IGI Logo

Key News

HDFC to acquire 10% stake in Kerala-based asset management firm

Mortgage lender HDFC Ltd on Monday said it will acquire 9.90 per cent stake in Kerala-based infrastructure fund management company KIFML. "...the Corporation has today invested in 3,88,303 equity shares of Rs 10 each of Kerala Infrastructure Fund Management Limited representing 9.90 per cent of its share capital issued on a private placement basis," HDFC said in a regulatory filing. The cost of acquisition is at par, that is at the face value of Rs 10 per share, it said, adding the acquisition is expected to be completed in one month.

Indian refiners deepen cuts to Saudi oil purchases, to buy 36% less in May

Indian state refiners will buy 36% less oil from Saudi Arabia in May than normal, three sources said, in a sign of escalating tensions with Riyadh even after the Kingdom supported the idea of boosting output from OPEC and allied producers last week. Energy relations between India, the world's third biggest oil importer and consumer, and Saudi Arabia have soured as global oil prices spiked. New Delhi blames cuts by the Saudis and other oil producers for driving up crude prices as its economy tries to recover from the pandemic. State-run refiners have placed orders to buy 9.5 million barrels of Saudi oil in May, compared with the previously planned 10.8 million barrels, three sources said.

Consumer financier Bajaj Finance's asset under management grows 4% YoY

Consumer financier Bajaj Finance on Monday said its asset under management (AUM) rose by 4 per cent year-on-year (YoY) and 6.5 per cent sequentially at the end of the March quarter to Rs 1.53 trillion. In Q4FY21, it booked 5.5 million new loans, down almost 9 per cent sequentially and 8 per cent YoY. At the end of March 31, 2021, its consumer franchise stood at 48.6 million compared to 42.6 million in the year-ago period.

Tata Motors DVR, SKF India may be included in MSCI Smallcap index

Tata Motors DVR, Intellect Design and SKF India are among the stocks that may be added to the MSCI Smallcap index after the index provider does its semi-annual review next month. The review could help these stocks garner $9.2 million, $7.8 million and $7.7 million in flows, respectively. Other notable high impact potential additions include the likes of Asahi India Glass, Elgi Equipments, Solar Industries, Shriram City Union, Grindwell Norton, GSFC, Route Mobile and Sheela Foam. The maximum volume impact could be on Shriram City Union (11.6x) and Solar Industries (15.8x). The index review announcement will be made on May 11 and adjustments will be done on May 27.

Consumer goods major Marico bets on double-digit volume growth in Q4

Consumer goods major Marico on Monday said that it expected to deliver a strong double-digit volume growth in the quarter ended March 31, 2021 (Q4), though input cost pressures would hurt operating margins. The disclosures were made as part of its quarterly update for the period, where the company said that it saw healthy momentum across key categories. Marico expects low double-digit bottom line growth in Q4.

Maruti Suzuki production rises significantly to 1,72,433 units in March

The country's largest carmaker Maruti Suzuki India on Monday said its total production in March 2021 increased significantly to 1,72,433 units over the same month last year. The company had produced a total of 92,540 units in the year-ago period, Maruti Suzuki India (MSI) said in a regulatory filing.

To Read Complete Report & Disclaimer Click Here

Above views are of the author and not of the website kindly read disclaimer