Monday- 1st January 2018
- China’s e-commerce giant Alibaba to acquire a minority stake in logistics company XpressBees for an estimated amount of $100 million as it looks to break into Indian markets to compete with global rival Amazon, and homegrown rival Flipkart.
- BoB failed to sell bad loans amounting to ₹2,300 crore due from Bhushan Steel and Essar Steel as the reserve price was above market rates and only overseas investors and private equity funds were allowed to bid.
- SBI gave a new year gift to its borrowers as it lowered the base rate by 30 points to 8.65%. The move is expected to prevent rivals from poaching the existing customers.
- SBI to initiate insolvency proceedings against at least a dozen defaulting companies including Visa Steel, Monnet Power, Uttam Steel, Essar Projects, Videocon Telecom, Jaiswal Neco and Jai Balaji after failing to recast their loans by the December 31 deadline.
- Following the steps of IOB, Axis Bank to put its ₹2,000-crore loan to Bhushan Steel up for sale in the distressed-assets market. The bank may get as much as ₹1,200 crore.
Tuesday- 2nd January 2018
- India’s largest retailer, Future Group is in talks with Snapdeal to acquire its logistics arm, Vulcan Express for about ₹50 crore in an all-cash deal.
- Tata Technologies, a subsidiary of Tata Motors, suspended some of its employees for allegedly issuing forged letters of employment to 60 people.
- The rupee hit its highest level against the dollar as it closed at 63.48 a dollar, up 0.31% from its previous closing.
Wednesday- 3rd January 2018
- The RBI has ordered banks to recalibrate ATMs to ensure that more numbers of the ₹200 denomination note are dispensed to the public in a move to step up the supply of lower-denomination currency.
- The RBI has ordered the banks not to initiate bankruptcy proceedings against Jaiprakash Associates. This comes amidst anticipation of legal complications after a Supreme Court ruling barred its promoters from selling or transferring assets.
- South African Internet group Naspers has emerged as the frontrunner for an estimated $200 million investment in Swiggy. The investment is expected to increase the valuation of the food delivery venture to $650 million.
- Online retailer Flipkart has infused approximately ₹1,632 crore into its logistics arm Ekart in an effort to further strengthen its delivery and warehousing capabilities.
- Warburg Pincus India managing director Nitin Nayar has resigned from his position to launch his own investment fund with an expected corpus of $150-200 million, focusing on technology-related bets.
Thursday- 4th January 2018
- India’s top seven Bitcoin exchanges including Zebpay, Unocoin, CoinSecure and BtcxIndia, to approach the AAR for clarity regarding levy of GST on transactions relating to Bitcoins.
- After receiving criticism over exorbitant salaries paid to top executives, Infosys has crafted a transparent compensation package for the new CEO, Salil Parekh. He will be eligible for a fixed salary of ₹6.5 crore and a variable pay of ₹9.75 crore, which is much lower than what his predecessor was offered, i.e. ₹70.4 crore.
- As a part of the ₹500-crore pre-IPO fund raised by EtechAces, it has committed an amount of ₹200 crore for its subsidiary; the digital marketplace for loans, mutual funds and credit cards, Paisabazaar.
- Idea Cellular to raise a total of ₹6,750 crore ahead of its merger with Vodafone India to pare debt and free up cash for expansion. The amount to be raised in two tranches, by raising ₹3,250 crore through preference shares in first and balance ₹3,500 crores through preference shares @₹99.50.
Friday- 5th January 2018
- The rupee gained 0.06% to 63.37 per dollar to a near three-year record on Friday as overseas investments flooded into India amid global dollar weakness.
- Executive Chairman of Religare Enterprises, S Lakshminarayanan, a retired IAS officer and independent director Kishori Udeshi, a former RBI deputy governor resigned from the board of the company.
- Rohit Gothi, executive director of market operations at beverage maker Coca-Cola’s bottling partner has resigned from his position after the company announced a large-scale restructuring of its business, which would make some jobs redundant.
- CDB has withdrawn its insolvency filing against RCom. However, Swedish gear maker Ericsson to its battle against the Anil Ambani-owned telecom operator to recover its dues of ₹1,150 crore.
Source: The Economic Times