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Rupee Hits 71 for a Dollar, Coke and Coffee to Join Hands et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Aug 31, 2018 12:46 PM 2 min read
Editorial

End of Day Wrap-up (Friday/ Aug 31, 2018) #Rupee #Rupeeat71 #Dollar #crudeoil #GDP #tax #Walmart #Flipkart #cars #ICICIBank #ChandaKochhar #MD #CEO #CocaCola #Costa #SoftBank #IPO #NIO #Shanghai #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, on the back of a strong core performance and a healthy base. Rising US rates and US-China trade woes act as further headwinds for the INR. RBI expected to sporadically intervene. 

 

Indian income tax authorities set Sep 7 as deadline for Walmart to deposit a withholding tax from its buy-out of Flipkart. Tax liability from deal estimated at $2bn.

 

New regulations mandating buyers of cars and two-wheelers to purchase upfront insurance cover for min 3 and 5 years resp. kick in on Saturday. On-road prices to go up with a higher upfront cash outgo expected. New car buyers may postpone purchasing till effect of regulation stabilizes.

 

ICICI Bank votes in favour of approving MD & CEO Chanda Kochhar as Director on board of ICICI Securities. Approval came in spite of proxy advisory firms advising against it. Chanda Kochhar is on leave as under investigation to probe allegations around conflict of interest.

 

Coca-Cola to acquire British Coffee-Shop chain Costa for $5.1bn. Costa has nearly 4,000 retail outlets worldwide and offers coffee in grocery shops and gas stations. Coke already sells some coffee products and also owns the Georgia brand in Japan. Acquisition demonstrates the drive of soda makers to diversify beyond sugary drinks. Case in point being Pepsi's recent acquisition of SodaStream, a seltzer-machine manufacturer.

 

SoftBank drops plan to invest $200m in IPO of Shanghai-based electric vehicle maker NIO. Going public on NYSE, NIO is vouched as the emerging competitor of Tesla and plans a raise of $1.3bn through its IPO.