Shapoorji Pallonji Group Companies Surge After it Announces Separation From Tata Group

Shapoorji Pallonji Group companies, Sterling & Wilson Solar Ltd and Forbes & Co Ltd on Wednesday surged after the group reported that it will exit from Tata Group. The group will end its seven decades-long partnership with the Tata Group. Shares of Sterling & Wilson Solar hit 20% upper circuit, its biggest single day gains since August 2019 while Forbes & Co Ltd hit 5% upper circuit. This decision will help The Shapoorji Pallonji Group to solve its current financial problems, as the Tata Group will buy out their stake at a valuation of Rs 1.78 lakh crore.

Read more here

Byju’s raises funds from BlackRock, Sands Capital and Alkeon Capital

India’s second-largest startup by valuation, Byju’s, announced that it had raised a round of funding led by Investment management firm BlackRock, Tech investor Sands Capital and Hedge fund Alkeon Capital. The existing investors General Atlantic, Owl Ventures and Tiger Global, also participated in the funding round. The company did not disclose the amount it had raised or its valuation in the round but it was valued at $10.8 billion by Silver Lake earlier this month.

Read more here

CAMS and Chemcon Speciality Chemicals IPO: Selling at a premium

IPOs have received a robust response from the investors in this month. Chemcon Speciality Chemicals IPO was subscribed 148.94 times while Computer Age Management Services (CAMS) IPO was subscribed 46.93 times on the third day of the bidding process. Also, in the ongoing issue, Angel Broking IPO was subscribed 146 per cent on its second day.

Read more here

SBI to turn YONO platform into financial services platform

SBI chairman Rajnish Kumar said that the bank plans to hive-off its digital banking platform YONO as a subsidiary offering services to the financial sector for a fee. Also, it plans to first develop the subsidiary for two years and it may later consider listing it. The subsidiary will get its revenues streams by providing services to financial sector players, especially small banks and cooperative banks.

Read more here

KKR invests Rs 5,500 crore in Reliance Retail for 1.28% stake

Global investment firm KKR will invest Rs 5,500 crore into the retail business of Reliance Industries Limited. The firm values Reliance Retail at a pre-money equity value of Rs 4.21 lakh crore. Reliance Industries Limited has raised a total of Rs 13,050 crore so far for the retail arm. KKR’s investment will translate into a 1.28% equity stake in RRVL on a fully diluted basis.

Read more here

Hindustan Zinc surged 7% as Company planning to raise up to Rs 4,000 crore through NCDs

A subsidiary of Vedanta Ltd, Shares of Hindustan ZInc Limited surged nearly 7 per cent to Rs 222.75 per share on Wednesday, a day after the company said its board-constituted panel has approved raising up to Rs 4,000 crore through Non-Convertible Debentures. Vedanta Ltd owns 64.9 per cent stake in the company, while the government holds a 29.5 per cent stake.

Read more here

Telecom shares: Bharti Airtel, Vodafone Idea slip

After Reliance Jio announced a range of postpaid plans, including many firsts, such as in-flight mobile connectivity, shares of telecom service providers, mainly Bharti Airtel and Vodafone Idea (VIL), dipped very sharply. The postpaid base of Airtel, VIL were at 14.6 million, 21.5 million, as on Q1FY21, respectively. 

Read more here

Hexaware Technologies to offer Rs 475 per share for delisting

IT firm Hexaware Technologies Limited announced that it will offer Rs 475 per share as the final price for its delisting offer. The bid process for the delisting offer where the promoters were offering a floor price of Rs 264.97 per share had started on September 9 and closed on September 16. 

Read more here

Hero Motors Company to invest Rs 500 crores in its European bicycle business

Hero Motors Company announced that it will invest Rs 400-500 crore in its European bicycle and electric bike businesses with an aim to grow revenues from abroad five-fold over the next few years. The company aims to attain 5% share in the global e-bike market in the next 2-3 years. The company is planning to acquire a new company in the US and the UK.

Read more here

ShareChat adds $14 million to its ESOP pool

ShareChat, a Bengaluru-based social media company, today announced an additional Rs 105 crore ($14 million) employee stock ownership plan (ESOP) pool. With the addition, now the total ESOP pool stands at Rs 262.5 crore ($35 million). The firm reported that it has now exceeded 160 million MAUs (monthly active users), with 31 minutes daily average user spent.

Read more here

Latest

Advertisement