Tag Archives: Docomo

Sensex hits 30K, Delhi HC turns down RBI, RCom-Aircel Merger – Weekly Digest #42

Monday- 24th April 2017

  • Reliance Industries reported a 12.3% increase in quarterly net profit to ₹8,046 crores owing to robust petrochemical and refining margin. Jio reported a net loss for the six months as ₹22.50 crores.
  • Owing to strong cues from French presidential elections, the Sensex rose 290.5 points to close at 29,656 points while Nifty gained 98points to reclaim 9,200 level.
  • The shareholders Reliance Communications and Aircel approved the merger of the mobile businesses of their companies to form the India’s fourth largest telecommunication company.

 

Tuesday- 18th April 2017

  • Owing to French Presidential elections and Trump’s indicating tax rate cuts, Sensex rose to 29,943.24 points and Nifty crossed the 9,300 mark, touchingits all time high.
  • Welspun India’s fourth quarter profit fell 21.5% to ₹153.8 crores as it is still recovering from Target’s exit due to its fake Egyptian cotton sheets.
  • Following feud between Cyrus Mystry and TATA sons, a director with seats in Tata and Wadia Group companies decided to step down from the latter. Cyrus Mistry’s brother, Shapoor Mistry stepped down from the board of Tata-owned Indian Hotels.
  • The Lodha Group, a Mumbai-based property developer, may acquire as much as 15% of projects company, Vascon Engineers, seeking to tap into the expanding demand for affordable housing in India.
  • NTPC and HPCL-Mittal Energy have raised money through ₹2,400 crores Masala Bond sales to overseas investors.

 

Wednesday- 19th April 2017

  • Rupee surged to its strongest in 20 months s dollars flooded into local equities and bonds, prompting RBI to intervene to limit gains, which erode the profitability of exporters. The rupee touched 63.93 before being pulled back to 64.11 at close.
  • The Sensex closed above 30,000 mark for the first time, mirroring optimism in the US markets where Nasdaq Composite crossed 6,000 for the first time. Nifty closed at a fresh all time high of 9,352 points.
  • Sebi has approved introduction of options contracts in the commodities market. Details to be worked out in due course.

 

Thursday- 20th April 2017

  • One 97 Communications, owner of online payments provider Paytm, is set to raise over ₹12,000 crore SoftBank. This will value the company at around $9 billion and provide a 20% stake to SoftBank.
  • Maruti Suzuki India Limited reported a 16%increase in its Q4 net profits to ₹1,709 crores owing to higher sales of premium models such as Baleno and Brezza.
  • HDFC bank hit record high Market Cap of ₹4 lakh crore as it reached the intraday high of ₹1,572 before closing at 1,567.

 

Friday-21st April 2017

  • The Delhi High Court allowed Tata Sons to pay NTT Docomo a $1.18 billion arbitration award despite RBI protesting against the same. RBI was protetsing on the ground that it amounted to transfer of shares resulting in violation of law.
  • Amazon’s founder Jeff Bezos said that he is grateful for Indian Customers to make Amazon India the country’s most popular Web marketplace with a promise that he’ll keep investing in Indian business of Amazon.
  • Paytm Ecommerce has appointed SAIF Partner’s Ravi Adusumalli and four employees from investor Alibaba on the board of directors, according to filings made with the MCA.
  • Kotak Mahindra Bank to buy entire 26% stake held by Old Mutual plc, in Kotak Mahindra Old Mutual Life Insurance for ₹1,292 crores, valuing the company at ₹4,672 crores.

 

Source: The Economic Times

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RBI controls rupee price, Vedanta invests in Rival, RBI upholds objections against Tata Sons- Weekly Digest #39

Monday- 13th March 2017

  • No Major news as the market was closed on the occasion of Holi.

 

Tuesday- 14th March 2017

  • Nifty hit an all-time high of 9,112.75 points in response to BJP’s decisive win the state of UP. It ended lower at 9,087 points.
  • RBI intervened in the currency market to hamper profit booking from BJP’s electoral showing and limiting a spike in the rupee. The Rupee surged to a 16-month high of 65.82 against the dollar.
  • USFDA has lifted the ban on Sun Pharma’s Mohali Facility. The ban had been imposed for violation of good manufacturing practices.
  • RBI has told the Delhi HC that it will look into the request by Tata Sons’ “request for approval“ to pay NTT Docomo a $1.17 billion arbitral award. RBI had objected against the same as it amounted to transfer of shares.

 

Wednesday- 15th March 2017

  • US-based eBay and China’s Tencent are frontrunners for raising the fund of up to $1.5billion for Flipkart. The transaction may lead to Indian arm of eBay a part of the Flipkart.
  •  RBI has intensified efforts to control the surge in rupee as it asked banks about open positions to send a clear signal that it’s reaching the end of its tolerance limit for speculative activity.
  • The National Consumer Disputes Redressal Commission has directed the realty firm Supertech Limited to pay over INR 55 lakh to a homebuyer for not giving possession of a flat in the stipulated time.
  • RBI stayed with its decision to block the payment of $1.17 billion by Tata Sons to NTT Docomo. The decision on whether RBI’s objections are maintainable is yet to be decided upon by the Delhi HC.
  • SEBI has approved the merger of Reliance Communication with Aircel. This saw a positive reaction from the market as Reliance Communication’s shares rose by 5%.

