Tag Archives: Service Charge

Flipkart’s Biggest Funding, Service Charge Issues, Infosys disappointing results- Weekly Digest #40

Monday- 10th April 2017

  • Religare Enterprises Ltd (REL) is selling its entire 80% stake in Religare Health Insurance Co (RHI) to private equity firm True North. This values the health insurance company at ₹1,300 crores.
  • Flipkart to buy Indian arm of its rival eBay and has announced the funding for the same for ₹9,000 crores.
  • Ruptub Solutions, which owns and operates budget hotel chain Treebo, has delisted all its properties from the MakeMyTrip and Ibibo platforms. The reason has been cited as higher commission charged by these platforms.

 

Tuesday- 11th April 2017

  • Reliance Jio Infocomm unveiled a new plan for mobile phone subscribers, offering three months of freebies besides 1 GB data a day for a one-time recharge of `309 and above. It has been criticized by Bharti Airtel as it deems it to be extension of its Happy New Year Plan.
  • HackerEarth has raised a $4.5 million in Series-A investment round led by DHI Group, owner of US-based career site Dice. The startup plans to use the money to grow in the space of innovation management, strengthen its product team, and expand its business internationally.
  • The National Bank for Agriculture and Rural Development (Nabard) plans to raise ₹50,000 crore in the current fiscal,  ₹10,000 crore higher than the previous year, as it wants to achieve the government’s target of lending ₹10 lakh crore for agriculture.
  • Anil Aggarwal has announced the merger of Cairn India with Vedanta has been completed. The merged company would preserve the “Cairn“ brand.

 

Wednesday- 12th April 2017

  • The Securities and Exchange Board of India (SEBI) plans to make it mandatory for companies raising less than ₹500 crore through IPO to appoint a monitoring agency to keep track of the use of funds.
  • Technology company Mindtree has notified stock exchanges that its executive chairman Krishnakumar Natarajan has informed the company that he inadvertently violated its insider trading programme as his portfolio management services company bought 240 equity shares of the company without informing him.
  • The Cabinet Committee on Economic Affairs gave its go ahead to list 11 central public sector enterprises (CPSEs), which include five railway entities and a defence company.  The government will reduce its stake in these firms by up to 25%.
  • Following rising military tension in the Middle East and the Korean peninsula, the Sensex lost 145 points to close at 29,643 and Nifty ended lower by 33.55 points at 9,203.45 after cracking below 9,200.
  • Qualcomm announced that it was asked to refund Canada’s BlackBerry $814.9 million in an arbitration over royalties for certain past sales.

 

Thursday- 13th April 2017

  • Tata Trust Trustees along with five others have filed a (PIL) in the Bombay HC against the union government, IRDAI and five state-run life insurance companies for investing in tobacco companies including ITC and VST Industries as they contradict the anti-tobacco stance of the government of India.
  • Infosys said it would pay shareholders up to ₹13,000 crore, through dividends and share buybacks in FY18. Despite this, Infosys fell 3.86%, pulling down the stock of rivals Tata Consultancy Services and Wipro as investors expect the gloom to spread. Infosys fell as much as 4.31% before closing at ₹931.40.
  • Bharti Airtel has approached the telecom tribunal against Reliance Jio Infocomm, asking it to restrain Jio from providing free services, including those offered under its `Summer Surprise’ offer that was withdrawn on order from the sector regulator.
  • Federal Bank is planning to sell up to 26% stake in its non-bank finance unit, Fedbank Financial Services, to private equity firms to raise ₹400-500 crore
  • Ola has raised an amount of ₹1,675 crores in fresh funding from Japanese telecom and internet major SoftBank Corp.

 

Friday-14th April 2017

  • The Income Tax Department has identified more than 60,000 persons under the second phase of Operation Clean Money launched on Friday to detect the generation of black money after demonetization.
  • Prime Minister Narendra Modi launched the BHIM-Aadhaar platform, a biometric-based indigenous payment solution will enable real-time bank-to-bank money transfers even for those without a phone and at no additional cost.
  • The government may dismantle the PPP Approval Committee (PPPAC), the finance ministry committee that approves public-private partnership (PPP) projects, and hand over that duty to Niti Aayog.
  • Ram Vilas Paswan, minister of consumer affairs, food and public distribution said that there is no such thing as service charge and if it is being charged by restaurants, it is wrong. He also said that an advisory has been issued in this regard and sent to PMO.

