Tag Archives: Idea

The Sensex mounts 37K, HDFC AMC saw a stellar demand, Voda-Idea merger approved- Weekly Digest #67

Monday- 23rd July 2018

  • LIC has tightened its grip on Infrastructure Leasing & Financial Services (IL&FS) by appointing its own senior executive as chairman. Hemant Bhargava, LIC managing director and its nominee on IL&FS’ board, will be its new non-executive chairman.
  • Flipkart to shut down eBay.in, which it had been operating for the last one year, and eBay is expected to relaunch in India shortly. Flipkart to launch a new platform to sell refurbished goods.
  • In response to an RTI, RBI has said that cash-on-delivery by e-commerce marketplaces such as Flipkart and Amazon could be a regulatory grey area as “Aggregators/payment intermediaries like Amazon and Flipkart are not authorised”.
  • Xiaomi has announced the appointment of Eshwar Chandrasekaran, former head of online business, Lenovo-Motorola, to lead its Mi TV business in the country. This comes as a step towards penetrating the highly competitive Indian TV market.

 

Tuesday-  24th July 2018

  • HDFC Bank has changed its share sale plan to include more of American Depository Receipts than a pure domestic offering. This has been due to buoyant US market attracting more investors without Indian registration and better pricing.
  • A UK biopharmaceutical company, AstraZeneca has filed a lawsuit in the Delhi HC against Indian drugmaker Dr Reddy’s Laboratories to block it from launching generic versions of Brilinta, its medicine for heart ailments.
  • HDFC Asset Management Company has raised ₹732 crore from anchor investors, ahead of its initial share sale. The fund house has allotted 66.53 lakh shares at ₹1,100 per share to 61 anchor investors garnering ₹732 crore.
  • Alchemy Capital, an investment fund co-founded by Rakesh Jhunjhunwala, has bought about 3.5% stake in restaurant chain Barbeque-Nation Hospitality for ₹90 crore, valuing it at around ₹2,300-2,400 crore.

 

Wednesday-  25th July 2018

  • Anil Agarwal, the owner of Vedanta Resources that has announced delisting of the resources conglomerate from the London Stock Exchange (LSE) and will raise up to $1.1 billion from three or four foreign banks. The funds to be used to purchase the outstanding stock from public shareholders on the LSE.
  • L&T reported a revenue of ₹28,283 crore for Q1, up by 18% in YoY basis and consolidated net profit of ₹1,215 crore, up by 36% on a YoY basis. This has been driven by a pick up in execution momentum.
  • Domestic steel major JSW Steel’s consolidated net profit jumped 275% to ₹2,339 crore in the Q1 owing to strong demand and higher steel prices in the domestic market.
  • The government has moved Delhi High Court to enforce a $3.8 billion recovery from Reliance Industries, Shell and ONGC following an English court ruling over its share from the Panna-Mukta and Tapti fields in western offshore. ONGC has 40% interest while RIL and Shell hold 30% each.
  • The ₹2,800-crore IPO of HDFC AMC, offered at a price band of ₹1,095-1,100, received a strong response on the first day, with the QIB portion and retail portion being subscribed 1.19 times and 1.34 times, respectively.

 

Thursday- 26th July 2018

  • Hindalco’s US subsidiary Novelis has agreed to buy rival aluminium products company Aleris in a deal valued at $2.58 billion. Novelis will pay $775 million as equity and assume Aleris’ debt of $1.8 billion as part of the transaction.
  • The Sensex hits 37K mark for the first time as it hit the intraday high of 37,061 points to close at 36,985 points. The Nifty closed at 11,167 points.
  • The DoT has given the final nod to the merger of Vodafone India with Idea Cellular to create Vodafone Idea Limited, the largest carrier in India by subscribers and revenue market share. This was the last hurdle for the merger to take place.
  • ITC reported a 10.1% jump in its Q1 net profit to ₹2,818.7 crore, aided by a 13.5% increase in gross sales to ₹18,171.7 crore. This has been attributed to higher revenue from packaged foods, cigarettes, personal-care products, stationery items and agri-output businesses.
  • A PMLA court here summoned jeweller Nirav Modi and his uncle Mehul Choksi to appear before it on September 25 and 26 respectively on the ED’s plea seeking action against them under the new fugitive economic offenders law in the alleged $2-billion PNB fraud case.

