Adani Ports & SEZ crosses 300 million metric tons in cargo handling

Top of the Morning

In this episode, find out about Infosys’ deal to acquire Germany-based Oddity, also find out about Indiabulls Housing Finance debt raising plans

Business Term of the Day: Loan against Securities
Infosys: Has signed a definitive agreement to acquire oddity, a Germany-based digital marketing, experience, and commerce agency, for €50 million (approx. ₹419 crore). The strategic acquisition is expected to strengthen Infosys’s digital experience capabilities in Germany, across Europe, and Northeast Asia. TCS: The buyback issue of IT major Tata Consultancy Services (TCS) will close on 23 March. The company planned to buy back up to 4 crore equity shares from eligible shareholders. Adani Ports & SEZ: The largest integrated transport utility in India and a part of the diversified Adani Group crossed 300 million metric tons in cargo handling at its ports as of March 20, a first in its 22-year history. The company is confident of achieving the goal of handing 500 million metric tons by 2025 and emerging as the world’s largest private ports company by 2030. Vodafone Idea: The telco and its promoters have called upon the government to speed up the process of conversion of interest on deferred adjusted gross revenue (AGR) dues into government equity, saying it is critical to the cash-strapped telco’s efforts to raise funds from external investors. Vodafone Idea had declared March end as the deadline for raising fresh funds. Indiabulls Housing Finance: A board-appointed committee has approved the company’s proposal to raise capital up to ₹50,000 crore through bonds. Indian Hotels Company: The Tata Group-backed company is set to launch a qualified institutional placement of ₹2,000 crore as the hotel chain braces for business expansion shrugging off the effects of the Covid-19 pandemic. Credit Suisse and ICICI Securities are helping it with the fund raise. Jubilant Food Works: Will acquire the remaining 10% share in its joint venture Jubilant Golden Harvest from Golden Harvest. Brigade Enterprises: The real estate company has entered into the plotted development space with a 66-acre residential project in Brigade Enterprises, Bengaluru. The project is a strategic joint development that will offer plot sizes ranging from 1,200 square feet to 2,400 square feet. Moving on to markets Stock market live updates: The key benchmark indices are likely to open with modest gains, as per trends indicated by the SGX Nifty futures, which were quoting 17, 446 levels at 7:30 am. This hints at an opening gain of 80-odd points on the Nifty50. Stocks in Asia rose on Wednesday after U.S. Federal Reserve Chair Jerome Powell reiterated commitment to tackle inflation. Business Term of the day In order to meet your short-term financial needs, Loan against Securities offers a good choice as you do not have to sell your stocks in haste. Moreover, the interest rate at which you get loan against securities is lesser as compared to a personal loan. Loan against securities is available in the form of an overdraft facility. It helps you get loan against the securities that you have, for the time being, merely pledged without selling them off in haste. The value of the overdraft limit that is advanced to you is determined on the basis of the securities like equity shares, mutual funds, bonds & insurance that is pledged by you.