Monday- 29th August 2016
- To acquire the UK and Irish business of Israeli generics maker Teva, last remaining contenders are two local companies, namely Aurobindo and Intas. Both the companies have submitted an offer of near $1 billion. The decision to be taken in a next few weeks.
- Niti Aayog Vice-Chairman Arvind Panagariya has said in a statement that India’s economic growth will accelerate to 8% in the current fiscal year, owing to good monsoon policy reforms and PM Narendra Modi’s focus on implementation at the grassroots level.
- Taiwanese company MediaTek is looking to invest an amount of INR 400 crores into India’s One97 Communications, which runs mobile payment and e-commerce platform Paytm. Its current capital is INR 2,000 crores, with leading investors being Alibaba, Alipay and SAIF partners.
- DHFL has raised record sum on a single day by selling bonds through public issue. The subscription was opened for allotment for INR 10,000 crores bonds. The Issue was subscribed for INR 12,645 crores, setting a record for a private entity.
- Indian Oil Corporation has reported a 25% in its net profit for the quarter ended June at INR 8,269 crore, attributed to increased inventory gain and expansion in petrochemicals margin. The bonus of one share for every share held was announced too.
Tuesday-30th August 2016
- Stocks rallied on Tuesday as Sensex hits its 13 months high, while the Nifty hits its 16 months high. The total market capitalization of companies listed on BSE crossed INR 110 lakh crore to set a new record high. Maruti Suzuki and Bajaj Auto scaled lifetime highs.
- E-commerce firms, including Urban Ladder, Zivame, FabAlley, and Yepme, are looking to convert themselves into a single brand retailer, taking benefits of the amendment brought in single-brand retail policy to allow foreign-funded retailers to sell in physical as well as online stores.
- Mumbai-based online fashion rental portal Flyrobe raised an amount of INR 35 crores in its second round of funding. Funding was led by IDG ventures, with the participation of Tokyo-based Gree Ventures and existing investor Sequoia India.
- Apple Inc was ordered to repay a record 13 billion euros plus interest after the EU said Ireland illegally slashed the iPhone maker’s tax bill by ‘selective tax treatment’. Both Apple and Irish Government are looking to challenge the decision, which can lead to a dispute with the US.
Wednesday- 31st August 2016
- An official panel has ruled that Reliance Industries has made unjust gains by pumping natural gas that flowed from ONGC’s adjoining block but a proper inquiry is needed to ascertain if both companies knew about the connectivity of reservoirs and chose to conceal the information for years.
- The Competition Commission of India has fined 11 cement companies of India and their lobby group Cement Manufacturer’s Association (CMA) INR 6,714 crores for alleged cartelization. The lobby group of these manufacturers guilty of facilitating price collusion.
- India experienced the slowest Quarter 1 growth in 5 years at 7.1%. This has been attributed to sluggish investments and farm output. However, the government is still confident to achieve the fiscal target of 8% for the year.
- Sony Pictures Networks India (SPN) will acquire Ten Sports for INR 2,600 crore from Subhash Chandrarun Zee Entertainment Enterprises (ZEE). ZEE had paid $107 million to acquire Ten Sports from Dubai-based Abdul Rahman Bukhatir’s Taj Group.
- RBL Bank made a stellar debut in the market, listing at INR 274.20, at a premium of near 22% from the issue price. The stock closed at INR 299.95 and hit the Intraday high of INR 305.50.
Thursday- 1st September 2016
- Mukesh Ambani announced the much anticipated launch of Reliance Jio Infocomm’s services on Thursday, stating that the telecom will launch the services from 5th September. It plans to revolutionise the telecom industry by offering free calls and data at one fifth of the prevailing rates. All services to be free til 31st December 2016.
- During the 45 minute launch of services of Reliance Jio, Bharti Airtel, Indea Cellular Services, and Reliance Communications slumped, as capitalisation of Bharti Airtel plunged by INR 9,800 crores and Idea Cellular’s by INR 2,450 crores. Reliance Communications slumped 7% intraday.
- Indian handset maker Lava has inked a joint venture with Easy Group, to sell its products in the markets of Egypt.The companies signed a memorandum of understanding (MoU) that will enable Lava to start exporting its products to Egypt, while Easy Group will provide necessary support to promote and distribute products in the country.
- Realty developer Lodha Group has raised debt of INR 2,320 crore from Piramal Fund Management. The amount has been raised for a portfolio of projects in south and central Mumbai, including the World Towers.
- With a brewing price war in the telecom industry, industry insiders and analysts predicting Bharti Airtel, Vodafone and Idea Cellular to slash their rates to respond to the enticing tariffs that Reliance Jio Infocomm is offering.
Friday- 2nd September 2016
- Faulty battery is causing explosions in Galaxy Note 7, causing Samsung to recall all its models and launch a replacement program for the faulty models. Sales will be halted in the 10 countries in which it has been launched.
- Launch of Reliance Jio and its strategy for free calls and cheap data will cause telecos to revise their strategy for the upcoming auction. They are expected to take more aggresive approach towards the auction to stay in competeion with price strategies of Jio.
- The Tata Group filed an objection in the Delhi High Court to prevent enforcement of an international arbitration award in favour of Japan’s DoCoMo. This move is expected to reignite feud between the already sour realtions between the two companies.
Source: The Economic Times