Walmart’s Indian e-commerce company Flipkart has internally raised its IPO valuation target by around a third to $60-70 billion, and now plans a US listing in 2023 instead of this year, two people directly aware of the plan said. Flipkart, which competes with Amazon.com Inc in India’s booming e-commerce space, had earlier set an IPO valuation goal of $50 billion. The main reason for waiting for the IPO is due to Flipkart’s internal plan to boost valuations further by focusing on two of its relatively new businesses—online healthcare services and travel bookings.
Mahindra & Mahindra: The carmaker said on Thursday that a deal to sell its bankrupt unit, SsangYong Motor Co to South Korean electric carmaker Edison Motors Co had been terminated. The receiver of SsangYong cited Edison’s inability to deposit the bid amount for the termination of the deal, Mahindra said in an exchange filing.
NTPC: Maharashtra government has approved a joint venture between state-run MahaGenco and India’s largest power generator NTPC which will set up an ultra-mega solar power park with a total generation capacity of 2,500 MW.
Indiabulls Real Estate: The company approved the issue price of its Rs 1,500-crore QIB offering at Rs 106.38 per share.
Moving on to markets
The key benchmark indices are likely to start Friday’s session on a muted note ahead of the RBI’s crucial monetary policy announcement. At 7:45 am, the SGX Nifty futures were quoting at 17,750 levels, indicating an opening gain of 20-odd points for the Nifty50.
The market will keenly watch the Reserve Bank of India’s inflation and growth projections in the wake of the continued increase in oil and commodity prices. Many analysts, meanwhile, expect the central bank to keep the key rates unchanged.
Business Term of the day
Government borrowing plays an important role in government’s finances to meet its spending requirements. Government borrows through issue of government securities called G-secs and Treasury Bills. Borrowing is a loan taken by the government and falls under capital receipts in the Budget document.
In this episode, find out why PFC, REC are looking to lend Rs 1.2 trillion to discoms, also find out about Government’s plant to reduce export duty on steel products Business Term ... Read more
In this episode, find out why PFC, REC are looking to lend Rs 1.2 trillion to discoms, also find out about Government’s plant to reduce export duty on steel products Business Term of the Day: Export duty Read more
In this episode, find out about Bharti Airtel signing 5G network agreements with Ericsson, Nokia, and Samsung, and also find out about ARCIL’s challenger bid for Yes Bank’s NPA por ... Read more
In this episode, find out about Bharti Airtel signing 5G network agreements with Ericsson, Nokia, and Samsung, and also find out about ARCIL’s challenger bid for Yes Bank’s NPA portfolio. Business Term of the Day: Unemployment Rate Read more
In this episode, find out about Zomato shareholder looking to raise $420 m via block deal, also find out about ITC exiting lifestyle retailing business Business Term of the Day: ... Read more
In this episode, find out about Zomato shareholder looking to raise $420 m via block deal, also find out about ITC exiting lifestyle retailing business Business Term of the Day: Windfall Tax Read more
In this episode, find out about Zomato halving loss of Rs 186 crore, also find out about GST collections rising to Rs 1.49 trillion in July Business Term of the Day: Credit ratin ... Read more
In this episode, find out about Zomato halving loss of Rs 186 crore, also find out about GST collections rising to Rs 1.49 trillion in July Business Term of the Day: Credit rating Read more
In this episode, find out HDFC raising lending rate by 25 bps, and also find out why Ashok Leyland expects the CV industry to grow at a fast pace in the coming quarters Business T ... Read more
In this episode, find out HDFC raising lending rate by 25 bps, and also find out why Ashok Leyland expects the CV industry to grow at a fast pace in the coming quarters Business Term of the Day: Statutory Liquidity Ratio Read more
In this episode, find out why PNB has reported a 70% drop in net profit in Q1FY23, and also find out about IOC’s plan to invest around Rs 564 cr in various projects in West Bengal ... Read more
In this episode, find out why PNB has reported a 70% drop in net profit in Q1FY23, and also find out about IOC’s plan to invest around Rs 564 cr in various projects in West Bengal Business Term of the Day: Call Money Read more
In this episode, find out about Tata Steel’s pact with a drone-based start-up for mining solutions, and also find out about Government’s revival package for BSNL Business Term of ... Read more
In this episode, find out about Tata Steel’s pact with a drone-based start-up for mining solutions, and also find out about Government’s revival package for BSNL Business Term of the Day: Profit Margin Read more
In this episode, find out about ONGC signing MoU with Greenko, and also find out about Wipro’s partnership with Nokia Business Term of the Day: Balance of payment Read more
In this episode, find out about ONGC signing MoU with Greenko, and also find out about Wipro’s partnership with Nokia Business Term of the Day: Balance of payment Read more
In this episode, find out about Bajaj Finerv’s proposal for a stock split, also find out about market action ahead of US Federal Reserve meet. Business Term of the Day: Recession Read more
In this episode, find out about Bajaj Finerv’s proposal for a stock split, also find out about market action ahead of US Federal Reserve meet. Business Term of the Day: Recession Read more
In this episode, find out about Infosys raising revenue guidance for FY23, also find out Vodaafone Idea’s CFO Akshay Moondra to take charge as new CEO. Business Term of the Day: ... Read more
In this episode, find out about Infosys raising revenue guidance for FY23, also find out Vodaafone Idea’s CFO Akshay Moondra to take charge as new CEO. Business Term of the Day: Gross refining margin Read more
