BUSINESS
Amid online boom, industry bigwigs on shopping spree for internet-based companies
Several mega acquisitions have taken place in the past one year, the latest being the announcement made by Reliance Retail of acquiring controlling stake in the home-grown online search engine platform Just Dial for Rs 3,497 crore. Recently, Tata Sons' subsidiary Tata Digital acquired a majority stake in Supermarket Grocery Supplies Private Ltd, the company which is better known as BigBasket.
India's forex reserves rise by over $1.8 bn
According to the Reserve Bank of India's (RBI) weekly statistical supplement, the reserves increased to $611.895 billion from $610.012 billion reported for the week ended July 2. India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country's reserve position with the International Monetary Fund (IMF).
Reliance Retail to acquire controlling stake in Just Dial for Rs 3,497 cr
Post the agreements, RIL will acquire 1.31 crore equity shares by RRVL from VSS Mani (equivalent to 15.62 per cent post preferential share capital) at a price per share of Rs 1,020. RRVL will hold 40.95 per cent and would make an open offer to acquire up to 26 per cent stake in accordance with takeover norms. RRVL would make a public announcement to the public shareholders of Just Dial to acquire up to 2.17 crore equity shares of Just Dial.
Zomato IPO subscribed over 38 times at the end of final day of issue
According to data on the BSE website, qualified institutional buyers (QIB) subscribed 51.79 times of their earmarked portion. The portion of the non-institutional investors was subscribed 32.96 times. Further, retail investors subscribed 7.45 times of the portion allocated to them. The portion reserved for employees was subscribed 0.62 times. The subscription period for Zomato IPO was available till 5 p.m. on Friday.
Internet-related stocks on a dream rally amid the pandemic
On the stock of IndiaMart InterMesh, the report said that while its leadership in online B2B classifieds, strong networking effect, and solid financials, growth recovery looks elusive given the challenges faced by its client base, the normalisation of its operating margin as pandemic cost savings retract is likely to weaken EPS growth (15 per cent FY21-FY24E CAGR).
India's June YoY engineering goods exports rises by 52.4%
Engineering exports, which rose to $6.27 billion in June 2019, and $5.84 billion in June 2020, rose to $8.90 billion in June 2021. "Cumulative engineering exports during April-June 2021-22 were to the tune of $24,772.6 million, witnessing a massive growth of 82 per cent vis-a-vis April-June 2020-21, and growth of 24.8 per cent vis-a-vis April-June 2019-20," an official statement said.
Gold futures decline on global cues, US Fed's tapering concerns
HDFC Securities' Senior Analyst for Commodities, Tapan Patel, noted that gold prices traded weak with COMEX spot gold prices were trading down near $1,823 per ounce on Friday. "We expect gold prices to trade sideways to down for the day with COMEX gold support at $1,810 and resistance at $1,840 per ounce. MCX Gold August support lies at Rs 48,000 and resistance at Rs 48,500 per 10 gram," Patel added.
NTPC invites bids for Development of Waste to Energy Facility in Varanasi
The bid commenced on 22nd June 2021 and will conclude on 27th July 2021. The Varanasi Waste to Energy (WTE) facility is expected to be commissioned by 30th September, 2022. A Waste to Energy plant with waste segregation facility of 600 TPD fresh Municipal Solid Waste will be installed under the project. The plant will be designed in a modular fashion.
Paytm files for mega Rs 16,600 cr IPO with SEBI
In the draft red herring prospectus, the company said that it will issue fresh shares worth Rs 8,300 crore and the existing shareholdrs will sell stake worth up to Rs 8,300 crore through offers for sale (OFS). Paytm's founder Vijay Shekhar Sharma, Alibaba.com Singapore, Antfin (Netherlands), Elevation Capital, Saif Partners, SVF Panther (Cayman) and BH International Holdings will sell stake in the OFS.
OYO raises $660 Million through debt funding
OYO on Friday announced that it has raised a TLB (Term Loan B) funding of $660 million from global institutional investors. A company statement said that the offer was oversubscribed by 1.7 times and the company received commitments of close to $1 billion from leading institutional investors.
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