Gruh Finance traded with volumes of 72,19,000 shares, an increase of 10,413.24 percent compared to its five-day average of 68,666 shares on the BSE.

Gruh Finance shares fell 7.5 percent intraday on June 14 after media reports indicated that HDFC might sell part of its stake in the company ahead of Bandhan Bank merger.

On June 13, CNBC-TV18 reported that HDFC could offload 4.2 percent stake in Gruh Finance on June 14 and the base deal size could be around three crore shares with an upsize option.

HDFC has been gradually paring stake in Gruh to meet RBI conditions for Bandhan Bank merger. The housing finance company recently sold 4.47 crore equity shares representing 6.10 percent of paid-up capital of Gruh.

Of the 4.47 crore shares sold, 1.22 crore were sold at an average price of Rs 260.07 on March 28 and 3.25 crore shares at Rs 310.126 per share on May 24.

“The Corporation being a shareholder of Gruh is entitled to 14.96 percent of post-amalgamation paid-up capital of Bandhan, based on the share exchange ratio. However, the RBI has directed the corporation to hold 9.9 percent or less in Bandhan Bank post the merger. The sale reported under the disclosure is a part of the said transaction,” HDFC had said in an exchange release announcing the offloading of the stake in May.

The RBI had in March granted its approval for the proposed scheme of amalgamation between Gruh Finance and Bandhan Bank.

The stock was quoting at Rs 288.35, down Rs 20.15, or 6.53 percent while Bandhan Bank, too, was down 2 percent at the time of publishing this copy.

https://www.moneycontrol.com/news/business/markets/gruh-finance-plunges-7-after-hdfc-mulls-reducing-stake-4097431.html

Mobiquity group revenue stood at $70 million for the year ended December 31, 2018.

Hexaware Technologies share price rose in early trade today after the Mumbai-based firm announced the acquisition of 100% stake in US firm Mobiquity for a total consideration of $182 million (Rs 12,657 crore) to expand its cloud and automation service offerings. Hexaware Technologies share price rose up to 3.64% to Rs 358.55 compared to the previous close of Rs 345.95 on BSE.

Hexaware Technologies share has gained after three days of consecutive fall.  Hexaware Technologies share price has fallen 20% during the last one year and gained 7% since the beginning of this year.

Rakesh Jhunjhunwala, wife Rekha have earned Rs 915 crore with Titan Company stock since March this year

The deal will help Mumbai-based Hexaware gain traction in its banking and pharmaceutical verticals, through Mobiquity’s digital products.

Hexaware will pay $131 million upfront to Mobiquity and a deferred consideration of $51 million will be paid based on earnouts, the company said.

US-based Mobiquity makes digital products for partners including Amazon’s AWS, Netherlands-headquartered software company Bankbase, Rabobank, Philips, Wawa, Backbase and Otsuka.

Mobiquity group revenue stood at $70 million for the year ended December 31, 2018.

This acquisition would help gain traction in banking and pharma verticals, which are the focus areas for Hexaware. It also, brings in valued partnerships particularly with AWS and Backbase, the Indian firm said. Mobiquity adds to Hexaware’s global delivery footprint with its centers in Florida, Boston, Philadelphia, New York, Amsterdam, Pune and Ahmedabad.

This stock was valued just Rs 4 in 2009, now it’s worth over Rs 650!

Mobiquity is an independent customer experience consulting firm specializing in creating frictionless multi-channel digital experiences and leveraging cloud technologies.

Commenting on the deal, R Srikrishna, CEO of Hexaware Technologies said “Hexaware enters an exciting new phase of growth and capability with the acquisition of Mobiquity Inc. Mobiquity strengthens two of our key strategic offerings: Cloudify Everything and Customer Experience Transformation. We are seeing a strong demand for these capabilities and, with this acquisition, we will be able to further accelerate our contributions to our customers’ business growth. Both Hexaware and Mobiquity have created very strong impact for their clients and have a mutually complementing position. Our combined capabilities will enhance our market positioning and opportunity to make an impact for our clients. ”

John Castleman, CEO of Mobiquity Inc said he is excited about the growth prospects. “Today we start a bold new chapter in Mobiquity’s growth story. joining hands with Hexaware gives us added scale, a broader portfolio of offerings that are relevant to our clients’ digital journeys, and the opportunity to strengthen the Mobiquity brand.”

https://www.businesstoday.in/markets/company-stock/hexaware-technologies-buys-us-firm-mobiquity-share-rises-amazon-bse/story/356018.html

“Under the agreement, Dr Reddy’s will receive USD 70 million as upfront consideration, USD 40.5 million in near-term milestones and additional financial considerations including, existing contractual obligation and inventory,” the company said in a regulatory filing.

Dr Reddy’s Laboratories on Friday said it has entered into a definitive agreement with Upsher-Smith Laboratories to sell the US and select territory rights of its neurology branded products — Tosymra and Zembrace — for over USD 110 million (approx Rs 765 crore).

“Under the agreement, Dr Reddy’s will receive USD 70 million as upfront consideration, USD 40.5 million in near-term milestones and additional financial considerations including, existing contractual obligation and inventory,” the company said in a regulatory filing.

Subsequently, Dr Reddy’s said it will receive sales-based royalties on a quarterly basis.

Both the products are commercialised through Dr Reddy’s wholly-owned subsidiary, Promius Pharma.

The company said Tosymra and Zembrace were designed and developed with the goal of addressing unmet needs of large but discrete segments of patients suffering from episodic migraine who need options other than their current therapies.

