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Market Updates

The Markets are expected to open marginally higher today as trend in SGX nifty indicate a positive start for the broader index after Nifty closed 24 points lower at 19,355 on monday.

Nazara Technologies:

The board of Nazara Technologies will raise up to Rs 750 crore via equity and equity linked instruments or securities. The fundraise will be either through one or more qualified institutional placements or preferential allotment or a mix of both.

State Bank of India:

The company will divest 2% stake or 40 lakh equity shares at Rs 2 apiece held in National Securities Depositories in its initial public offering.

Gravita India:

The company expects a loss of Rs 2.50 crore at its manufacturing unit at Mundra in Gujarat due to Cyclone Biparjoy which will be covered by insurance. The company is facing a partial production loss of about 20 days which includes reworking on finished goods.

CarTrade Tech:

The company has inked share purchase agreement to buy 100% stake in Sobek Auto India from its holding company, OLX India B.V., in a deal worth Rs 537 crore.

Vedanta:

The company said it is fully committed to semiconductor fab project. It has lined up other partners to set up a foundry. The company already has license for production-grade technology for 40 nm from a prominent Integrated Device Manufacturer. It plans to acquire a license for production-grade 28 nm as well.

Tata Communications:

The company’s unit Tata Communications International has inked a share purchase agreement to acquire remaining stake in Oasis Smart Sim Europe SAS for $12 million (Rs 99.30 crore) in cash. Tata International currently holds a 58.1% stake in Oasis. The acquisition will be concluded within one month.

Mcleod Russel India:

The company will exclusively discuss, negotiate and evaluate mechanism with Carbon Resources for monetizing identified assets of the company. This is for a one-time settlement of debt owed by the company to its lenders.

SBI Cards and Payments Services:

Rama Mohan Rao resigned as managing director and chief executive officer of SBI Card & Payments Services with effect from Aug. 11. Rao resigned as he has been transferred back to State Bank of India. SBI DMD Abhijit Chakravorty nominated as MD & CEO of SBI Card & Payments.

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