Invesco Developing Market Funds, Zee’s largest shareholder has decided to sell 7.8% of the firm through a block deal on Thursday. After the sale, Invesco will be left with about 11% of Zee. Invesco will sell 74 million shares worth ₹2,200 crore via block deals in the range of ₹270-290 per share. Kotak Mahindra Capital will manage the stake sale.
A consortium of the bank’s parent Bandhan Financial Holdings, private equity firm ChrysCapital and Singapore’s sovereign fund GIC will acquire IDFC Asset Management Co. Ltd for ₹4,500 crore, in the biggest buyout yet in India’s ₹38 trillion asset management industry.
DCB Bank: The bank reappointed Murali M. Natrajan as the Managing Director & CEO, for further period of two years effective April 29, 2022.
Titan: The company’s jewellery revenue fell 4% year-on-year in the March quarter, but watches and wearables revenue rose 12% during this period. Its eyecare revenue was up 5%. The company net added 105 stores in January-March.
Maruti Suzuki India: The carmaker has announced to voluntarily recall 19,731 units of its EECO model. The recall is being undertaken to inspect and rectify “incorrect marking of wheel rim size”, if any, on the wheel in some of the vehicles. This issue has no implication on performance, safety or environment, it said.
HDFC Bank: The lender proposes to raise funds by issuing perpetual debt instruments (part of additional Tier I capital), Tier II capital bonds and longTerm bonds (Financing of Infrastructure and Affordable Housing) up to total amount of ₹50,000 crore over the period of next 12 months through private placement mode. It has informed BSE that the meeting of its Board of Directors is scheduled on 16 April.
Motherson Sumi Systems: The auto components major has successfully completed the acquisition of a majority stake in Bengaluru-based CIM Tools Private Ltd. In October last year, MSSL had announced acquiring a 55% stake in CIM Tools, a leading supplier in the aerospace supply chain.
Union Bank of India: The public sector lender will invest ₹1,000 crore in upgrading its information technology (IT) platforms in the current financial year, as it looks to generate revenues from digital channels and save costs, executive director Nitesh Ranjan said on Wednesday.
Moving on to markets
Indian indices are likely to start Thursday’s session on a negative note as indicated by SGX Nifty futures that were around 100 points lower at 7:50 am from the previous close.
The markets may continue their losing streak tracking weak global cues after hawkish FOMC meeting minutes read that the US Federal Reserve is likely to reduce its massive bond holdings at a maximum pace of $95 billion a month.
The FOMC is expected to approve the balance-sheet reduction at its next gathering May 3-4.
Business term of the day
Revenue is the value of all sales of goods and services recognized by a company in a period. Revenue (also referred to as Sales or Income) forms the beginning of a company’s income statement. The profit or and is often considered the “Top Line” of a business. Expenses are deducted from a company’s revenue to arrive at its Profit or Net Income.
In this episode, find out why Tata Motors is looking to convert its DVR shares into ordinary shares, also about Marico's deal with Satiya Nutraceuticals. Business Term of the Day: ... Read more
In this episode, find out why Tata Motors is looking to convert its DVR shares into ordinary shares, also about Marico's deal with Satiya Nutraceuticals. Business Term of the Day: Differential Voting Rights Read more
In this episode, find out why institutional investors voted against ACC, Ambuja resolutions, also about the fraud at Can Fin Homes. Business Term of the Day: Green finance Read more
In this episode, find out why institutional investors voted against ACC, Ambuja resolutions, also about the fraud at Can Fin Homes. Business Term of the Day: Green finance Read more
Description – In this episode, find out about ITC's de-merger plans also about Samvardhana Motherson's new global acquisition. Business Term of the Day: ChatGPT Read more
Description – In this episode, find out about ITC's de-merger plans also about Samvardhana Motherson's new global acquisition. Business Term of the Day: ChatGPT Read more
In this episode, find out why Reliance Industries reported decline in Q1 profit, also about HDFC Bank's growth target for this fiscal year. Business Term of the Day: Non-banking fi ... Read more
In this episode, find out why Reliance Industries reported decline in Q1 profit, also about HDFC Bank's growth target for this fiscal year. Business Term of the Day: Non-banking finance company Read more
In this episode, find out why Arbitrator has rejected Max healthcare's claim on Care Hospital, also about L&T's first share buyback plan. Business Term of the Day: Share buybac ... Read more
In this episode, find out why Arbitrator has rejected Max healthcare's claim on Care Hospital, also about L&T's first share buyback plan. Business Term of the Day: Share buyback Read more
In this episode, find out about BL Kashyap's contract from DLF, also about Piramal Pharma's capital raising plan. Business Term of the Day: Trust company Read more
In this episode, find out about BL Kashyap's contract from DLF, also about Piramal Pharma's capital raising plan. Business Term of the Day: Trust company Read more
In this episode, find out about NSE's pre-open session for Reliance, also about Sheela Foam's acquisitions. Business Term of the Day: Pre-open market session Read more
In this episode, find out about NSE's pre-open session for Reliance, also about Sheela Foam's acquisitions. Business Term of the Day: Pre-open market session Read more
In this episode, find out about Suzlon's new order from Everrenew Energy, also why Indian markets are expected to open flat in today's trade. Business Term of the Day: Long positio ... Read more
In this episode, find out about Suzlon's new order from Everrenew Energy, also why Indian markets are expected to open flat in today's trade. Business Term of the Day: Long position Read more
In this episode, find out about HCL Tech's acquisition of a German firm, also why Delta Corp shares plunged 27% in trade. Business Term of the Day: Bootstrapping Read more
In this episode, find out about HCL Tech's acquisition of a German firm, also why Delta Corp shares plunged 27% in trade. Business Term of the Day: Bootstrapping Read more
In this episode, find out about Patanjali's offer for sale, also about what to expect from Wipro's Q1 results. Business Term of the Day: Structured finance Read more
In this episode, find out about Patanjali's offer for sale, also about what to expect from Wipro's Q1 results. Business Term of the Day: Structured finance Read more