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India’s V-Mart Turns Out World’s Best Performing Departmental Store Chain

14Apr By Lavina TolaniNo Comments

Market

India’s V-Mart Turns Out World’s Best Performing Departmental Store Chain

The attraction for Indian consumer market has been on the rise. Jefferies India Pvt Ltd. has now joined in the chorus for showing a successful growth as a producer of staples and branded goods. It has picked up in a sector that comprises V-Mart Retail Ltd, a company whose stock market has performed outstandingly making it world's best department store chain this year, as per market sources. Shares of V-Mart have risen by 10 times as much since they were first traded in the stock market in February 2013.Company's shares are up by 47% -highest among 105 department stores globally with a minimum market value of $200 million. Tanmay Sharma, Jefferies Analyst wrote in a note, Given the limited barriers to entry and widespread competition, V-Mart's strong business model in te...

Spotify Shares Open at $165.9 after unusual debut listing on NYSE

5Apr By Lavina TolaniNo Comments

Market

Spotify Shares Open at $165.9 after unusual debut listing on NYSE

Spotify Technologies shares went high and opened at $165.9 on Monday, which was nearly 26 percent above the reference point of $132 on its first day of trading.With an overall valuation of $165.9 billion on the first day, the estimation went a slightly higher than what analysts had predicted before the listing. During the first two months of 2018, the shares of world's leading music streaming service, Spotify, were traded between $90 and $132.5.While, in 2017, the range was even wider from $37.50 to $125.00. As per sources from Wallstreet Journal, Spotify's opening has turned out to be a record on New York Stock Exchange listing before which "Alibaba had opened at 11.53 am" on Tuesday. Spotify's unconventional move to direct listing has created a lot of talks in the share market s...

ICICI shares plunge in the midst of Videocon Loan Row

3Apr By Lavina TolaniNo Comments

Market

ICICI shares plunge in the midst of Videocon Loan Row

India's leading private multinational bank, ICICI had its shares drop considerably by 7 percent on the first trading day of the financial year 2018-19 right after Central Bureau of Investigation(CBI) imposed an inquiry relating to the loan sanctioned to Videocon Group. After a close at Rs. 261.9 and down by 5.93 percent on BSE from the highest price since August 24, 2015, ICICI Bank market evaluation has worn down to Rs. 1.68 million on the BSE. As per the reports, CBI is probing actively on verifying allegations of corruption and looking into a possible nexus between Venugopal Dhoot, Chairman Videocon Group and Chanda Kochar's husband, Deepak Kochhar. ICICI bank also declared reports of conflict " malicious and unfounded" completely denying Kochar's favor recommendations to the agglome...

Bharat Dynamics Subscribed 32 Percent on First Day of Bidding

14Mar By AnkitaNo Comments

Market

Bharat Dynamics Subscribed 32 Percent on First Day of Bidding

The initial public offer of Indian govt led defence organisation Bharat Dynamics has subscribed 32 percent on the first day of bidding. The IPO to raise Rs 960 crore received bids for 72,49,970 shares against the total issue size of 2,24,51,953 shares, data available with the NSE till 1700 hrs showed. The portion reserved for qualified institutional buyers (QIBs) was subscribed 50 percent, non-institutional investors 2 percent and retail investors 21 percent. The IPO is of 22,451,953 equity shares and bidding for the same would close on March 15.The price band has been fixed at Rs 413-428. SBI Capital Markets, IDBI Capital Markets & Securities, and YES Securities are the book running lead managers to the offer. Hyderabad based Bharat Dynamics Limited is India's one of th...

13Mar By NitishNo Comments

Market

Tata Selling TCS Shares, Shares Down 6%

After the news of Tata selling some part of Tata Consultancy Services (TCS) shares, the market has not responded positively. The shares of TCS has fallen nearly 6% at the end of today. As per the following reports that Tata Sons is planning to raise around Rs 8,200 crore by selling a stake in the IT major. The stock declined 5.46 per cent to Rs 2,885.20 on BSE. The promoter of major operating companies of the Tata group, Tata Sons is planning to raise around Rs 8,200 crore by selling the stake in IT major TCS, according to investment banking sources. The funding will use to clear out the debts on Tata group. ALSO READ: TCS will not Leave Lucknow- Tata Group Chief The stock was the worst hit among the bluechips on both Sensex and Nifty during the morning trade. The tr...

Walmart Looking to Buy Stakes in Flipkart

31Jan By NitishNo Comments

News

Walmart Looking to Buy Stakes in Flipkart

Walmart may acquire a 15-20% stake in Flipkart, allowing them to combine synergies to compete with Amazon in India. US leading retail store chain WalMart is in advanced talks to buy a minority stake in Indian e-commerce firm Flipkart, Indian financial daily the Economic Times reported on Tuesday. Walmart could buy a 15 percent to 20 percent stake in Amazon.com Inc's main competitor in India, the newspaper said, citing two anonymous sources. A deal could be finalised as early as March and may involve primary and secondary sales by longstanding Flipkart investors, the paper added. “We don’t comment on rumours and speculation,” Walmart spokesman Randy Hargrove told Reuters via email. Bengaluru-based Flipkart was not immediately available for comment outside regular business hours...

