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 Spandana Sphoorty’s decision to resolve differences with founder Padmaja Reddy, also find out about SBI’s plan to take on competition from the HDFC- ... Read more
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In this episode, find out about SEBI’s penalty on RIL over Facebook deal news, also find out about Bank of India’s plan to raise capital of Rs 2500 cr. Business Term of the Day: G ... Read more
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In this episode, find out about Coal India’s plan to decarbonise operations, and also find out about the government’s plan to relaunch Banks Board Bureau Business Term of the Day: ... Read more
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In this episode, find out about what restrictions RBI has lifted on global card network Mastercard, also find out about the government’s decision to auction 5G airwaves Business ... Read more
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In this episode, find out about Bharat Pe co-founder Ashneer Grover’s new start up plans, also find out about the government’s decision to auction 5G airwaves Business Term of the ... Read more
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In this episode, find out about SBI, IDBI bank hiking deposit rates, also find out about Bharti Airtel’s launch of Xstream multiplex. Business Term of the Day: WTO Read more
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In this episode, find out about Sequioa’s new Asian fund worth $850 m, also find out about Zydus Lifesciences’ Rs 750 crore share buyback Business Term of the Day: Stock split Read more
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In this episode, find out about RIL-Apollo’s race for Boots pharma chain, also find out about ADIA’s Rs 2200 crore investment in IIFL Home Finance Business Term of the Day: Repo ... Read more
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In this episode, find out about RBI’s decision to hike the repo rate by 50 bps and the government’s decision to hike MSP for Kharif crops. Business Term of the Day: Standing Depo ... Read more
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In this episode, find out PNB to invest Rs 500 crore in PNB Housing Finance, and also find out about HDFC Bank hiking the MCLR rate Business Term of the Day: Yield curve Read more
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