Monday, September 2, 2013
Vodafone sells Verizon stake for $130bn
Vodafone has sold its 45%
stake in Verizon Wireless to US telecoms group Verizon Communications
in one of the biggest deals in corporate history.
The $130bn (£84bn) deal was announced by Vodafone after the close of trading on the London Stock Exchange.The company will return £54bn to its shareholders, of which £22bn will go to shareholders in the UK.
Vodafone will also invest money in its business, with funds earmarked for high speed mobile phone networks.
It said that by 2017 its main five European markets would have almost complete 4G coverage.
'Project spring'
“Start Quote
Possibly it would be wrong to carp and wring hands that Vodafone won't be paying a penny of tax to the British taxman”
Vodafone chief executive Vittorio
Colao told BBC News: "We got an offer that we thought was in the
interests of our shareholders to accept - at the end of the day it's as
simple as that."
The company is launching a £6bn investment plan called
Project Spring, which will accelerate the introduction of 4G networks
and increase investment in laying fibre optic cables, among other
things.The investments would allow the company to offer much faster broadband services to customers.
Project Spring will also add to Vodafone's high street stores and develop mobile payment services.
Analysts said that the funds would also allow Vodafone to invest in Europe.
"I think Vodafone has looked at its European market and decided it needs to consolidate its business in a number of countries by buying up broadband and cable TV assets to go with its mobile businesses," said Mark Newman, telecoms analyst at consultancy Informa.
It is the third biggest corporate transaction, behind Vodafone's 1999 deal to buy Germany's Mannesmann and AOL's purchase of Time Warner in 2000.
Despite the huge size of the deal, it will not generate tax revenue for the UK.
Vodafone shareholder Stan Grierson says he will reinvest his additional dividend
However, it will pay $5bn in tax in the United States.
Not paying any tax on the deal may be controversial.
"Everybody is entitled to his or her opinion... but we don't deal with opinions, we deal with rules, and with standard rules and practices and tax practices from any jurisdiction where we operate," Mr Colao said
Priya
PGDM 3rd sem
Nokia hangs up, Microsoft buys its devices unit in a $7.2 billion bid
Beleaguered
Finnish mobile phone maker Nokia will sell its mobile phone unit to US
group Microsoft for 5.44 billion euros ($7.17 billion), it said on
Tuesday.
Nokia will grant Microsoft a 10-year non-exclusive licence to its patents and will itself focus on network
The company also announced the immediate departure of chief executive Stephen Elop. He will be replaced in the interim by Risto Siilasmaa, Nokia's chairman of the board.
Nokia was long the global leader in making mobile phones but has been overtaken by rivals Samsung and Apple as it struggled to establish winning business models and mobile devices.
The transaction announced Tuesday is expected to be completed in the first quarter of 2014, pending approval by Nokia shareholders and regulatory authorities.
Some 32,000 Nokia employees are expected to transfer to Microsoft, including approximately 4,700 people in Finland, the company said.
The operations affected by the transfer generated approximately 14.9 billion euros in 2012, or almost 50 percent of Nokia's net sales, the company said.
Of the total purchase price of 5.44 billion euros, 3.79 billion relates to the purchase of Nokia's Devices & Services business, and 1.65 billion relates to the mutual patent agreement and future option.
Last month, Nokia finalised the purchase of German engineering giant Siemens' 50 percent stake in Nokia Siemens Networks for 1.7 billion euros.
NSN, which is specialised in high-speed mobile broadband, was set up as a joint venture between the two companies in 2007, a partnership that expired in April. The unit has posted stronger earnings than Nokia's mobile phone business.
NSN posted a net profit of 8.0 million euros in the second quarter of this year, compared to Nokia's net loss of 227 million euros in the same period.
Abhishek Kumar
PGDM 1 sem
Nokia will grant Microsoft a 10-year non-exclusive licence to its patents and will itself focus on network
infrastructure and services, which it called "the best path forward for Nokia and its shareholders."
The company also announced the immediate departure of chief executive Stephen Elop. He will be replaced in the interim by Risto Siilasmaa, Nokia's chairman of the board.
Nokia was long the global leader in making mobile phones but has been overtaken by rivals Samsung and Apple as it struggled to establish winning business models and mobile devices.
The transaction announced Tuesday is expected to be completed in the first quarter of 2014, pending approval by Nokia shareholders and regulatory authorities.
