Economy News- Daily Digest: 3 Key Updates
1. Vodafone-Idea deal faces SEBI questions
The Securities and Exchange Board of India (SEBI) has sought an explanation from the Aditya Birla Group-promoted Idea Cellular over its proposed merger with Vodafone Plc’s Indian arm. It has asked Idea to share details of the methodology through which the share price for acquisition was arrived at and whether such price discovery was in line with the listing regulations. The regulator has also asked how Idea Cellular arrived at the pricing of shares for the merger with Vodafone.
2. Tata Group Named Country’s Most Valuable Brand in Brand Finance List
Brand finance in its 2017 report that lists India’s 100 most valuable brands has named Tata Group as the most valuable brand in India at an estimated brand value of $13.1 billion. Brand Finance is a global brand valuation and strategy consultancy firm. Tata Group has managed to top the list despite its brand value declining 4% from $13.7 billion in 2016.
As per the report, the total brand value of India’s top 100 brands have surged 15% in 2017 compared to the global average of 11%. Overall 68 of India’s 100 most valuable brands have registered growth in value this year. Telecom operator Airtel at an estimated valuation of $7.7 billion has been ranked second in the list followed by Life Insurance Corporation of India (LIC) with $6.8 billion. IT firm Infosys and State Bank of India have been ranked fourth and fifth in the list with an estimated value of $6.2 billion and $5.5 billion respectively.
3. BSNL Signs MoU with Facebook and MobiKwik
BSNL has inked agreements with Facebook and MobiKwik in order to popularize the internet and its value added services among its customers. Further, BSNL has also signed a third MoU with Disney Land India to offer premium online gaming services to its mobile customers. The series of MoUs signed by BSNL comes at the backdrop of a stiff competition faced by BSNL from private telecom companies like Airtel and Reliance Jio.