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Ashok Leyland CEO and MD Quits, SEBI Tightens Disclosure Norms et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Nov 14, 2018 1:44 PM 3 min read
Editorial

Good evening reader,

 

We keep Saturdays to dabble into our 'eclectic' side through these emails.

 

But when one of the greatest contemporary storytelling icons passes away, such preferences should comfortably take a backseat.

 

Stan Lee's life as the genius creator of superheros - who awed, inspired and entertained generations; whose work panned across formats transforming Marvel Comics from a small division of a publishing house to a large multimedia corporation - shows the power of storytelling.

 

His Spider-Man ultimately became a blockbuster movie franchise and Broadway production. Similar fates awaited Iron Man, the Hulk, Thor, X-Men, and more recently Black Panther.

 

His craft, forged on pen and paper seamlessly transitioned to television, films and then to digital, only multiplying his influence with every step.

 

He showed that a good story doesn't need to be a victim of the media on which it was created.

 

"To me, writing is fun. It doesn’t matter what you’re writing, as long as you can tell a story." 

 

Stan Lee's story is the story of storytelling. Excelsior! 

 

Moving on to Today’s Top 6 Business Stories through our End Of Day Wrap Up:

 

INDIA

 

NCLAT approves UltraTech’s revised bid for Binani Cement, rejects Dalmia's plan.

Rejecting the resolution plan submitted by Dalmia Bharat’s Rajputana Properties as “discriminatory” and “unbalanced”, the National Company Law Appellate Tribunal approves UltraTech Cement’s revised offer of INR7,900cr (vs. earlier bid of INR7,200cr) for debt-ridden Binani Cement.

 

Essel Group may divest up to 50% of its promoter share in Zee Entertainment.

Essel Group, which holds 41.6% in the media and entertainment firm may divest upto 50% of its promoter share.

 

The transaction is expected to address Essel Group's capital allocation priorities as it intends to undertake a “strategic review of its businesses in view of the changing global media landscape.”

 

Ashok Leyland share price tanks 10% after CEO and MD quits and the co. reports lower than expected profit.

Ashok Leyland share price tanks c. 10% after CEO and MD, Vinod K. Dasari announces resignation.

 

The company had posted a lower-than-expected rise in profit in Q2 at INR460cr (vs. INR334cr last year) on back of higher raw material costs.

 

SEBI tightens disclosure norms for credit rating agencies following the IL&FS crisis.

In the aftermath of the IL&FS crisis, SEBI mandated that credit rating agencies would be required to disclose the liquidity position of the company being rated.

 

A company’s liquidity position would include parameters such as liquid investments or cash balances, access to unutilized credit lines, liquidity coverage ratio, and adequacy of cash flows for servicing maturing debt obligation, amongst others.

 

US/INTERNATIONAL

 

Federal Aviation Administration launches review of safety analyses conducted by Boeing.

The aviation regulator has begun an investigation of the safety analyses conducted by Boeing in the last couple of years.

 

The move comes after the recent Lion Air jet crash in Indonesia, which killed all 189 people on board and involved a 737 MAX 8.

 

Starbucks may lay off c. 5% of its global corporate workforce.

The American coffee company and coffeehouse chain deliberates laying off around 5% of its global corporate workforce including employees in marketing, creative, product, technology and store development.

 

The restructuring comes as the company seeks to streamline its priorities in a highly competitive coffee market.

 

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