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Govt. To Infuse Fresh INR11,336cr Capital in PSBs, Morgan Stanley Profits Rise et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Jul 18, 2018 1:41 PM 2 min read
Editorial

End of Day Wrap-up (Wednesday / July 18, 2018) #Reliance #RIL #BookMyShow #TPGGrowth #ONGC #PawanHans #PSB #banks #MorganStanley #Google #Android #EU #Transfin

Editor's Comment: Reliance Industries to raise INR40,000cr ($5.8bn) in fresh debt to push consumer business.  RIL will raise funds through loans and bonds mostly in Indian currency. Reliance’s total debt has tripled in the past 5 years as it has already borrowed INR220,000cr ($2.2tn) to invest in telecom services and its petrochemical operations. 

 

BookMyShow raises $100mn in Series D funding led by TPG Growth. Owned by Bigtree Entertainment Pvt Ltd, this fresh infusion of capital will fuel BookMyShow’s growth plans as they aim to become the ultimate ‘Entertainment destination’ for its customers.

 

ONGC to sell its entire 49% stake in Pawan Hans after approval from the former’s officials. ONGC looks to reduce its debt and consolidate resources in core oil and gas production. The Department of Disinvestment and Public Asset Management Management (DIPAM), which has already issued a notice for the sale of government’s 51% stake in Pawan Hans, will amend the issue to include this decision.

 

Government to infuse fresh INR11,336cr capital in State-run banks to meet the regulatory capital requirement. This comes after the government recently infused INR2,000cr in PNB to prevent a default on bond repayment. This funding of INR11,336cr is a part of the INR65,000cr annual recapitalisation plan announced by the Government for this fiscal year.

 

Morgan Stanley profits rise 39% YoY with $2.4bn in profits on $10.6bn revenue. Revenue climbed 12% as earnings per share were $1.30. Morgan Stanley beat street estimates in its equities division and investment banking. However, revenues in wealth management and investment management were below estimates.

 

Google fined $5bn by EU in Android antitrust case. The fine is for abusing the dominance of its Android operating system (OS).