Actions that will come into action on May 9, 2022

Punjab National Bank, Indian Bank, HDFC, ICICI Bank, Bank of Baroda, BoI, Central Bank of India and Canara Bank increased the retail prime rate. The banks’ move comes after a number of banks raised their benchmark external lending rates following a 0.40% increase in the repo rate – to which the Reserve Bank lends money. short-term money to banks.

A huge fire has broken out at a coking plant in Jamshedpur’s Tata Steel Factory due to an alleged explosion in a battery. Tata Steel said on Saturday that three contract workers at its Jamshedpur plant suffered minor injuries. There was no impact on production.

HCL Technologies’ The UK-based subsidiary has acquired Confinale AG, a Swiss specialist in digital banking and wealth management, for 53 million Swiss francs. This acquisition is expected to be finalized by July 1, 2022.

Equitas Small Finance Bank and the parent Equitas Management Ltd. received the certificate of no objection from the Reserve Bank of India to their proposed merger, subject to conditions. “We wish to inform that RBI, in its letter dated May 6, 2022, conveyed its non-objection to our proposed voluntary merger of EHL (Equitas Holdings Ltd) with ESFB (Equitas Small Finance Bank)”, they stated in their stock exchange filings.

The L&T group announced on Friday the merger of L&T Infotech and Mindtree, which will create the sixth largest information technology company in the country with combined revenue of $3.5 billion. Under the all-stock agreement, Mindtree shareholders will receive 73 shares of LTI (L&T Infotech) for every 100 shares they hold. L&T will own 68.73% of the merged entity which will be called “LTIMindtree”. The merger is expected to be completed within the next eleven months following required approvals.

Dr. Pushp Kumar Joshi took over as President and CEO of Hindustan Petroleum Corporation Ltd (HPCL), a Maharatna Society on May 8. Previously, Dr. Joshi served as the company’s Director of Human Resources since August 1, 2012. Dr. Joshi also holds the additional position of Director – Marketing of HPCL.

Evey Trans Private Limited (EVEY) has been declared the lowest rated bidder (L-1) for 1,400 electric buses (+50% change) from one of the state transport companies. Once the award letter has been received by EVEY, it must obtain (either directly by itself or through its special purpose vehicle) from Olectra Greentech Limited (Olectra) and which would be delivered over 12 months. The value of supplying these 1,400 buses would be around ₹2,450 crore for Olectra. The maintenance of these buses will also be provided by Olectra for the duration of the contract.

The advice of Sagar cements has allotted 1.32 crore shares at ₹265 per share, to PI Opportunities Fund – I Scheme II, a subsidiary of Premji Invest, a leading private equity fund in India on a preferential basis pursuant to the approval granted by shareholders at their Extra Ordinary General Meeting of April 23.

state-run SJVN Ltd has bagged a 90MW floating solar project worth ₹585 crore in Omkareshwar, Madhya Pradesh. It bagged the project at ₹3.26/unit on a build and operate basis under a tender launched by REWA Ultra Mega Solar Ltd (RUMSL).

The Council of Grindwell Norton approved the signing of the share purchase agreement with the existing shareholders of PRS Permacel Private Limited to acquire 100% of the shares for a consideration of ₹122 crore. The acquisition will help broaden the product portfolio and align with global business interests.

Business service provider Quess Corp Ltdalong with Fairfax Financial Holdings Ltd, will invest ₹300 crore to establish a pediatric specialty center at the Kannigapuram campus of Christian Medical College, Vellore in Tamil Nadu.

Indebted future group will sell part of its stake in Amar Chitra Katha Pvt Ltd (ACKPL), which publishes Amar Chitra Katha comics, for ₹13.62 crore.

Results calendar: 3i Infotech, Aarti Drugs, Abhijit Trading, BASF, Borosil, Central Bank of India, CMS Infosystems, Cosmo Films, Craftsman, Dalmia Bharat, Datiwire Maritime, Escorts Finance, GNFC, Godrej Agro, HP Cotton, Infibeam, ISMT, Jayatma Industries, KEI Industries, Moldtek Tech, Moldtek Packaging, Natural Capsules, Prakash Pipes, Premier Polyfilm, PVR, Sika, Sujtlej Textiles, Suven Pharma, Thinkink, Trigyn Tech, UPL, Vedant Fashions, Visaka Ind, Vishwaraj, VST TIllers and Wardwizard.

Published on

May 09, 2022

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