Tag Archives: NTT

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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