Shoppers Stop Allots 179.26 Crore Shares to Amazon

14Jan By Press Trust of IndiaNo Comments

News

Shoppers Stop Allots 179.26 Crore Shares to Amazon

Retail chain Shoppers Stop today said it has allotted 5 per shares worth Rs 179.26 crore to Amazon.com NV Investment Holdings LLC, an investment arm of Amazon.com. According to a BSE filing by the company, it has issued of 43,95,925 equity shares of Rs 5 each at a price of Rs 407.78 per equity share, aggregating around Rs 179.26 crore, to Amazon.com NV Investment Holdings LLC. The private placement committee of Shoppers Stop at its meeting held on January 12 had approved the allotment of the equity shares. The company had entered into an agreement with Amazon.com Investment Holdings LLC in September for the purpose of issuing equity shares on a preferential basis. As part of the deal, Shoppers Stop will have an exclusive flagship store on the Amazon marketplace. The two comp...

Know About The Sensex Zig-Zag Happened On Gujarat And HP Election Day

18Dec By RishabhNo Comments

Market

Know About The Sensex Zig-Zag Happened On Gujarat And HP Election Day

The BSE Sensex and NSE Nifty rose after falling over 2% in the opening trade on Monday under the influence of close fight in voting between BJP and Congress in Gujarat and Himanchal Pradesh. The disturbance also weakened against the US Dollar, while bond yield hit a fresh 16-month high. As the market opened, BSE Sensex was down by 531.93% points (1.59%), to 32,931.04 while the Nifty 50 fell 217.30 points (2.10%) to 10,115.95. The market also saw rupee opened at 64.23 against a dollar and touched a low of 64.40. At 09:15, rupee was trading at 64.39 dollar, down 0.54% at the time it closed on Friday at 64.05. The 10-year bond yield was at 7.192%, a level last seen on 3 August 2016, compared to its previous close of 7.134%. At 09:42 all the 19 sectoral indices declined, with BSE Teleco...

Qualcomm Draws Up Plans To Rebuff Broadcom’s $103B Offer: Sources

13Nov By reutersNo Comments

News

Qualcomm Draws Up Plans To Rebuff Broadcom’s $103B Offer: Sources

U.S. chipmaker Qualcomm Inc is making preparations to reject rival Broadcom Ltd’s $103 billion bid as early as this week, four people familiar with the matter said on Sunday, setting the stage for one of the biggest-ever takeover battles. Qualcomm’s board of directors could meet as early as Sunday to review the unsolicited acquisition offer and decide on its strategy, the sources said. The preparations for the board meeting indicate that Qualcomm is poised to rebuff the bid as insufficient as early as Monday, although it may decide to spend a few more days this week to prepare its full response to Broadcom, the sources added. Qualcomm Chief Executive Steven Mollenkopf has spent the past few days soliciting feedback from Qualcomm shareholders, and feels that Broadcom’s $70-per-share b...

Infosys Founders Will Sell 13000 Crore Worth Stake

28Aug By AdityaNo Comments

News

Infosys Founders Will Sell 13000 Crore Worth Stake

Infosys founders are likely to sell some of their stake in the company's under Rs 13,000-crore share buyback programme, the company said today. The promoters keenness to participate in the buyback comes within days of a silent coup by founders led by N R Narayana Murthy to seize control of Indias second-biggest software services firm. The founders and their families between them hold some 12.75 per cent (29.28 crore shares) of Infosys. Murthy declined to comment on if he would participate in the buyback. The buyback price of Rs 1,150 is higher than the current stock trading price of Rs 941.15 and is considered "reasonably good" by the firms former CFO V Balakrishnan. Founded in 1981 by seven engineers, all former employees of Patni Computer Systems with an initial capital of $2...

Uber Faces Conflicts Over A Lawsuit Filed By Benchmark Capital

12Aug By reutersNo Comments

BUSINESS, News

Uber Faces Conflicts Over A Lawsuit Filed By Benchmark Capital

Ride-services company Uber is facing a divided board of directors and angry shareholders after investor Benchmark Capital filed a lawsuit against the company's ousted chief executive, Travis Kalanick, dealing another blow to the firm as it struggles to recover from a series of scandals and hire a new leader. On Friday morning, three Uber investors asked Benchmark to divest its shares and step down from Uber Technologies Inc's board, according to an email published by news website Axios. Also on Friday, members of the board of directors sent an email to Uber staff expressing dismay over the Benchmark lawsuit, according to a copy of the note obtained by Reuters. "The Board of Directors is disappointed that a disagreement between shareholders has resulted in litigation," the directors ...

Online E-commerce Firm Infibeam Approved Share Split in The Ratio of 1:10

14Jul By PriyankaNo Comments

Market

Online E-commerce Firm Infibeam Approved Share Split in The Ratio of 1:10

The board of e-commerce firm Infibeam Incorporation today approved share split plan in the ratio of 1:10 that will make its scrip more affordable for the investors and increase market liquidity. The board also cleared amalgamation of CC Avenue with the company in which Infibeam has controlling stake. "The Board of Directors of the Company at its meeting held on Thursday July 13, 2017... has approved..split/sub- division of equity shares of the company from existing face value of Rs 10 per equity share to face value of Re 1 per equity share. Amalgamation of Avenue (India) Private Limited (CC Avenue) with the company," Infibeam said in a regulatory filing. The board also approved altering the capital clause of memorandum of association, in connection with the split of shares, setting ...