 

Thursday- 16th March 2017

  • Anil Agarwal, founder of Vedanta Resources Plc made a bid for 13% of British mining giant Anglo American Plc for $2.4 billion. The investment to be made from his personal investment firm, Volcan Investments.
  • Digital wallet maker Paytm has launched its payments services in Canada, marking its entry into an overseas market for the first time. It has tied up with local banks to accept all payment instruments.
  • Airtel scrapped its plans to sell a controlling stake in Bharti Infratel and has instead sold 21.63% share of the company. Bharti Airtel’s shares slipped more than 1% in reaction.

 

Friday-17th March 2017

  • Volcan Investments launched a $2.4 billion convertible bond issue on to fund its planned acquisition of about 13% in commodities giant Anglo American Plc, rival to his Vedanta Resources.
  • Vertex Ventures, a member of Temasek Holdings, is set to close fundraising for its next fund focused on Southeast Asia, including India, with a target size of $150-180 million.
  • Shares of ITC, India’s largest cigarette company, gained 4.9% after the GST Council capped the proposed cess on non-merit goods such as tobacco products. The share reached the intraday high of INR 289.

 

Source: The Economic Times

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Verizon Acquires Yahoo, Tata- DoCoMo Legal Battle, GST path cleared- Weekly Digest #7

Monday- 25th July 2016

  • Yahoo! has entered into a deal with Verizon to sell its web business for a consideration of $4.8 billion. The consideration will  constitute an all-cash based transaction. Yahoo will be integrated with Verizon’s AOL.
  • Telecom Commission fixed the weighted average spectrum usage charges (SUC) at a minimum of 3% of the revenue. This could effectively raise the user charges for Jio and Aircel.
  • Amongst the hopes of a new GST regime, Nifty hits its 15-month high, above 8,600 points, while Sensex crossed the mark of 28,000.
  • Online fashion retailer Myntra has decided to remove over 200 low selling brands. The aim is to focus on larger brands with high value.

 

Tuesday- 26th July 2016

  • Flipkart’s fashion e-retail arm, Myntra, pipped the rivals Snapdeal and Future Group to acquire Jabong for  the value of $70 million in an all-cash deal. This has helped them to create India’s largest online fashion retailing portal.
  • Amtek Auto to expand its asset sale plans to include additional overseas assets, effectively reducing its debts. The news resulted in a jump of share price to Rs 51.60, a rise of 7.5%.
  • Tata sons to deposit an amount of Rs 7,840 crores to Delhi High Court regarding the arbitration for breach of contract with DoCoMo. Tata had failed to find a buyer or buyback the Japan company’s stake in Tata teleservices.
  • Maruti Suzuki reported a rise of 23% in net profits at Rs 1,486 crores for the Q1. However, the share price saw a fall of 1.44%, to Rs 4,485.25 at the day’s close.

Wednesday- 27th July 2016

  • In a significant development in indirect taxation reforms, the Union Cabinet accepted the Congress’s demand for scrapping of interstate tax and incorporating suggestions by other states. It will be taken up in Rajya Sabha next week.
  • In a deal, first of its kind, China’s Fosun Pharmaceutical to acquire the stake of 84% in Hyderabad-based Gland Pharma. The deal is estimated to be for $1.4 billion, and will be the first instance of FDI by China in Indian manufacturing asset.
  • Airtel Q1’s net profit dropped significantly for the financial year, by a margin of 31% to Rs 1,462 crores. This has been attributed to higher interest costs and forex loss.
  • DoCoMo has decided to escalate its dispute with TATA to RBI, PMO, and Finance Ministry, in a hope to pursue a payment of $1.17 billion, which they claim is owed by Tata due to the breach of contract.
  • SBI to refinance the debt of Rs 28,000 crores to the emerging entity from the merger of Reliance Communications and Aircel. The merger is expected to be announced and finalised by the next month. The maturity period is expected to be increased to 20 years.

 

Thursday- 28th July 2016

  • Tata Sons has an another window of 21 days to prevent DoCoMo from taking over the Tata’s assets in the UK. Tata’s UK assets may be attached by the Japanese company for recovery of $1.17 billion it won in an arbitration recently.
  • The Canadian company, Brookfield, is looking to make a major move in the buyout of Indian toll road and highways sector by acquiring Anil Ambani’s Reliance Infrastructure, for a value of Rs 8,000 crores.
  • Flipkart has issued an offer to underperforming employees to either resign or accept the severance pay and leave the e-retail giant. This move is expected to affect 800-1,000 employees.
  • In an attempt to boost its cloud-based services strategy, Oracle is looking to acquire NetSuite in $9.3 billion deal. The offer has been made in cash, by the purchase of equity at a premium of 19%, ie $109 per share.

 

Friday- 28th July 2016

  • PSU bank employees went on a countrywide strike in protest against the merger of SBI bank with its associates, among other issues. 80,000 branches were affected pan India. This was led by The United Forum of Banks Union.
  • Due date to file the Income Tax Return for Individuals not obligated to get audited has been extended from the standard 31st July to the 5th of August. This has been decided with according to bank strikes and disturbance in Kashmir.
  • Jeff Bezos, CEO of online retailer Amazon, became the third richest person in the world, surpassing Warren Buffet. He has now a net worth of $66.5 billion.

 

Source: The Economic Times
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