Market Today

1. Vista Equity Partners to invest $1.5B in India’s Reliance Jio Platforms

The planned announcement, which would give U.S.-headquartered software-focused buyout firm Vista Equity Partners a 2.32% stake in Reliance Jio Platforms, values India’s top telecom operator at $65 billion (equity valuation) — the same valuation implied by the Silver Lake investment and a 12.5% premium over Facebook’s deal, the Indian firm said.

2. RBL Bank Q4 net profit declines 53.7% to Rs 114.4 crore, beat estimates

Shares of RBL Bank ended at Rs 128.90, down Rs 3.25, or 2.46 percent on the BSE as it reported a 53.7 percent year-on-year (YoY) decline in net profit at Rs 114.4 crore for the fourth quarter ended March 31.

3. Ratan Tata invests in 17-year-old boy's pharma start-up

Ratan Tata has invested an undisclosed amount in a 17-year-old kid's pharma start-up Generic Aadhaar, in his personal capacity.
Generic Aadhaar was founded by the Thane kid, Arjun Deshpande, in April 2019, when he was 16. It supplies quality generic drugs from reputed manufacturers at up to 80 per cent lesser cost and other medicines 20-30 per cent cheaper.

4. Reliance Industries considers sale of $989-million Asian Paints stake

RIL is in discussions with banks for a potential sale of its 4.9 per cent stake in Asian Paints through a series of block trades.

5. Cadila Pharma shuts formulations unit after spate of coronavirus cases at plant

Cadila Pharmaceuticals, one of the largest privately held pharma companies in the country, shut down its formulations manufacturing plant after its employees tested positive for the new coronavirus.