What is it?The percentage stake in Flipkartthat Walmart has agreed to buy for $16 billion.
Why is it important?This is the biggest e-commerce deal in the worldand Walmart’s biggest foreign investment. It would help the US retailer get access to India’s nascent e-commerce market, which is expected to grow to $200 billion in a decade. Walmart will also bring its US rivalry with Amazon to Indiaand new battlelines would be drawn between two of the world’s most deep-pocketed firms, in what is being seen as a game-changer for the Indian e-commerce market.
Tell me more:Of the $16 billion, $2 billion is the actual investment in the company, with the rest being used to buy out other stakeholders. Softbank has exited Flipkart, and the rest of the business will be held by co-founder Binny Bansal, China’s Tencent Holdings, Tiger Global Management and Microsoft.
What is it? The number of judges among the Supreme Court’s five senior-mostwho met on Wednesday to discuss the reiteration of Justice KM Joseph’s candidature for elevation to the apex court.
Why is it important? This is the first time the five judges—who make up the SC collegium that recommends SC judicial appointments to the Centre—met since May 2, when they discussed the Centre’s rejection of Justice Joseph’s candidature but deferreda decision on it. Justice Joseph’s appointment is one of the points of contention inside the SC, as well as between the SC and the Centre.
Tell me more: Justice J Chelameswar was on leave and was not present at the meeting. He is retiring on June 22 and he has declined an invite to a farewellfrom the SC Bar Association.
What is it? The amount Bharti Airtel is reportedly looking to pare from its net borrowings over the next three years.
Why is it important? The telecom firm plans to do this by listing its African unit and potentially sell partial stake in its tower business, in a move that would likely help it protect its investment grade rating. Bharti’s net debt increased 45% to $14.6 billion over four years as it invested in spectrum and infrastructure, and protected its market share, after Reliance Jio initiated a pricing war.
Tell me more: The Sunil Mittal-backed firm reported a net profit of Rs 83 crore in the January to March quarter, a 78% drop on a year-on-year basis. This was its eighth consecutive drop in quarterly net profit.
What is it? The number of companies whose shares will be delisted by the Bombay Stock Exchange beginning May 11.
Why is it important? The move comes in the backdrop of a government clamp down on shell companies. There are three lists: 188 companies that have remained suspended for above six months, 14 companies whose status on the Ministry of Company Affairs website shows “under liquidation/liquidated” and 3 companies delisted by the National Stock Exchange.
Tell me more: Promoters of these 188 companies have to repurchase shares from public shareholders as per the fair value determined by a BSE-appointed independent valuer.
What is it? The number of goals scored by Manchester City in 37 matches in the 2017-18 English Premier League season.
Why is it important? On Wednesday, champions Manchester City beat Brighton 3-1. In the process, they went past the single-season record of goals scored in a 20-team EPL format introduced in 1995-96: 103 goals by Chelsea in 2009-10.
Tell me more: Manchester City yesterday also broke the record for the most points in a single season. They now have 97 points, two more than Chelsea in 2004-05. They will be looking to hit 100 pointsin their last game on Sunday against Southampton, which is placed 17th.