Monday- 3rd July 2017
- Price cuts by companies and tax concessions for ITC helped investors confidence as Sensex claimed 31,000-mark to close at 31,221 and Nifty jumped beyond 9,600-mark to close at 9,615.
- Munjals-owned Hero MotoCorp has decided to put a complete halt on royalty payments to its former joint venture partner Honda. It will now use its in-house R&D unit, CIT in Jaipur for all technological purposes.
- Tata Chemicals sold last of its Indian Operations at Haldia, West Bengal, as it looks forward towards exiting fertiliser business to focus on on consumer and inorganic chemicals.
- Byju’s, the ed tech company, has acquired TutorVista and Edurite from UK-based Pearson. It will help Byju’s to expand international research and creating a diverse product portfolio.
- Online movie and event ticketing platform BookMyShow has acquired Mumbai-based local food and restaurant recommendation engine Burrp for ₹6.7 lakh in an all-cash deal. It was acquired by Network18 in 2009 for ₹4.25 crores.
Tuesday- 4th July 2017
- The Jasper Infotech has rejected Flipkart’s initial offer of around $800-$900 million for its online marketplace Snapdeal. However, the talks are still expected to continue.
- The government has issued a statement clarifying that manufacturers and retailers can stamp new prices on their preGST stock of goods and sell them until end September.
- Chief Justice of India JS Khehar has asked the government to consider another window for people who have not been able to deposit old notes due to genuine reasons.
- The Delhi High Court has ordered Malvinder and Shivinder Singh to respond to Daiichi Sankyo’s application alleging they had violated court orders by selling their stake in Fortis Healthcare in the open market through their holding companies.
- NCLT has given the go-ahead to banks to initiate insolvency proceedings against Jyoti Structures, making it the first among the 12 companies identified by the Reserve Bank of India for bankruptcy proceedings.
Wednesday- 5th July 2017
- Bharti Airtel likely to sell a controlling stake in arm Bharti Infratel and to utilise the proceeds to pay off $14 billion debt and help in network expansion.
- In response to Supreme Court’s observation that the government should provide another window for the exchange of demonetised currency, the officials have said that they will consider the proposition but feel that opening such window will defeat the purpose of the radical change.
- After a fresh investment of ₹1,680 crores, online marketplace giant has crossed $2billion mark in its investment in the Indian arm. The total funding is now $2.1 billion. Amazon has committed to $5billion investment in India.
- Anil Ambani-owned Reliance Communications has accused Mukesh Ambani-owned Reliance Jio’s free offers as one of the causes of the financial stress of the telecom industry.
- Shares of IDFC and IDFC Bank rose about 10% each on speculation that IDFC Bank may announce a large acquisition shortly. IDFC Bank gained 9.97% to close at ₹62.30 while IDFC rose 10.11% to end at ₹60.45.
Thursday- 6th July 2017
- The Tata Group and Bharti Enterprises are in talks to form an alliance involving their telecom, overseas cable and enterprise services, and direct-to-home TV businesses.
- IDFC and Shriram Group are in talks to combine all or some of their businesses that could straddle traditional banking, consumer lending and truck financing. It will also provide billionaire Ajay Piramal with an entry into a highly regulated industry.
- Amazon has infused another amount of ₹341 crores into its Indian subsidiary Amazon Wholesale. This will take the total capital infused to ₹756 crores.
- Founders of IndiGo, Rakesh Gangwal and Rahul Bhatia have clarified that their primary interest in Air India is in the carrier’s international operations that include the low-cost Air India Express.
Friday- 7th July 2017
- Axis Bank has emerged as the frontrunner for acquiring digital payments platform owned by e-commerce marketplace Snapdeal, Freecharge. The deal is expected to be valued around $20-$40million.
- A Bengaluru court has ordered the attachment of property belonging to former AirAsia India CEO Mittu Chandilya following a complaint filed by the airline that accused him of fund diversion.
- Japanese major Tokio Marine has hiked its stake in non-life insurance venture IFFCO-Tokio to 49% by acquiring additional shares in the company for ₹2,530 crore.
- RBL Bank has raised an amount of ₹1,680 crores by selling shares to existing investors at a slight discount to the bank’s closing price of ₹527 on Friday at ₹515 per share.
Source: The Economic Times
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