Friday, December 7, 2018

Asia, Europe markets tanks on arrest of Huawei CFO, US buck the trend

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Stock markets across Asia and Europe tanked between 2 to 3 percent as arrest of chief financial officer of China’s global telecommunications giant Huawei has been unnerved the markets sentiments. The CFO was arrested in Canada and faces extradition to the United States.

Meng Wanzhou’s detention comes after American authorities reportedly launched an investigation into suspected Iran sanctions by Huawei, which was already under scrutiny by US intelligence officials.

However US markets buck the trend. DJIA closed marginally lower, where as Nasdaq and S&P 500 ended the day in green. 

Forthcoming IPO : Uniparts India Limited

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Issue Details:

Issue size
Rs 100 Cr + OFS of 1.30 Cr shares
Face ValueRs 10
Promoters / CMD
Gurdeep Soni
Manufacturer and supplier of engineering systems and solutions and primarily caters to off-highway vehicles in agriculture, construction, forestry and mining sector
Bse, Nse

Axis Capital, Motilal Oswal Investment Advisors and SBI Capital Markets

Forthcoming IPO : Lyft Inc

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Issue Details:

Issue size
Around $ 4 billions

Promoters /  CEO
Logan Green
Mobile app taxi aggregator

JP Morgan Chase & Co, Credit Suisse and Jefferies

Wednesday, December 5, 2018

Vijay Mallya offers to settle bank dues

Vijay Mallya has offered to pay back the full amount of the principal loan he owed to multiple banks and asserted that all the allegations against him are false.

Horlicks effect : HUL touhes new 52 week high, market cap crosses Rs 4 lac Cr

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HUL gained Rs 44 and closed at Rs 1852. The market cap of the FMCG major stands at Rs 4 lac Cr. HUL is the 4th most valued company on the Indian bourses. TCS occupies the number 1 spot, followed by RIL and HDFC Bank.

Hindustan Unilever  recently acquired GlaxoSmithKline Consumer Healthcare for Rs 31,700 Cr in all-stock deal.

HUL got brands such as Horlicks, Boost and Viva from the acquisition.

U S markets tanks on skepticism over trade agreement

U.S. bench mark indices DJIA, SPX and S&P 500 have tanked 3% on Tuesday's trade. This is due to the  skepticism mounted over the significance of an agreement reached by the U.S. and China to postpone new tariffs and as the market digested a flattening yield curve in U.S. government debt.

Tuesday, December 4, 2018

Oil prices bounce back

Oil prices rose more than 2% in today's trade, extending gains ahead of expected output cuts by producer cartel OPEC.  Brent crude oil rose $1.55, to a high of $63.24  and US light crude was $1.25 higher at $54.20.

LIC Open Offer : Govt not to participate

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Government will not participate in LIC's open offer to acquire 51 per cent stake in IDBI bank.

LIC's open offer to purchase 26 per cent shares of IDBI Bank opened on December 3 and will close on December 14.

 LIC is acquiring 26 per cent of equity in IDBI Bank at a price of Rs 61.73 per share, entailing total payout of over Rs 12,600 crore.

Yes Bank appoints T S Vijayan as independent director

 YES Bank has appointed the former chief of IRDAI, TS Vijayan, as Additional Independent director.

“The appointment of TS Vijayan as an Independent Director on the board of YES Bank, with effect from December 3, 2018, for a period of five years.

This takes the total number of directors on the board of YES Bank to eight. 

Vijayan is also a member of the ‘Search and Selection Committee’, which was set up by the bank to identify a suitable successor to the Managing Director and CEO.

Monday, December 3, 2018

Bloomberg : Some BSE 500 companies are debt heavy

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According to data complied by Bloomberg number of BSE 500 companies that have crossed a debt-default probability threshold has trebled since the beginning of the year. 

Vodafone Idea, Dewan Housing, Bombay Dyeing, Srei Infrastructure, Jet Airways, Indiabulls Real Estate, Indiabulls Housing Finance, & Reliance Capital are among 77 companies that have a default risk probability of more than 0.52 per cent compared with 24 at the beginning of 2018.

JMFARC under scanner

 JM Financial Asset Reconstruction Company is under the radar after a few board-level exits at the company. Recently former chairman and managing director of Dena Bank and Bank of Baroda Anil Khandelwal resigned from the independent directorship of JMFARC, reportedly on governance issues.

Sunday, December 2, 2018

H-1 B visas turns merit based

The Trump Administration has proposed major changes to the H-1B application process, including a new rule requiring companies to electronically register their petitions in advance, aimed at awarding the American work visa to the most skilled and highest paid foreign workers.

Under the new proposed merit-based rule, a notice for which was issued on Friday, companies employing foreign workers on the H-1B visa would first have to electronically register with the US Citizenship and Immigration Services during a designated registration period.
The H1-B visa has a numerical limit cap of 65,000 visas each fiscal year as mandated by the Congress. The first 20,000 petitions filed on behalf of beneficiaries with a US master’s degree or higher are exempt from the cap.

Maruti Suzuki sales down in Nov 2018

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Maruti Suzuki has registered 0.7 percent decline in its November 2018 sales numbers .  The company sold a total of 1,53,539 units in November 2018 against sales of 1,54,600 units in the month of November 2017.
The total sales includes 1,46,018 units in domestic market and 7,521 units of exports.

Saturday, December 1, 2018

Microsoft over takes Apple in market cap

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Microsoft has overtaken Apple in market cap. Market cap of Microsoft stands at $ 851 billions, as against Apple's $ 847 billions. Microsoft closed at $ 110.89 in Friday's trading and Apple at $178.58.