Tag Archives: Banks

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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