Cryptocurrencies double fiasco, Jio enters profit, GST rejig- Weekly Digest #60

Monday- 15th January 2018

  • Rakesh Jhunjhunwala and D-Mart promoter Radhakishan Damani to team up to bid for Binani Cement, as the race to acquire the company on the verge of bankruptcy intensifies.
  • Pantaloons Fashion Retail has appointed Sangeeta Pendurkar, former managing director at Kellogg India, as its chief executive, making her the first female CEO in the history of Aditya Birla Group.
  • Diesel prices soared to a record high while the petrol is at a 3-year high as international crude prices hover around $70 a barrel.
  • Sensex climbed 250 points to close at 34,843 points while the Nifty climbed 60 points to close at 10,741 points. The rise was led by gains in select index heavyweights such as HDFC and private banks

 

Tuesday-  16th January 2018

  • The Indian Rupee ended 1% lower to close at 64.04 against USD. This has been attributed to rising oil prices and worsening trade deficit.
  • HUL has received a notice from the Directorate General of Safeguards regarding anti-profiteering measures which have been designed to ensure that the companies are passing the benefits of lower GST to end consumers.
  • Online housekeeping services startups such as UrbanClap have approached the government seeking a leeway on GST, either in the form of a concessional rate or inclusion in the composition scheme to be in parity with offline players.
  • ICICI Lombard reported a 5.2% rise in Q2 earnings to ₹231.76 crore, up from ₹220.3 crore on YoY basis. This has been attributed to underwriting performance.

 

Wednesday-  17th January 2018

  • Sajjan Jindal’s JSW Group has emerged as the highest bidder for Binani Cement, exceeding submissions from Rakesh Jhunjhunwala and UltraTech. The bid has been at an estimated amount of ₹5,900 crore.
  • Mobile wallet company MobiKwik has reported a 16% increase in its losses for the year ended March 2017 at ₹132.8 crore from ₹114 crore. This has been attributed to muted revenue growth.
  • Price Waterhouse challenged a two-year ban imposed by Sebi over the Satyam Computer Services fraud on the grounds that the regulator doesn’t have jurisdiction.
  • Bitcoin fell to a six-week low as global cryptocurrency markets entered the second day of a sell-off. Bitcoin was down 12% to $9,936.69, while Ethereum plunged 16% to $884.68.

 

Thursday- 18th January 2018

  • The GST Council announced a significant revamp of the GST framework including rejig in the rates of 29 goods and changes to the taxation regime for 53 services. The council aims for a regime for businesses that will entail a single form or even just a supply invoice. It approved a definition for handicrafts and the designation of 40 items as handicrafts.
  • The Enforcement Directorate plans to sell unpledged shares owned by Vijay Mallya in United Breweries, to raise more than ₹4,000 crore, which is nearly half the amount owed by him.
  •  ICICI Venture to acquire 14% stake in Chennai-based Go Fashion India for about ₹100 crore in what could be its first apparel retail investment in a decade.
  • The Sensex ended up 178.47 points at 35,260.29 after hitting an all-time high of 35,507.36 during the day. The Nifty ended up 28.45 points at 10,817 after hitting a record high of 10,887.50. The fall was due to profit booking on rising indices.

 

Friday- 19th January 2018

  • RIL reported a consolidated net profit for Q3 at ₹9,423 crore while turnover rose 30.5% to ₹1,09,905 crore. Reliance Jio Infocomm reported a net profit of ₹504 crore in the quarter.
  • Top lenders including State Bank of India, Axis Bank, HDFC Bank, ICICI Bank and Yes Bank have suspended some accounts of major Bitcoin exchanges in India, suspecting dubious transactions.
  • HCL Technologies reported a 6% jump in net profit at ₹2,194 crore for the Q3. It also reported a rise in revenues to ₹12,808 crore, an increase of 8.4%
  • ITC reported an increase net profit by 16.7% to ₹3,090.2 crore. This has been attributed to the general recovery of FMCG industry from the effects of GST rollout.

 

Source: The Economic Times
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