2021-09-06 06:10:22
· HDFC Life Insurance Co. will acquire a life insurance unit of Exide Industries in a cash-and-shares deal valued at Rs6687cr. HDFC Life said Friday it would acquire Bengaluru-based Exide Life Insurance Co. by issuing about 87 million shares at INR685 each and making a cash payout of Rs726cr. It plans to merge Exide Life into the company. The deal is subject to regulatory approval, and expected to close by next June. HDFC Life plans to seek shareholder approval for the share issuance in an extraordinary general meeting on Sept. 29. – Positive for Exide Industries
· Bharti Airtel’s $2.8 billion rights issue is credit positive for the company as the fresh capital will keep leverage stable amid growing investments in 5G, ongoing cash payments for spectrum and a settlement payment related to the AGR dispute, according to Moody’s. – Positive
· IRCTC is venturing into the international and Domestic Cruise Business for the first time targeting the domestic market including potential outbound guests. IRCTC has signed an agreement with Cordelia Cruises for the same. – Positive
· ESDS Software Seeks Regulatory Approval For India IPO - ESDS Software Solutions Ltd. seeks to raise Rs 322 crore ($44.1 million) selling new shares in an initial public offering, while its shareholders plan
· to sell as many as 21.5 million shares in an offer-for-sale.- Bloomberg
· Steel Strips Wheels Ltd. has approved subdivision of equity shares from 1 share of face value of Rs 10 each to 2 equity shares of face value of Rs 5 each. – Positive sentiment
· Tata Motors on Friday inaugurated 70 new sales outlets across South India in one go, as part of its retail acceleration strategy. Spread across 53 cities, the new outlets have been strategically mapped to key emerging markets of the Southern region. – Positive
· Maruti Suzuki to Recall 181,754 Cars to Inspect Possible Defect - Maruti Suzuki will undertake a recall of some petrol variants of Ciaz, Ertiga, Vitara Brezza, S-Cross and XL6 to inspect for a possible defect in motor
· generator unit. – Any decline will be buying opportunity
· TTK Prestige Ltd commissions expanded capacity at Gujarat plant – Positive
· PVR Ltd opens 3 Screen multiplex in Jamnagar at 'JCR The Entertainment World', Gujrat - Avoid
· Karnatka Bank - Addressing the shareholders in the 97th annual general meeting (AGM), Karnataka Bank, MD and CEO, Mahabaleshwara M.S asserted that the Bank is now poised to emerge as the 'Digital Bank of Future'. - Avoid
· Brickwork upgrades Ruchi Soya's ratings factoring in significant growth in operations since acquisition by Patanjali Group – Positive
· Cera Sanitaryware - CRISIL Ratings has reaffirmed its ‘CRISIL AA-/Stable/CRISIL A1+’ ratings on the bank facilities of CERA Sanitaryware worthRs100cr – Positive
· SpiceJet Employees Go On Strike At Delhi Airport: Some SpiceJet airline employees went on strike at the Delhi airport on Friday morning over concerns related to their salaries and disbursement, PTI report
· Steel sector outlook revised to Positive as earnings surge expected to continue in FY22 as well: ICRA - ICRA Ratings has revised the steel sector’s outlook to Positive from Stable following all large listed steel companies reporting their best ever quarterly performance in Q1 FY2022, and the earnings outlook remaining healthy for the remaining months of FY2022. Expects positive for Tata Steel, JSW Steel, Jindal Steel, Hindalco and Nalco.
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