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Rupee hits 71 for a Dollar, GDP Grows 8.2% in Q1, Warren Buffett Acquires Stake in Paytm et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Sep 2, 2018 12:02 PM 2 min read
Editorial

End of Week Wrap-up (August 27, 2018 - September 2, 2018) #Rupee #Dollar #crudeoil #GDP #Q1 #India #RBI #Paytm #IPPB #IndiaPostPaymentsBank #BerkshireHathaway #JetAirways #CocaCola #Costa #US #Transfin

Editor's Comment: Rupee hits 71 for a Dollar on back of rising demand for the greenback in light of higher crude oil prices. GDP grows at 8.2% in April-June quarter, driven by a strong core performance and a healthy base.

 

RBI, in its annual report, says 99.3% of demonetized currency returned. Cabinet approves IN635cr additional funds for India Post Payments Bank on account of technology costs amounting to INR400cr and INR235cr for personnel. The initial outlay for the Bank now is INR1,435cr, due to launch today.

 

Berkshire Hathaway acquires INR2,500cr stake in Paytm’s parent company One97 Communications. Amazon plans to invest $700mn in Future Group, an Indian conglomerate with a strong presence in retail and fashion sector.

 

Jet Airways reports losses at INR1,323cr for Q1, from a profit of INR54cr in the same quarter last year. Click here to know why Jet Airways and other Indian Arline Companies are struggling.

 

Coca-Cola to acquire British Coffee-Shop chain Costa for $5.1bn. Acquisition demonstrates the drive of soda makers to diversify beyond sugary drinks. Toyota to invest $500mn in Uber to work together on driverless vehicles.

 

US GDP grows at 4.2% in the second quarter (strongest pace of growth in nearly four years), above earlier govt. estimates of 4.1% on back of a strong business environment. However, the trade deficit widens to $72.2bn on account of the ongoing trade conflict with China.