Markets are likely to start Thursday’s session on a tepid note due to the fresh rise in oil prices and consecutive hikes in gasoline and diesel prices. As of 07:45 AM, the SGX Nifty March futures were trading at 17,205 – down 70 individual points when compared to the Nifty futures close on Wednesday.
The Reserve Bank of India (RBI) has approved the SBI Mutual Fund, along with other SBI Group companies, to acquire a 9.99% stake in ICICI Bank. At the end of the December quarter, the SBI mutual fund had 5.72% of ICICI Bank. I read here
Reportedly, the company’s largest shareholder, Invesco, decided not to pursue an extraordinary general meeting (EGM) to add six independent members because Zee’s merger with Sony would achieve the fund’s goal of strengthening board oversight.
Hero Motocorp: The Income Tax Department conducted extensive searches into the apartment and office buildings of Hero MotoCorp’s senior management on Wednesday, including Chairman, Managing Director and CEO Pawan Munjal, over alleged tax evasion. I read here
Bajaj Electric: Domestic consumer appliance brand Bajaj Electricals Ltd (BEL) on Wednesday announced the extension of its brand agreement with UK-based Morphy Richards for another 15 years, effective July 1, 2022. I read here.
Roshi Soya: The company’s Rs 4,300 crore IPO (FPO) opens for subscription on Thursday. The company has allocated Rs 1,290 crore shares to anchor investors prior to the FPO.
Food delivery giant Zomato announced on March 23 the dissolution of Zomato Canada Inc, a Toronto-based subsidiary that is stepping down. In its filing with BSE, it said its Canadian arm was not a “material subsidiary” and therefore, closing it would not affect the company’s overall sales or revenue.
Piramal projects: The Board of Directors meets on March 28 to consider the issue of non-communicable diseases. The issue size is 375 crores.
Colgate-Palmolive: The Board of Directors is considering interim dividends on March 28.
CSB Bank: The Reserve Bank of India has approved the appointment of Pralaye Mondal, Deputy Managing Director, CSB Bank as interim Managing Director and CEO, for a period of three months from 1 April, or until the appointment of a Managing Director and Regular CEO, whichever is earlier.
GPT Infraprojects: The company secured an order worth Rs 118 crore. This contract is a joint venture, in which GPT has a 51 percent stake.
Triveni turbine: Subsidiary Triveni Turbines DMCC has signed an agreement to acquire 70% of the shares of South African-based TSE Engineering Pty Ltd for 11.9 million South African Rand, and the transaction is expected to be completed by March 31.
they: Leading spice maker MDH Ltd has refuted reports of a potential sale of its business to consumer goods maker HUL. Reports have indicated that MDH promoters are in talks to sell their business to HUL.
India villas: On March 29, the Board of Directors will consider a proposal to repurchase the company’s fully paid shares.
Nlco: Nelco and Omnispace have announced a strategic cooperation agreement to enable and distribute 5G non-terrestrial network (NTN), and direct-to-device satellite services. The collaborative effort will expand 5G using satellite communications across India and South Asia.
Stocks in F&O . Ban: Balrampur Chini Mills, Delta Corp, GNFC, Indiabulls Housing Finance, SAIL and Sun TV Network are subject to an F&O ban on March 24.
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First published: Thursday, March 24, 2022. 07:51 IST