 

Source: The Economic Times

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Service Charge optional, PayTm’s new investment, SEBI approves BSE’s IPO- Weekly Digest #29

Monday- 2nd January 2017

  • Industrialists Sunil Munjal and Saroj Poddar are in talks to buy a minor stake in digital payments platform, Paytm. Sunil Munjal is the chairman of Hero Corporate Services and Saroj Poddar is the chairman of fertiliser and engineering services conglomerate Adventz Group.
  • Anshu Jain, the former coCEO of Deutsche Bank has joined the New York-based investment banking firm Cantor Fitzgerald (CFLP) as the president.
  • Department of Consumer Affairs has made service charges billed by the restaurants as optional at the discretion of the consumers.
  • Banks stock saw a fall in prices in the market as investors took the selling stance on the stock.The SBI stock shrank about 2.50%, State Bank of Travancore fell 2.02%, and HDFC tumbled 3.4%.

 

Tuesday-3rd January 2017

  • Tata Sons has issued a notice to remove former chairman Cyrus Mistry from its board. Tata Sons is looking to severe the Mistry family’s direct involvement in the board decisions of the Tata Group’s holding company.
  • As per a top Government Official, Foxconn Technology’s plans to take over Nokia’s manufacturing facility in Tamil Nadu will not be affected by Indian Taxation regime.
    Foxconn had said that it won’t bear the tax liability slapped on Nokia’s plant.
  • According to its founder Vijay Shekhar, Paytm has received approval from the central bank to launch the Paytm Payment Bank. The first branch will open in Noida in Uttar Pradesh by next month
  • SEBI has given its final approval for IPO of Bombay Stock Exchange (BSE). It is expected to raise INR 1,200-1,300 crores and hit the market in the later part of January 2017.

 

Wednesday- 4th January 2017

  • In another effort against black money, the finance ministry has sent a joint secretary to Reserve Bank of India to coordinate the central bank’s currency chest operations. It also advised that at least 40% of banknotes are supplied to rural areas.
  • Novelis Inc, Atlanta-headquartered arm of Aditya Birla group flagship Hindalco is refinancing $1.8 billion of its term loans for a period of five-and-a-half years to lower borrowing costs.
  • Xiaomi India reported a $1 billion revenue for the year 2016, as its sales doubled in the offline market. Xiaomi had entered the Indian market just 2 years back and is currently ranked 4th in India.
  • Tata Power Co has appointed S Padmanabhan as its chairman, in place of Cyrus Mistry who resigned last month.

 

Thursday- 5th January 2017

  • Flipkart’s largest vendor, WS Retail reported 33% increase in sales of INR 13,921 crores for the year ended March 2016. WS Retail’s net profit surged to INR 5.2 crore from 84 lakh a year ago. The company accounts for nearly 90% of goods sold on Flipkart
  • Shares of Tata Motors rose more than 3% to their highest closing in two months on Thursday, after the automaker’s Jaguar Land Rover subsidiary reported strong US sales for December.
  • Apple Inc has confirmed its plan for an investment of $1 billion in a tech fund being set up by Japan’s SoftBank Group. SoftBank has said it is investing at least $25 billion in the fund.

Friday- 6th January 2017

  • Due to proposed changes in H-1B visa, Indian IT companies saw a plunge in their prices in the market. Investors are now cautious to buy stock of IT companies with operation in the US. Infosys fell 2.5%, TCS was down 2.2%, HCL Tech declined 3.55% and Tech Mahindra 3.8%.
  • Tata Sons has called an extraordinary general meeting (EGM) on February 6 to seek the removal of Cyrus Mistry from the board of the group’s holding company.
  • Founders of Fortis Health Care, Malvinder Singh and Shivinder Singh are looking to carry out elaborate transactions to divest management controls in all their key businesses to raise an amount of INR 5,500 crores and tide over the cash crunch at the group level. They will retain a significant minority stake in most of these companies.

Source: The Economic Times

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