Market Today
Reliance Industries on Sunday said it sold 1.16 per cent stake in its digital unit to Abu Dhabi Investment Authority (ADIA) for Rs 5,683.50 crore, taking the cumulative fund raising to Rs 97,885.65 crore that will help pare debt at the oil-to-telecom conglomerate.
2. In Baring PE's move to delist Hexaware, there is a history of failed exits
In one more attempt, the company’s promoters on Friday announced plans to delist the company from stock exchanges, paving way for a long awaited exit. HT Global IT Solutions, holding company for Baring holds a 62.4% stake in Hexaware. On Friday, it offered Rs285 per equity share to purchase the remaining shares to take its shareholding to 90% and then go private. This announcement led to the share price rising 20% and it was locked in an upper circuit at Rs311.3 for the rest of the day.
3. FIIs back in India, infuse Rs 23,000 crore in 7 sessions
Foreign funds invested nearly 40 per cent of what they sold in entire March in the past seven days as Federal Reserve’s pump-priming and the gradual reopening of the economy stoked interest in riskier assets.
4. Sebi ‘censures’ promoter of AstraZeneca for unfair trade practice in 2014 delisting plans
This order is a culmination of six years of investigation. The order found that the pharma company, its promoters and Elliot group which held 15.52% in the company through six foreign institutional investor (FII) sub-accounts had a ‘private arrangement’ to sail through the delisting process. These entities conducted themselves in an ‘unprofessional manner’ and indulged in fraudulent and unfair trade practises.
5. GST Reduction & Scrappage Policy Will Help Revive Commercial Vehicle Industry
According to a top official at Ashok Leyland, the GST rate cut and the scrappage policy will be beneficial in reviving the Indian CV space. As per the report, the firm expects the situation to improve gradually during the current fiscal that has been affected by the current downturn in the industry and coronavirus pandemic.
No comments: