News in Numbers: ‘Baahubali 2’ clocks Rs510 crore in national box office collection
What is it? The market capitalisation of Reliance Industries Ltd (RIL) as on Monday. It was the second company to cross the Rs5 trillion 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 Rs5 trillion mark in market capitalisation on 23 July 2014.
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 (Rs1,218 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 Rs139 crore, while Salman Khan’s Tubelight fetched Rs121 crore. Even last year, it was Disney’s The Jungle Book (dubbed in Hindi) that was the highest grosser at around Rs110 crore, surpassing movies from the Bollywood industry.
Tell me more: Dharma Productions spent Rs95 crore for the acquisition of rights and distribution of Baahubali 2.
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.
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.fifthMAds
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.
What is it? The penalty payable by RIL, Shell India and Oil and Natural Gas Corp (ONGC)—the joint owners of Panna-Mukta oilfield—to the government. sixthMAds
Why is it important? This comes after a London-based arbitration panel decided in the government’s favour in October 2016. The owners of the oilfield were deducting higher taxes (prevailing at the time of getting the oilfield in early 90s) 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 dues 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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