Some 32,000 Nokia employees are expected to transfer to Microsoft, including approximately 4,700 people in Finland, the company said.
The operations affected by the transfer generated approximately 14.9 billion euros in 2012, or almost 50 percent of Nokia's net sales, the company said.
Of the total purchase price of 5.44 billion euros, 3.79 billion relates to the purchase of Nokia's Devices & Services business, and 1.65 billion relates to the mutual patent agreement and future option.
Last month, Nokia finalised the purchase of German engineering giant Siemens' 50 percent stake in Nokia Siemens Networks for 1.7 billion euros.
NSN, which is specialised in high-speed mobile broadband, was set up as a joint venture between the two companies in 2007, a partnership that expired in April. The unit has posted stronger earnings than Nokia's mobile phone business.
NSN posted a net profit of 8.0 million euros in the second quarter of this year, compared to Nokia's net loss of 227 million euros in the same period.
Abhishek KumarPGDM 1 sem
Tech Mahindra gains as RBI allow raising Fill limit
Tech Mahindra Ltd.
BSE
1428.05
53.25(3.87%)
Vol: 98163 shares traded
NSE
1428.30
53.25(3.87%)
Vol: 815360 shares traded
MUMBAI: Shares of Tech MahindraBSE 3.87 % gained momentum in a weak market after the Reserve Bank of India allowed raising the purchase limit of foreign institutional investors.
"Tech Mahindra has passed resolutions at Board of Directors' level and a special resolution by the shareholders, agreeing to enhancing the limit for the purchase of its equity shares and convertible debentures by Foreign Institutional Investors (FIIs), through primary market and stock exchanges up to 35 per cent of the paid up capital of the company under Portfolio Investment Scheme," RBI press release said.
As of 30 June 2013, FIIs held 26.80 per cent stake in the company.
At 10:15 a.m.; the stock was at 1,400, up 1.83 per cent, on the BSE. It touched a high of Rs 1,409 and a low of Rs 1,385 in trade today.
The stock has surged over 42.22 per cent in last three months.
jawed eqbal
PGDM 1st yr
Nokia hangs up, Microsoft buys its devices unit in a $7.2 billion bid
Beleaguered
Finnish mobile phone maker Nokia will sell its mobile phone unit to US
group Microsoft for 5.44 billion euros ($7.17 billion), it said on
Tuesday.
Nokia will grant Microsoft a 10-year non-exclusive licence to its patents and will itself focus on network
The company also announced the immediate departure of chief executive Stephen Elop. He will be replaced in the interim by Risto Siilasmaa, Nokia's chairman of the board.
Nokia was long the global leader in making mobile phones but has been overtaken by rivals Samsung and Apple as it struggled to establish winning business models and mobile devices.
The transaction announced Tuesday is expected to be completed in the first quarter of 2014, pending approval by Nokia shareholders and regulatory authorities.
Some 32,000 Nokia employees are expected to transfer to Microsoft, including approximately 4,700 people in Finland, the company said.
The operations affected by the transfer generated approximately 14.9 billion euros in 2012, or almost 50 percent of Nokia's net sales, the company said.
Of the total purchase price of 5.44 billion euros, 3.79 billion relates to the purchase of Nokia's Devices & Services business, and 1.65 billion relates to the mutual patent agreement and future option.
Last month, Nokia finalised the purchase of German engineering giant Siemens' 50 percent stake in Nokia Siemens Networks for 1.7 billion euros.
NSN, which is specialised in high-speed mobile broadband, was set up as a joint venture between the two companies in 2007, a partnership that expired in April. The unit has posted stronger earnings than Nokia's mobile phone business.
NSN posted a net profit of 8.0 million euros in the second quarter of this year, compared to Nokia's net loss of 227 million euros in the same period.
Pradeep Kumar Shukla
PGDM 1 sem
Nokia will grant Microsoft a 10-year non-exclusive licence to its patents and will itself focus on network
infrastructure and services, which it called "the best path forward for Nokia and its shareholders."
The company also announced the immediate departure of chief executive Stephen Elop. He will be replaced in the interim by Risto Siilasmaa, Nokia's chairman of the board.
Nokia was long the global leader in making mobile phones but has been overtaken by rivals Samsung and Apple as it struggled to establish winning business models and mobile devices.
