Page 699 - Business Finance
REC Ltd rises for fifth session
REC Ltd is quoting at Rs 148.55, up 2.13% on the day as on 12:49 IST on the NSE. The stock is up 16.88% in last one year as compared to a 13.31% spurt in NIFTY and a 21.35% spurt in the Nifty Financial Services.
IDFC First Bank Ltd gains for fifth session
IDFC First Bank Ltd is quoting at Rs 52.85, up 1.15% on the day as on 12:49 IST on the NSE. The stock is up 7.31% in last one year as compared to a 13.31% gain in NIFTY and a 22.89% gain in the Nifty Bank.
Bank of Baroda soars 3.07%, gains for fifth straight session
Bank of Baroda is quoting at Rs 124.25, up 3.07% on the day as on 12:49 IST on the NSE. The stock is down 8.54% in last one year as compared to a 13.31% jump in NIFTY and a 22.89% jump in the Nifty Bank.
Sale deal in final stage of completion: Star Health
: Private sector insurer Star Health and Allied Insurance Company Ltd was in the final stage of completion of sale process and the transition was likely to happen in first quarter of the next financial year, a top official said. "A consortium has won the sale process and in April-May-June we look forward to transition happening," company Chief Operating Officer, Dr S Prakash said here. A consortium of WestBridge AIF, investor Rakesh Jhunjhunwala and Madison Capital signed definitive agreements with the shareholders of Star Health to purchase the shares of the insurer last year. In October 2018, the Competition Commission of India (CCI) approved 100 per cent acquisition of Star Health and Allied Insurance Company Ltd by Safecrop Holdings Pvt Ltd and others. In a brief interaction with PTI, here, recently, Prakash said, with the newer consortium coming on board the company was expecting to move from "good" to "great" in terms of business. "We are number one in retail ...
TCG Lifesciences receives USFDA nod for Hyderabad plant
TCG Lifesciences, a part of the The Chatterjee Group (TCG) which controls Haldia Petrochemicals Limited in West Bengal, has received the US FDA approval for its chemical development and manufacturing facility in Hyderabad. TCG Lifesciences, Clininvent Research, a 100 per cent subsidiary of The Chatterjee Group, has passed successfully the pre-approval inspection of the manufacturing plant, a company statement said on Tuesday, adding that the site was found to be compliant with the principles and guidelines of Good Manufacturing Practices (GMP). MD of TCG Lifesciences said "this marks another step for the TCG group for providing US customers with innovative high quality and small molecule cGMP drug development synthesis, services covering studies, clinical trials and commercial production. "The key differentiators for TCG Life Sciences was its ability to handle very complex synthesis challenges and deliver high-end analytical and regulatory quality systems".
Mindtree to be run independently for now, says L&T
Engineering major L&T which mounted a hostile takeover of software firm Mindtree with Rs 10,733-crore bid on Monday ruled out merging it with its IT arm for the time being. L&T on Monday announced a hostile takeover bid involving a three-pronged acquisition of Mindtree, wherein it will pay Rs 980 a share for 20.3 per cent stake of V G Siddharth, buying 15 per cent from the public and mounting an open offer at Rs 980 a share later. Thus, it plans to acquire 67 per cent for a consideration of Rs 10,733 crore. "We have not thought about integrating Mindtree with us (L&T Infotech). For the time being, it will be run as an independent entity," L&T Managing Director and chief executive S N Subramanyan told reporters here on Tuesday. Describing the deal as meeting of two like-minded people, he said V G Siddharth whose 20.3 per cent stake the company has bought out at Rs 980 a share, had approached them three months back for buying him out. "It was a meeting of ..
CPSE ETF new tranche aims to raise Rs 3,500 cr
Government's last ditch efforts to somehow get closer to the Rs 80,000 crore disinvestment target in the current fiscal will see the fresh CPSE Exchange Traded Fund (ETF) opening for subscription on Tuesday to raise at least Rs 3,500 crore.
Market hovers in green; cement shares advance
Key barometers continued trading with small gains in early afternoon trade. At 12:23 IST, the barometer index, the S&P BSE Sensex, was up 64.83 points or 0.17% at 38,159.90. The Nifty 50 index was up 15.20 points or 0.13% at 11,477.40.
