You know that you in the bull market when Reliance decides to raise money. Even as RIL plans to commission $35 billion worth of projects in FY17, it plans to raise Rs 10,000 via NCDs. With the incoming RJio launch, Reliance continues to trend. ET Tata stocks seem to be recovering lost ground due to Brexit. Both Tata Steel and Tata Motors are up by more than 5% today. Livemint talks about how the political battle on GST was won. LM IBM creates world’s first artificial phase-change neurons. (TL;DR AT) Engadget Photo of the day(mashable) - First ever refugee Olympics team. Mirror
The landmark GST reform will drive growth but will result in inflation in the short term, especially if states move away from the standard 18-20% rate during implementation. Service taxes, which currently average 15%, will rise under GST. ET Ratan Tata is to set up a venture capital fund, with a corpus of around $150 million. Tata has already started looking for startups to invest in, and has previously invested in Lenskart and the gaming company Madrat. LiveMint Facebook has rolled out new features for Indian firms, which will enable Indian companies to showcase their services and products on their facebook page more effectively. FE Beleagured Sahara chief Subrata Roy has had his parole extended till September 16, on condition that he deposits Rs. 300 crore with SEBI. Roy had received parole on humanitarian grounds following the death of his mother. Firstpost Photo of the Day: 80% of the Kaziranga national park in Assam has been submerged, and 18 lakh people have been displaced. A woman pumps water while standing knee deep in a flood. NDTV
The discount wars online are set to begin again, with both Flipkart and Amazon planning massive discounts around Independence Day celebrations. The companies are hoping to bounce back after back to back quarters of falling sales. LiveMint The SP Apparels IPO is not that exciting, looking at profitability of the company compared to its peers. Earnings and net profit margins of SP Apparels for example is half that of comparable firm Kitex Garments, analyst Sheetal Agarwal points out. BS You can also track Dilip Buildcon and SP Apparels IPOs on Trendlyne for latest broker recommendations and live bidding details. In an effort to completely cover the country, the government has asked states to ensure that the Aadhaar number is issued to newborns. Aadhaar currently covers over 80% of the Indian population, more than any other identification till date. FE As VC funding slows, more startups are opting for M&As, with numbers climbing to three times the M&As seen in Jan and Feb this year. ET Photo of the Day: A Maharashtra couple marry mid-air, suspended 600 feet over a valley. The priest hung over them and performed the vows. NewsMinute/IANS
The Mallya effect: government upgrading law to ease debt recovery, reducing the amount of time it takes to resolve such cases. The bill also gives the RBI greater oversight for the process. ET Two former CFOs of Chennai's First Leasing Company have been arrested for a Rs 500 crore fraud. The ED has said that the two officials fudged company accounts to obtain illegal loans from banks. Firstpost Universal banking licenses are now easily available, with the RBI making these licenses available to NBFCs, qualified individuals and companies. Large corporate houses are excluded. LiveMint Paytm has entered the online ticket booking market, which till date has been a virtual monopoly for BookMyShow. The two will be battling it out in a space where Rs. 3,000 crore is spent annually on tickets, and 25-30% of these are booked online. FE Photo of the Day: A participant smiles during his handball match at a different kind of Olympics. The Rio Olympics draws the media attention, but in the meantime the Mud Olympics is in full swing in Germany. Reuters
The debate on IT automation killing India's IT jobs continues - Mohandas Pai estimates automation will kill 10% of IT jobs each year. The process is likely to wreck havoc most with entry and middle management roles. BS The taxi market in China just got a lot less competitive, with Uber merging with rival Didi in a $35 billion deal. Bloomberg, which broke the news of the deal, said that investors in Uber China - owned by San Francisco-based Uber, Baidu Inc and others - would receive a 20% stake in the combined company. LiveMint Advanced Enzymes IPO has made a healthy debut in the BSE and NSE, and stocks have listed at a premium of 35%, at Rs 1,210 per share as opposed to the offer price of Rs. 896. FE In terms of the economy, thinks are looking rosy for the Modi government with experts estimating that India could hit 8% growth this year, thanks to growing investment in public infrastructure, and farm-led growth helped along by a good monsoon. Vehicle sales have risen and exports have made a modest recovery. 8% could make India the fastest growing economy, as China reels under a manufacturing contraction. ET Photo of the Day: Dhaka's Buriganga river, the lifeline of the city, has turned nearly black from pollution. NatGeo
