Nifty futures on the Singapore Exchange traded 58.5 points or 0.34 per cent higher at 17,280.50, indicating that Dalal Street was headed for a positive start on Friday. The benchmark Sensex of the Indian stock market closed down 89 points in volatile trade on Thursday due to selling pressure in banking and financial stocks. The 30-stock S&P BSE Sensex closed 89.14 points or 0.15 per cent lower at 57,595.68, from the previous day’s close at 57,684.82. Nifty closed at 17,222.75, down 22.90 points or 0.13 per cent. On Wednesday, the Nifty had lost 69.85 points or 0.4 per cent.
Reliance Industries
The combined bid by Reliance Industries and Assets Care and Reconstruction Enterprise (ACRE) for debt-ridden Syntex Industries has been taken up for approval before the NCLT after the company’s lenders unanimously approved it.
Mahindra Bank Box
Canada Pension Scheme and Investment Board has sold 4 crore shares of Kotak Mahindra Bank worth around Rs 6,800 crore. As per the wholesale transaction data on BSE, the pension fund sold the shares at an average price of Rs 1,700.10. Separately, the Regents of the University of California bought 1,12,27,404 equity shares in the private sector lender at an average of Rs 1,699.05 per share.
Oil Marketing Companies (OMCs)
Petrol and diesel prices were hiked by 80 paise per liter on Friday, the third increase in four days. Meanwhile, India’s top fuel retailers IOC, BPCL and HPCL lost around $2.25 billion in revenue between November and March, keeping petrol and diesel prices unchanged despite a sharp rise in global crude oil prices.
Future Enterprises
Punjab National Bank and Canara Bank have defaulted in payment of ₹93.99 crore under the one-time restructuring (OTR) scheme. The last date for payment was 23 March. Future Enterprises is part of a Rs 24,713 crore deal announced by Future Group in 2020 under which 19 companies dealing in retail, wholesale, logistics and warehousing will be sold to Reliance Retail.
Industrieind Bank
The private sector lender has agreed to sell its principal loan of Rs 247 crore of Future Retail and Asian Hotels (North) Ltd to Edelweiss Asset Reconstruction Company for Rs 195 crore. The bank had invited proposals for a secured principal loan of Rs 142 crore to Future Retail, promoted by Kishore Biyani, and Rs 105 crore to Asian Hotel Delhi on a 15:85 basis.
Bharti Airtel
Telecom will not purchase 5G network equipment from major Chinese vendors and will instead use other equipment from European vendors such as Nokia and Ericsson, as well as OpenRAN-based 5G network provider Mavenir. Airtel may also consider getting 100 MHz 5G spectrum if it is affordable, but will be open to a smaller amount of airwaves if the prices are high.
axis Bank
SEBI imposed a fine of Rs 5 lakh on Axis Bank for violating Merchant Banking (MB) rules. The case is from August 2016 to August 2019.
zomato
Zomato-backed Curefit revenue declined 67 per cent to Rs 161 crore in FY11 from Rs 496 crore in FY10. The Entrackr website reported that the firm reported a loss of Rs 671 crore in FY11.
Kalpataru Power Transmission
SBI Funds Management on March 23 acquired 14.5 lakh equity shares in EPC Company through open market transactions. With this, its stake in the company has increased from 6.27 per cent to 7.25 per cent.
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