BookMyShow looks for Flipkart’s backing to combat Alibaba

A minority stake in BookMyShow to give Flipkart a play in the fast-growing online ticketing space and also an access to a high-spending loyal customer base

1508128753-0477

Amid competition from deep-pocketed global players like Alibaba, India’s leading online ticketing platform BookMyShow is looking for a backing in its space from Flipkart, the country’s largest internet company.

While Flipkart BookMyShow Deal has been one of the few profitable internet companies in India, with a profit of Rs 3.1 crore on a revenue of Rs 248 crore in the year that ended March 2016, competition from rivals like Paytm has caused sales growth to slow.

To shield itself from cash-burning rivals, BookMyShow will sell a minority stake to Flipkart, a behemoth with a cash reserve of $4 billion. For the e-commerce major, a stake in BookMyShow will give it a play in the fast-growing online ticketing space and also an access to a high-spending loyal customer base.

Also Read : Latest Current Affairs

According to Livemint, which reported the story first on Monday, Flipkart is interested in outright ownership of BookMyShow, but talks have largely steered towards purchase of a minority stake in the company. Both companies have a common investor in Accel Partners, one of the oldest and reputed early-stage VCs in the country.

Flipkart has been an active investor in other internet businesses and its acquisitions like Myntra, Jabong and PhonePe have borne fruit. Myntra says it will become profitable at an earnings before interest, tax, depreciation and amortisation (Ebitda) level by March 2018, while PhonePe says it is the largest digital payments player on UPI.

While Flipkart is looking at categories like groceries to get customers to buy from it more often, the model will take time and significant investments over the next few years. On the other hand, online ticketing, already an established market in India, will give Flipkart the desired repeated purchases on its platform. Read More

Advertisements

India appoints Gautam Bambawale as new ambassador to China

1443385740-8135

Bambawale appointment comes at a time when India and China are trying to put behind the Dokalam stand-off

Seasoned diplomat Gautam Bambawale, India’s high commissioner to Pakistan, was today appointed as the country’s next envoy to China.

This was announced tonight by the external affairs ministry.

A 1984 India Foreign Service (IFS) officer, Bambawale is expected to take up the assignment shortly, the ministry said. He will replace Vijay Gokhale.

A deft hand in Sino-India relations, Bambawale opted to learn Mandarin Chinese as his foreign language and served in Hong Kong and Beijing between 1985 and 1991.

He was first the desk officer for China in the Ministry of External Affairs and served as director in the Americas Division of the ministry, responsible for relations with the US and Canada (1993-94).

He has also functioned as the Deputy Chief of Mission of the Indian Embassy in Beijing.

His appointment comes at a time when India and China are trying to put behind the Dokalam standoff and work on a “forward-looking” approach in their ties.

Aarushi murder case: Allahabad High Court to decide Talwars’ fate today

The court will pronounce its verdict on Rajesh and Nupur Talwar’s plea challenging their conviction by a CBI court for the murder of their daughter and domestic help in 2008

1436555358-6023

The Allahabad High Court will on Thursday deliver its verdict on an appeal filed by Rajesh and Nupur Talwar challenging a Central Bureau of Investigation (CBI) court order convicting them for the murder of their daughter Aarushi and domestic help Hemraj in 2008.

A special CBI court in Ghaziabad had convicted the couple in the case on November 26, 2013, and awarded them life sentence the next day.

While the high court is likely to decide the fate of the Talwars in this high-profile case today, we look at the timeline of events in the Aarushi Talwar double Aarushi Murder Case since 2008 leading up to now:

2008

May 16: Aarushi Talwar, 14, daughter of a dentist couple Rajesh and Nupur, is found dead with her throat slit in her bedroom at their Noida home. The family’s missing domestic help, Hemraj, becomes the prime suspect.

May 17: Hemraj is found dead on the terrace of the Talwars’ flat. The door of the terrace is found to be locked from inside.

Also Read : Latest Current Affairs

May 18: Noida police’s preliminary investigation suggests the murders were conducted with surgical precision. An inside job is suspected.

May 23: Investigating agencies suspect a case of honour killing. Rajesh Talwar is arrested for the double murder.

May 31: The Noida Police hands over the case to CBI.

June 13: Rajesh Talwar’s compounder Krishna is arrested. The domestic help of Rajesh Talwar’s friend and his neighbours are called for questioning.

June 20: CBI conducts Lie detection test on Rajesh Talwar.

July 12: Ghaziabad court gives bail to Rajesh Talwar after CBI fails to provide evidence. CBI calls it a “blind case”.

2009

September: Forensic reports show most of the evidence taken from the crime scene were tampered with. Read Full Story >>>

GIC Re IPO opens today. Should you invest?

GIC Re is the largest reinsurance company in India in terms of gross premiums accepted in fiscal 2017


watch-gics-mega-rs-11370-cr-ipo-to-open-tomorrow

General Insurance Corporation of India Limited (GIC Re’s) initial public offer (IPO) opens today for subscription. The company aims to garner over Rs 11,000 crore. The price band has been fixed at Rs 855 – Rs 912 per share. The IPO would be India’s third biggest ever, after Coal India’s Rs 15,200 crore and Reliance Power’s Rs 11,700 crore issues.

The IPO consists of an offer for sale (OFS) of 10.75 crore shares (12.5% stake pre-issue) worth Rs 9,804 crore at the higher price band and a fresh issue of 1.72 crore shares worth Rs 1,569 crore. The amount raised from the fresh issue will be used for augmenting the capital base to support future business growth and to maintain current solvency levels.