The transaction announced Tuesday is expected to be completed in the first quarter of 2014, pending approval by Nokia shareholders and regulatory authorities.
Some 32,000 Nokia employees are expected to transfer to Microsoft, including approximately 4,700 people in Finland, the company said.
The operations affected by the transfer generated approximately 14.9 billion euros in 2012, or almost 50 percent of Nokia's net sales, the company said.
Of the total purchase price of 5.44 billion euros, 3.79 billion relates to the purchase of Nokia's Devices & Services business, and 1.65 billion relates to the mutual patent agreement and future option.
Last month, Nokia finalised the purchase of German engineering giant Siemens' 50 percent stake in Nokia Siemens Networks for 1.7 billion euros.
NSN, which is specialised in high-speed mobile broadband, was set up as a joint venture between the two companies in 2007, a partnership that expired in April. The unit has posted stronger earnings than Nokia's mobile phone business.
NSN posted a net profit of 8.0 million euros in the second quarter of this year, compared to Nokia's net loss of 227 million euros in the same period.
Pradeep Kumar ShuklaPGDM 1 sem
MARKET EYE-Sharp fall in Indian stock volumes raises concerns
Stock volumes in Indian share indexes fell sharply on Monday
compared with Friday's session, raising concerns about whether a
four-day rally in the benchmark index can be sustained.
* Total equity volumes on exchanges fell 73 percent on Monday
versus its previous session, a note from brokerage Anandrathi
shows.
* Volumes on the BSE index fell on Monday to their lowest since
Aug. 2, according to Thomson Reuters data.
* The BSE index down 0.7 percent, while the broader NSE index
lower 0.9 percent.
NITESH KUMAR SINGH
PGDM 1ST
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It’s Official: Apple’s iPhone Trade-In Program Starts Today
The rumor mill got this one right.According to confirmation from trusted sources relaying the news via social media, Apple has officially launched its anticipated iPhone trade-in program across the United States.
News of Apple’s program comes just as Best Buy introduces a holiday weekend promotion that offers consumers a 50% discount on the iPhone 5 when a functional iPhone 4 or iPhone 4S is traded-in.
CNBC’s John Fortt broke the news Friday, suggesting in the process that the program is not temporary and will be available at Apple stores throughout the United States as of now.
Word of the trade-in program is far from a shock, however, especially as the month of September looms. As of this writing, Apple is still expected to formally introduce the new iPhone 5S and iPhone 5C on or around September 10th.
In other words, a big season of trade-ins is about to commence.
India Market
Add to my Wire
MARKET EYE-Indian shares fall on profit-taking, waning diesel price hike hopes
* India's benchmark index falls nearly 1 percent after four days of gains, while the broader NSE index is down 1.1 percent as blue-chip shares including HDFC fall on profit-taking. * Traders also point to waning hopes of a one-time diesel price hike which may help check India's worsening fiscal deficit situation. * Housing Development Finance Corp Ltd falls 4 percent, while ITC Ltd falls 1.3 percent after near 4 percent after gaining on Monday. * However, foreign institutional investors turn netIndian FX/debt factors to watch - Sept 3
GLOBAL MARKETS ROUNDUP * Asian markets marked a second day of gains on Tuesday after a string of upbeat factory data around the globe boosted shares and most commodities, while a delay in a potential U.S. strike on Syria diminished the safe-haven appeal of gold and the yen. * The safe-haven yen started Asian trade at one-month lows against the dollar on Tuesday, having fallen broadly as fresh signs of a pickup in global manufacturing activity helped lift risk appetite. * BenchmarkMARKET EYE-FIIs snap 11-day selling streak in Indian shares
