Tag Archives: Banks

IBC Tweaks approved, GST benefit ensured, E-cabs by Uber- Weekly Digest #53

Monday- 20th November 2017

  • CBEC Chairman, Vanaja Sarna has written to the biggest companies to ensure that the GST cut from 28% to 18% on 178 consumer products is passed on to the consumers.
  • Infibeam is in talks with Prem Watsa’s Fairfax Financial Holdings to sell a minority stake. The company is also considering strategic investment in and buyouts of retail chains that are using its platform to sell online.
  • Government bonds rallied the most in a year after the RBI on Friday scrapped plans to sell bonds in the open market to absorb excess liquidity.
  • Adani Ports & Special Economic Zone Ltd (APSEZ) announced the appointment of former AirAsia CEO Mrithyunjay Chandilya as Chief Executive Officer of their Logistics Business.
  • Lenders of debt-ridden Reliance Communications have approved the sale of real estate assets in Delhi and Chennai to Canada-based asset management firm Brookfield for ₹801 crores.

 

Tuesday-  21st November 2017

  • Apple has reduced margin for retailers from 6.5% to 4.5%, making it further frustrating for its dealers in India as they struggle to meet the demand of the flagship phone in India.
  • Paytm has picked up an equity stake in a digital loan startup CreditMate for ₹6 crores to help its customers access to credit to buy two-wheelers.
  • TRAI has proposed removing the 50% limit put for companies on holding spectrum within each band. The move is expected to encourage mergers and acquisitions and spectrum trading.Trai also suggested increasing the overall spectrum holding limit for companies to 35% from 25%.
  • A consumer court has ordered  builder Amrapali to deposit over ₹10 crores as the compensation payable to the home buyers of its delayed Sapphire project in Noida
  • Citigroup sold more than 3.5 crore shares of L&T Finance Holdings (1.92%), for over ₹637 crore through an open market transaction.

 

Wednesday-  22nd November 2017

  • The government has sought to tighten the Insolvency and Bankruptcy Code to ensure that wilful defaulters and promoters of companies in loan default over an extended period of time won’t be able to get their hands back on assets during the resolution process.
  • Tiger Global Management to sell off its early shareholdings in Ola ($300 million) and Flipkart ($600-$700 million) for estimated $1 billion to Japan’s Soft-Bank.
  •  Paytm’s parent company One97 Communications and its founder Vijay Shekhar Sharma have together invested ₹60 crores and ₹62 crore in Paytm Payments Bank, taking their total fund infusion to ₹400 crore.
  • NHAI has borrowed ₹5,000 crore from EPFO by selling long-tenure bonds to aid the government’s Bharatmala road project.
  • Shares of Future groups companies surged between 3% and 12%  after the company announced that it plans to open 10,000 member-only Easyday Stores by 2022.

 

Thursday-  23rd November 2017

  • The president signed off on an ordinance amending the Insolvency and Bankruptcy Code to help prevent defaulters from bidding for their assets in resolution proceedings and regaining control at discounted prices. Now it is allowed only if they pay up dues to lenders before resolution plans are put in place.
  • The government has told consumer goods firms and industry stakeholders that new price tags on existing stocks should clearly show the difference that the recent cut in GST has made.
  •  The Mittal family, promoters of Bharti Airtel, pledged ₹7,000 crore, 10% of its wealth, to support the Bharti Foundation, the Bharti Group’s philanthropic arm.

 

Friday- 24th November 2017

  • Standard & Poor’s retained its sovereign rating for India at BBB with a stable outlook. Its rival Moody last week lifted its rating for India by a notch after a gap of nearly 14 years.
  • The government appointed RBSA Advisors as valuation advisors on Air India, to advise them on the disinvestment of the national carrier. RBSA had advised both Air India and Indian Airlines during their merger in 2007.
  • Mahindra & Mahindra has entered into a partnership with Uber India to deploy electric vehicles in Delhi and Hyderabad from February 2018, and later expanding to other cities.
  • Satin Creditcare Network to raise ₹205 crore from private sector lender IndusInd Bank, as well as from existing overseas shareholders. The funds to be utilized to support growth.

