Air India, SpiceJet, IndiGo may get Jet Airways’ foreign flying rights. HUL reports lowest volume growth in six quarters. SEBI directs NSE to review data sharing third party agreements since 2009. Vodafone Idea signs multi-million dollar five-year agreement with IBM. Partners with Ericsson to deploy world’s largest cloud packet core. SoftBank Considers IPO for Vision Fund. Tesla completes its $2.35bn stock and bond sale.
Air India, SpiceJet, IndiGo may get Jet Airways’ foreign flying rights. Boeing 737 skids into Florida river on landing, no fatalities reported.
Last Chance: The Indian government is likely to start distributing foreign flying rights of Jet Airways among other carriers, who have put in requests towards the end of next week if the grounded airline is unable to find any takers.
Into Enemy Hands: SpiceJet and Air India are aiming for flights to Dubai while Air India is also interested in increasing number of flights on Mumbai-London route. Another route being eyed by airlines is Delhi-Singapore.
The development comes as governments of countries such as Dubai, Qatar and Singapore have approached the Indian government seeking an increase in the foreign flying quota (measured in terms of seats airlines can operate per week).
The Indian government however has decided to wait till Jet Airways finds a buyer.
Smelling Trouble: A Boeing 737 plane arriving from Cuba crashed into a river off the runway near Jacksonville, Florida, according to the Naval Air Station. No fatalities were reported.
HUL reports lowest volume growth in six quarters.
Slowing Down: Hindustan Unilever (HUL), India’s largest consumer goods company, reported its lowest volume growth in six quarters in Q4, on the back of moderation in rural demand.
For the quarter under review, HUL reported 7% volume growth vs 11% last year. Net profit rose 13.8% YoY to INR1,538cr in Q4. Revenue rose 9.3% YoY to INR9,945cr. Net sales grew 9% YoY to INR9,809cr.
There is a palpable slowdown in the FMCG sector, which is reflective in HUL’s Q4 results. Amidst this slowdown, Chairman and MD Sanjiv Mehta talks about what lies ahead for the company.
In the Land of Blind, the One-Eyed Man is King: Notwithstanding HUL’s slump in performance, the company’s volume growth of 7% was well within the expected range of 6-8 and better than its peers. Dabur India clocked a volume growth of 4%, missing expectations. Similarly, Godrej Consumer Products reported a rather poor volume growth of 1%.
SEBI directs NSE to review data sharing third party agreements since 2009.
Under the Scanner: Markets regulator SEBI has directed stock exchange major, NSE to review all third-party agreements having a data sharing component entered by it from year 2009 onwards.
The development comes days after NSE was found involved in a co-location case.
Corruption or Hubris?: The National Stock Exchange, born out of the Pherwani Committee recommendations in early ’90s to neutralise the `broker mafia’ controlled Bombay Stock Exchange, today stands convicted of wrongdoings it intended to end – favouritism and unethical practices. Here’s an article which probes as to what caused the fall of NSE: Corruption or hubris?
Vodafone Idea signs multi-million-dollar five-year agreement with IBM. Partners with Ericsson to deploy world’s largest cloud packet core.
IBM: Vodafone Idea has signed a multi-million multi-million-dollar five-year agreement with IBM, in an attempt to deliver an enhanced customer experience to consumers and businesses in India.
The deal is also likely to contribute to Vodafone Idea's merger synergy objectives by reducing its IT related costs.
Use of IBM’s hybrid and multicloud, analytics and AI security capabilities will accelerate Vodafone Idea's progression to an open, agile and secure IT environment. The deal will also provide a platform for fast-track joint initiatives in AI and IoT.
Ericsson: Vodafone India has entered an agreement with Swedish technology major Ericsson to deploy Ericsson's cloud packet core to enhance its existing core network.
As part of the deal, Vodafone Idea is likely to benefit from Ericsson's market leading core network applications and network functions such as Ericsson virtual Evolved Packet Gateway (vEPG), Service Aware Policy Controller (vSAPC) and Virtualization Infrastructure (NFVi) solution enabling fast introduction of new services and providing full service continuity.
Multiple Deals: The move becomes important as Vodafone Idea will need cloud agility to prosper in the competitive Indian market, especially as Indian telecom gears to embrace 5G network.
SoftBank Considers IPO for Vision Fund. Tesla completes its $2.35bn stock and bond sale.
What Does The Future Hold?: SoftBank is considering an IPO for its $100bn Vision Fund.
As per reports, the fund might consider a direct listing rather than a traditional IPO.
The fund was set up in 2017 and has become the world's largest technology investment fund, with investments including ride-hailing pioneer Uber, chip designer ARM and shared workspace firm WeWork.
SoftBank is also in talks with Oman for an investment in the Vision Fund, which has raised nearly all of its funding so far from Saudi Arabia and Abu Dhabi.
A Silver Lining: Electric care-maker, Tesla has completed a $2.35bn stock and bond sale, giving the company a much-needed boost of liquidity as it continues its quest to become the first mass producer of electric cars.
Meeting solid demand from investors, Tesla was able to increase the size of its convertible bond offering by $250m to $1.6bn. It also raised roughly $750m from its sale of nearly 3.1 million common shares at $243 a share—around $100m more than originally anticipated.
Tesla’s capital raise comes after a rather difficult stretch for the company, which has struggled with manufacturing and logistic challenges as it tries to scale production of its mass-market Model 3 sedan.