Handy futures on the Singapore Exchange traded 13 points, or 0.08 percent, higher at 15,635.50, indicating Dalal Street was off to a positive start on Wednesday. Bulls tightened their grip and lifted benchmark indices nearly 2 percent in the previous session as the rally was seen across sectors. Positive global signals also helped sentiment. The BSE Sensex rose 934 points or 1.8 percent to 52,532, while the Nifty50 rose 289 points or 1.88 percent to 15,639.
SIEL financial services
Deepak Kumar Rustagi will be appointed as the company’s Chief Financial Officer (CFO) and key management personnel (KMP) effective March 17. Ram Jeevan Chaudhary will be relieved of his responsibilities as Chief Financial Officer.
The country’s largest private lender is proposing to double its branch network over the next three to five years by adding 1,500 to 2,000 branches annually, which would equate to adding a new HDFC Bank every five years.
PVR, stainless steel leisure
The multiplex operators said they have been cleared for their merger of the NSE and BSE exchanges. Both companies said they had received a letter of “no negative comments” from BSE and the National Stock Exchange of India regarding the merger plan.
At a time when concerns have been raised about lenders postponing deposit rate hikes amid general rate hikes, the private lender introduced a product Tuesday where the interest on a time deposit is pegged to the RBI’s repo rate.
The company has entered into a share subscription agreement with Smiti Holding and Trading Company for the allotment of up to 63.1 lakh shares at a price of Rs 309 per share. Smiti Holding is an investor and will receive shares on a preferential basis.
CARE has revised the creditworthiness of the company’s long-term banking facilities from ‘A’ to A+, with a stable outlook.
The company launched Euro-5 compliant variants of its three globally popular products (Xpulse 200 4V motorcycle and Dash 110 & Dash 125 scooters), in Turkiye. Hero has been operating in Turkiye since 2014, serving its customers through a network of more than 100 contact points, providing sales, service and spare parts.
The company has subscribed to optional convertible bonds of Rs 194 crore allocated by Gem Paints, and has appointed majority directors to the board of directors of Gem Paints and Esha Paints. Accordingly, Gem Paints and Esha Paints have become a subsidiary and a retiring subsidiary of the company respectively.
Generic engineering construction and projects
CRISIL has reaffirmed its long-term credit rating for the company’s bank loans as BBB with a stable outlook and short-term rating as A3+.
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