Nifty futures on the Singapore Exchange traded 95.5 points, or 0.52 per cent higher at 18,345.5, signaling that Dalal Street was headed for a positive start on Thursday.
Sula Vineyards: The shares of Sula Vineyards is expected to debut on the bourses today. The BSE notice said that Sula Vineyards shares listing will take place in a special pre-open session on Thursday morning. The three-day initial public offering (IPO) of Sula Vineyards got subscribed 2.33 times by the last day of the offer. The Rs 960-crore initial share sale received bids for 4,38,36,912 shares against 1,88,30,372 shares on offer. The company had fixed a price band of Rs 340-357 a share.
Reliance Industries: Reliance Industries Ltd will acquire German firm Metro AG’s wholesale operations in India for Rs 2,850 crore as the conglomerate run by billionaire Mukesh Ambani seeks to strengthen its dominant position in India’s mammoth retail sector. METRO India started operations in India in 2003 as the first company to introduce a cash-and-carry business format in the country and currently operates 31 large format stores across 21 cities with about 3,500 employees.
One97 Communications: Going ahead, there will be no more cash burn in the business, Paytm Chief Executive Officer (CEO) Vijay Shekhar Sharma said at the Business Standard BFSI Insight Summit 2022 in Mumbai on Wednesday. “It has got decided last month that it (cash burn) would no more be continuing,” Sharma said, adding that the digital payments company was far ahead on re-setting its ambition on controlling spending. Earlier in November, Paytm said it would become free cash flow positive in the next 12-18 months.
Adani Enterprises: Adani Solar on Wednesday said it has begun manufacturing of large-sized monocrystalline silicon ingots in India. The monocrystalline ingots will drive indigenisation to produce renewable electricity from silicon-based PV (photovoltaic) modules with efficiencies ranging from 21 per cent to 24 per cent, the company said in a statement. Adani Solar is the solar photovoltaic manufacturing and research arm of the Adani Group.
Kalpataru Power Transmission: Kalpataru Power Transmission Ltd (KPTL) on Wednesday said the National Company Law Tribunal has approved the merger of JMC Projects (India) Ltd with the firm, making it one of the country’s largest listed engineering and construction companies. The combined entity will have a significant presence in India and projects in 67 countries, with offerings in well-diversified areas of power transmission and distribution, buildings and factories, water, railways, oil and gas and heavy civil infrastructure.
Bandhan Bank: Bandhan Bank on Wednesday announced receiving bids worth ₹801 crore from an asset reconstruction company (ARC) for the written-off portfolio with an outstanding of ₹8,897 crore. The bank will take up the bidding as per the Swiss challenge method. The decision comes after the board of directors approved the transfer of the group’s loan and SBAL written-off portfolio to an ARC. However, the name of the ARC was not revealed yet. Bandhan Bank added that it shall go for bidding as per the Swiss challenge method.
Zee Entertainment: Five years after exiting the sports broadcasting business, Zee Entertainment Enterprises Ltd (ZEE) is set to make a comeback with International League T20 (ILT20), an IPL-style cricket league floated by the Emirates Cricket Board (ECB). In May, ZEE signed a 10-year deal with ECB for ILT20’s global media rights—TV and digital—for a reported $100 million, or over ₹800 crore. The new league makes for the perfect vehicle to re-enter sports broadcasting, Rahul Johri, president of business at ZEE, said in an interview.
Max Financial Services: Max Ventures Investment Holdings, a promoter of financial services firm Max Financial Services, on Wednesday offloaded 58.85 lakh shares in the company for Rs 400 crore through an open market transaction. According to the bulk deal data available with the National Stock Exchange (NSE), Max Ventures Investment Holdings sold 58,85,000 shares (1.7 per cent) of Max Financial Services.
India Grid Trust/GR Infraprojects: Infrastructure investment trust India Grid Trust and G R Infraprojects on Wednesday announced a strategic partnership to bid for identified power transmission projects worth Rs 5,000 crore. An MoU has been signed to jointly bid for identified tariff-based competitive bidding transmission projects aggregating to approximately Rs 5,000 crore, it said. Additionally, to commence the partnership, IndiGrid and GRIL have entered into a framework agreement to acquire a 100% stake in Rajgarh Transmission Ltd, which GRIL had won in March.
Lupin: Pharmaceuticals firm Lupin Ltd on Wednesday said it has received approval from the US health regulator for the generic version of Brivaracetam tablets used for control of partial onset seizures. The approval by the US Food and Drug Administration (USFDA) is for Brivaracetam tablets of strengths 10 mg, 25 mg, 50 mg, 75 mg, and 100 mg, the company said in a regulatory filing. These are the generic equivalent of Briviact tablets, 10 mg, 25 mg, 50 mg, 75 mg, and 100 mg, of UCB Inc, it added.
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