 

Source: The Economic Times
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ICICI Q4 results, Patanjali now second in race, NPA Ordinance- Weekly Digest #43

Monday- 1st May 2017

  • Ola reported a consolidated PBT of ₹2,313 crores for FY 16 in comparison to FY 15 loss of ₹796 crores. This has been attributed to heavy spending to maintain market leadership against Uber.
  • Xander Group to acquire 100% interest in Shriram’s Gateway SEZ in Chennai for $190 million. This is the largest private equity buyout so far in India’s real estate sector.
  • SBI has cut deposit rates by up to 50 basis points for maturities above two years. however, it has retained the 7.40% on one-year deposits for senior citizens.

 

Tuesday-2nd May 2017

  • PepsiCo to roll out Pepsi Black, a zero-sugar cola in cans, to counter Coke Zero, reflecting the shifting consumer preference towards less sugary drinks in India.
  • China Development Bank has objected to the $6billion merger of debt-ridden telecom operators RCom and Aircel even as regulators including the Competition Commission of India have signed off on the deal. The assets transferred are offered as security to Chinese Bank and thus they seek a lender’s meeting.
  • Infosys said that it would hire 10,000 US workers over the next two years as Indian IT industry looks to mitigate the impact of the tighter work visa rules.
  • SIPs in MFs rose to an all-time high of ₹4,200 crores in the month of April 2017.
  • Promoters of HDFC Life and Max Life have extended the deadline for the merger of the two life insurers by a year to June 2018 because the sector regulator has yet to give its nod for the proposed deal.

 

Wednesday- 3rd May 2017

  • The cabinet cleared the NPA resolution package that includes an ordinance to empower the RBI to more effectively deal with bad assets. It also approved a new policy to boost consumption of locally produced steel and modifications to recommendations of the Seventh Central Pay Commission with respect to pensioners.
  • Private Equity Investors TPG and General Atlantic (GA) have joined forces in a bid to acquire a controlling stake in Fortis Healthcare. This also involves the purchase of the diagnostics arm SRL.
  • Ratan Tata’s venture fund RNT Capital Advisors and US hedge fund Falcon Edge have invested an amount of $100 million in Ola in exchange of shares of the company at ₹13,521 each.
  • Brinton Pharmaceuticals has raised an amount of $4 million from Tata Capital Healthcare Fund, as the firm looks to enter into newer areas such paediatrics and gynaecology and expand its international operations.
  • ICICI posted 3 times rise in net profit for Q4 on the YoY basis at ₹2,025 crores from last year’s ₹702 crores.  It announced a dividend of ₹2.5 per share and a bonus share for every 10 shares.

 

Thursday- 4th May 2017

  • The Nifty closed at an all-time high while the Sensex ended above the 30,000 mark, a day after ICICI Bank posted times increase in its profits and cabinet approved NPA resolution. Sensex closed at 30,126 points and nifty closed at 9,360 points.
  • India urged the UK to expedite extradition of Vijay Mallya and other fugitives besides raising the issue of visa-related difficulties faced by Indian students and skilled professionals at the maiden home secretary-level talks.
  • Patanjali reported a revenue of ₹10,561 crores for FY17, making it the second largest FMCG player, behind HUL.
  • Facebook has tied up with Bharti Airtel to deploy 20,000 Wi-Fi hotspots across the country to offer affordable internet services through the social networking major’s Express WiFi service over the next few months.

 

Friday-5th May 2017

  • Sachin Tendulkar and Pepsico are coming together to produce a raft of nutrition-focused food products and beverages through a new firm, Liquefy Innovations LLP.
  • Cement giant LafargeHolcim has initiated a process that could lead to the union of its Indian operations ACC and Ambuja Cement.
  • Sensex and Nifty fell over 1% as banks reversed previous day’s gains. Nifty ended at 9,285 points and the Sensex at29,859 points.

 

Source: The Economic Times

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