BSE-Twitter ties,Jubilant Foodworks slumps, Union budget modifications- Weekly Digest #15

Bombay Stock Exchange has partnered with Twitter to provide live updates of Sensex levels, stock prices and opening and closing figures of Sensex companies. This will be Asia’s first such collaboration between a stock exchange and a social media platform.
Chinese real estate giant Dalian Wanda has announced a $10-billion investment in India and is seeking several concessions for the industrial park that it’s planning to develop in Haryana and its other investments.
French state-run power major EDF plans invest heavily in renewable energy in India, with projects worth $2 billion in the pipeline. It is bullish about the sector, where it sees electricity tariffs falling 30% in five years.
Venture capital firm Bessemer Venture Partners has led a new round of funding of INR 100 crores in the online food-delivery company Swiggy. The funding will be used by Swiggy to improve customer experience, expanding the current base of 9,000 restaurants and better delivery efficiency.

Online furniture and home decor marketplace Pepperfry has raised INR 210 crore as part of a new round of funding from existing investors. The said funds to be utilised for expanding to 1,000 cities in the next two years.
Mobile phone manufacturers have approached the finance ministry seeking continuation of the differential duty structure and the benefits that come with it, which they fear would become a casualty when the goods and services tax comes into effect.
Shares of Jubilant FoodWorks slumped to their lowest level since February on Tuesday after its chief executive officer and whole-time director Ajay Kaul resigned. The stock lost 6% to end at INR 944.15 on the BSE after falling as much as 8% intraday.

The Cabinet on Wednesday cleared the long-pending compensation of INR 1,250 crore for public sector telecom company BSNL to support rural landline connections installed before April 1, 2002.
The INR 6,000-crore IPO of ICICI Prudential Life Insurance closed on a strong note with the issue getting subscribed 10.4 times. The issue, priced between INR 300 -334, is the first by an insurer in India and the biggest since Coal India’s INR 15,000-crore issue in 2010.
India’s economic position with the external world improved substantially in the June quarter with the current account deficit falling to a decade low supported by a collapse in commodity prices, but falling short of expectations of a surplus.
The government has decided to carry out three kinds of changes in the Union Budget: to advance its presentation by 27 days, to do away with a separate railway budget and to dispense with Plan-non-Plan dichotomy in expenditure.
Volkswagen faces $9.1 billion in damages claims from investors over its emissions scandal in the legal district where the carmaker is based, a German court said.

The government has appointed three members to the monetary policy committee (MPC), with the task of setting interest rates, ending the Reserve Bank of India governor’s role as sole arbiter. Its first policy review is scheduled for October 4.
HDFC Bank has raised an amount of INR 6,700 crores by selling infrastructure bonds to top fund houses such as Reliance MF, ICICI Prudential, Birla Sun Life MF & Kotak MF. They offer 7.95% interest with a 10-year maturity.
Tata Sky, a direct-to-home (DTH) player, has earmarked INR 35-40 crore to spend on marketing alone as it plans to press the accelerator with its new marketing blitzkrieg.

India has signed a $ 7.87 billion deal with the French government to purchase new Rafale fighter jets. The negotiations for the same had lasted for 18 months.
SEBI has asked credit rating agencies to come out with disclosures and fix accountabilities so that situation similar to the one that occurred last September with Amtek Auto is not repeated.
Among the rumours that Specified Undertaking of Unit Trust of India (SUUTI) may sell its stake in the Axis Bank, shares of the bank fell nearly 6%, the most in 11 months.
L&T Technology Services made a neutral debut in the market, with the price of a share closing at INR 865.10, 0.6% higher than its issue price of INR 860

Source: The Economic Times