1. Telcos Shell Out Rs 11,000 cr as Part of Upfront Payments- ET
Major telecom providers such as Airtel, Vodafone, and Reliance Jio have shelled out Rs.11,000 crore so far as initial payments to the government for the recently ended spectrum auction. All successful bidders must pay a total of Rs. 29,000 crore by the end of April 8th. The amount is seen as a monetary boost for the government which aims to plug a fiscal deficit of 4.1% of GDP, according to the Economic Times.
2.Core Sector Growth Slowest in 16 Months-FE
The Indian core sector, which includes steel, crude oil, and natural gas industries among others, saw the lowest rate of growth in the last 16 months, making analysts fear that the Indian economy is not out of troubled waters yet and that the government’s estimation that the economy grew 7.4% last year might be overstated, the Financial Express has reported.
The February growth in eight core-sector industries, which have a total weight of 38% in the index of industrial production, was the slowest after -0.1% growth reported in October 2013.
3. Jindal Set to Sell 15% in JSW Energy for Rs 2,000 Crore- ET
The Economic Times has reported that Sajjan Jindal is expected to sell his 15% stake in JSW Energy, raising upto Rs. 2,000 crore which analysts suspect will be used by the JSW group, that Jindal owns, to fund future acquisitions and maintain a healthy leverage ratio.
The money will help fund acquisitions and restore a healthy leverage ratio as the company completes the purchase of three hydropower plants owned by Jaiprakash Power Ventures in the first quarter of fiscal 2016.
4. Jack Ma Eyeing Indian E-commerce Universe-BS
In a clear sign of his interest in India’s e-commerce sector, Jack Ma, founder and executive chairman of China’s Alibaba Group, is likely to visit India again at the end of April, his third trip to the country in about six months.
Sources said China’s largest e-commerce company was eyeing a “significant play” in India’s e-tailing segment and exploring strategic investments not just in online retail firms here, but also in business-to-business e-tailing, logistics, payments services companies, etc.
5. Government Lowers Gas Price by 7.6%- FE
For the first time in India, gas prices are set to be lowered by the government to $5.18 million British thermal units (mBTU). But the decision is expected to hurt gas firms such as ONGC, and Reliance Industries, who are facing difficulties in the Indian market owing to the fact that gas prices are already one of the lowest in the world, says the Financial Express.
6. Snapdeal Buys Majority in RupeePower-BS
E-commerce marketplace Snapdeal has acquired a majority stake in digital financial distribution platform RupeePower for an undisclosed amount.
Snapdeal’s entry into online financial services is a first for an e-commerce company in India. Following the deal, the SoftBank-backed Snapdeal will offer consumer loans through the RupeePower network. The online financial services market in India is estimated at Rs 4,500 crore.
7. Gates to Open for EPFO Funds to Flood Dalal Street-ET
In a move that could see Rs. 7,500 crore entering into the Indian stock market, the government has mandated the Employees’ Provident Fund Organisation (EPFO) to invest up to 5% of its incremental corpus in exchange-traded funds, a move opposed by trade unions, the Economic Times says.
8. Flipkart in Talks to Raise $600 Million-DNA
Online marketplace Flipkart is believed to be in talks to raise around $600 million (about Rs 3,750 crore) from a group of investors.....it is also looking at a higher valuation than its present $11.5-12 billion.
9. Philips Sells Lighting Parts Biz for $2.8 Billion-ET
Dutch electronics giant Philips said it was selling a majority stake in its LED and car lighting arm to a China and US-based GO Scale Capital investment fund in a deal worth $2.8 billion. The deal is part of Philips’ broader streamlining move which will eventually see the 120-year-old firm transform into a specialist healthcare-lifestyle manufacturer.
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