Today's Deals (January 22, 2018)

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Dalal Street watching US government shutdown

Date posted: Monday 22 January 2018


While financial markets globally sit up and take note of the US government shutdown, Dalal Street remains unperturbed. Market veterans said the impact of the US shutdown on the Indian market will depend on the duration. Should the impasse end quickly, Dalal Street may go unscathed. Funding for US federal agencies ran out on Saturday midnight after the Democrats and the Republicans failed to meet a Friday midnight deadline to reach consensus on immigration. The Engineering Export Promotion Council of India (EEPCI) on Saturday said the US shutdown is bad news for the Indian exporters, since the American economy is among the largest destinations for exports. The US federal government earlier faced a similar shutdown in September 2013 under President Barack Obama.

(Economic Times)

ONGC to buy govt’s 51.11% stake in HPCL for Rs.36,915 cr.

Date posted: Monday 22 January 2018

State-owned explorer Oil and Natural Gas Corp. Ltd (ONGC) signed a deal with the President of India to acquire 51.11% stake in Hindustan Petroleum Corp. Ltd (HPCL), a state-run refiner, for Rs.36,915 cr. ONGC’s acquisition of HPCL will make the explorer a more integrated energy company and is a revenue booster for the government in a fiscally challenged year that saw falling indirect tax revenue and lower dividend receipts from the Reserve Bank of India.

(Live Mint)

IDFC-Parampara fund logs 1st exit from S-Cube Futuretech

Date posted: Monday 22 January 2018

IDFC-Parampara Early Stage Opportunities Fund, which is backed by the Central Government’s FFS Scheme (Fund-of-Funds for Startups), has logged its first full cash exit from Mumbai-based S-Cube Futuretech. The company has been acquired for an undisclosed amount by US-based Bentley Systems which provides software solutions for engineers, architects, geospatial professionals and constructors.

(Economic Times)

AI Based HRTech Startup Skillate Raises Funding

Date posted: Monday 22 January 2018

AI-based HRTech startup Skillate has raised an undisclosed amount of funding from Incubate Fund India, and Industry expert and Director of Zyoin, Anuj Agrawal. The newly raised funding will be used to accelerate product development, expand its team and bolster marketing initiatives to ramp up its customer base in India and abroad.


Goomo buys B2B vehicle rental site WagonBee

Date posted: Monday 22 January 2018

In a move that is expected to significantly expand its product portfolio, Goomo, an omni-channel travel tech firm, has acquired WagonBee, a B2B vehicle rental marketplace. WagonBee enables travel agents and suppliers to rent vehicles provided by over 350 verified vendors on its platform. The acquisition of WagonBee will help Goomo add road transportation services to its list of offerings, and further drive the brand’s promise of delivering end-to-end travel solutions to customers.

(ET Tech)

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