Monday- 27th February 2017
- Sunil Bharti Mittal called on global carriers to pool spectrum in entities that could be run by third-party network operators. This could help drive down costs in the financially stressed sector.
- Vikas Gupta, the former CEO of Cello Writing Group of Companies, has been appointed as the CEO of ITC’s Wills Lifestyle and John Players stores.
- Logistics company Delhivery is in talks with private equity major The Carlyle Group and Chinese conglomerate Fosun to raise fresh funding of about $100 million, which could raise the valuation of the company to $700 million.
- LIC of India plans to pick a 5% stake in the India’s biggest engineering company Larsen & Toubro (L&T) for ₹6,500 crores at market prices.
- Reliance Industries’ market capitalisation crossed the mark of ₹4,00,000 crores
Tuesday- 28th February 2017
- India achieved the GDP Growth target of 7% for the October-December 2017 quarter as it shrugged off the worries of the impact of demonetization. It’s now forecast to achieve 7.1% growth in the year to March.
- Tata Sons and NTT Docomo proposed a joint resolution to the Delhi High Court on settling a dispute over the $1.17 billion due to the Japanese telco for exiting their joint venture. They said they will not oppose the intervention of RBI accept court’s decision.
- A Morgan Stanley MF has marked down Flipkart’s valuation to about $5.37 billion. It was valued at $15.2 billion in July 2015.
- Hitachi Payment Services is likely to face a liability claim of ₹10 crores for a security breach in their systems which compromised 3.2 billion debit cards last year. Banks have filed compensation for amount stolen and bank expenses incurred thereon.
Wednesday- 1st March 2017
- KP Singha & Family, plan to sell their 40% stake in DLF Cyber City Developers Ltd (DCCDL) to GIC of Singapore to help repay debt. The transaction will be valued at an estimate of ₹12,000 crores.
- Multiple corporate players including DBS Bank, Reliance Jio and Chinese mobile handset manufacturer Vivo are in the race to grab sponsorship rights of the Indian cricket team for the next five years. BCCI is expected to raise a minimum ₹538.3 crores from the auction.
- Shares of Maruti Suzuki reached the price of ₹5,921 per share as they inch closer to the ₹6,000 mark. Current market capitalisation is ₹1.8 lakh crores which can soon reach the mark of ₹2 lakh crore.
- Avenue Supermarts, the owner of supermarket chain D-Mart, has set the price band of its ₹1,870-crore initial public offering at ₹295-299 per share.
Thursday- 2nd March 2017
- Alibaba to invest $177 million to increase its holding in Paytm Mall. This brings Alibaba closer to compete in Indian market against Amazon and Flipkart.
- LeEco has fired 85% of staff from its Indian unit and allow 2 leadership exits, as the company possibly aims towards exiting the country. This comes four months after Chinese billionaire Jia Yueting acknowledged his company LeEco was fast running out of cash.
- NDMC announced the auction of Taj Mansingh Hotel. It also cancelled Le Meridien Hotel’s licence over dues of ₹523 crore.
- Hindalco Industries launched a $500 million share sale to institutional investors. The floor price per share will be ₹184.45 per share. The proceeds to be used to reduce debt.
Friday-3rd March 2017
- A group of sellers have approached the Competition Commission of India alleging that Flipkart’s WS Retail and Amazon’s Cloudtail indulge in predatory pricing and discounting when selling their private label products. This hampers the growth of other small sellers.
- Hindalco raised an amount of $500 million through its QIP. The issue was subscribed over 3 times as investment offers were made for over 1.5billion.
- Online marketplace Snapdeal is in talks with US online payment system PayPal to sell Freecharge. The deal has been valued at approximate $500 million.
- Amidst rift between Apollo Hospitals and Malaysia’s IHH Healthcare, the latter sold its 6% stake in Apollo Hospitals, out of total 10.85% stake for ₹1,070 crores. The share price stumbled to 5.3% to ₹1,246.
Source: The Economic Times