Monday- 22nd August 2016
- Upon selection of Urjit Patel as the governor of RBI, the market reacted negatively due to a prospect of interest rate cuts. The market ended marginally lower, while bonds fell considerably.
- Future Group is in talks with Aditya Birla Retail to acquire or merge the More Supermarket of the latter one, to create a leadership in retail outlets and build an e-retail network.
- A consortium of Chinese investors has acquired Mumbai-based ad-tech venture Media.net in a rare reverse merger deal. The valuation of the deal is around $900 million.
- Reliance Industries has asked its employees to switch to Reliance Jio network ahead of its much-anticipated launch. This move comes after it was yet again accused of commercial usage in name of beta testing.
- Welspun India tanked by 20% in the market after its biggest client Target Corporation severed ties due to quality issues with cotton products.
Tuesday-23rd August 2016
- Alibaba’s UCWeb, a Chinese mobile internet company has entered into a strategic partnership with Hindi entertainment channel Colors. UCWeb will pay Colors Rs 50 crores to be top sponsor for its marquee shows.
- ITC has filed a case of infringement of trademark and goodwill against Britannia industries regarding their packing of NutriChoice Digestive Zero biscuits.
- Ajay Primal owned Primal Enterprises has entered into a deal with Bain Capital Credit to create a strategic partnership to invest in restructuring situations in India.
- The 1,200 crore IPO of RBL received a positive approval in the market as the offer was oversubscribed by a margin of 69 times.
Wednesday- 24th August 2016
- India is planning to junk the existing fair price rule and introduce a price band for transfer of equity instruments with inbuilt options. This will help to avoid Tata-DoCoMo type situation in the future and make India a more attractive foreign investment destination.
- Dialysis provider NehroPlus has raised an amount of Rs 100 crores in a series C funding round led by Mumbai-based private equity firm SeaLink Capital Partners and existing investor International Finance Corporation. It will utilize the amount to 500 centers in India and abroad.
- Idea’s share price on the market had surged after the rumors had surfaced about its plan to merge with Vodafone. However, the stock saw a decline of 2.6% on Wednesday after Idea had put aside these rumors.
- Tata Consultancy Services has settled its 3-year-old lawsuit with US district Orange County for $26 million. Litigation was over an automated property tax system which TCS was unable to deliver by the time agreed upon in the terms.
Thursday- 27th August 2016
- L&T chief, A.M. Naik has pledged to devote 75%of his lifetime earnings for philanthropy. His tenure is scheduled to cease in 2017 . He has already set up two charitable foundations, one for education and other for medical purposes.
- IDBI to sell its 3% stake in the National Stock Exchange. Leading overseas investors such as Janchor and New Quest, Hillhouse and domestic investors such as RARE Enterprises and India value funds are the leading contenders for the aforesaid stake.
- As per a statement issued by Havell’s Chairman, Anil Rai, the company expects to raise an amount of Rs 300 crores for the purpose of expansion of its manufacturing base and diversifying its electronic base.
Friday- 28th August 2016
- L&T retiring chief, A.M. Naik, officially appointed SN Subrahmanyan as his successor at the company’s annual general meeting on Friday. The deputy managing director and the president will take over the company’s operations on October 1, 2017.
- Owing to forex losses due to BrExit and weaker product mix, Tata Motors’ net profit for the Q1 slipped by a huge margin of 57% to Rs 2,236 crores. Forex losses amounted to £207 million.
- Japan’s GPIF, world’s largest pension fund, posted a $52 billion loss last quarter as the stocks tumbled. It wiped out all its investments gains since it overhauled its strategy by boosting shares and cutting bonds.
Source: The Economic Times
Image source: https://qzprod.files.wordpress.com/2016/08/raghuram-rajan-and-urjit-patel.jpg?w=1600 (Reuters/Danish Siddiqui)