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Bad Day for the Rupee, Jet Airways in Hot Water et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Aug 13, 2018 1:00 PM 2 min read
Editorial

Bad Day for the Rupee, Jet Airways in Hot Water et al.

Editor's Comment: INR touches all-time low of 70.05 against USD amidst fears of contagion from crisis in Turkey. RBI intervenes mid-day to stabilize Rupee while banks and importers scramble to buy more USD. Other emerging markets currencies incl. South African Rand, Russian Ruble, and Chinese Yuan also fall. 

 

Aviation regulator DGCA to conduct an audit of Jet Airways from August 27th. Objective is to assess whether the company's liquidity crunch can affect its operations and maintenance.

 

The final round of bank recapitalisation may kick-off during Q4 of FY18-19. Recapitalisation will be linked to performance of 21 PSBs. BCG mandated by Indian Banks' Association (IBA), an industry body, to submit a report in December assessing the performance of PSBs' around the government's 30 point reform agenda.

 

KKR to acquire 60% stake in environmental solutions provider Ramky Enviro Engineers Ltd. (REEL) for $530m. This will be the largest private equity backed buyout in India's environmental services sector. REEL's offerings include environment management services such as collection, transport and processing of hazardous, municipal, biomedical and e-waste, as well as recycling of paper, plastic and chemicals.

 

Government planning to control prices of medical devices by restricting trade margins. This approach is a departure from the existing mechanism of 'capping' prices. Once the new mechanism is finalised it will apply to devices such as cardiac stents and knee implants.

 

Activist investor Elliott Management takes a significant 8% stake in Nielsen Holdings. Elliott plans to push the TV-ratings company to sell itself after accumulating a $640m worth stake. Nielsen has a market value of $8bn and is the S&P's 3rd worst performer in 2018 with shares down 40% year to date.