Companies & Sectors
South Africa’s ibiboGroup to acquire ticketing firm redBus.in

Commenting on the development, ibiboGroup CEO Ashish Kashyap said: “We see this as an exciting market opportunity. Online penetration of the bus market is only 5.7% compared to 28% for air travel, suggesting headroom for rapid future growth”

E-commerce firm ibiboGroup on Friday said it will acquire Bangalore-based online bus ticketing firm redBus.in for an undisclosed amount.

 

ibiboGroup and Pilani Soft Labs Pvt Ltd, owner of redBus.in have executed a binding agreement for the acquisition, the company said in a statement.

 

“This transaction will expand and diversify Ibibo Group’s existing travel assets—Goibibo.com (a B2C travel aggregator) and TravelBoutiqueOnline (a B2B travel agency platform),” the statement added.

 

redBus.in sells more than a million tickets a month and has over 600 full time employees.

 

Commenting on the development, ibiboGroup CEO Ashish Kashyap said: “This gives us significant combined scale in terms of daily transaction volumes...We see this as an exciting market opportunity. Online penetration of the bus market is only 5.7% compared to 28% for air travel, suggesting headroom for rapid future growth.”

 

He further said India now has a network of good roads, which is increasing further. The number of buses would increase as people are opting for bus travel due to costly air travel and long wait-listed railway tickets, said Kashyap.

 

Pilani Soft Labs was founded in 2006 by three BITS-Pilani graduates—Phanindra Sama, Charan Padmaraju and S Pasupunuri, which own three products—redBus, BOSS and SeatSeller—serving the fragmented bus industry in India.

 

All travel entities of ibiboGroup, including redBus.in will continue to run independently and operate as separate businesses to drive deep focus, it said, adding, the founders and management teams of redBus.in would continue in their respective positions in the company.

 

IbiboGroup is owned by a holding company MIH, which is jointly owned by South Africa’s media house Naspers and China’s internet firm Tencen.

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A short rally likely in Sensex, Nifty: Friday Closing Report
If Nifty does not break today’s low on Monday, it may move higher over the next 3-4 days
 
Late buying in IT and technology stocks amid volatile trade helped the market close in the positive terrain. If Nifty does not break today’s low on Monday, it may move higher over the next 3-4 days. The National Stock Exchange (NSE) recorded a volume of 71.13 crore shares and advance-decline ratio of 491:907.
 
The domestic market opened in the negative on continuing weakness in the rupee and on unsupportive global cues. US indices dropped over 2% in overnight trade following the Fed’s comments on Wednesday. Reflecting the sentiment, markets across Asia were also lower in morning trade today on concerns about the economic slowdown in China.
 
The Nifty opened 16 points lower at 5,640 and the Sensex started the day at 18,696, down 23 points. Selling in realty, metal, banking, capital goods and oil and gas sectors led the benchmarks to their lows in initial trade. The Nifty fell to 5,619 and the Sensex slipped to 18,615 at their respective lows.
 
However, the indices soon recovered from their lows on support from IT, technology, power and auto stocks.  The gains saw the benchmarks emerging into the green in late morning trade. 
 
The market hit its high in noon trade as the benchmarks extended their gains. At this point the Nifty rose to 5,686 and the Sensex rose to 18,821. But the indices soon pared their gains and returned to the negative on selling pressure in heavyweights in the post-noon session.
 
Late buying in IT and technology stocks helped the benchmarks settle higher, a day after the market plunged nearly 2%. The Nifty rose 12 points (0.21%) to 5,668 and the Sensex ended the session at 18,774, up 55 points (0.29%).
 
The broader indices underperformed the Sensex as they closed in the negative. The BSE Mid-cap index declined 1.28% and the BSE Small-cap index fell 0.38%.
 
The top sectoral gainers were BSE IT (up 1.43%); BSE TECk (up 1.11%); BSE Auto (up 0.34%); BSE Power (up 0.27% and BSE Oil & Gas (up 0.17%). The main losers were BSE Metal (down 1.45%); BSE Realty (down 1.02%); BSE Consumer Durables (down 0.41%); BSE Bankex (down 0.37%) and BSE Capital Goods (down 0.32%).
 
Out of the 30 stocks on the Sensex, 15 stocks settled higher. The top performers were ONGC (up 2.56%); Dr Reddy’s Laboratories (up 2.23%); Infosys (up 2.21%); NTPC (up 2.11%) and Maruti Suzuki (up 1.91%). The major losers were Jindal Steel & Power (down 8.06%); Hindalco Industries (down 4.20%); Sun Pharmaceutical Industries (down 1.85%); Sterlite Industries (up 0.98%) and Reliance Industries (up 0.66%).
 
The top two A Group gainers on the BSE were—Gujarat Mineral Development Corporation (up 6.17%) and Indian Hotels Company (up 4.87%).
The top two A Group losers on the BSE were—Future Retail (down 32.81%) and Karnataka Bank (down 15.50%).
 
The top two B Group gainers on the BSE were—Oscar Investments (up 20%) and Sarla Performance Fibers (up 19.96%).
The top two B Group losers on the BSE were—Future Retail (down 9.98) and Noida Medicare Centre (down 18.15%).
 
Of the 50 stocks on the Nifty, 25 ended in the in the green. The major gainers were IndusInd Bank (up 3.95%); Hindalco Ind (up 3.32%); ONGC (2.82%); Ranbaxy Laboratories (up 2.11%) and NMDC (up 1.88%). The key losers were JSPL (down 7.79%); Bank of Baroda (down 4.59%); Punjab National Bank (down 3.07%); Reliance Infrastructure (down 2.02%) and Sun Pharma (down 2%).
 
