Future dials RIL for logistics; Premji & others for fashion biz

Top of the Morning

In this episode, find out Nxtdigital’s plan to enter broadband over-satellite market, also find out about eMudhra’s tepid listing today.

Business Term of the Day: Red Herring Prospectus
Kishore Biyani and his family, the promoters of the debt-laden Future Group, are in talks with Mukesh Ambani-led Reliance Industries Ltd (RIL) to sell the group’s supply chain and logistics businesses, two people aware of the matter said. The Biyani family is also in separate talks with at least three large investors, including Azim Premji’s Premji Invest and billionaire investor Rakesh Jhunjhunwala to sell Future Lifestyle Fashions Ltd, the people said on condition of anonymity.   Nxtdigital: Hinduja group firm Nxtdigital and Thaicom have signed a memorandum of understanding to form a strategic partnership to enter the broadband-over-satellite market and related services in India.   The defence ministry sealed a contract worth ₹2,971 crore with Bharat Dynamics Limited (BDL) on Tuesday to procure several batches of the Astra MK-I beyond visual range (BVR) air-to-air missiles and associated equipment. The missiles are being procured for the Indian Air Force (IAF) and the Indian Navy, the ministry said.   Religare Enterprises: Religare Enterprises and Religare Finvest on Tuesday settled fees of cumulatively more than ₹10.50 crore with market regulator Sebi in a case about alleged financial mismanagement and diversion of funds.   eMudhra shares saw a tepid listing on June 1 as the stock debut with 6 percent premium to issue price of Rs 256 per share. The opening price was Rs 271 on the BSE, while it started off day on the National Stock Exchange at Rs 270. This was the 15th listing on the bourses this year after LIC, Adani Wilmar, Campus Activewear, Delhivery etc.   Moving on to markets Indian indices climbed up on Wednesday before slipping into red in choppy trade as government data showed that the country’s economic growth slowed to the lowest in a year in the first three months of 2022. The data showed India’s gross domestic product grew 4.1% year-on-year in January-March, below the 5.4% growth in Oct-December and growth of 8.4% in July-Sept.   Stocks in Asia wavered as concerns that rates hikes may induce recession kept investors guessing about the outlook for the economy. Shares rose in Japan and Australia, while it wavered in Hong Kong, Shanghai, and South Korea.     Business  term of the day A Red Herring Prospectus, or offer document, is filed by a company to SEBI (Securities and Exchange Board of India) when it plans to raise money from the public by selling shares of the company to investors. The document is very useful to investors because it provides detailed information about the company’s business operations, financials, promoters and the company’s objective for raising funds by filing an IPOs. It also explains how the company aims to use the money that will be raised, the possible risks for investors etc.