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IHH Deal, Sensex Exuberance, Net Neutrality Win, US Media M&A et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Jul 15, 2018 11:53 AM 2 min read
Editorial

IHH Deal, Sensex Exuberance, Net Neutrality Win, US Media M&A et al.

Editor's Comment: IHH Healthcare outbids TPG-Manipal to acquire a controlling 57% stake in Fortis in a cash-debt transaction amounting to INR4,000cr-INR7,400cr (subject to deal close). Hero-Burman Group and Radiant Enterprises back-off at last moment. 

 

Sensex hits all time high end of week, hitting 36,740 on Friday. Global market cues, falling crude oil prices, foreign investment and optimism around earnings season with a strong Q1 help Sensex surpass previous highs.

 

DoT gives a nod to Vodafone-Idea Cellular merger subject to certain financial guarantees. Telecom Commission approves new telecom policy; upholds net neutrality issue also. New policy includes creating jobs and getting more than $100bn investments into India by 2022.  

 

India’s industrial growth declined to a 7-month low in May to 3.2%, down from 4.7% in the previous month, mainly due to a slowdown in manufacturing activity, power and FMCG sectors. Retail inflation rises to 5-month high of 5% in June, driven by increasing fuel prices. Sharp rise in crude oil lead to trade deficit widening to reach a 61-month high in June. 

 

UK Government approves 21st Century Fox’s "proposal" to buy Sky. Fox already owns 39.1% of Sky’s shares. Fox in midst of bidding war with Comcast. The US Justice Department appeals against AT&T’s purchase of Time Warner. Broadcom to buy US-based Software Company, CA Technologies for $18.9bn. CA Technologies’ shareholders to receive $44.50/share, a 20% premium over the closing price of the company’s stock.