Dr Reddy’s Laboratories Co-Chairman and CEO GV Prasad said, “This is a testament to our strong research and development capabilities, and delivering solutions to unmet needs of patients. In a short time, we created a well-recognised migraine specialty business in the US and we look forward to our partnership with Upsher-Smith”.

The closing of the transaction is subject to various customary closing conditions, the company said.

Shares of Dr Reddy’s were trading 1.44 per cent lower at Rs 2,549 apiece on the BSE.

https://www.moneycontrol.com/news/business/dr-reddys-to-sell-2-neurology-branded-products-to-upsher-smith-labs-for-over-110-mn-4097521.html

The quasi-judicial body issued its order on April 30, which was the deadline for the ruling. I-T rules provide the tax commission 18 months to pass the order

Tax settlement commission, a quasi-judicial body to settle tax liabilities, has asked Indiabulls Real Estate (IBREL) to cough up Rs 300 crore on the undisclosed income — detected during a probe by the income tax department initiated in 2016.

The matter had been referred to tax settlement in 2017. The quasi-judicial body issued its order on April 30, which was the deadline for the ruling. I-T rules provide the tax commission 18 months to pass the order. Confirming the development, a senior tax official said the real estate company has been charged interest on the tax liability.

The tax authority is examining the order and will take a call on challenging it.

When contacted, an IBREL spokesperson strongly denied the development.

The application for settlement can be made only during the pendency of the assessment proceedings, whereas an appeal can be filed only after conclusion of the same, against an order of assessment.

For approaching the settlement commission, an applicant is required to disclose income that they have not disclosed before the I-T department, and also pay the applicable tax and interest on it before filing the application.

People in the know say that the tax department unearthed over Rs 800 crore of undisclosed income during the search operation.

On July 13, 2016, the I-T department has carried out a massive search operation on the Indiabulls Group, in Mumbai, Delhi and Chennai, for alleged tax evasion, during which it allegedly seized several incriminating documents.

https://www.business-standard.com/article/companies/indiabulls-real-estate-told-to-pay-rs-300-crore-in-undisclosed-income-case-119061301426_1.html

The decision was taken based on a review of the evolving liquidity conditions and assessment of the durable liquidity needs going forward, the central bank said

The Reserve Bank of India said Thursday said it will infuse Rs 12,500 crore into the financial system through bond purchases on June 20.

The decision has taken based on a review of the evolving liquidity conditions and assessment of the durable liquidity needs going forward, the central bank said in a statement.

The purchase of government securities under the Open Market Operation (OMO) for Rs 125 billion (Rs 12,500 crore) will be conducted on June 20, 2019.

The government securities to be purchased in the auction would be communicated in due course, the RBI added.

Earlier in the day, the RBI injected Rs 15,000 crore into the system through bond purchases.

The RBI uses open market operations (OMO) for injecting liquidity into the system through the purchase of government bonds (G-sec).

https://www.business-standard.com/article/pti-stories/rbi-to-pump-in-rs-12-500-cr-liquidity-on-june-20-119061301214_1.html

The retail giant’s total revenue increased $1.2 billion or 1 per cent for the three months ended April 30, 2019, due to the addition of Flipkart’s net sales besides other factors

Walmart is expected to pump $1.2 billion into Flipkart’s operations Flipkart. The world’s largest retailer acquired homegrown e-commerce company Flipkart for $16 billion last year, pitching it in direct competition with its rival Amazon.com in a battle for dominance of India’s online retail market.

As of April 30, 2019, and January 31, 2019, Walmart reported cash and cash equivalents of $2.7 billion and $2.8 billion, respectively, according to filings with the United States Securities and Exchange Commission made by Walmart last week. Of the $2.7 billion of cash, approximately $1.2 billion can only be accessed through dividends or inter-company financing arrangements, subject to approval of Flipkart’s minority shareholders. “However, this cash is expected to be utilised to fund the operations of Flipkart,” said the filing.

The net cash used by the Bentonville, Arkansas-based company in financing activities decreased $1.6 billion for the three months ended April 2019, compared to the same period in the previous financial year. This decrease was partially impacted by the Flipkart acquisition. Walmart reported a working capital deficit of $18.1 billion on April 30, 2019, compared to $21.5 billion in 2018. This decline was primarily due to higher current assets as a result of the consolidation of Flipkart.

Due to the anticipation of announcing Flipkart’s acquisition, Walmart had suspended its share repurchases. However, the share repurchases have increased $1.6 billion for the three months ended April 30, 2019, compared to the same period in the previous finanical year.

Walmart’s total revenue increased $1.2 billion or 1 per cent in the three months to April 30, 2019, when compared to the same period in the previous fiscal year. This increase was due to the addition of Flipkart’s net sales besides other factors.

During April-May this year, Walmart President and Chief Executive Officer (CEO) Doug McMillon and Judith McKenna, president and CEO of Walmart International, visited India to assess the progress made by Flipkart. They also met the senior leadership of Flipkart and group companies — Myntra and PhonePe — and is learnt to have discussed strategy to take on Amazon.

Amazon has stepped up its investment in India and recently pumped Rs 2,800 crore into its marketplace. The fresh investment comes at a time when the Seattle-headquartered firm has logged out from China. In December last year, Amazon invested Rs 2,200 crore in its Indian entity. Jeff Bezos-led Amazon has so far made over $5-billion investments in India. Some reports suggest that the company may have invested an additional $2 billion on top of that.

https://www.business-standard.com/article/companies/walmart-to-pump-1-2-billion-into-flipkart-says-filing-with-us-sec-119061300087_1.html