new investment, SEBI approves BSE’s IPO- Weekly Digest #29

Monday- 2nd January 2017

  • Industrialists Sunil Munjal and Saroj Poddar are in talks to buy a minor stake in digital payments platform, Paytm. Sunil Munjal is the chairman of Hero Corporate Services and Saroj Poddar is the chairman of fertiliser and engineering services conglomerate Adventz Group.
  • Anshu Jain, the former coCEO of Deutsche Bank has joined the New York-based investment banking firm Cantor Fitzgerald (CFLP) as the president.
  • Department of Consumer Affairs has made service charges billed by the restaurants as optional at the discretion of the consumers.
  • Banks stock saw a fall in prices in the market as investors took the selling stance on the stock.The SBI stock shrank about 2.50%, State Bank of Travancore fell 2.02%, and HDFC tumbled 3.4%.

 

Tuesday-3rd January 2017

  • Tata Sons has issued a notice to remove former chairman Cyrus Mistry from its board. Tata Sons is looking to severe the Mistry family’s direct involvement in the board decisions of the Tata Group’s holding company.
  • As per a top Government Official, Foxconn Technology’s plans to take over Nokia’s manufacturing facility in Tamil Nadu will not be affected by Indian Taxation regime.
    Foxconn had said that it won’t bear the tax liability slapped on Nokia’s plant.
  • According to its founder Vijay Shekhar, Paytm has received approval from the central bank to launch the Paytm Payment Bank. The first branch will open in Noida in Uttar Pradesh by next month
  • SEBI has given its final approval for IPO of Bombay Stock Exchange (BSE). It is expected to raise INR 1,200-1,300 crores and hit the market in the later part of January 2017.

 

Wednesday- 4th January 2017

  • In another effort against black money, the finance ministry has sent a joint secretary to Reserve Bank of India to coordinate the central bank’s currency chest operations. It also advised that at least 40% of banknotes are supplied to rural areas.
  • Novelis Inc, Atlanta-headquartered arm of Aditya Birla group flagship Hindalco is refinancing $1.8 billion of its term loans for a period of five-and-a-half years to lower borrowing costs.
  • Xiaomi India reported a $1 billion revenue for the year 2016, as its sales doubled in the offline market. Xiaomi had entered the Indian market just 2 years back and is currently ranked 4th in India.
  • Tata Power Co has appointed S Padmanabhan as its chairman, in place of Cyrus Mistry who resigned last month.

 

Thursday- 5th January 2017

  • Flipkart’s largest vendor, WS Retail reported 33% increase in sales of INR 13,921 crores for the year ended March 2016. WS Retail’s net profit surged to INR 5.2 crore from 84 lakh a year ago. The company accounts for nearly 90% of goods sold on Flipkart
  • Shares of Tata Motors rose more than 3% to their highest closing in two months on Thursday, after the automaker’s Jaguar Land Rover subsidiary reported strong US sales for December.
  • Apple Inc has confirmed its plan for an investment of $1 billion in a tech fund being set up by Japan’s SoftBank Group. SoftBank has said it is investing at least $25 billion in the fund.

Friday- 6th January 2017

  • Due to proposed changes in H-1B visa, Indian IT companies saw a plunge in their prices in the market. Investors are now cautious to buy stock of IT companies with operation in the US. Infosys fell 2.5%, TCS was down 2.2%, HCL Tech declined 3.55% and Tech Mahindra 3.8%.
  • Tata Sons has called an extraordinary general meeting (EGM) on February 6 to seek the removal of Cyrus Mistry from the board of the group’s holding company.
  • Founders of Fortis Health Care, Malvinder Singh and Shivinder Singh are looking to carry out elaborate transactions to divest management controls in all their key businesses to raise an amount of INR 5,500 crores and tide over the cash crunch at the group level. They will retain a significant minority stake in most of these companies.

Source: The Economic Times

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