Markets in Asia, with the exception of the Japanese benchmark, closed in the red on account of the US Fed’s comments on Wednesday and Chinese growth concerns. However, a weak yen helped the Japanese market to close higher.
 
The Shanghai Composite declined 0.52%; the Hang Seng dropped 0.59%; the Jakarta Composite tanked 2.48%; the KLSE Composite fell 0.37%; the Straits Times slipped 0.28%; the Seoul Composite tanked 1.49% and the Taiwan Weighted settled 1.34% higher. Bucking the trend, the Nikkei 225 surged 1.66%.
 
At the time of writing, the main European markets were trading 0.46% to 1.05% higher and the US stock futures were in the green, indicating a positive opening for the US markets later in the day.
 
Back home, foreign institutional investors were net sellers of shares totalling Rs2,094.06 crore on Thursday whereas domestic institutional investors were net buyers of stocks amounting to Rs1,332.50 crore.
 
India’s largest sugar producer Bajaj Hindusthan (BHL) has put on block its entire holding in two group companies—Bajaj Energy Pvt Ltd (BEPL) and Bajaj Hindusthan (Singapore) Pte Ltd (BHSPL)—in order to consolidate its power business and avoid cross-holding from its sugar arm. The stock declined 4.70% to close at Rs14.20 on the NSE.
 
United Bank of India has decided to stop fresh lending to infrastructure, steel and iron, airlines and real estate and textile sectors. According to Archana Bhargava, chairperson and managing director of the PSU bank, non-performing assets in these sectors have been going up and the recovery has also been poor. The stock tumbled 6.95% to close at Rs46.20 on the NSE.
 

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COMMENTS

Manher Desai

4 years ago

If you look at product profile of FRESENIUS KABHI i am sure you will be tempted to buy this stock in small qty and remain as long term investor.

snehakamath

4 years ago

High dividend yield shares are better to pick up for excellent gain for short to medium term.

Wait a little longer and if bank shares have hit bottom then start picking them. Start with larger banks like SBI,ICICI, Canara Bank, PNB, BOB etc

Interestingly small banks some of them at current prices also are good dividend yield hence could be double whammy.
Karnataka bank , Andhra bank , syndicate bank etc are really good at current prices due to dividend yield and consiatant dividend payments.
However these are high volatile and hence are not for traders but for investors who can at least wait till next RBI announcement, eventually both CRR and interests have to go down. We are very close to the goal it could be couple of months maximum wait without fear when and if further fall happens , if one can steadfastly hold on to banking will reap windfall profits.

If one must trade , among the trio GVKPIL and LITL appear to be a total waste having gone below Rs 10 long back , are unlikely to move up. Results also are bad for them. However GMR Infra with a small dividend anounced is really attractive at current prices for betting , Stop loss is a must. Other bets can be Adani Enterprises , Essar Oil etc. Again not to bet without strict stop losses

ramanathan dwarakanathan

4 years ago

while I am not a technical expert.I feel pharma & IT cos are a better bet.

REPLY

Manher Desai

In Reply to ramanathan dwarakanathan 4 years ago

For long term investor Pharma sector is best option and reasonably safe option as per my feel. In IT sector go for the TOP bets. As long as Rs is weak IT sector top companies has to perform.

SEBI bars Pan Asia Advisors and its promoter Arun Panchariya from markets for 10 years
Pan Asia Advisors and its promoter Panchariya and Indian companies created a scheme to mislead Indian investors about the inflow of foreign investment through GDRs
 
Market regulator Securities and Exchange Board of India (SEBI) has barred Pan Asia Advisors, now known as Global Finance and Capital and its promoter Arun Panchariya for 10 years for market manipulation using global depository receipt (GDR) issues. 
S Raman, whole-time member of SEBI passed final order on 20 June 2013, barring Panchariya and Pan Asia Advisors from dealing and accessing, directly or indirectly Indian markets for the next 10 years.
 
The probe by the market regulator found market manipulation using GDR issues involving several entities, including Panchariya and Pan Asia Advisors.
 
SEBI said, “It was inter-alia observed that Panchariya had entered into a fraudulent arrangement with the promoters of certain issuer companies like Asahi Infrastructure & Projects, IKF Technologies, Avon Corporation,  K Sera Sera, CAT Technologies and Maars Software International to issue GDRs.”
 
“The cross referenced agreements signed by entities of Panchariya and by the issuer the company with Austria-based European American Investment Bank AG led to GDR proceeds received by company being pledged against loans raised by entity of Panchariya. The names of the foreign investors disclosed to exchanges in India were found to be fictitious. Therefore, together, Panchariya and Indian companies have created a scheme to mislead the investors about the inflow of foreign investment through GDRs and that the companies were found as favourable investments by foreign investors. Thereafter these GDRs were converted through sub-accounts controlled by Panchariya and the shares so converted were dumped in the Indian securities markets to the detriment of the Indian investors,” SEBI said in its order. 
 

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COMMENTS

nazar

3 years ago

these brothers are criminals and should be sent to prison for there actions. and know are trying the same trick in dubai... please stop them as they try to rip off innocent investors...

Bosco Menezes

4 years ago

Good work ... these scamsters must be brought to book

REPLY

nazar

In Reply to Bosco Menezes 3 years ago

very dishonest people. trying to scam good innocent people.. they should go to jail..

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