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CRISIL Rating Upgrade, Snapdeal Future Group Deal, Cryptocurrency Hack et al

Professor of Financial Economics and Part-time Value Investor, Transfin.
Jan 27, 2018 7:10 AM 1 min read
Editorial

Rating agency CRISIL revises outlook for 18 PSBs from "negative" to "stable" post government recap infusion; Snapdeal sells its logistics arm to Future Group for INR35cr; Government asks smaller PSBs to focus on retail lending; In the largest crypto theft, Japan's largest cryptocurrency exchange Coincheck loses $530m in NEM tokens (10th largest cryptocurrency) through hacking; US Economy grew by annualised 2.6% in Q4 of 2017, lower than 3% predictions but consumer confidence and optimism stays strong; UK Economy grew at its slowest pace in 5 years, rising at annualised 2.0% in Q4 of 2017, but above immediate post-Brexit predictions.

End of Day Wrap-up (Saturday / January 27, 2018) #CRISIL #Recapitalization #SBI #PNB #IDBI #UCO #Dena #PSBs #Snapdeal #FutureGroup #UK #US #Transfin

 

In another fillip to the economy, rating agency CRISIL revises outlook for 18 PSBs from "negative" to "stable" post government recap infusion of INR88,139 cr, as part of its INR2.11L cr recap plan. Beneficiaries incl. IDBI, PNB, BoI etc.  

 

Meanwhile, the global economy gets hit with the Japan's largest cryptocurrency exchange Coincheck reporting a loss of $530m in NEM tokens (10th largest cryptocurrency) through hacking, in the biggest virtual currency heist to date. US Economy grows 3% lower than predicted number at annualised 2.6% in Q4. While UK performed better than predictions, it reported slowest growth in 5 years at annualised 2% in Q4 of 2017.