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 zomato reported Q1 loss, why Reliance Energy will invest $50 m in Ambri Business Term of the Day: Employee Stock Ownership Plan Read more
In this episode, find out why zomato reported Q1 loss, why Reliance Energy will invest $50 m in Ambri Business Term of the Day: Employee Stock Ownership Plan Read more
In this episode, find out why Paytm is looking to expand ESOP pool before IPO, why SAT pronounced a split verdict in PNB Housing finance case Business Term of the Day: Anti-trust ... Read more
In this episode, find out why Paytm is looking to expand ESOP pool before IPO, why SAT pronounced a split verdict in PNB Housing finance case Business Term of the Day: Anti-trust laws Read more
As many as seven firms, including JM Financial, Ernst and Young and Deloitte, have bid for managing the strategic sale of IDBI Bank. These firms would make a virtual presentation ... Read more
As many as seven firms, including JM Financial, Ernst and Young and Deloitte, have bid for managing the strategic sale of IDBI Bank. These firms would make a virtual presentation before the Department of Investment and Public Asset Management, which is handling the sale process, on August 10, according to a notice by DIPAM. Read more
In this episode, find out why centre has introduced the bill to scrap retrospective tax law, why SEBI is examining Adani Power’s delisting proposal Business Term of the Day: Retr ... Read more
In this episode, find out why centre has introduced the bill to scrap retrospective tax law, why SEBI is examining Adani Power’s delisting proposal Business Term of the Day: Retrospective Tax Read more
In this episode, find out why RBI has extended the deadline for current account norms, why SBI posted a stellar Q1 numbers Business Term of the Day: FEMA Read more
In this episode, find out why RBI has extended the deadline for current account norms, why SBI posted a stellar Q1 numbers Business Term of the Day: FEMA Read more
In this episode, find out why PNB gave a go-ahead for PNBF housing finance-Carlyle deal, why Bharti Airtel’s Q1 earnings missed estimates. Business Term of the Day: ARPU Read more
In this episode, find out why PNB gave a go-ahead for PNBF housing finance-Carlyle deal, why Bharti Airtel’s Q1 earnings missed estimates. Business Term of the Day: ARPU Read more
In this episode, find out why Birla group is looking to transfer its stake in Vodafone Idea to the government, why India’s exports jumped to a record. Business Term of the Day: M ... Read more
In this episode, find out why Birla group is looking to transfer its stake in Vodafone Idea to the government, why India’s exports jumped to a record. Business Term of the Day: Mortgage Read more
In this episode, find out which 4 companies are expected to launch their public issues, when E-Rupi will be launched by PM Modi and what is it about Business Term of the Day: Repo ... Read more
In this episode, find out which 4 companies are expected to launch their public issues, when E-Rupi will be launched by PM Modi and what is it about Business Term of the Day: Repo Rate Read more
In this episode, find out why RBI imposed fine on Axis Bank, why US markets rose post FOMC meeting. Business Term of the Day: Real Time gross settlement Read more
In this episode, find out why RBI imposed fine on Axis Bank, why US markets rose post FOMC meeting. Business Term of the Day: Real Time gross settlement Read more
In this episode, find out why top Indian lenders have invested in a blockchain company, why US markets fell overnight Business Term of the Day: Net interest income Read more
In this episode, find out why top Indian lenders have invested in a blockchain company, why US markets fell overnight Business Term of the Day: Net interest income Read more
