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 about SBI’s plans to raise Rs 11,000 crore via bonds in FY23 and also find out why Wipro reported a fall in net profit. Business Term of the Day: Parity ... Read more
In this episode, find out about SBI’s plans to raise Rs 11,000 crore via bonds in FY23 and also find out why Wipro reported a fall in net profit. Business Term of the Day: Parity price Read more
In this episode, find out about RBI’s proposal for a four-tiered structure for Uran Cooperative banks, and also find out PNB Hsg Finance’s decision to settle the case with SEBI. Bu ... Read more
In this episode, find out about RBI’s proposal for a four-tiered structure for Uran Cooperative banks, and also find out PNB Hsg Finance’s decision to settle the case with SEBI. Business Term of the Day: Swiss Challenge Read more
In this episode, find out about Yes bank’s plans to invest Rs 350 crore in JC Flowers ARC and also find out about M&M hiking stake in subsidiary Sampo Rosenlew Business Term o ... Read more
In this episode, find out about Yes bank’s plans to invest Rs 350 crore in JC Flowers ARC and also find out about M&M hiking stake in subsidiary Sampo Rosenlew Business Term of the Day: Earnest Money Deposit Read more
In this episode, find out about HDFC bank’s plans for its HDB Financial Services & HDFC Securities, also find out about Crude oil prices trading below $100 bbl. Business Term o ... Read more
In this episode, find out about HDFC bank’s plans for its HDB Financial Services & HDFC Securities, also find out about Crude oil prices trading below $100 bbl. Business Term of the Day: non-deliverable forward (NDF) Read more
In this episode, find out why DGCA issued show-cause notice against SpiceJet, and also find out about Reliance Retail’s partnership with US apparel major Gap Inc Business Term of ... Read more
In this episode, find out why DGCA issued show-cause notice against SpiceJet, and also find out about Reliance Retail’s partnership with US apparel major Gap Inc Business Term of the Day: FCNR Deposits Read more
In this episode, find out about Byju’s fund raising plan for acquisition of 2U, also find out about CCPA’s decision to bar hotels from levying service charge Business Term of the ... Read more
In this episode, find out about Byju’s fund raising plan for acquisition of 2U, also find out about CCPA’s decision to bar hotels from levying service charge Business Term of the Day: Call money Read more
In this episode, find out why NTPC signed an MoU with the Rajasthan government for the development of 10 GW Ultra Mega Renewable Energy Power Park in Rajasthan, also find out about ... Read more
In this episode, find out why NTPC signed an MoU with the Rajasthan government for the development of 10 GW Ultra Mega Renewable Energy Power Park in Rajasthan, also find out about Coal India’s record production in June Business Term of the Day: Shrinkflation Read more
In this episode, find out about Maruti Suzuki’s plans to increase its share in the SUV segment, also find out about rupee hitting 79/$ for the first time ever Business Term of the ... Read more
In this episode, find out about Maruti Suzuki’s plans to increase its share in the SUV segment, also find out about rupee hitting 79/$ for the first time ever Business Term of the Day: Big tech Read more
In this episode, find out about TVS Motor’s plans to raise funds from PE for its EV biz, also find out about Bijy’s deal to buy 2U. Business Term of the Day: Interest rate differe ... Read more
In this episode, find out about TVS Motor’s plans to raise funds from PE for its EV biz, also find out about Bijy’s deal to buy 2U. Business Term of the Day: Interest rate differential Read more
In this episode, find out about Tata Motors’ decision to hike the price of commercial vehicles, also find out about Novartis AG’s plan to cut 8000 jobs to save at least $1 billion ... Read more
In this episode, find out about Tata Motors’ decision to hike the price of commercial vehicles, also find out about Novartis AG’s plan to cut 8000 jobs to save at least $1 billion by 2024. Business Term of the Day: Real Effective Exchange Rate Read more