The Nifty futures contract traded on the Singapore Exchange shows that local equities are off to a good start. The contract was worth 17,644.50 at the time of writing, up 53.5 points or 0.30% from the previous close.
ZEEL: Zee Enterprises’ managing director and chief executive Puneet Goenka filed an appeal with the National Company Law Tribunal on Thursday, appealing the National Company Law Tribunal’s ruling admitting an IndusInd Bank application for insolvency proceedings against the corporation. On Thursday, the stock dropped more than 10% intraday before recovering to close 3.46% down.
Lemon Tree Hotels: The business authorised the purchase of up to 22,00,000 Compulsory Convertible Preference Shares in Aleur Hotels from APG Strategic Real Estate Pool N.V, an existing stakeholder.
HDFC Bank: The private sector lender announced a $750 million dollar bond offering. The bank issued $750 million in Senior Unsecured Bonds through its GIFT City IFSC Banking Unit. Moody’s Rating Services assigns the notes a Baa3 rating, while S&P assigns a BBB- rating.
Muthoot Finance: The company’s board of directors may evaluate and authorise fund raising through the issue of Non-Convertible Debentures (NCDs) via Private Placement.
Axis Bank: Last year, the lender announced plans to acquire Citibank’s India Consumer Business from Citibank N.A. as well as the NBFC Consumer Business from Citicorp Finance (India). It was disclosed in the discussions that they had made progress, receiving all of the essential clearances. The bank projected that the deal will be completed by March 1st.
Jindal Steel, Jindal Steel (Hisar): The NCLT approved the merger of Jindal Steel and Jindal Steel (Hisar) (Hisar). In a filing with the exchanges, the company stated that it had received the final order from NCLT sanctioning “the Composite Scheme of Arrangement under Section 66, 230-232, and other applicable provisions of the Companies Act, 2013, amongst Jindal Stainless, Jindal Stainless (Hisar), JSL Lifestyle, JSL Media, Jindal Stainless Corporate Management Services, and Jindal Lifestyle and their respective shareholders and creditors.”
Sanofi India: Sanofi India’s board of directors proposed a final dividend of Rs 194 per equity share, as well as a second special dividend of Rs 183 per equity share. The firm also declared a 44.8% increase in net profit year on year to Rs 130.8 crore for the quarter ending December 31, 2022.
Tube Investments of India bought 10,753 equity shares, representing 50% of X2Fuels and Energy’s subscribed and paid-up share capital. The firm is a start-up in its early stages that aims to develop and implement thermochemical technology for converting waste materials into storable liquid and solid fuels.
Titan: Titan’s subsidiary, Favre Leuba AG (FLAG), will aim to reduce activities in response to Titan’s board’s recommendations. FLAG will sell its “Favre Leuba” brand to a potential buyer. FLAG also indicated that it will apply for liquidation when the deal is completed, subject to getting the necessary clearances.
Bharat Forge: Bharat Forge announced that the ‘investment committee – defence business’ has approved the transfer of the company’s stake in Aeron Systems to Kalyani Strategic Systems, a wholly-owned subsidiary of the company, in order to house all of the company’s defense-related investments under one entity.
Infosys: Infosys announced an expansion of its relationship with Microsoft to assist expedite business cloud transformation journeys globally.