Tata Sons’ new Chairman, Flipkart ropes in Top-Exec, NYLIC re-enters Max- Weekly Digest #30

Kalyan Krishnamurthy has been named the new chief executive of Flipkart while co-founder BinnyBansal has moved to the position of group CEO. Krishnamurthy was a former executive in the New-York based investment firm,
New York Life Insurance Company has picked up a 22.51% stake for ₹121 crores in Max-Ventures and Industries Limited. The company will invest the proceeds in education and real estate, the focus areas for its future businesses.
Mondelez International has agreed to pay $13 million in civil penalties without admitting or denying charges. It was accused of bribing the government officials for obtaining licences and approvals.
Rockman Industries, the auto component arm of Hero Group, has acquired a majority stake in Moldex Composites at a valuation of ₹100 crore.
To compete with private banks for market share in the digital banking, SBI has waived off the merchant discount rate (MDR) to businesses with a turnover of less than ₹20 lakhs till the end of the calendar year.

News Corp-backed real estate website PropTiger has merged with Housing.com in an all-stock deal. This will create country’s largest digital platforms for property listing through a digital platform.
A day after Kalyan Krishnamurthy was appointed as CEO of Flipkart, three top-level executives are leaving the company. Saikiran Krishnamurthy, who headed the e-tailer supply chain unit Ekart; senior vice president Surojit Chatterjee, who headed product and chief marketing officer Samardeep Subandh are leaving the company.
IndusInd Bank reported a 29%increase in the net profit for the third quarter at ₹751 crores, shrugging off the demonetization worries.
ICICI Prudential Life Insurance and general insurer ICICI Lombard have bought a 12% stake in fledgeling payments bank Fino Paytech for ₹150 crores.
Marissa Mayer along with5 other directors to leave Yahoo! after the closing of the deal with Verizon Communications. Yahoo Inc to be renamed as Altaba Inc.

Snapdeal has appointed online real estate firm Housing.com’s CEO Jason Kothari as its chief strategy and investment officer.
IDFC Alternatives, the private equity arm of IDFC group, has raised $100 million from domestic institutional investors and large family offices towards the first close of its fourth fund.
Japanese drugmaker Daiichi Sankyo has shut down its India research division as its now plans to focus the research on cancer treatment.
Oil marketing company BPCL on raised an amount of $600 million by selling 10-year dollar bonds to investors in Asia and Europe. NTPC is planning a similar sale in few weeks.

Natarajan Chandrasekaran, CEO of Tata Consultancy Services, was handed over the position of chairman of Tata Sons. He will take over the position from the interim chairman, Ratan Tata.
Tata Consultancy Services (TCS) reported a 2.9% increase in the profits for Q3. It reported revenue of $4.38 billion and a net profit of $1 billion.
The rupee, owing to spectacular recovery surged by 24 paise to end at a week high of 68.08. This has been due to rally in domestic equity as well as along with the weakening of dollar after US President-elect Donald Trump’s press conference.
Adani Ports has raised an amount of $500 million by selling bonds to overseas investors. The amount is to be used to refinance its existing debt.

Tata Consultancy Services dropped almost 4% due to a shuffle in its management after its CEO, Natrajan Chandrasekaran was appointed as the chairman of Tata Sons. It nullified all the optimism investors gathered after Q3 results.
HDFC Ergo General Insurance Company raised an amount ₹350crores by the issue of non-convertible debentures through investors like Ergo, General Insurance Corporation and Life Insurance Corporation.
Reliance to invest ₹3,000 crores in Reliance Jio, to expand its coverage and capacity. This will take the total investment in the telecom venture to ₹2 lakh crores.
Environment ministry under Anil Dave gave a red flag to the ₹50,000crore proposal from ArcelorMittal for a mining project in the dense Saranda forest area of Jharkhand.

Source: The Economic Times