Handy futures on the Singapore Exchange traded 58.5 points, or 0.34 percent, higher at 17,280.50, indicating Dalal Street was off to a positive start on Friday. India’s stock market benchmark Sensex closed 89 points lower in volatile trading Thursday due to selling pressure in banking and financial stocks. The 30 shares of S&P BSE Sensex closed 89.14 points or 0.15 percent lower at 57,595.68 points from the previous day’s closing at 57,684.82 points. The Nifty closed 22.90 points or 0.13 percent at 17,222.75 points. The Nifty had lost 69.85 points, or 0.4 percent, on Wednesday.
The joint bid by Reliance Industries and Assets Care & Reconstruction Enterprise (ACRE) for debt-ridden Sintex Industries has been submitted to the NCLT for approval after it was unanimously approved by the company’s lenders.
Kotak Mahindra Bank
Canada Pension Plan and Investment Board has sold 4 crore shares of Kotak Mahindra Bank worth about Rs 6,800 crore. According to bulk data on BSE, the pension fund sold the shares at an average of Rs 1,700.10 each. Separately, Regents of the University of California bought 1,12,27,404 shares in the private sector lender at an average of Rs 1,699.05 per share
Oil Marketing Companies (OMCs)
Petrol and diesel prices rose by 80 paise per liter on Friday, the third increase in four days. Meanwhile, India’s largest fuel retailers IOC, BPCL and HPCL collectively lost about $2.25 billion in revenue between November and March by keeping gasoline and diesel prices unchanged despite a surge in global crude oil prices.
Defaulted in the payment of ₹93.99 crore to Punjab National Bank and Canara Bank under the One-Time Restructuring Plan (OTR). The payment deadline was March 23. Future Enterprises is part of the Rs 24,713 crore deal announced by Future Group in 2020, which will see 19 retail, wholesale, logistics and warehousing companies sold to Reliance Retail.
The private sector lender has agreed to sell its principal loans of Rs 247 crore from Future Retail and Asian Hotels (North) Ltd to Edelweiss Asset Reconstruction Company for a consideration of ₹ 195 crore. The bank had made offers for a principal loan of Rs 142 crore provided to Kishore Biyani, which promoted Future Retail, and a principal loan of Rs 105 crore to Asian Hotel Delhi on a 15:85 basis.
The telecoms major will not buy 5G network equipment from Chinese suppliers and will instead use equipment from European suppliers such as Nokia and Ericsson, as well as openRAN-based 5G network provider Mavenir, among others. Airtel may also consider taking 100MHz of 5G spectrum if it’s affordable, but will be open to a lower number of airwaves if prices are high.
SEBI is levying a Rs 5 lakh fine on Axis Bank for violating merchant banking (MB) regulations. The case dates from a period between August 2016 and August 2019.
Zomato-backed Curefit sales are contracting 67 percent to Rs 161 crore in FY21 from Rs 496 crore in FY20. The company recorded a loss of Rs 671 crore in FY21, the entrackr website reported.
Kalpataru power transmission
SBI Funds Management acquired 14.5 lakh shares in the EPC company on March 23 through open market operations. This puts the company’s share at 7.25 percent, compared to 6.27 percent earlier.
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