* Foreign institutional investors turn net buyers in the secondary share market after 11 consecutive sessions of selling a total of about $1 billion. * Overseas investors, who have been net buyers of Indian shares so far in 2013, have sold the same in each of last 3 months weighed by a record low rupee, persisting worries on fiscal deficit and a policy flip-flop amid a slowing economy. * An oversold market after three consecutive months of decline until August, is making traders hopeful of someIndia Morning Call-Global markets
----------------------(0840 a.m. India time)------------------ LEVEL NET/CLOSE PCT/YIELD DJIA 14810.31 -30.64 -0.21 S&P 500 1632.97 -5.2 -0.32 FTSE 6506.19 93.26 1.45 MSCI Asia-Pac Ex-JP 443.2 2.91 0.66 Nikkei 13917.64 344.72 2.54 Euro 1.319 1.319MARKET EYE-SGX Nifty gains; FIIs snap 11-day selling streak
* Nifty futures on the Singapore Exchange are up 0.3 percent, while the MSCI-Asia Pacific index excluding Japan gains 0.5 percent. * Asian markets marked a second day of gains on Tuesday after a string of upbeat factory data around the globe boosted shares and most commodities, while a delay in a potential U.S. strike on Syria diminished the safe-haven appeal of gold and the yen. * Foreign institutional investors turn net buyers in the secondary share market after eleven consecutive sessionIndian stocks to watch - Sept 3
* Nifty futures on the Singapore Exchange are up 0.3 percent, while the MSCI-Asia Pacific index excluding Japan gains 0.5 percent.Indian shares gain nearly 1.5 pct; traders hope for more steps amid an oversold market
* BSE index gains 1.43 pct; NSE ends 1.44 pct higher * ITC shares surge; UBS says company raised Gold Flake prices * Axis Bank, IDFC gain; Selling on MSCI exclusion seen overdone By Abhishek Vishnoi MUMBAI, Sept 2 - Indian shares rose on Monday to their highest close in nearly 2-1/2 weeks as some blue chips recovered from recent steep falls, with ITC jumping after a UBS report said the company had raised prices of a key cigarette brand. Gains also tracked Asian shaIndian shares gain nearly 1.5 pct; ITC, Axis Bank surge
MUMBAI, Sept 2 - Indian shares rose on Monday to their highest close in nearly 2-1/2 weeks as some blue chips recovered from recent steep falls while ITC jumped after a UBS report said the company had raised prices for some of its cigarette brands.MARKET EYE-ITC shares surge after UBS says company raised Gold Flake prices
* Shares in ITC Ltd gain 4 percent after the company raised prices of a key cigarette brand, UBS says. * "ITC has raised prices for Gold Flake King-Size (GFK) from 136 rupees to 150 rupees (pack of 20)," UBS said in a note to its clients on Monday. * The bank adds this price increase will add 1 percent to cigarette revenues and 2-3 percent to the segment's operational profit, all else remaining unchanged. * A company spokeswoman was not immediately reachable for comment. (abhishek.vishnoi@thoMARKET EYE-Axis Bank, IDFC gain; MSCI exclusion based sales seen overdone
* Shares in Axis Bank Ltd and IDFC Ltd gain as last week's selling, sparked by their exclusion from MSCI indices, is seen as overdone, traders say. * Axis Bank Ltd dropped 15 percent last week, its biggest weekly fall since July 2009, ahead of its exclusion from MSCI standard and large cap indexes that was due to be effective starting on Monday. * IDFC fell 22.4 percent in the previous week as MSCI on Monday said the company would be deleted from its global standard indexes effective Sept. 2,
All Indian Indices
| Symb | Index | Mkt Report | Time | Last | Chg | Chg % | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| .BSESN | BSE Sensex | 11:21am IST | 18,758.75 | -127.38 | -0.67% | |||||||||||||||||
| .NSEI | Nifty | 11:21am IST | 5,500.50 | -50.25 | -0.91% | |||||||||||||||||
| .BSEOIL | BSE Oil & Gas | 11:21am IST | 8,301.19 | -55.96 | -0.67% | |||||||||||||||||
| .BSEIT | BSE IT | 11:21am IST | 8,025.22 | -13.43 | -0.17% | |||||||||||||||||
| .BSEMET | BSE Metals | 11:21am IST | 8,085.23 | +54.15 | +0.67% | |||||||||||||||||
| .BSEFMCG | BSE FMCG | 11:21am IST | 6,527.04 | -11.61 | -0.18% | |||||||||||||||||
| .BSECG | BSE Capital Goods | 11:21am IST | 7,184.01 | +25.41 | +0.35% | |||||||||||||||||
| .BSEBANK | BSE Banking | 11:21am IST | 10,249.40 | -148.56 | -1.43% | |||||||||||||||||
| .BSEREAL | BSE Realty | 11:21am IST | 1,216.70 | +7.86 | +0.65% | |||||||||||||||||
| rahul singh | ||||||||||||||||||||||
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