 

Friday- 27th July 2018

  • Reliance Industries reported a consolidated net profit of ₹9,459 crore in the Q1, up 17.9% on a YoY basis, fuelled by its petrochemical and consumer businesses. The revenue increased by 9.7% to ₹141,699 crore and has surpassed the market expectations.
  • ICICI reported its widest loss of ₹120 crore for Q1 as the provisions doubled from ₹2,609 crore a year ago to ₹5,971 crore. This has also been attributed to complying with the Reserve Bank of India (RBI) guidelines on old non-performing assets (NPAs).
  • The Sensex closed up 352.21 points, or 0.95%, at 37,336.85 after hitting a life-high of 37,368.62. The Nifty jumped 111.05 points, or 1%, at 11,278.35 after having hit a lifetime high of 11,283.40.
  • The ₹2,800-crore initial share sale of HDFC Asset Management Company got over-subscribed by 83 times, by receiving 25.31 lakh applications and ₹1.71 lakh crore in aggregate.

Source: The Economic Times
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Voda-Idea merger, Union Budget 2017, BSE listing- Weekly Digest #33

Monday-30th January 2017

  • Vodafone Group and Idea Cellular confirmed that they are in initial talks to merge the two entities, which will biggest consolidation in Indian Telecom History in a cashless deal. Both entities to hold equal rights in the new entity. Idea shot up 26% to ₹97.95 after the announcement.
  • Jaguar Land Rover has suspended its plans to manufacture SUVs in India as feasibility study didn’t favour the project.
  • District Court in Delhi has turned down an appeal by  Sweden’s IKEA against Bengaluru-based consulting company Aikya Global for using a phonetically similar name.
  • HDFC reported a 12% rise in its Q3 results, with its profit increasing from ₹1,521 crores to ₹1,701 crores on YoY basis. This has been attributed to growth from non-individual loans.
  • Tech Mahindra posted a 14% increase in net profit to ₹856 crores for Q3 at ₹856 crores owing to “the strong deal wins”.

 

Tuesday- 31st January 2017

  • The government said that it had identified 18 lakh accounts where substantial cash deposits took place post demonetization and they will be required to divulge the source. This comes as a part of the tax department’s Operation Clean Money Swachh Dhan Abhiyan initiative.
  • Honda announced that it is recalling around 41.580 cars over the issues of the faulty airbag inflators. This has been Hinda’s fourth recall during the period of last 2 years.
  • The possible merger of Idea and Vodafone along with the strong impact of Jio in the market caused Bharti Infratel’s Share to dip to its52 week low of ₹283.10.
  • ICICI Bank posted a 19% drop in net profit for the Q3 at ₹2,442 crores owing to slow loan growth rate.

 

Wednesday- 1st February 2017

  • Finance Minister Arun Jaitley presented the Union Budget 2017, highlights of which can be found here.
  • The market responded positively to the presentation of the Union Budget, as the Sensex surged nearly 486 points to close at 28,141 and the Nifty gained 155 points to 8,716.40. Both indices closed at their highest levels since October 25. Bank Nifty rose 2.6%.
  • Due to incentives to affordable housing in the budget, shares of housing companies such as Ashiana Housing, Puravankara surged up to 19%, while companies like Gruh Finance and DHFL, which provide loans to affordable housing, rose up to 8%.

 

Thursday- 2nd February 2017

  • The world’s largest e-commerce company, Alibaba is leading an investment round between ₹1,350crores and 1,700 crores in the online retail marketplace of PayTm. This will ensure formal entry of Alibaba in the Indian market to compete with Amazon and Flipkart.
  • Amazon has applied to the government of India to invest $500 million in a wholly owned venture in India to stock locally produced food items and sell them online.
  • Vodafone Group’s CEO Vittorio Colao said in a statement that the proposed merger between Vodafone India and Idea Cellular should not be looked upon as Vodafone’s exit from the market but a move against the competitive threat posed by Reliance Jio Infocomm.
  • A special CBI court has acquitted Dayanidhi Maran and Sun TV promoter Kalanithi Maran in a case involving bribery allegations.
  • TRAI said Reliance Jio’s second promotional offer. Happy New Year offer is not an extension of its previous welcome offer and has passed the same opinion to Telecom Disputes Settlement Appellate Tribunal (TDSAT). Airtel and Idea had alleged that it was an extension of free offer hence not allowable.

 

Friday- 3rd February 2017

  • BSE made a record-setting debut in the market at 32.8% premium over the issue price of ₹806 at ₹1085 and reached the day’s high of ₹1,200. It closed at ₹1,070.55
  • The Supreme Court has refused to let Aircel go off the hook regarding corruption allegations as T Ananda Krishnan failed to appear for the hearing. This further casts doubt on proposed merger of Reliance Communications with Aircel.
  •  Reliance Jio Infocomm and PayTm received notices from the Government over the use of  Prime Minister Narendra Modi’s photographs on their advertisements and they have been asked if they had obtained prior approval regarding the same.
  • Managing Director and CEO of IFDC, Vikram Limaye is set to become the new MD & CEO of the National Stock Exchange.
  • After a clean chit was issued to the company’s founder, Sun TV network soared 25% to ₹699, its 52-week high.

 

Source: The Economic Times
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