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Infosys Q1, IHH outbids TPG-Manipal, IIP Slowdown et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Jul 13, 2018 1:30 PM 2 min read
Editorial

Infosys Q1, IHH outbids TPG-Manipal, IIP Slowdown et al.

Editor's Comment: Infosys Q1 profit rises 3.7% YoY to INR3,612cr with revenue up 12% YoY at INR19,128cr. Operating margin at 23.7%. The company added four clients in $100mn plus region during this quarter. Profit marginally impacted as company recorded a FV reduction of INR270cr for Panaya.

IHH Healthcare to acquire 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. IHH outbid TPG-Manipal. 

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. RBI June MPC statement had commented slowdown may be due to rise in input prices and perceptions of softening domestic and external demand.

Retail inflation rises to 5-month high of 5% in June. Core inflation also increased more than expected suggesting higher costs are being passed on due to steady-demand conditions. Increasing fuel prices play a significant role.

The US Justice Department appeals against AT&T’s purchase of Time Warner. Expresses concern that if AT&T ends up owning HBO, CNN and Warner Bros the merger may harm to consumers due to expected rise in prices, also hurting innovation and competition in this sector.

UK Government approves 21st Century Fox’s proposal to buy Sky. Fox already owns 39.1% of Sky’s shares. Fox has outbid its rival Comcast, before Comcast placed another bid yesterday for Sky at £14.75/share, which was £0.75/share more than Fox’s bid.