Handy futures on the Singapore Exchange traded 60.50 points, or 0.35 percent, lower at 17,195.50, indicating Dalal Street is heading for a negative start on Thursday. The 30-stock BSE barometer opened higher on Wednesday, rising further to 58,416.56 in line with Asian stocks’ gains. However, profit-taking by investors in recent winners and listless buys at higher levels dragged the index lower, which fell more than 420 points, reaching a low for the day of 57,568.59 points in the second half. The Sensex eventually closed lower by 304.48 points or 0.53 percent to settle at 57,684.82. During the day, it fell 420.71 points, or 0.72 percent, to 57,568.59. The broader NSE Nifty fell 69.85 points, or 0.4 percent, to end at 17,245.65, with 29 of its shares ending in the red.
The food delivery giant inquired about the dissolution of its retired subsidiary Zomato Canada Inc.
Ruchi Soya Industries
The company’s follow-up offering will open for enrollment on March 24.
Tata Consultancy Services
The Tata Consultancy Services (TCS) share buyback of Rs 18,000 crore was subscribed to more than 7.5 times on Wednesday – the last day for the share offering. Investors offered 30.12 crore shares during the buyback, which began on 9, against the company’s offer of four crore shares. Analysts said the strong participation was because the buyback price of Rs 4,500 was 21 percent above the current share price.
Future Retail
The company’s offshore bondholders have received formal notice that a Reliance Industries-affiliated entity will fully absorb $500 million in senior secured bonds, implying a full recovery for them, even as domestic lenders fear a haircut, Saraf & Partners have been appointed as their legal counsel to advise them on how to maximize their recovery.
Hero MotoCorp
The income tax search at the offices of Hero Motocorp Ltd and the home of its CEO, Pawan Munjal, was part of a “routine investigation” on Wednesday, the company said. “We at Hero MotoCorp are an ethical and law-abiding company, upholding the highest standards of impeccable corporate governance,” it added.
Kotak Mahindra Bank
Canada Pension Plan Investment Board is expected to sell up to 40 million shares, or 2.02 percent of its stake, in Kotak Mahindra Bank on Thursday through block deals. The Canadian pension fund is likely to raise as much as Rs 7,079 crore through the sale of the shares. The bottom price has been set at Rs 1,681.26 – 1,769.75 each.
HDFC Bank: The private sector lender has acquired a 7.84 percent stake in the open public digital infrastructure framework entity ONDC by investing Rs 10 crore in the entity. Founded in India on December 30, 2021, ONDC is creating an open public digital infrastructure to develop and transform India’s digital commerce ecosystem for both goods and services.
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