IGI Logo

Market Updates

The Markets are expected to open marginally lower today as trend in SGX nifty indicate a negative start for the broader index after Nifty closed 6 points higher at 19,434 on monday.

Hero MotoCorp:

The company received the family settlement deal from promoter group under which Sunil Kant Munjal has resigned as Joint Managing Director and will exit the company. The management and control will vest with the family group comprising of Santosh Munjal, Renu Munjal, Suman Kant Munjal and Pawan Munjal. An understanding has been reached between family and Sunil Munjal on usage of tradmark 'Hero".

Ashok Leyland:

The company will acquire OHM Global Mobility from OHM International Mobility under share purchase agreement. It will infuse fresh equity or preference capital of up to Rs 300 crore in one or more tranches for its business requirements.

ITC:

The shareholders will get one share in ITC Hotels for 10 shares held in the parent company. The indicative timeline for listing of ITC Hotels is approximately 15 months. The hotels business will be given a license to use the ‘ITC' brand. The board has approved the acquisition of 25% stake in Maharaja Heritage from Russel Credit and 45.36% stake in International Travel House.

Reliance Industries:

Jio completed minimum roll-out obligations of 5G ahead of schedule across all spectrum bands acquired in the 2022 auction. Jio customers now using 26 GHz millimetre wave-based connectivity across all 22 telecom circles.

Suzlon Energy:

The company has raised Rs 2,000 crore via QIP and allotted 113.96 crore shares at Rs 17.55 apiece, representing a discount of 4.83% to the floor price. More than 5% of equity shares offered were allotted to BNP Paribas, Bandhan Mutual Fund, HDFC Mutual Fund, etc.

SJVN:

The company signed power purchase deals worth Rs 7,000 crore for 1,200 MW solar power projects with Punjab State Power Corp.

Quint Digital Media:

Adani Group arm AMG Media Networks to acquire remaining 51% stake in Quintillion Business Media. Post acquisition, QBML will become a wholly-owned subsidiary of AMNL.

Zee Entertainment:

The markets regulator SEBI passed a confirmatory order barring Chairman Emeritus Subash Chandra and former Managing Director Punit Goenka from company boards over allegations of diversion of the company's funds.

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at http://www.aretesecurities.com/
SEBI Regn. No.: INM000012740

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