Narendra Modi Led BJP Wins Re-Elections in a Landslide Victory, BSE Sensex and NSE NIFTY Chart Historic Highs on Back of Election Results, Tik Tok App Downloads Take Over India et al.

Narendra Modi-led BJP wins re-election in a landslide victory. Sensex and NIFTY indices fall around 1% each after charting historic highs on back of election results. India's 10-year bond prices hit a 13-month high.  India revealed to be the nation with the maximum app downloads in the world this year, Tiktok App emerges as the most downloaded. Uber Eats to offer an unlimited delivery subscription. Capital Float’s fund raising process stuck on back of NBFC crisis. TransferWise emerges as Europe’s most valuable financial tech start-up. Reliance Capital to sell entire stake in AMC JV to Nippon Life. Consortium of banks led by SBI might hold a 20% stake in Jet to facilitate the Etihad-Hinduja deal.
 

Moving on to the top Business news of the day.

 

 ELECTIONS 

Andhra Pradesh chooses Jaganmohan Reddy over Chandrababu Naidu. What does BJP's resounding victory in Bengal say? 

Andhra Pradesh: In a sweeping mandate, Andhra Pradesh has chosen YSR’s Jaganmohan Reddy for both state and the Centre over Telugu Desam Party’s Chandrababu Naidu.
 

YSR Congress Party is on course to win 149 of the 175 Assembly seats, pushing TDP to distant second on just 25 seats. 
 

The party is also leading on 24 out of 25 Lok Sabha seats in the state while TDP is ahead on one constituency. 
 

West Bengal: In yet another instance of a resounding win, the Bharatiya Janata Party (BJP) is leading in 18 seats, in a state where it won only 2 last time. TMC is leading in 25 seats, Congress in 1. 
 

Live updates on the election results here.

 

 MARKETS 

Sensex and NIFTY indices fall around 1% each after charting historic highs on back of election results. India's 10-year bond prices hit a 13-month high.
 
 
Ebb and Flow: After clocking record highs during the day on back of the election results, Indian equity market lost all gains with benchmark indices falling around 1% each
 
 
BSE Sensex closed lower by 298.82 points or 0.76% at 38,811 after gaining 1,000 points to breach the historic 40,000 mark for the first time ever during the day. Nifty was down by 80 points or 0.69% down at 11,657.05 after crossing the key 12,000 mark and set a new record, at closing.
 
 
Scaling New Highs: India's 10-year bond prices hit a 13-month high today. The 10-year bond yield was at 7.201% vs Wednesday's close of 7.26% - level last recorded on 6 April 2018. 
 
 
As per a DBS report, if the BJP and its allies return to power with a majority, it would bode rather well for policy/reform continuity and will be welcomed by the markets.
 
 
 FINANCIALS 
 
Capital Float’s fund raising process stuck on back of NBFC crisis. TransferWise emerges as Europe’s most valuable financial tech start-up. 
 
 
We are Stuck: Fintech NBFC Capital Float which has been in talks to raise funds from digital payments platform PayU is reportedly stuck in a lengthy due diligence process on back of the ongoing cash crunch in the NBFC space due to the IL&FS crisis.
 
 
ET had previously reported in February that PayU is in talks with Capital Float to invest around $100-150m at a valuation of $500m.
 
 
Precious!: Money transfer company TransferWise has emerged as the most valuable financial technology start-up in Europe following its latest funding round. 
 
 
In its latest investment round, TransferWise has raised $292m, valuing the company at $3.5bn.
 
 
Coming Together: European private equity group Vitruvian Partners and US investment firms Lone Pine Capital and Lead Edge Capital bought shares from existing investors, while early investors Andreessen Horowitz and Baillie Gifford increased their holdings in the company. Funds managed by BlackRock also contributed to the round.
 
 
 DEALS 
 
Reliance Capital to sell entire stake in AMC JV to Nippon Life. Consortium of banks led by SBI might hold a 20% stake in Jet to facilitate the Etihad-Hinduja deal.
 
 
Indebted: Reliance Capital has agreed to sell its entire stake in Reliance Nippon Life Asset Management to its Japanese partner, Nippon Life Insurance. Both parties currently hold 42.88% each in the AMC JV. 
 
 
Reliance Capital is set to receive proceeds of approximately INR6,000cr through the sale to Nippon Life and the Offer for Sale (OFS) to other financial investors at INR230 a share. 
 
 
The transaction will reduce Reliance Capital’s debt by 33%.

 
Saving the Day?: Consortium of banks led by SBI might agree to acquire upto a 20% stake in Jet Airways in order to facilitate the Etihad-Hinduja deal.
 
 
While the Hinduja Group had previously expressed its interest to bid for the grounded airline, it is not keen to exceed its shareholding beyond 30%.
 
 
As per the plan, the banks will hold the stake for up to two years. Subsequently, they can sell it and cash out.
 
 
The deal is to be finalised today in the Etihad headquarters at Abu Dhabi, with top executives from SBI in attendance.  
 
 
 DIGITAL 
 
India revealed to be the nation with the maximum app downloads in the world this year, Tiktok emerges as the most downloaded. Uber Eats to offer an unlimited delivery subscription. 
 
 
Hooked!: As per data by intelligence firm Sensor Tower, India downloaded 4.5 billion apps in the first quarter of 2019, making it the country with the highest number of app installations in the world. 
 
 
Trending: Tiktok emerged as the most-downloaded app, with 88.6 million users having joined the short video creation platform this year. 
 
 
The growth can be attributed to the increasing number of smartphone users in the country, and cheaper internet access. 
 
 
Future Plans: Uber Eats is planning to offer a $9.99 monthly subscription to its users. The feature intends to their service fee, thereby reducing the cost of every order by 15%.
 
 
The service is likely to help Uber retain customers considering  that consumers will be reluctant to order from other food delivery apps if they’re already paying for a subscription on one.
 
 
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