Monday- 18th July 2016
- Hindustan Unilever reported a lower than expected sales growth, even though the profit rose by 10% for Q1.
- Dabur acquired 100% stake in South African cosmetics and trading firm Discaria Trading. The value of the aforesaid deal has not been disclosed yet. This paves a way for Dabur to enter the South African markets.
- Gold import falls about 48% to $3.90 billion for the first quarter of 2016-17 against previous year’s $7.51 billion, according to Commerce Ministry’s data.
- ICICI Prudential Life filed an IPO on Monday, making it the first Insurance IPO in India. The company expects to raise around Rs 5,000 crores from the issue.
Tuesday- 19th July 2016
- With an aim of boosting the lending services, the government has infused Rs 22,915 crores in 13 state-run banks, the biggest beneficiary being the State Bank of India.
- Rana Kapoor, head of Yes Bank, has agreed to provide Nirma Rs 4,000 crores to help the latter finance its acquisition of the Lafarge’s Indian assets. The deal was worth Rs 9,400 crores and the source of funding is expected to be debt.
- After experiencing top two executives exits, things do not seem to ease up for Flipkart, as two more top managers, Lalit Sarna and Sunil Gopinath resigned from their positions.
Wednesday- 20th July 2016
- Investment bank Morgan Stanley has raised June base case for Sensex from 26,000 points to 30,000 points. The turnaround has been due to earnings growth, fall in interest rates and global liquidity.
- Flipkart to invest an amount of $100 million during the next 3 years to build an independent digital payments business, reducing its dependency on cash transactions.
- After relaxation of norms for MNCs to have PAN for availing tax benefits under tax treaties, the MNCs couldn’t enjoy relief for long, as they started getting notices for Income Tax returns as PAN is still compulsory for it.
Thursday- 21st July 2016
- The Restaurants’ Association has called the proposed Fat Tax by Kerala Government on junk food discriminatory and will take legal action if the government decides to go ahead with the proposal.
- Ashok Leyland’s profits beat the street estimates by more than double, as it reported a profit of Rs 290.75 crores for Q1.
- HDFC’s net profit jumped over 20% to Rs 3,239 crores for Q1. The biggest contributors to the income have been the interest income and loan growth.
- L&T infotech made an unremarkable debut in the stock market, as it closed 2% below the issue price. This has been attributed to uncertainty in the market and disappointing results of fellow IT companies such as Infosys and Wipro.
Friday- 22nd July 2016
- Vodafone India’s reported a 3.4% decline in the revenue to nearly Rs 13,500 crores. This has been attributed to reduced data penetration at the lower and middle end of the market.
- Axis Bank reported a fall in profits by 21.4% to Rs 1,555.5 crores for Q1, as the provisioning rose by 88.7% to Rs 2,117.2 crores owing to asset deterioration and increase in NPAs.
- The merger deal between Vedanta limited and Cairn India was sealed on revised terms. The merger plans were stalled when Income tax department froze Cairn Energy’s stake in Cairn India.
Source: The Economic Times