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 Yes bank is looking to get a new owner for Dish TV, also find out why Cairn is ready to drop cases against India Business Term of the Day: Rights iss ... Read more
In this episode, find out why Yes bank is looking to get a new owner for Dish TV, also find out why Cairn is ready to drop cases against India Business Term of the Day: Rights issue Read more
In this episode, find out why Balaji Telefilms’ shareholders reject Ekta, Shobha Kapoor remuneration deal, also find out BPCL is setting up a new platform for subsidized LPG scheme ... Read more
In this episode, find out why Balaji Telefilms’ shareholders reject Ekta, Shobha Kapoor remuneration deal, also find out BPCL is setting up a new platform for subsidized LPG scheme Business Term of the Day: Merchant Bank Read more
In this episode, find out why Carlyle is looking to raise $1 bn, also find out how Government is looking to align IndAS with IFRS Business Term of the Day: Accounting Standard Read more
In this episode, find out why Carlyle is looking to raise $1 bn, also find out how Government is looking to align IndAS with IFRS Business Term of the Day: Accounting Standard Read more
In this episode, find out why SEBI has moved SC in the Rs 4000 Cr PNB Housing Finance case, why traders are awaiting the US jobs report today Business Term of the Day: Preferentia ... Read more
In this episode, find out why SEBI has moved SC in the Rs 4000 Cr PNB Housing Finance case, why traders are awaiting the US jobs report today Business Term of the Day: Preferential allotment Read more
In this episode, find out why the unemployment rate rose in August, why Indian markets may open lower in trade today Business Term of the Day: Additional Tier 1 bond Read more
In this episode, find out why the unemployment rate rose in August, why Indian markets may open lower in trade today Business Term of the Day: Additional Tier 1 bond Read more
In this episode, find out why Maruti Suzuki expects output to drop by 40%, why Prosus acquired Billdesk for $4.7 bn Business Term of the Day: Expense Ratio Read more
In this episode, find out why Maruti Suzuki expects output to drop by 40%, why Prosus acquired Billdesk for $4.7 bn Business Term of the Day: Expense Ratio Read more
In this episode, find out why Tally Solution, Cosmea are eyeing small finance bank licence, why Indian markets are likely to open flat Business Term of the Day: Employee provident ... Read more
In this episode, find out why Tally Solution, Cosmea are eyeing small finance bank licence, why Indian markets are likely to open flat Business Term of the Day: Employee provident Fund Organisation Read more
In this episode, find out why India is urging carmakers to reduce imports of EV components, why Asian markets fell in early trade Business Term of the Day: Jackson Hole Symposium Read more
In this episode, find out why India is urging carmakers to reduce imports of EV components, why Asian markets fell in early trade Business Term of the Day: Jackson Hole Symposium Read more
In this episode, find out why Government has approved Fairfax’s proposal to invest Rs 15,000 crore in infra projects, why NCLAT will hear the appeal of Jet employees on 8 October ... Read more
In this episode, find out why Government has approved Fairfax’s proposal to invest Rs 15,000 crore in infra projects, why NCLAT will hear the appeal of Jet employees on 8 October Business Term of the Day: Small Finance Banks Read more
In this episode, find out why RBI may have put its plans to issue NUE licence on hold, why NTPC is in talks with SAIL to sell its stake in NTPC-SAIL Power Co Ltd Business Term of ... Read more
In this episode, find out why RBI may have put its plans to issue NUE licence on hold, why NTPC is in talks with SAIL to sell its stake in NTPC-SAIL Power Co Ltd Business Term of the Day: New Umbrella Entity Read more