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Karnataka Elections, PNB Q4 Results, Fortis Deal et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
May 15, 2018 1:13 PM 1 min read
Editorial

End of Day Wrap-up (Tuesday / May 15, 2018) #KarnatakaElections #Manipal #Munjal #Burman #Fortis #healthcare #PNB #NCLT #TataSteel #Amazon #Facebook #CambridgeAnalytica #Transfin

Editor's Comment: Benchmark indices stay flat after intra-day volatility due to Karnataka state election uncertainty. BJP 105, Congress 77, JD(S) 37. Next leadership dependent on post-poll alliances. 

 

PNB reports Q4 losses amounting to INR13,417cr as provisions spike to INR20,353cr (4x spike yoy). Liabilities mapped against Nirav Modi fraud amounting to INR6,960cr. Gross NPA ratio jumps from 12.1% to 18.4% in a single quarter. 

 

NCLT approves Tata Steel's resolution plan for Bhushan Steel comprising an upfront payment of INR35,200cr to lenders. Tata Steel share price up 2.73% end of day. 

 

Manipal-TPG increases offer to acquire Fortis Healthcare to IN180 per share (from INR160 per share) 4 days after Board sides with Munjal-Burman bid. New offer values Fortis at INR9,403cr vs. INR8,358cr earlier. 

 

Amazon Go, Amazon's cashierless store, to expand to San Francisco and Chicago, after launching its pilot in Seattle early this year.

 

Facebook suspends 200 apps as part of its ongoing investigation into third parties and the way they handle user data post Cambridge Analytica.