India’s Adani Group acquired a controlling stake in Holcim AG’s cement businesses in India in a $10.5 billion deal to become the second-biggest cement producer in the country, Adani Group. Asia’s richest person Gautam Adani‘s conglomerate acquired 63.19% of Ambuja Cements Ltd and its subsidiary ACC in fierce bidding with local companies.
AMG Media Networks, a unit of billionaire Gautam Adani’s conglomerate Adani Enterprises, will pick a 49 per cent stake in Raghav Bahl-curated digital business news platform Quintillion Business Media Pvt Ltd for an undisclosed sum.
State Bank of India: The country’s largest lender reported a 41.28 per cent rise in standalone profit after tax at Rs 9,114 crore for the quarter ended March 2022, driven by healthy interest income and better asset quality. Its standalone profit after tax (PAT) stood at Rs 6,451 crore in the fourth quarter of the previous fiscal.
Tech Mahindra: The IT services major reported a 39 per cent jump in its consolidated net profit for March 2022 quarter at Rs 1,678.4 crore, and exuded confidence that the positive business momentum will continue in the current fiscal. On a standalone basis, the Mahindra group company reported a post-tax profit at Rs 1,505 crore in the quarter under review as against Rs 1,081 crore a year ago.
Maruti Suzuki plans Rs 11,000 crore first phase investment for new plant. Maruti Suzuki India completed the process of allotment of an 800 acre site in Haryana for its proposed plant, according to a statement on exchanges. It plans investment of more than Rs 11,000 crore in the first phase. The first plant with a manufacturing capacity of 2.5 lakh vehicles a year is expected to be commissioned by 2025. The site will have space for capacity expansion to include more manufacturing plants.
Moving on to markets
The Sensex and Nifty are likely to start Monday’s trade on a muted note as SGX Nifty futures erased gains tracking lower US equity futures.
SGX Nifty futures were quoting at 15,810 levels, indicating a likely opening gain of 20-30 points for the Nifty benchmark.
Macroeconomic data from the US, UK and back home will be in focus this week, along with the last leg of fourth-quarter earnings.
US retail sales and housing data and the UK’s inflation numbers for April will be announced later in the week.
Back home, the wholesale price index (WPI) reading for April will be closely monitored on Tuesday, after retail inflation for the month came to an eight-year high of 7.8 per cent.
Business Term of the day
A bear market is when a market experiences prolonged price declines. It typically describes a condition in which securities prices fall 20% or more from recent highs amid widespread pessimism and negative investor sentiment. Short selling, put options, and inverse ETFs are some of the ways in which investors can make money during a bear market as prices fall.
In this episode, find out why NCLT questioned the haircut taken by Videocon creditors, why US market is awaiting a crucial FOMC meet today Business Term of the Day: Producer Pric ... Read more
In this episode, find out why NCLT questioned the haircut taken by Videocon creditors, why US market is awaiting a crucial FOMC meet today Business Term of the Day: Producer Price Index Read more
In this episode, find out why RBI is looking to revise the existing microfinance guidelines, why Coal India's Q4 nos missed estimates Business Term of the Day: inflation Read more
In this episode, find out why RBI is looking to revise the existing microfinance guidelines, why Coal India's Q4 nos missed estimates Business Term of the Day: inflation Read more
In this episode, find out why the government plans to bring in a clutch of anchor investors to invest in LIC, which enterprise has set up a new unit to foray into the cement busine ... Read more
In this episode, find out why the government plans to bring in a clutch of anchor investors to invest in LIC, which enterprise has set up a new unit to foray into the cement business and India’s inflation data for May. Business Term of the Day: Anchor Investor Read more
In this episode, find out why Tatas are looking at a re-entry into pharma manufacturing business, why US markets rose despite a high inflation data Business Term of the Day: Cons ... Read more
In this episode, find out why Tatas are looking at a re-entry into pharma manufacturing business, why US markets rose despite a high inflation data Business Term of the Day: Consumer Price Index Read more
In this episode, find out finance ministry is asking for vaccinating 70 crore people by September, why US traders are awaiting the inflation report Business Term of the Day: Mini ... Read more
In this episode, find out finance ministry is asking for vaccinating 70 crore people by September, why US traders are awaiting the inflation report Business Term of the Day: Minimum Support Price Read more
In this episode, find out why Religare Enterprises is looking to raise Rs 570 cr from investors, why US markets had a choppy session Business Term of the Day: Delisting Read more
In this episode, find out why Religare Enterprises is looking to raise Rs 570 cr from investors, why US markets had a choppy session Business Term of the Day: Delisting Read more
In this episode, find out why SEBI barred Franklin Templeton AMC from launching debt schemes, why Indian markets are set to open higher after a steady Asia opening Business Term o ... Read more
In this episode, find out why SEBI barred Franklin Templeton AMC from launching debt schemes, why Indian markets are set to open higher after a steady Asia opening Business Term of the Day: Apple’s WWDC Read more
In this episode, find out why G7 countries have reached a landmark global tax deal, why Bajaj Finance is expecting higher bad loans in the first half of FY22 Business Term of th ... Read more
In this episode, find out why G7 countries have reached a landmark global tax deal, why Bajaj Finance is expecting higher bad loans in the first half of FY22 Business Term of the Day: Gaps Read more
In this episode, find out why Softank is in talks with Flipkart once again, why traders are watching out for China opening Business Term of the Day: Monetary policy Read more
In this episode, find out why Softank is in talks with Flipkart once again, why traders are watching out for China opening Business Term of the Day: Monetary policy Read more
In this episode, find out why Supreme court said that india’s vaccine policy is irrational, why meme stocks rallied in US trade Business Term of the Day: Meme stocks Read more
In this episode, find out why Supreme court said that india’s vaccine policy is irrational, why meme stocks rallied in US trade Business Term of the Day: Meme stocks Read more
