American Tower Corp (ATC) has reported a $322 million goodwill impairment charge for its India unit in the quarter ended September 2023. The company cited continuing business challenges as the reason behind the charge. The fair value of ATC’s India unit dropped below its carrying amount in the September quarter.
The Insolvency and Bankruptcy Board of India (IBBI) has proposed a two-part resolution plan structure to ensure the swift takeover of stressed firms without delay. The plan aims to prevent asset value erosion and streamline the resolution process. It also addresses the issue of distribution of resolution proceeds among stakeholders. The regulator has sought public comments on the proposed changes to regulations, including providing clarity on the entitlement of dissenting financial creditors and making the fair value of a stressed firm part of the information memorandum for potential suitors.
Kotak Institutional Equities has increased the per-share fair value of Zomato to Rs 125 from Rs 100, attributing the increase to the contribution margin for food delivery. The margin rose significantly to Rs 18.5 per order in FY23 from Rs 6.6 in FY22, driven by higher revenues and cost optimization, as per Kotak’s analysis of Zomato’s FY23 annual report.
