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GST Rate Cut To Cost the Govt. INR15,000 cr, Atos Buys Syntel, Mike Manley to Replace Sergio Marchionne et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Jul 23, 2018 1:38 PM 2 min read
Editorial

End of Day Wrap-up (Monday / July 23, 2018) #GST #GSTCouncil #profit #PiramalCapital #Samhi #SBI #PNB #LIC #IT #Atos #Syntel #US #AmericanExpress #MikeManley #SergioMarchionne #FiatChrysler #Jeep #Ram #CEO #Transfin

Editor's Comment: GST rate cut on more than 50 items estimated to lower govt’s tax revenue by INR15,000cr every year. A panel of central and state finance ministers on Saturday cut GST on more than 50 items including washing machines, lithium-ion batteries and sanitary napkins.

 

Net profit of 113 companies that have declared their Q1 results up 20% YoY. Combined net sales were up 18% YoY — the best in at least three years. Growth got a boost from a favourable base effect and better-than-expected show by Tata Consultancy Services, which accounted for 28.4% of all incremental profit growth for the sample during the quarter.

 

Piramal to invest INR650cr as structured debt in Goldman Sachs-backed, hotel operator Samhi Group which owns about 29 hotels. The structured debt investment will allow the latter to support its growth plans and refinance existing lenders across three assets – The Courtyard and Fairfield by Marriott in Bangalore, the Sheraton in Hyderabad and the Hyatt Regency in Pune.

 

Banks, FIs incl. SBI, PNB, LIC enter inter-creditor agreement (ICA) to fast track resolution of stressed assets greater than INR50cr. 22 PSBs, 19 private sector banks, and 32 foreign banks sign ICA where the lead lender with highest exposure will be authorized to formulate the resolution plan, which shall be presented to other lenders for approval.  

 

French IT Firm Atos buys Syntel in $3.6bn deal (incl. debt) in all cash deal to acquire better access to US customers such as American Express and State Street Bank. Bulk of Syntel's 23,000 workforce sit in India.

 

Mike Manley, head of Fiat Chrysler’s Jeep and Ram brands named as chief executive officer to replace Sergio Marchionne, after a sudden deterioration in his health left the 66-year-old executive unable to return to work.