Monday- 21st May 2018
- UAE has given its banks permission to share information with India related to Winsome Group, the diamond house which is India’s second-largest wilful defaulter.
- After initial uncertainty, Softbank has decided to sell its entire 21% stake in Flipkart to US retail giant Walmart. Softbank had invested $2.5 billion in Flipkart and is expected to make close to $4 billion on its investment.
- Bharti Group firm Cedar Services is in talks with PremjiInvest, the investment arm of Wipro chairman Azim Premji for selling its stake in Future Retail. Cedar’s 9.23% stake is expected to be valued at ₹2,500 crore.
- The All India Online Vendor’s Association which claims to represent 3,500 sellers has approached CCI against Flipkart for giving “preferential treatment” to a few seller entities and thus enabling steep discounts on its platform.
- Three members of the Fortis Healthcare board; Tejinder Shergill, Harpal Singh and Sabina Vaisoha resigned ahead of an EGM called on Tuesday. They favoured an offer for the company from the Munjal-Burman combine.
Tuesday- 22nd May 2018
- SBI reported its biggest quarterly loss of ₹1,728 crores for Q4 as bad loan provisions surged on rising defaults, and profits from the securities trading business fell.
- Aviation secretary RN Choubey has said that the Government may not sell the stake in Air India is the bid price is found to be inadequate. The government had proposed to sell its 76% stake in Air India along with low-fare subsidiary Air India Express and a 50% stake in AISATS.
- The Delhi High Court on Tuesday dismissed Indian Hotel Company Ltd’s plea challenging the tender procedure of the proposed auction of the Taj Mahal Hotel by the NDMC. IHCL had argued that the tender document fails to take into account its ‘blemish-free’ record as observed by the Supreme Court.
- Digital payments and e-commerce company Paytm has acquired Orbgen Technologies, the entity that operates Chennai-based online ticketing platform TicketNew. The transaction is expected to be valued between $30 million and $40 million.
Wednesday- 23rd May 2018
- India’s oil ministry has ordered Reliance Industries, Royal Dutch Shell and Oil & Natural Gas Corp to pay $3.8 billion as the share of the government’s earnings from the Panna-Mukta and Tapti fields. The liability is to be shared by the companies in proportion to their interests in the oil and gas fields in the Arabian Sea – ONGC (40%), RIL (30%) and Shell (30%).
- Samara Capital is in advanced talks to buy Aditya Birla Retail’s supermarket chain More for about ₹2,500 crore.
- The Union Cabinet approved The Insolvency and Bankruptcy Code Amendment (Ordinance) 2018, easing rules to enable promoters of SMEs to bid for their companies and giving homebuyers a stronger say in the resolution plan for developers.
- Madras HC directed the Vedanta Group to halt construction of the second unit of its Sterlite copper smelter in Thoothukudi among various protests across the city situated in southern Tamil Nadu.
- The rupee plunged to an 18-month low against the dollar to close at 68.42. This has been attributed to demand surging for the US currency from corporates amid a tangible lack of overseas interest in emerging-market assets.
Thursday- 24th May 2018
- The Tamil Nadu Pollution Control Board has ordered the closure of the Vedanta-Sterlite copper factory in Thoothukudi. Locals and environmental activists claim emissions from the plant, one of the country’s biggest, are polluting the air and water in the district, affecting people’s health.
- The income-tax department has started issuing notices to several multinational consumer firms, disallowing deductions on expenses of advertising, marketing and sales promotion as they are not relevant to Indian business but outside India. The tax demand is expected to be ₹10,000 crore.
- DoT cleared Idea Cellular’s sale of nearly 9,000 standalone towers to a local arm of American Tower Corp (ATC) for Rs 4,000 crore. This marks the conclusion of the US tower company’s two-stage buyout of Vodafone India and Idea’s near 20,000-odd combined standalone towers for Rs 7,850 crore.
- Negotiations between Reliance Communications (RCom) and Ericsson over the payment of pending dues have hit a fresh hurdle, with neither side agreeing on a timeline. Rcom is insisting on 6 months while Ericsson wants its ₹1,000 crore in 3 months.
- SEBI has issued a SCN to ICICI Bank and its CEO Chanda Kochhar for alleged violation of disclosure requirements under securities law in the case involving Videocon Group and NuPower Renewables, a firm run by her husband Deepak Kochhar.
Friday- 24th May 2018
- Owing to crude oil price retreat, the Nifty ended 91.30 points higher at 10,605 points while the Sensex ended up 261.76 points higher at 34,925 points.
- IDBI reported Q4 loss of ₹5,663 crore, up from last year’s ₹3,200 crore on YoY basis. This has been attributed to bad loans continuing to pile on forcing the public-sector lender to provide for potential losses.
- Sun Pharma posted profit rising 7% to ₹1,375.6 crore for Q4 on YoY basis. This has been attributed to a strong showing in emerging markets and a slight improvement in its US business.
- The rupee gained as much as 57 paise to close at 67.67 a dollar as banks across the economy sold dollars on behalf of their clients. This is the highest intra-day gain in the last 14 months.
- Negotiations between RCom and Ericsson for a settlement have hit a roadblock with the latter rejecting two proposals of the Rcom. Rcom had offered either a payment guarantee by an Anil Ambani-controlled company or an undertaking by the directors of the telco and its two units — Reliance Infratel and Reliance Telecom.
Source: The Economic Times