Monday- 10th October 2016
- Reliance Jio Infocomm announced that its subscriber has crossed the mark of 16 million customers within a month, making this a world record. It has surpassed the likes of Facebook, Whatsapp, and Skype in the pace of growth.
- Primal Enterprise has entered into a deal with Janssen Pharmaceutica to acquire five injectable anesthesia and pain management products for a value of $175 million.
- Samsung electronics has halted the production and distribution of Galaxy Note 7 after there were reported incidents of fire hazard in the replacement devices too. This has been the company’s worst recall situation.
- Industrial output contracted 0.7% in August, marking decline second month in a row. It has been attributed mainly to a sharp decline in capital goods and muted mining activity because of the monsoon. Capital goods declined by 22.2%
Tuesday-11th October 2016
- Paytm will spin off its marketplace business next month, a top company source said, setting the stage for China’s Alibaba to establish a direct presence in the hotly competitive Indian online retail space.
- Since scrapping off the flagship device of Samsung, Galaxy Note 7, Samsung share price plunged 8% in the market, causing the company to lose the valuation by $18.8 billion.
- The investigation wing of the income-tax department has slapped notices on at least five persons in Mumbai, asking them to disclose details of their offshore companies and financial structures in four tax havens -Jersey , Guernsey , Isle of Man and British Virgin Islands.
Wednesday- 12th October 2016
- Russian energy giant Rosneft PJSC and global commodities trader Trafigura Group Pte have acquired 49% and 24% stake respectively in Essar Oil refinery, effectively leaving about 10% stake for the promoters, Shashi and Ravi Ruia.
- French car maker Renault’s best-selling small car Kwid hit a bump has the company has recalled more than half the cars sold in India so far to carry out a preemptive and voluntary inspection.
- Subhash Chandra-promoted Zee Entertainment Enterprises has entered into a deal to acquire Anil Ambani-owned Reliance Broadcast Networks for a value of INR 1,872 crores.
- Stepping up investments on projects, state-owned BSNL will pump in about Rs 2,500 crore during the second half of this fiscal in various projects such as the expansion of wifi hotspots, installation of mobile towers and strengthen core network.
Thursday- 13th October 2016
- Tata Consultancy Services’ Q2 revenue grew at its slowest rate in over a decade and missed already-low expectations. Shares of TCS closed 1.95% lower at INR 2,334 on the National Stock Exchange before the results were announced.
- An influential section of the government is pushing for an additional investment of INR 60,000 crores in the infrastructure. Roads, railways and rural electrification will be among the main beneficiaries.
- ICICI bank has raised an amount of INR 4,000 crores via an issue of 7-year infra bonds. The move comes amid hopes of better credit growth during the busy season from October to March. The interest rate being 9.75% on such bonds.
- PNB Housing Finance has received capital markets regulator Sebi’s go ahead to raise INR 2,500 crore through an initial public offering.
Friday- 14th October 2016
- Anil Ambani-led Reliance Communications has entered into a deal with Canada’s Brookfield Infrastructure Group to sell a majority stake in the Anil Ambani company’s tower for INR 11,000 crores. Amount to be used to bring down debt. This caused a rise of 2.5% in the stock.
- Infosys’ Q2 results saw revenue beating the market expectations but the company cut its full-year target for the second time this year. This caused a 2.5% decline in the share price of the company.
- Saudi Arabia and Japan’s SoftBank Group will create a technology investment fund that could grow as large as $100 billion, making it one of the world’s largest private equity investors and a potential kingpin in the industry.
Source: The Economic Times