1. Axis Bank Doesn’t Need a Merger to Grow, Says CEO Shikha Sharma
Axis Bank doesn’t need a merger to grow and has a blueprint for expansion in place, chief executive Shikha Sharma said.
It is good to feel like a beautiful bride that everybody is aspiring for, but the point is that the beautiful bride is not putting up her hand for marriage.
Sharma told ET in an interview. “You can have a lot of suitors but there is not going to be a marriage.”
The stock has surged 17% in a month amid speculation that potential suitors such as Kotak Mahindra Bank, ICICI Bank, HDFC Bank and IndusInd Bank are eyeing it with view to a merger or an acquisition. All the banks mentioned have denied or declined to comment on the matter.
(Source: Economic Times)
2. MobiKwik To Pump In Rs 300 Crore In A Bid To Triple User Base
Digital wallet firm MobiKwik will make a Rs 300-crore investment to expand its user base in the country, the company said in a media statement on Thursday. The aim is to triple its user base to 150 million from 50 million in a year.
We are targeting $10 billion Gross Merchandising Value (GMV). The investment of Rs 300 crore will be deployed in loyalty initiatives, expanding our reach and network and launching other financial services such as loans and investments on our platform.Upasana Taku, Co-founder, MobiKwik
In a first among mobile wallet companies in India, MobiKwik has also launched a loyalty initiative, SUPERCASH, to promote digital payments among its users.
(Source: BloombergQuint)
3. What Airtel Gains From Its Telenor Deal
Consolidation is the name of the game for the telecom sector now. How else are smaller firms supposed to thrive in such a fiercely competitive environment? Bharti Airtel Ltd’s latest decision to acquire Telenor India’s operations is another step towards consolidation.
What does the acquisition bring to the table for Airtel?
In one word – spectrum. The 43 MHz of 1,800 MHz spectrum that Airtel will acquire across seven circles as part of this deal is the biggest benefit to Airtel from this development.
It will help further strengthen Airtel’s spectrum holding. Analysts from UBS point out that Telenor brings valuable, liberalised spectrum in the 1800MHz band in the circles of Uttar Pradesh (East), Uttar Pradesh (West) and Gujarat, which happen to be circles where Airtel’s liberalised spectrum holding is lower than average.
(Source: Livemint)
4. After TCS, Infosys Mulls Buyback Worth $2.5 billion, Announcement Likely in April: Report
After TCS, Infosys on Thursday reportedly said that it is actively mulling buyback and will kickstart the process soon. Sources told ET Now, “Size of Infosys buyback likely to be over $2.5 billion and the official buyback announcement will be likely in April.”
Hailing TCS buyback recently, TV Mohandas Pai said:
I hope that Infosys follows suit and announces share buyback. If Cognizant and TCS can buyback shares, why not Infosys?
Meanwhile, TCS, India’s biggest software services exporter, last week approved share buyback plan of up to Rs 16,000 crore. Promoters of TCS currently hold 73.33% in the company.
(Source: Financial Express)
5. Johnnie Walker Maker Diageo Pushes in India Despite Pitfalls
India has a love-hate relationship with booze. While the majority of adults are lifetime abstainers, those who enjoy a tipple tend to enjoy it a lot – mostly in spirit form.
That’s made India both the world’s biggest whiskey market and the subject, in some states, of a fresh wave of anti-alcohol laws – in one case, punishable by death.
Even as the country prepares to ban liquor sales near major highways to curb drunk driving, Diageo Plc sees opportunities and may be poised to acquire a bigger stake in the country’s top distiller.
Buoyed by prospects for growth, the British maker of Johnnie Walker and McDowell’s whiskeys has made India one of three focus areas for 2017.
(Source: BloombergQuint)
6. India PC Market Fell 15% in 2016 on Sluggish Consumer Demand: IDC
PC shipments in India declined by 15.2 percent year-on-year to 8.58 million units in 2016 on account of sluggish consumer demand and subdued large projects, research firm IDC said today.
The report said:
The overall market declined initially owing to reduced consumer demand and high inventory in the first half of 2016. However, PC sales recovered starting June owing to strong consumer sentiment backed by seasonality and increase festive demand.
The consumer PC market recorded 4.22 million units in 2016, with an year-on-year decline of 12.9 percent over 2015. With high inflation and ongoing fiscal consolidation, consumer sentiment remained frail until first half of 2016, IDC India Associate Research Manager Client Devices Manish Yadav said.
(Source: PTI)
7. Key Indian Equity Market Indices Open Higher
Taking a cue from positive investments sentiment, the key Indian equity market indices opened higher on Thursday. The Sensitive Index (Sensex) of the BSE, which had closed at 28,864.71 points on Wednesday, opened higher at 28,927.67 points.
At the National Stock Exchange (NSE), the broader 51-scrip Nifty, which had closed at 8,926.90 points, was quoting at 8,943.75 points, up by 16.85 points or 0.19 per cent.
On Wednesday, despite a volatile trade session, the Indian equities markets closed on a positive note, as healthy global cues buoyed investor sentiments. However, outflow of foreign funds and caution ahead of crucial economic events capped gains.
Investors were anxious before the release of US Fed’s Federal Open Market Committee (FOMC) and the Reserve Bank of India’s Monetary Policy Committee’s (MPC) minutes as well as derivatives expiry.
(Source: Financial Express)
8. Sharp Slump in Fruit-Vegetable Exports Prompts Long-Term Remedies
A sharp, 18 percent slump in the exports of fruit and vegetables alone in the past two years – largely due to a stringent green norm and heightened quality standards, particularly in Europe – has prompted a slew of long-term remedial measures including improvement in pre-harvest conditions and cluster farming to improve quality.
Agricultural and Processed Food and Products Export Development Authority (APEDA) Chairman DK Singh told IANS:
We are working on issues such as grading, cleaning, testing, irradiation to ensure standard quality of fruits to be exported. However, we need to focus on the pre-harvest conditions such as use of fertilisers, pesticides, seeds and supervision to root out the problem of residue. It is likely to take two years to execute the plan.
(Source: IANS)
9. Note Ban Taking Heavy Toll on Not-For-Profits
Not-for-profit organisations often work with people not linked to the formal banking system and therefore the government’s demonetisation drive has seriously disrupted their work processes.
While the government and financial consultants have been advocating moving all transactions online, missing infrastructure and linkages pose a big challenge for those working on the ground in the not-for-profit sector.
And even though organisations are increasingly raising funds online, utilising their funds for projects in the field has become a challenge.
Not-for-profits have also been under a cloud of suspicion, often accused of mishandling funds and funding anti-national activities, etc.
(Source: Livemint)
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