A downward trend in SGX Nifty50 futures signaled a negative open for Indian benchmark indices on Thursday. The contract was down 0.7 percent at 7:10 a.m. at 17,744.5 points.
Invesco Developing Market Funds, Zee’s largest shareholder, decided on Thursday to sell 7.8 percent of the company through a block deal. After the sale, Invesco will retain approximately 11 percent of Zee. Invesco will sell 74 million shares worth Rs 2,200 crore through block deals in the range of Rs 270-290 per share. Kotak Mahindra Capital will manage the sale of the shares.
The company’s jewelry sales fell 4 percent year-on-year in the March quarter, but watch and wearables sales rose 12 percent over the period. Eye care revenues increased by 5 percent. The company added 105 stores in January-March.
Maruti Suzuki India
The automaker has announced that it will voluntarily recall 19,731 units of its EECO model. The recall is being made to inspect and correct “rim size incorrect marking,” if any, on the wheel in some vehicles. This issue has no impact on performance, safety or the environment, it said.
The lender proposes to raise funds by issuing perpetual debt instruments (part of supplementary Tier I capital), Tier II capital bonds and long-term bonds (infrastructure financing and affordable housing) for a total amount of Rs 50,000 crore in the period of for the next 12 months through private posting mode. It has informed BSE that the meeting of its Board of Directors is scheduled for 16 April.
A consortium of parent company Bandhan Financial Holdings, private equity firm ChrysCapital and Singaporean sovereign fund GIC will acquire IDFC Asset Management Co. Ltd for Rs 4,500 crore, in the largest buyout to date in the Indian wealth management sector of Rs 38 trillion.
Godrej Consumer Products
The company expects to achieve nearly double-digit sales growth in India in Q4FY22. In Godrej, Africa, the US and the Middle East, growth momentum continued in most of the major operating countries and expects to achieve consistent growth in currency sales around 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 fiscal year as it seeks to generate revenue from digital channels and cut costs, executive director Nitesh Ranjan said on Wednesday.
The private lender said Wednesday that the RBI has approved the two-year reappointment of MD and CEO Murali M Natrajan. from April 29, 2022.
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