Hi everyone. Sorry was away from the blog due to exams. But hoping to pick it back up. So here is the summary of this week’s news. Also, suggestions about what else content can be posted on this blog are most welcome.
Monday- 13th November 2017
- Owing to the fiscal deficit for the year due to additional costs from rising crude and a possible dip in revenues due to revamp of GST, Nifty fell 96.80 points to close below 10,225 points while the Sensex closed at 33,033.56 points.
- Coca-Cola, Dabur, Honda Motorcycle and Scooter India and Perfetti Van Melle suspended manufacturing operations in NCR after the National Green Tribunal (NGT) banned the industrial activity in and around New Delhi to curb intense smog conditions.
- Insolvency and Bankruptcy Code proposed to be tweaked to ensure that the promoters don’t purchase back the bankrupt company’s assets at discounted prices.
- Vodafone India and Idea Cellular have agreed to sell about 20,000 towers they directly own to a local arm of ATC for $1.2 billion. The proceeds are expected to be utilised for paring the debt of the merging entities.
- General Insurance Corporation reported an increase 463% in net profits to ₹1,419 crore for Q2, owing to the underwriting profit of ₹757.3 crore earned during the quarter.
Tuesday- 14th November 2017
- Vodafone has valued its 42% stake in Indus Towers, the largest telecom tower company in India, at $5 billion. The group CEO, Vittorio Colao said that competitive market and gradual tariff increase by Jio has shown positive signs.
- US private equity giant KKR is in early talks with investors to sell its oldest India investment, Flextronics Software, now known as Aricent, for about $1.5 billion.
- Amazon’s third capital infusion this year, ₹2,900 crore into Amazon Seller Services, making its single-biggest infusion this year. The rival Flipkart mopped up nearly $4 ₹26,180 crore in funding earlier.
- Malvinder Mohan Singh stepped down from the post of non-executive chairman at Religare Enterprises. He has been replaced by S Lakshminarayanan, a retired IAS officer and chairman of Shriram Transport Finance.
- Wholesale inflation hit a six-month high in October to 3.59%, driven by an increase in food and fuel prices. Retail inflation also hit a seven-month high of 3.58%.
Wednesday- 15th November 2017
- The SEBI has attached all bank accounts, securities and mutual fund units held by Vijay Mallya-owned United Breweries Holdings corresponding to a default on payment of a penalty of ₹15 lakh imposed in 2015.
- Fortis Healthcare to buy back the real estate assets that house its 14 existing hospitals from Religare Healthcare Trust for ₹4,650 crore, including ₹1,152 crore of debt. It also involves acquiring balance 49% stake in Fortis Hospotel from Singapore Exchange-listed business trust.
- Daiichi Sankyo has approached the Delhi HC, seeking initiation of contempt of court proceedings against former Ranbaxy promoters Malvinder and Shivinder Singh for violating a previous order to maintain the status of their unpledged assets.
- Paytm’s parent company One97 Communications has received $800 million from SoftBank in a private placement to SVF India Holdings (Cayman).
- The market was in red for third consecutive day owing to worries about the effect of higher oil prices with Sensex declining 181 to 32,760, while the Nifty fell 68 points to 10,118.
Thursday- 16th November 2017
- The RBI to come up with with a fresh list of around 50 loan accounts that are either under stress or close to being classified as NPAs. It will set a deadline for resolution for bankruptcy proceedings.
- RIL to raise $1.8 billion through a combination of offshore bonds and syndicated loans with an aim to reduce its high-cost debt.
- In a litigation case between United Spirits and United Breweries, USL has claimed a recovery of around ₹1,800 crore, including interest from Vijay Mallya’s holding company after it defaulted between 2010 and 2013.
- CCI has given its approval for Airtel- Tata Tele merger which came as Bharti Airtel’s move to take over the wireless business of Tata Teleservices to boost its market share and 4G airwaves capacity.
- The market bounced after a 3 day of decline with Nifty gaining 1% to close at 10,215 points and Sensex gained 346 points to 33,106 point swing to strong performances by RIL and Infosys.
Friday- 17th November 2017
- HDFC Standard Life Insurance Company made a strong debut with shares being listed at ₹310, 6.9% up from the issue price of ₹290. It closed at ₹344.25, marking a rise of 18.7% against the issue.
- The Rupee rose 1% to touch the mark of ₹64.62 per dollar amidst hopes of foreign inflows. However, it closed at ₹65.01 per dollar.
- Aircel and RCom have accused larger rivals Bharti Airtel, Idea Cellular and Vodafone India of trying to poach subscribers through misleading campaigns.
- Tata Sons, the investment holding company of the salt-to-software conglomerate, said it appointed Bhaskar Bhat and Saurabh Agrawal as its directors, raising the board strength to 11.
Source: The Economic Times