Published on 15/11/2022 10:03:12 AM | Source: ARETE Securities Ltd

Key Stock News: Adani group, L&T Infotech, Mindtree , BSNL , LIC - ARETE Securities

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Adani group gets approval for NDTV open offer boosting takeover bid

Billionaire Gautam Adani’s conglomerate received the regulatory nod to float an open offer for a further 26% stake in New Delhi Television Ltd., marking a crucial milestone in a takeover battle between Asia’s richest person and the broadcaster’s founders. The Securities & Exchange Board of India, or Sebi, approved Adani Group’s open offer, according to a statement on the market regulator’s website Monday, allowing Adani to buy more equity from the media firm’s minority shareholders. The conglomerate revised the offer’s roll out date to Nov. 22. It will close on Dec. 5, NDTV said last week.

L&T Infotech and Mindtree receives approval for merger from NCLT

IT services firms L&T Infotech and Mindtree received approval for merger from NCLT. Both Mumbai and Bengaluru Benches of the National Company Law Tribunal (NCLT) have approved, via two separate orders, the scheme of amalgamation and arrangement between the two companies. The two companies had announced their intent to merge in May 2022. The merged entity will be known as LTIMindtree. The merged entity will become the fifth largest IT services company in India in terms of current market capitalization. The Effective Date for the company to start operating as one entity is November 14, 2022.

BSNL lists 13 properties on MSTC website for auction in five states

State-run telecom firm BSNL has partnered with MSTC to auction 13 surplus properties situated at prime locations in five states, the company said on Monday. The company has invited bids by December 5 for sale of 13 properties in Andhra Pradesh, Madhya Pradesh, Gujarat, Telangana and Uttar Pradesh, BSNL said in a statement.

JM Financial Q2 net income rises slightly to Rs 180 cr; bad loans spike

JM Financial on Monday reported a marginal 3.20 per cent increase in its net income on a consolidated basis in the September quarter at Rs 180 crore as the company saw its revenue falling and bad loans rising.

Total income fell 9.53 per cent to Rs 877.13 crore in the reporting quarter from Rs 969.49 crore in the year-ago period, the company said in a statement.

JM Financial's loan book rose to Rs 14,670 crore from Rs 11,072 crore, but the asset quality worsened with gross NPAs climbing to 3.85 per cent from 2.32 per cent in September 2021 and from 3.52 per cent in June 2022. Net NPAs nearly doubled to 2.44 per cent from 1.38 per cent year on year and from 2.31 per cent sequentially.

LIC's shares jump nearly 6% after July-September quarter earnings

Life Insurance Corporation’s (LIC’s) shares jumped 5.85 per cent on Monday following its July-September quarter (Q2FY23) earnings where it reported a multifold jump in net profit due to a change in its accounting policy, wherein it transferred Rs 14,271.80 crore to the shareholders’ account from the nonparticipatory accou


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