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Nirav Modi Scam, HUL Q4 Profit, Fortis Deal et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
May 14, 2018 1:37 PM 2 min read
Editorial

End of Day Wrap-up (Monday / May 14, 2018) #Munjal #Burman #Fortis #healthcare #EV #electric HUL #DOT #Airtel #Telenor #SEBI #BSE #NSE #CCI #PNB #AllahabadBank #NiravModi #Xerox #Fujifilm #Transfin

Editor's comment: HUL Q4 profit rises 14.2% yoy to INR1,351 crore compared to the year-ago period. Revenue rises 12% to INR9,097 crore. The top line growth was aided by a 11% growth in sales volume, considerably more than the forecasts by analysts.

 

Fortis deal face constraints as Private Equities, East Bridge and Jupiter Asset Management, likely to oppose Hero-Burman offer and instead favour IHH Healthcare that valued Fortis at Rs 175 a share. East Bridge and Jupiter Asset Management together hold 12.04% stake in FHL.

 

Department of Telecommunications (DoT) approves merger of Bharti Airtel with Telenor India. Airtel had already received approvals from SEBI, BSE, NSE, and CCI. Company will acquire Telenor's running operations in seven circles.

 

In phase II of the Faster Adoption Manufacturing of Electric Vehicles (FAME) scheme Govt propose INR9,381cr financial support. It will be valid for five years but will be restricted to new energy vehicles like hybrids and electric vehicles used for public transport, commercial purposes, and two-wheelers.

 

Finance Ministry asks boards of PNB & Allahabad Bank to divest all powers from officials linked with Nirav Modi transactions. CBI filed a chargesheet against former PNB MD and CEO Usha Ananthasubramanian in relation to the transactions done by the bank with Nirav Modi; Government asks boards of PNB & Allahabad Bank to divest all powers from officials enlisted.

 

Xerox is terminating its agreement to combine with Fujifilm, claiming Fujifilm failed to provide audited financials for the joint venture on time. Xerox also reached an agreement with its top shareholders to replace its CEO and board of directors.