HDFC Bank Ltd, India’s most valuable lender, agreed to acquire its parent and the country’s largest mortgage lender for about $40 billion in an all-stock deal to create a $160 billion financial services behemoth that will be better positioned to tap soaring demand for home loans. shareholders of HDFC will get 42 shares of HDFC Bank for every 25 shares held. HDFC’s 26% stake in HDFC Bank will be 100% owned by public shareholders, with existing shareholders of HDFC Ltd owning 41%.
Competition Commission on Monday ordered a detailed probe against food delivery platforms, Zomato and Swiggy, for alleged unfair business practices with respect to their dealings with restaurant partners. The order has come on a complaint filed by the National Restaurant Association of India (NRAI).
Mining giant Vedanta Limited on Monday reported a rise of 8 per cent in its production of aluminium and zinc and that of iron ore by 18 per cent during the quarter ended March 31, 2022 as compared to its output during the same quarter a year ago.
SBI Cards: Carlyle Group, a private equity firm, will sell all of its stake in the firm for ₹2,558 crore via block trade. Carlyle Group will raise upto Rs 2,560.60 crore ($339 million) by selling its sale in the company. It will sell 2.92 crore shares at Rs 851.50-876.75 each—a 2.9% discount to Monday’s closing price of Rs 876.75.
TCS – has entered into a strategic partnership with Payments Canada to facilitate real-time transactions in that country. The company has also signed a multi-year, cloud-computing contract with a large American company.
The Securities and Exchange Board of India (SEBI) on April 4 announced the constitution of an ad-hoc committee which will suggest measures to improve the government norms for market infrastructure institutions (MIIs). The panel will be headed by SEBI’s former whole time member G Mahalingam.
Moving on to markets
Benchmark equity indices on BSE and National Stock Exchange (NSE) opened on a marginally negative note on Tuesday.
The S&P BSE Sensex slipped 138 points to 60,473.35 points in early trade while the Nifty 50 fell marginally to 18,033.10.
Business Term of the day
A merger refers to an agreement. It is a mutually binding contract in which two companies join together to form one company. After a merger, shares of the new company are distributed to existing shareholders of both original businesses. Mergers are most commonly done to gain market share, reduce costs of operations, expand to new territories, unite common products, grow revenues, and increase profits.
In this episode, find out about Aditay Birla Capital’s plans to raise Rs 1250 crore through preferential issue of shares, also find out Dish TV board’s decision to reject minority ... Read more
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In this episode, find out about the new CEO of TCS taking charge, also find out Adani group’s plans to raise $3.5 bn through share sale to institutional investors Business Term o ... Read more
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In this episode, find out about slowdown in unemployment rate in urban areas, also find out about HCL Tech suing Atos. Business Term of the Day: Vande Bharat Express Read more
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In this episode, find out about Reliance Consumer Products’ entry into snacking business and Maruti Suzuki India expects production loss to continue in the first quarter.. Busines ... Read more
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In this episode, find out about Private equity players eye Glenmark Life Sciences, also find out HUL-Genpact deal to help scale small businesses Business Term of the Day: Debt ce ... Read more
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In this episode, find out about NCLT’s rejection of IDBI bank’s insolvency plea against Zee, also find out DOT’s worry over Vi’s fund delay Business Term of the Day: Demonetisati ... Read more
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State Bank of India (SBI) reports record standalone profit in Q4 FY23, driven by strong net interest income (NII) and lower provisions, surpassing the previous best. Business Term ... Read more
State Bank of India (SBI) reports record standalone profit in Q4 FY23, driven by strong net interest income (NII) and lower provisions, surpassing the previous best. Business Term of the Day - Tax collected at source. Read more
In this episode, find out about Goldman Sachs slashing Adani Group stake in ESG funds, also find out Manyavar promoters’ OFS launch Business Term of the Day: Liberalised Remittan ... Read more
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