Buyback plan boosts Aurionpro Solutions
Aurionpro Solutions gained 3.39% to Rs 140.40 at 12:25 IST on BSE after the company scheduled a board meeting on 25 March 2019 to consider and approve buy-back of equity shares of the company.
Board of Orbit Exports approves buyback of equity shares up to Rs 10 cr
At meeting held on 18 March 2019
GST Council to clear rules for lower housing rates
The 34th GST Council meeting on Tuesday will consider implementation of lower Goods and Service Tax (GST) rates for real estate sector, sources said.
Shares of L&T, Mindtree slip over 2% post L&T's hostile bid
Shares of Larsen and Toubro (L&T) and IT company Mindtree Tuesday fell over 2 per cent during early trade on BSE after a hostile takeover bid by the former. Mounting the country's first hostile takeover bid in the IT sector, engineering major L&T Monday made an offer to buy up to 66 per cent stake in Mindtree for around Rs 10,800 crore. On the BSE, stocks of L&T opened on a negative note at Rs 1,373.95 and slipped 2.23 per cent to Rs 1,348.10. Besides, Mindtree shed 2.06 per cent to trade at Rs 942.65. Meanwhile, shares of L&T Infotech rose 6.21 per cent to Rs 1,671.10 in the early trade. L&T has entered into a deal to purchase Cafe Coffee Day owner V G Siddhartha's 20.32 per cent stake in Mindtree. It has also placed an order with brokers to buy another 15 per cent shares of the company from the open market. Subsequent to these deals, L&T would make an open offer to buy an additional 31 per cent stake. "A hostile takeover by Larsen and Toubro, unprecedented in
Sicagen India Ltd leads gainers in 'B' group
Ashapura Minechem Ltd, N K Industries Ltd, GTN Industries Ltd and Usha Martin Ltd are among the other gainers in the BSE's 'B' group today, 19 March 2019.
Reliance Communications Ltd leads gainers in 'A' group
JM Financial Ltd, Meghmani Organics Ltd, Manpasand Beverages Ltd and Power Finance Corporation Ltd are among the other gainers in the BSE's 'A' group today, 19 March 2019.
Viaan Industries to acquire 50% stake in Mumbai based tech firm Avalance Technology
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Sensex up 68 points at 38,163 amid sharply volatile session
Equity benchmark indices opened on a high note for the seventh consecutive session on Tuesday but volatility was spread across all sectors.At 11:15 am, the BSE S & P Sensex was up 68 points at 38,163 while the NSE Nifty 50 was up 14 points at 11,476.Anil Dhirubhai Ambani Group stocks were up with Reliance Communication gaining 10 per cent followed by Reliance Capital, Reliance Power, and Reliance Naval and Engineering, which gained 5 per cent each on the Bombay Stock Exchange.The spurt came after Mukesh Ambani rescued Anil's R-Com and helped him to clear Rs 453 crore Ericsson dues.Among other gainers on National Stock Exchange were Sun Pharma, Bharti Airtel, GAIL, Grasim and HCL Tech. However, Hero MotoCorp, Eicher Motors, Larsen & Toubro, JSW Steel and Bajaj Auto lost the most.Meanwhile, Asian shares moved in tight ranges ahead of the two-day US Federal Reserve policy meeting which will set the tone for borrowing costs.Worries over Brexit continued. On Monday, British ...
A brief account of hostile takeovers in India
With diversified conglomerate Larsen and Toubro (L&T) signing a deal with Cafe Coffee Day founder V.G. Siddhartha to buy 20.4 per cent stake in leading services firm Mindtree at Rs 981 per share for about Rs 3,300 crore, in a bid to acquire the firm.
Stocks turn range bound
The market was trading in a narrow range in mid-morning trade. At 11:37 IST, the barometer index, the S&P BSE Sensex, was up 46.35 points or 0.12% at 38,141.42. The Nifty 50 index was up 13.95 points or 0.12% at 11,476.15.
Dhruv Consultancy Services to conduct board meeting
On 27 March 2019
Pentagon lists projects likely affected by wall
The US Department of Defence gave Congress a list of projects that were likely to be affected by President Donald Trump's proposed wall along the Mexican border.