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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Bad loans come in a pack of 50

Rs 113 crore

What is it? The funding online marketplace Snapdeal received from existing investors, Nexus Venture Partners and its two founders, Kunal Bahl and Rohit Bansal.

Why is it important? The beleaguered homegrown ecommerce company (parent: Jasper Infotech) is on the block and this funding round is being seen as an emergency measure. But the sale spearheaded by its largest investor, SoftBank Group to rival Flipkart is still on track, according to reports. Flipkart had made an informal offer of $1 billion.

Tell me more: In 13 rounds of funding, it has reportedly received more than $1.78 billion, with two rounds of undisclosed funds.

 

160

What is it? The number of applications for the appointment of GST Suvidha Providers (GSP).

Why is it important? GSPs will enable taxpayers as they migrate to the GST IT network ahead of its rollout on July 1. Thirty-four firms had been selected in December, 2016 by the GST Network, tasked with building the technological backbone for the new tax regime. These GSPs will enable registrations, upload  bills, and file e-return for taxpayers.

Tell me more: In the first round of GSP selection, TCS, EY, Deloitte Touche and Tally Solutions were among the applicants who made the cut. The GST Network will also take care of cyber threats besides user-interface.

 

8-9 lakh

What is it? The estimated number of chemists on strike on Tuesday to protest a host of measures by the government.

Why is it important? The day-long protest attempts to bring in focus the medical retailers’ concerns about threat from e-pharmacies, the government’s proposed e-portal to monitor and regulate stock-movements and sale, and drug retail margin fixed at 16%, which is considered being inadequate. The retailers contend the margins will be further threatened by discounts by online pharmacies.

Tell me more: A government intervention on Monday evening was rejected by the All India Organisation of Chemists and Druggists.

 

Rs 4-5 lakh crore

What is it? The value of bad loans from top 50 stressed accounts.

Why is it important? This is about 80% of total bad loans in India’s state run banks – estimated to be Rs 6 lakh crore as of 31 December 2016. The number also lends credence to Finance Minister Arun Jaitley’s assertion that bad loans problem in India is mostly confined to  30-50 accounts, and hence, can be resolved.

Tell me more: Saddled with bad loans, state owned banks have been struggling to maintain profitability and loan growth. The big borrowers, per the list, include Videocon Industries, Jindal Group, Punj Lloyd, Jaypee Group and Bhushan Steel.

 

$68 million

What is it? The amount British Airways will have to pay as compensation to customers after it cancelled 800 flights at Gatwick and Heathrow airports on Saturday and Sunday.

Why is it important? Over 75,000 passengers were stranded because of the cancelled flights. The operations came to a standstill after a power outage left IT systems unusable because of unsynchronised data, according to one explanation.

Tell me more: Some blamed BA’s cost cutting and outsourcing to India as a reason for the chaos. Chief Executive Alex Cruz denied the allegations.

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The giant sucking sound of jobs going away 👷

56,000

What is it? The number of layoffs expected in seven IT firms this year in India.

Why is it important? The retrenchment pressure at IT firms including Infosys, Wipro, and multinational firms, is likely to mount, as they look to hire local employees in markets such as the US. Automation and a digital service economy have further removed the need for human labour.

Tell me more: Other companies include Tech Mahindra, HCL Technologies, Cognizant, CapGemini, who together will be letting go of 4.5% of their 1.24 million-strong workforce.

 

$1 billion

What is it? The value of the informal offer from Flipkart to buy rival Snapdeal, currently backed by SoftBank and others.

Why is it important? It shows the sale of Snapdeal, which has been creating a buzz for a few months now, is close to completion. The newsof the informal purchase offer came a few hours after the news of Snapdeal’s chief investor, SoftBank, agreeing to pay off other key investors — its two founders and Nexus. SoftBank has been trying to sell Snapdeal to India’s largest e-commerce platform, Flipkart, but was slowed down by the need to compensate other investors such as Kalaari Capital, Nexus Ventures besides the founders.

Tell me more: SoftBank has agreed to pay $15 million each to founders, Kunal Bahl and Rohit Bansal, and $50-60 million to Nexus, according to reports.

 

Rs 574 crore

What is it? The value of fixed deposits of the Maharashtra Chief Minister’s Relief Fund.

Why is it important? The aid given from the fund in the last five years to 22,633 people is Rs 242.53, around 42% of the value of the fund’s fixed deposits. The FDs also earn Rs 41.63 crore in interest, reveals an RTI query. With monsoon predictions still hanging in the balance, a drought would see farmers seeking aid from funds such as these.

Tell me more: The biggest beneficiaries have been people in need of medical aid and account for 97% of recipients between June, 2012 and March, 2017.

 

9.1 million

What is it? The number of additional tax payers in India in 2016-17.

Why is it important? The rise in the number of taxpayers might be the single largest benefit of demonetisation, even as the November move attracted criticism that many of its stated goals – removing fake currency, unearthing black money, boosting cashless economy – didn’t fructify.

Tell me more: India had 55.9 million individual taxpayers in 2015-16, of whom 37 million filed tax returns.

 

Rs 43,292 crore

What is it? The cost of project to connect Char Dham – four key pilgrim sites, Gangotri, Yamunotri, Badrinath and Kedarnath – by rail.

Why is it important? Indian railways will start the final location survey for the project this week. The total route length will be 327 km passing through 61 tunnels and going over 59 bridges according to a report submitted in 2015. The commencement of the location survey is one of the key steps in the ambitious project.

Tell me more: The route will run through some of the toughest terrains with key spots at different elevations – Gangotri (3,408 metre above sea level), Yamunotri (3,293m), Badrinath (3,133m) and Kedarnath (3,583m).

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