Flipkart’s Biggest Funding, Service Charge Issues, Infosys disappointing results- Weekly Digest #40

Monday- 10th April 2017

  • Religare Enterprises Ltd (REL) is selling its entire 80% stake in Religare Health Insurance Co (RHI) to private equity firm True North. This values the health insurance company at ₹1,300 crores.
  • Flipkart to buy Indian arm of its rival eBay and has announced the funding for the same for ₹9,000 crores.
  • Ruptub Solutions, which owns and operates budget hotel chain Treebo, has delisted all its properties from the MakeMyTrip and Ibibo platforms. The reason has been cited as higher commission charged by these platforms.

 

Tuesday- 11th April 2017

  • Reliance Jio Infocomm unveiled a new plan for mobile phone subscribers, offering three months of freebies besides 1 GB data a day for a one-time recharge of `309 and above. It has been criticized by Bharti Airtel as it deems it to be extension of its Happy New Year Plan.
  • HackerEarth has raised a $4.5 million in Series-A investment round led by DHI Group, owner of US-based career site Dice. The startup plans to use the money to grow in the space of innovation management, strengthen its product team, and expand its business internationally.
  • The National Bank for Agriculture and Rural Development (Nabard) plans to raise ₹50,000 crore in the current fiscal,  ₹10,000 crore higher than the previous year, as it wants to achieve the government’s target of lending ₹10 lakh crore for agriculture.
  • Anil Aggarwal has announced the merger of Cairn India with Vedanta has been completed. The merged company would preserve the “Cairn“ brand.

 

Wednesday- 12th April 2017

  • The Securities and Exchange Board of India (SEBI) plans to make it mandatory for companies raising less than ₹500 crore through IPO to appoint a monitoring agency to keep track of the use of funds.
  • Technology company Mindtree has notified stock exchanges that its executive chairman Krishnakumar Natarajan has informed the company that he inadvertently violated its insider trading programme as his portfolio management services company bought 240 equity shares of the company without informing him.
  • The Cabinet Committee on Economic Affairs gave its go ahead to list 11 central public sector enterprises (CPSEs), which include five railway entities and a defence company.  The government will reduce its stake in these firms by up to 25%.
  • Following rising military tension in the Middle East and the Korean peninsula, the Sensex lost 145 points to close at 29,643 and Nifty ended lower by 33.55 points at 9,203.45 after cracking below 9,200.
  • Qualcomm announced that it was asked to refund Canada’s BlackBerry $814.9 million in an arbitration over royalties for certain past sales.

 

Thursday- 13th April 2017

  • Tata Trust Trustees along with five others have filed a (PIL) in the Bombay HC against the union government, IRDAI and five state-run life insurance companies for investing in tobacco companies including ITC and VST Industries as they contradict the anti-tobacco stance of the government of India.
  • Infosys said it would pay shareholders up to ₹13,000 crore, through dividends and share buybacks in FY18. Despite this, Infosys fell 3.86%, pulling down the stock of rivals Tata Consultancy Services and Wipro as investors expect the gloom to spread. Infosys fell as much as 4.31% before closing at ₹931.40.
  • Bharti Airtel has approached the telecom tribunal against Reliance Jio Infocomm, asking it to restrain Jio from providing free services, including those offered under its `Summer Surprise’ offer that was withdrawn on order from the sector regulator.
  • Federal Bank is planning to sell up to 26% stake in its non-bank finance unit, Fedbank Financial Services, to private equity firms to raise ₹400-500 crore
  • Ola has raised an amount of ₹1,675 crores in fresh funding from Japanese telecom and internet major SoftBank Corp.

 

Friday-14th April 2017

  • The Income Tax Department has identified more than 60,000 persons under the second phase of Operation Clean Money launched on Friday to detect the generation of black money after demonetization.
  • Prime Minister Narendra Modi launched the BHIM-Aadhaar platform, a biometric-based indigenous payment solution will enable real-time bank-to-bank money transfers even for those without a phone and at no additional cost.
  • The government may dismantle the PPP Approval Committee (PPPAC), the finance ministry committee that approves public-private partnership (PPP) projects, and hand over that duty to Niti Aayog.
  • Ram Vilas Paswan, minister of consumer affairs, food and public distribution said that there is no such thing as service charge and if it is being charged by restaurants, it is wrong. He also said that an advisory has been issued in this regard and sent to PMO.

 

Source: The Economic Times

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