Capitalstars update : Over 10 lakh traders to protest against Walmart-Flipkart deal on July 2: CAIT

The Confederation of All India Traders (CAIT) on Friday said that more than 10 lakh traders will join in a "Protest Dharna" at 1,000 locations across the country against the Walmart-Flipkart deal on July 2.

In a joint statement, the confederation's National President B.C. Bhartia and Secretary General Praveen Khandelwal said: "e-Commerce market place has been vitiated to a great extent in past years by several leading e-Commerce companies by indulging into all kinds of mal-practices including predatory pricing, deep discounting and loss funding". 

"The Walmart Flipkart Deal will prove to be one step further in capturing the retail trade through the passage of e-Commerce," the statement said.

"Particularly at a time when there is no policy of e-Commerce, it would be a cake walk for Walmart to circumvent the FDI policy... of 2016. Therefore stiff and strong opposition to this deal is necessary to protect retail trade of India."

The confederation has already approached the Competition Commission of India (CCI) against the deal and "if need arises we shall challenge the deal in court of law including highest court". 

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capitalstars news update-IHH extends validity of its `Enhanced Revised offer` for Fortis till June 30

Fortis Healthcare (FHL) on Friday said that Malaysia's IHH Healthcare Berhad has extended the validity of its "Enhanced Revised Offer" to invest in the company.

As per a BSE filing, FHL said that its Board has received a letter from IHH for extending the acceptance period for its offer to June 30 from the earlier date of May 29. IHH has proposed to invest directly into the company at Rs 175 per share cost.

"In order to enable the reconstituted Board to fully consider and evaluate our proposal, we now extend the acceptance period of the enhanced revised IHH proposal..." IHH Healthcare Berhad's Managing Director and Group CEO Tan See Leng said in the letter to the Fortis Board.

The development comes just after a consortium of Manipal-TPG had extended the validity of its "modified" new offer till June 6 from the earlier date of May 29.

"We understand that the FHL board is still in the process of considering the modified new offer... in order to provide FHL board with sufficient time to consider our modified new offer, we propose to extend the validity of our modified new offer...," the Manipal Global Health Services said in a letter to the company's Board.

On May 14, the Manipal-TPG consortium had received the "modified" new offer which proposed to values the company at Rs 9,403 crore at a share price of Rs 180 per share.

However, the company's Board on May 10 decided to recommend the offer of the Munjal-Burman consortium for sale of its business to the shareholders for their approval.

Fortis' board had received offers from suitors such as Hero Enterprise Investment Office, Burman Family Office, Fosun Health Holdings, Malaysia's IHH Healthcare Berhad, Manipal Hospital Enterprises and Radiant Life Care for infusion of funds.

In addition, the validity extension of IHH's offer comes as the healthcare major's shareholders voted Director Brian W. Tempest out from the company's Board at the Extraordinary General Meeting (EGM) held on Tuesday. The EGM had sought shareholders approval on a resolution filed by a minority shareholders' group to induct and remove certain Board members among other clearances.

The resolution had sought shareholders approval to replace Tempest, Non-Executive Director Harpal Singh, and Non-Executive Independent Directors Sabina Vaisoha and Tejinder Singh Shergill from the Board.

Harpal Singh, Shergill, and Vaisoha resigned on Sunday citing personal reasons.

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PINDIAN BENCHMARKS: SENSEX NIFTY ENDS LOWER, BANKS DRAG, FMCG U

Benchmark indices closed lower for the first time in last 10 consecutive sessions, dragged by banks. However, the upside in ITC capped losses.

The 30-share BSE Sensex was down 63.38 points at 34,331.68 and the 50-share NSE Nifty fell 22.50 points to 10,526.20.

ITC and Wipro were biggest gainers.

Axis Bank, Tech Mahindra, Lupin, M&M, Titan Company and IndusInd Bank were down between 1 percent and 2.5 percent.

Godrej Consumer Products, Godrej Industries, Bombay Burmah, Kaya, Jaiprakash Associates, Parag Milk Foods, Mishra Dhatu, Delta Corp, Dabur India, V-Guard Industries, Indian Hotels, EIH Associated Hotels and Amara Raja Batteries gained up to 9 percent.

Kamat Hotels, Jet Airways, Andhra Bank, Bank of Baroda, Jaypee Infratech, Bhushan Steel, OBC, Balrampur Chini, Alok Industries fell up to 5 percent.

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The crucial resistance for Nifty spot is now seen at 10590 and above this 10645. Support for the immediate term is now placed at 10450 next support will be 10300.

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