Zomato, Axis Bank, Dr. Reddy’s Laboratories and others
Nifty futures on the Singapore Stock Exchange traded 162.5 points, or 1.03%, at 15,863.50, signaling Dalal Street was heading for a positive start on Monday. The market gained almost 1% in the last session, supported by buying in banking and financial services, autos, consumer staples and metals. Positive global indices also supported the market. The Sensex rallied 462 points to 52,728, while the Nifty50 climbed 143 points to 15,699 and formed a small bullish candle on the daily chart. The index gained 2.6% during the week.
The food delivery company has informed exchanges that the board has approved the acquisition of up to 33,018 shares of fast trading company Blink Commerce (BCPL, formerly Grofers India) for Rs 4,447.48 crore in an all-stock transaction. The acquisition is priced at Rs 13,46,986.01 per share. The acquisition is in line with its fast-trading investment strategy, he said.
Dr. Reddy’s Laboratories
The pharmaceutical company announced the acquisition of the portfolio of branded and generic injectable products of the American company Eton Pharma. It acquired the Eton wallet for an upfront payment of $5 million in cash plus contingent payments of up to $45 million.
Tata Power Solar Systems, an arm of energy player Tata Group, said it has commissioned India’s largest 101.6 megawatt peak (MWp) floating solar power project in the backwaters of Kerala. The project is installed on a 350 acre water body in Kayamkulam, Kerala.
The bank, in its ESB filing, said the board had appointed Bhama Krishnamurthy as the bank’s part-time chairman. This appointment is subject to the approval of the Reserve Bank of India.
Hindustan Media Ventures
Sandeep Gulati has resigned as the company’s chief financial officer to pursue opportunities outside of HT Group.
The company has secured various orders of around 47,000 MT amounting to Rs 600 crore. These orders will be executed from India and the United States in the oil, gas and water sectors. These include an order for the supply of onshore coated pipes and elbows for a pipeline project in Australia.
The company said the board will meet on June 29 to consider the company’s share buyback proposal.
ICRA raised its long-term rating on the company’s bank facilities to BBB+, from BBB, with a stable outlook, and the short-term rating to A2, from A3+.
The Reserve Bank of India has approved the reappointment of Rajiv Anand as Deputy Managing Director of Axis Bank. The renewal will be for a period of three years.
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