ALSO READ:  MARKETS LIVE: Sensex up 100 pts, Nifty tests 10,050; Q2 earnings in focus

GIC Re is the largest reinsurance company in India in terms of gross premiums accepted in fiscal 2017. The company, according to CRISIL Research, accounted for nearly 60% of the premiums ceded by Indian insurers to reinsurers in FY17.

Should you subscribe to the IPO? This is what leading brokerages and research houses across the country suggest:

PRABHUDAS LILLADHER

GIC Re showed strong net premium growth at 73% YoY mainly led by four‐fold jump in crop insurance premium collections in FY17 due to the implementation of Pradhan Mantri Fasal Bima Yojana (PMFBY) scheme whereas fire insurance continues to grow stable at ~23%. GIC Re does not look to increase third party motor business and health group business which has historically had high losses and has not been a profitable business line. At the upper band of Rs 912, the company trades at 27.4x Mar‐17 EPS which we believe is fairly priced, but given the liquidity in the markets and company’s performance in the recent past, we recommend to Subscribe for long term gains..Read More

This is what makes Amitabh Bachchan the hot brand that he is, even at 75

Even as he turns 75 today, Amitabh Bachchan is one of the richest actors and one of the most in-demand endorsers in Bollywood

1466356684-6268

Everyone is looking for the Don — the original one in Bollywood. And that is with good reason. In the fickle business of stardom, Amitabh Bachchan, who turns 75 today, has managed to remain relevant, anchoring Kaun Banega Crorepati, starring in films, and endorsing products.

Currently, he is one of the busiest actors in the country. After he is done shooting for KBC for Sony TV, he will be on the sets of 102 Not Out — a feature film in which he plays Rishi Kapoor’s father. It is expected to hit the screens next year. According to the latest Forbes’ list of richest actors in the country, he is ranked nine, with earnings of $9 million. This puts him ahead of Ranbir Kapoor (earning $8.5 million). He is the only one on the list above 60 years of age.

While his last film Sarkar 3 (2017) bombed, producers believe he can still hit the jackpot if the content of a film is good, such as Piku (2015) or Pink (2016). That’s the reason he still commands an attractive fee of Rs 7-10 crore per film, according to analysts.

Age is no impediment to his work as an endorser, either. Bachchan is the first choice for many corporate brands and also for governments looking to push social messages. Currently, he endorses 10 brands — ranging from inner wear (Lux Cozi), mobile phones (One Plus), jewellery (Kalyan Jewellers), air conditioners (LLoyd), to e-commerce sites (Just Dial), to name a few.

Bachchan is also the brand ambassador for the goods and services tax.

Companies are happy to fork out Rs 2 crore a day (most companies generally hire him for three to five days), because they know his magic will work. So what makes him tick at 75, when most stars are content with a Lifetime Achievement Award? (He has already got the coveted Filmfare Lifetime Achievement Award.)

Sam Balsara, chairman of Madison World, one of the leading advertising firms in the country, said, “He (Bachchan) brings two key elements to the brand: Statesmanship and maturity through his iconic status, which no other cricket or Bollywood celebrity can match. He brings credibility to the brand. Read More

We’re all human: ‘Nudge’ theorist Richard Thaler wins economics Nobel

Thaler showed that economic and financial decision-makers are not always rational, but mostly deeply human

U.S. economist Richard Thaler arrives at this office after winning the 2017 Nobel Economics Prize

US academic Richard Thaler, who helped popularise the idea of “nudging” people towards doing what was best for them, won the 2017 Nobel Economics Prize on Monday for his work on how human nature affects supposedly rational markets.

Influential in the field of behavioural economics, his research showed how traits such as lack of self-control and fear of losing what you already have prompt decisions that may not have the best outcome in the longer term.

“I think the most important impact (of my research) is the recognition that economic agents are human and economic models have to incorporate that,” Thaler, a professor at The University of Chicago Booth School of Business, said in call broadcast at the Nobel news conference.

ALSO READ: Nobel Prize in Economics: Who is Richard Thaler?

Awarding the 9 million Swedish crown ($1.1 million) prize, the Royal Swedish Academy of Sciences said: “Richard Thaler’s contributions have built a bridge between the economic and psychological analyses of individual decision-making.” “His empirical findings and theoretical insights have been instrumental in creating the new and rapidly expanding field of behavioural economics, which has had a profound impact on many areas of economic research and policy.”

His work even earned him a glamorous foray into the movie business when he made a cameo appearance, alongside Christian Bale, Steve Carell and Ryan Gosling, in the 2015 movie “The Big Short” about the credit and housing bubble collapse that led to the 2008 global financial crisis.

“Well, I was pleased. I no longer will have to call my colleague Eugene Fama ‘Professor Fama’ on the golf course,” he joked, referring to his University of Chicago colleague who won the prize in 2013…..READ MORE

 

No firecrackers in Delhi-NCR this Diwali as SC bans sale until Nov 1

The bench said they wanted to see the impact of a cracker-free festivity at least in one Diwali

Photo: Shutterstock

Latest Current Affairs : The Supreme Court on Monday ruled that there will be no sale of firecrackers during Diwali, as it restored a November 2016 order banning the sale of firecrackers and stocking of firecrackers in Delhi and National Capital Region.

A bench headed by Justice A K Sikri, while restoring the order, said: “We should see at least in one Diwali the impact of a cracker-free festivity.”

However, the court said that the September 12, 2017 order lifting the ban on the sale and stocking of firecrackers in Delhi NCR will be back into effect from November 1.