Baahubali blazes past Bollywood

Rs 5.04 lakh crore

What is it? The market capitalisation of Reliance Industries (RIL) as on Monday, the second company to cross the Rs 5 lakh crore mark after Tata Consultancy Services.

Why is it important? Investors are betting on better business prospects as their telecom offering, Reliance Jio started charging its clients, and other investments in petrochemicals space getting realized soon.

Tell me more: Since the beginning of this year, RIL has gained 43.5%, more than double of the Sensex index (20.6% in the same period). IT major TCS crossed the Rs 5 lakh crore mark in market capitalisation on July 23, 2014.

 

Rs 510 crore

What is it? The national box office collection of the Hindi version of the mythological sequel, Baahubali 2.

Why is it important? This is nearly 42% of the total box office collections of the top six Hindi movies (Rs 1,218 crore) in the first half of the year. This is probably the first time that a dubbed movie (originally, in Telugu) has overtaken Hindi movies by box office collections by a wide margin: Shahrukh Khan’s Raees earned only Rs 139 crore while Salman Khan’s Tubelight fetched Rs 121 crore. Even last year, it was Disney’s ‘The Jungle Book’ (dubbed in Hindi) that was the highest grosser at around Rs 110 crore, surpassing movies from the ‘Bollywood’ industry.

Tell me more: Dharma Productions spent Rs 95 crore in the acquisition of rights and distribution of Baahubali 2.

 

$53 billion

What is it? The potential economic losses due to a major cyber attack, according to a report by Lloyd’s of London and Cyence, a cyber risk analytics modelling firm.

Why is it important? This is roughly equivalent to the economic losses caused by a catastrophic natural disaster such as the 2012 Superstorm Sandy, says the report. The economic costs in hypothetical hacking of a cloud service provider is huge compared to the global cost of $8 billion of the ‘WannaCry’ ransomware attack in May. Due to lack of historical data on cyber attacks and their potential costs, it is a great challenge for insurers to estimate their potential exposure.

Tell me more: For a hypothetical cloud service attack, the average economic losses would range from $4.6 billion for a large event to $53 billion for an extreme event, according to the report. The actual losses could be as high as $121 billion, of which as much as $45 billion may not be covered by cyber policies due to under-insuring by firms.

 

$850 million

What is it? The revised offer for buying Snapdeal, the embattled e-commerce firm, by larger rival, Flipkart.

Why is it important? It is still lower than the reported sum of at least $900 million that Snapdeal wanted from India’s largest online marketplace. But the revision is $100-150 million more than Flipkart’s first formal offer ($700-750 million). Snapdeal’s board is considering the offer.

Tell me more: Flipkart wants to pay $650-700 million in equity shares and another $150 million later. Along with the SoftBank Group, Snapdeal has 25 institutional shareholders and dozens of individual part-owners.

 

$3 billion

What is it? The penalty payable by Reliance Industries (RIL), Shell India and Oil and Natural Gas Corp (ONGC) – the joint owners of Panna-Mukta oilfield – to the government.

Why is it important? This comes after a London-based arbitration panel decided in favour of government in October, 2016. The owners of the oilfield were deducting higher taxes (prevailing at the time of getting the oilfield in early 90’s) even though corporate tax rate has dropped to 30%. Lower deduction of taxes would mean higher share of profits for government. The penalty is to recover past due from the owners of the oilfield.

Tell me more: RIL and Shell each own 30% stake in the PMT fields, while ONGC has 40%. The ruling entitled the government to a larger profit share and more royalty payment. The government is also locked in a dispute with RIL over the KG-D6 basin.

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Press gagged?

Rs 2,052 crore

What is it? The value of the two post-dated cheques accepted by the Supreme Court from Sahara group, as an assurance of payment.

Why is it important? The amount is 18% of the Rs 11,169 crore sum still due to Sebi towards paying Sahara’s investors. The court has allowed both the auction of Sahara’s star property, Aamby Valley, and repayment through cheques. It fixed Aamby Valley’s reserve price at Rs 37,392 crore.

Tell me more: The court warned Sahara chief, Subrata Roy, present in the court, about being sent back to jail if the cheques bounced.

 

 

23

What is it? The number of oil and gas discoveries by the state-owned refiner Oil and Natural Gas Corp (ONGC) in FY17.

Why is it important? This is a jump of 35% from FY16 (17 discoveries). ONGC has struck liquid gold at a time when global oil discoveries fell to a record low (in 2016), according to the International Energy Agency (IEA).

Tell me more: The discoveries were a mix of both inland and offshore wells.

 

 

136

What is it? India’s rank  in the World Press Freedom Index, brought out by Reporters without Borders, this year.

Why is it important? India has slipped in the rankings, from the 133rd position last year. The organisation recognises the reasons as Hindu nationalists trying to root out so-called ‘anti-national’ thoughts from any public debate, driving more self-censorship among the media. According to the report, threats of dire violence have also manifested in local journalists being targets of armed forces at the behest of the Union government.

Tell me more: Norway, Sweden and Finland ranked the highest in press freedom, with the first two moving up in rank.

 

 

Re 1

What is it? Potential ticket size of gold purchase on Paytm.

Why is it important? Gold price per gram is Rs 2730 as on Wednesday. Paytm has announced that customers can buy gold for as less as Re 1, which is made possible because of unbundling and aggregation that can happen with digital products. Called Digital Gold, the product is launched by Paytm with a  tie up with MMTC-PAMP India.

Tell me more: One97, which owns Paytm, is also reportedly talking to Softbank to raise $1.9 billion, which would make it the largest fund raise in a single round in India in venture capital space.

 

 

< $10,000

What is it? The compensation United Airlines would give to passengers who are asked to give up their seats in overbooked flights.

Why is it important? The policy comes on the back of United facing a public relations disaster after it violently removed a passenger from one of its planes to accommodate crew members. While the degree of violence made that case exceptional, bumping passengers from overbooked flights are more common in airlines, and the compensation could set a new standard for such situations.

Tell me more: United also reached a settlement with Dr. David Dao who was dragged out of the plane.

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