Infosys has refocused efforts to retain employees through awarding them shares over the next five years. The first set of 250-500 shares will be given to middle-management, technical leads and consultants. The stocks will vest over four years, with 25% of units vesting each year. ET Aadhaar, which has become the mainstay of the government's direct transfer programs, has crossed one billion valid enrolments and is set to build up its infrastructure so that it can verify half a billion transactions daily. LiveMint Spicejet has been asked by the Delhi HC to deposit Rs 579 crore during hearings on its share transfer dispute with Kal Airways. FE Flipkart is laying off around 3.3% of its workforce, approximately 700-1000 people, for poor performance, as it looks to tighten spending and cut costs. BS Photo of the Day: Gurgaon's poor infrastructure and drainage systems resulting in flooding and traffic jams in major parts of the city. Twitter/Rashpal Singh
If the monsoon holds, India’s GDP growth in FY'17 could rise to 7.9%, grazing the much vaunted 8% mark, Crisil estimates, with agriculture expected to grow by 4%. Growth driven by improved consumer sentiment would also keep inflation low. So far the monsoon in India has been normal or above normal. Hindu State finance ministers have reached an agreement over the GST bill, and the law could be passed by the Rajya Sabha as early as next week. The government has scrapped a 1% additional tax levy and agreed to full compensation to states for any revenue losses for five years. BS In the six months from January to June, Amazon India attracted 6 million active users to its app, while Flipkart lost 8 million over the same period. Amazon has been investing aggressively in Indian infrastructure to make the country its second largest market outside the US. FE Bharti Airtel's profit fell 31% in Q1. The company blames increasing interest costs on spectrum for the decline. Average revenue per user was up Rs 21 to Rs. 202. Firstpost Photo of the day: A solar power plane has completed its trip around the world, setting a new landmark for solar energy. Atlantic
Maharashtra may put restrictions on Ola and Uber under union pressure, states reject GST rate proposed by Arvind Subramanian panel, Hilary Clinton makes history as first woman US Presidential candidate, five stocks to bet on post Q1 results The Maharashtra government, under pressure from auto and taxi unions, may place new restrictions on Ola and Uber. The government which came to power as a business-friendly one, may buckle to implement what is essentially protectionist, anti-competitive policies. ET State governments have rejected the 18% GST rate proposed by the Arvind Subramanian panel, and may settle on a higher number. States also rejected the Congress proposal of capping GST rates. LiveMint Hilary Clinton has made history, becoming the first woman to be a Presidential nominee for a major party. Clinton secured the Democratic nomination, beating Bernie Sanders, and will have to defeat Donald Trump in the general election. BS Interesting companies to watch, that delivered better than estimated Q1 results. FE Photo of the Day: Belgian scientists demonstrate a solar-powered machine that turns urine into drinkable water. Reuters
Snapdeal loses out on Jabong as Flipkart beats 'em to it, Adani Group's debt now over 1 lakh crore, government charges on spectrum usage to telcos hiked, Jaitley meets state FMs over GST Flipkart acquires Jabong through Myntra, a deal which had been pursued by rivals Snapdeal and the Future Group. This marks a period of consolidation for the e-commerce industry as investors pressure companies to cut losses, and further acquisitions are likely in this space. ET The already stressed Adani Group's recent acquisitions of transmission projects with high debts have pushed its overall debt to over Rs 1 lakh crore, creating concerns about the company's growth strategy. BS Revised minimum spectrum payout charges on Monday will mean hikes in payouts for Reliance Jio and Aircel to the government. The payout does not change for other telecom firms. FE Arun Jaitley is chairing a meeting of State FMs today to iron out the various issues on the much vaunted GST bill. The government has a lot at stake with the fate of the bill, in appearing business friendly and demonstrating success in passing critical reforms through. FirstPost Photo of the Day: A ten metre 'man engine' being pulled during a parade in Tavistock England, celebrating the region's mining industry Guardian
Government may set up one giant oil company to take on global competitors, Verizon buying Yahoo in $4.8 billion deal, GST's fate becomes murky again, and another notice added to Vijay Mallya's growing pile The government is examining the possibility of merging 13 state oil companies to form a big conglomerate with the revenue and potential to take on energy giants like Chevron. The Cabinet Secretary has referred this idea for further examination. ET After months of pressure from investors, Yahoo is set to be sold to Verizon in a $4.8 billion deal. This will include much of Yahoo's real estate, and the details of the deal are expected before US markets open on Monday. Yahoo's stake in Alibaba is not part of this deal. LiveMint The fate of the GST bill, whose passage had been optimistic last week, took a murkier turn today, after opposition has linked it to awarding Rs 40,000 crore for afforestation to states. BS The Supreme Court has added to Vijay Mallya's 'final notice' paperwork, issuing him a notice over a contempt petition filed by banks. In April, Mallya had been directed by the court to disclose all assets held by him and his family. Banks allege he has yet to fully disclose his assets. FE Photo of the Day: Kabali breaks box office records records on opening day, collecting over Rs 40 crore. IE
