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 SEBI has moved SC in the Rs 4000 Cr PNB Housing Finance case, why traders are awaiting the US jobs report today Business Term of the Day: Preferentia ... Read more
In this episode, find out why SEBI has moved SC in the Rs 4000 Cr PNB Housing Finance case, why traders are awaiting the US jobs report today Business Term of the Day: Preferential allotment Read more
In this episode, find out why the unemployment rate rose in August, why Indian markets may open lower in trade today Business Term of the Day: Additional Tier 1 bond Read more
In this episode, find out why the unemployment rate rose in August, why Indian markets may open lower in trade today Business Term of the Day: Additional Tier 1 bond Read more
In this episode, find out why Maruti Suzuki expects output to drop by 40%, why Prosus acquired Billdesk for $4.7 bn Business Term of the Day: Expense Ratio Read more
In this episode, find out why Maruti Suzuki expects output to drop by 40%, why Prosus acquired Billdesk for $4.7 bn Business Term of the Day: Expense Ratio Read more
In this episode, find out why Tally Solution, Cosmea are eyeing small finance bank licence, why Indian markets are likely to open flat Business Term of the Day: Employee provident ... Read more
In this episode, find out why Tally Solution, Cosmea are eyeing small finance bank licence, why Indian markets are likely to open flat Business Term of the Day: Employee provident Fund Organisation Read more
In this episode, find out why India is urging carmakers to reduce imports of EV components, why Asian markets fell in early trade Business Term of the Day: Jackson Hole Symposium Read more
In this episode, find out why India is urging carmakers to reduce imports of EV components, why Asian markets fell in early trade Business Term of the Day: Jackson Hole Symposium Read more
In this episode, find out why Government has approved Fairfax’s proposal to invest Rs 15,000 crore in infra projects, why NCLAT will hear the appeal of Jet employees on 8 October ... Read more
In this episode, find out why Government has approved Fairfax’s proposal to invest Rs 15,000 crore in infra projects, why NCLAT will hear the appeal of Jet employees on 8 October Business Term of the Day: Small Finance Banks Read more
In this episode, find out why RBI may have put its plans to issue NUE licence on hold, why NTPC is in talks with SAIL to sell its stake in NTPC-SAIL Power Co Ltd Business Term of ... Read more
In this episode, find out why RBI may have put its plans to issue NUE licence on hold, why NTPC is in talks with SAIL to sell its stake in NTPC-SAIL Power Co Ltd Business Term of the Day: New Umbrella Entity Read more
In this episode, find out how HDFC Bank is looking to regain its credit card market share, why CCI has fined Maruti Suzuki Rs 200 crore Business Term of the Day: Cooperative bank ... Read more
In this episode, find out how HDFC Bank is looking to regain its credit card market share, why CCI has fined Maruti Suzuki Rs 200 crore Business Term of the Day: Cooperative banks Read more
In this episode, find out why the government will launch the National Monetisation pipeline, why SEBI has put Adani Wilmer’s IPO on hold Business Term of the Day: Special Drawing ... Read more
In this episode, find out why the government will launch the National Monetisation pipeline, why SEBI has put Adani Wilmer’s IPO on hold Business Term of the Day: Special Drawing Rights Read more
In this episode, find out why Jet Airways employees have rejected the Kalrock-Jalan consortium’s offer, why Airtel has moved to SC. Business Term: NCLT Read more
In this episode, find out why Jet Airways employees have rejected the Kalrock-Jalan consortium’s offer, why Airtel has moved to SC. Business Term: NCLT Read more