A downtrend in SGX Nifty50 futures hinted at a negative open for Indian benchmark indices on Thursday. The contract was 0.7 per cent lower at 17,744.5 points as of 7:10 am.
Invesco Developing Market Funds, Zee’s largest shareholder has decided to sell 7.8 per cent of the firm through a block deal on Thursday. After the sale, Invesco will be left with about 11 per cent of Zee. Invesco will sell 74 million shares worth Rs 2,200 crore via block deals in the range of Rs 270-290 per share. Kotak Mahindra Capital will manage the stake sale.
The company’s jewellery revenue fell 4 per cent year-on-year in the March quarter, but watches and wearables revenue rose 12 per cent during this period. Its eyecare revenue was up 5 per cent. 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.
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 Rs 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.
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 Rs 4,500 crore, in the biggest buyout yet in India’s Rs 38 trillion asset management industry.
Godrej Consumer Products
The company expects to deliver close to double-digit sales growth in Q4FY22 in India. In Godrej Africa, US and the Middle East, it continued growth momentum across most of the key countries of operations and expects to deliver a constant currency sales growth close to the mid-teens.
Union Bank of India
The public sector lender will invest Rs 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.
The private lender on Wednesday said the RBI has approved the re-appointment of MD and CEO Murali M Natrajan for two years. starting April 29, 2022.
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