Tata Sons’ new Chairman, Flipkart ropes in Top-Exec, NYLIC re-enters Max- Weekly Digest #30

Monday- 9th January 2017

  • Kalyan Krishnamurthy has been named the new chief executive of Flipkart while co-founder BinnyBansal has moved to the position of group CEO.  Krishnamurthy was a former executive in the New-York based investment firm,
  • New York Life Insurance Company has picked up a 22.51% stake for ₹121 crores in Max-Ventures and Industries Limited. The company will invest the proceeds in education and real estate, the focus areas for its future businesses.
  • Mondelez International has agreed to pay $13 million in civil penalties without admitting or denying charges. It was accused of bribing the government officials for obtaining licences and approvals.
  • Rockman Industries, the auto component arm of Hero Group, has acquired a majority stake in Moldex Composites at a valuation of ₹100 crore.
  • To compete with private banks for market share in the digital banking, SBI has waived off the merchant discount rate (MDR) to businesses with a turnover of less than ₹20 lakhs till the end of the calendar year.

 

Tuesday-10th January 2017

  • News Corp-backed real estate website PropTiger has merged with Housing.com in an all-stock deal. This will create country’s largest digital platforms for property listing through a digital platform.
  • A day after Kalyan Krishnamurthy was appointed as CEO of Flipkart, three top-level executives are leaving the company. Saikiran Krishnamurthy, who headed the e-tailer supply chain unit Ekart; senior vice president Surojit Chatterjee, who headed product and chief marketing officer Samardeep Subandh are leaving the company.
  • IndusInd Bank reported a 29%increase in the net profit for the third quarter at ₹751 crores, shrugging off the demonetization worries.
  • ICICI Prudential Life Insurance and general insurer ICICI Lombard have bought a 12% stake in fledgeling payments bank Fino Paytech for ₹150 crores.
  • Marissa Mayer along with5 other directors to leave Yahoo! after the closing of the deal with Verizon Communications. Yahoo Inc to be renamed as Altaba Inc.

 

Wednesday- 11th January 2017

  • Snapdeal has appointed online real estate firm Housing.com’s CEO Jason Kothari as its chief strategy and investment officer.
  • IDFC Alternatives, the private equity arm of IDFC group, has raised $100 million from domestic institutional investors and large family offices towards the first close of its fourth fund.
  • Japanese drugmaker Daiichi Sankyo has shut down its India research division as its now plans to focus the research on cancer treatment.
  • Oil marketing company BPCL on raised an amount of $600 million by selling 10-year dollar bonds to investors in Asia and Europe. NTPC is planning a similar sale in few weeks.

 

Thursday- 12th January 2017

  • Natarajan Chandrasekaran, CEO of Tata Consultancy Services, was handed over the position of chairman of Tata Sons. He will take over the position from the interim chairman, Ratan Tata.
  • Tata Consultancy Services (TCS) reported a 2.9% increase in the profits for Q3. It reported revenue of $4.38 billion and a net profit of $1 billion.
  • The rupee, owing to spectacular recovery surged by 24 paise to end at a week high of 68.08.  This has been due to rally in domestic equity as well as along with the weakening of dollar after US President-elect Donald Trump’s press conference.
  • Adani Ports has raised an amount of $500 million by selling bonds to overseas investors. The amount is to be used to refinance its existing debt.

 

Friday- 13th January 2017

  • Tata Consultancy Services dropped almost 4% due to a shuffle in its management after its CEO, Natrajan Chandrasekaran was appointed as the chairman of Tata Sons. It nullified all the optimism investors gathered after Q3 results.
  • HDFC Ergo General Insurance Company raised an amount ₹350crores by the issue of non-convertible debentures through investors like Ergo, General Insurance Corporation and Life Insurance Corporation.
  • Reliance to invest ₹3,000 crores in Reliance Jio, to expand its coverage and capacity. This will take the total investment in the telecom venture to ₹2 lakh crores.
  • Environment ministry under Anil Dave gave a red flag to the  ₹50,000crore proposal from ArcelorMittal for a mining project in the dense Saranda forest area of Jharkhand.

 

Source: The Economic Times

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