Nifty futures on the Singapore Exchange traded 162.5 points, or 1.03 per cent, higher at 15,863.50, signaling that Dalal Street was headed for a positive start on Monday. The market gained nearly a per cent in the last session, backed by buying in banking and financial services, auto, FMCG, and metal stocks. Positive global cues also supported the market. The Sensex rallied 462 points to 52,728, while the Nifty50 climbed 143 points to 15,699 and formed a small-bodied bullish candle on the daily chart. The index gained 2.6 per cent during the week.
Zomato
The food-delivery company informed exchanges that the board had approved the acquisition of up to 33,018 equity shares of quick commerce company Blink Commerce (BCPL, formerly Grofers India) for Rs 4,447.48 crore in an all-stock deal. The acquisition is at a price of Rs 13,46,986.01 a share. This acquisition is in line with its strategy of investing in the quick commerce business, it said.
Dr Reddy’s Laboratories
The pharma company announced the acquisition of branded and generic injectable product portfolio of US-based Eton Pharma. It acquired the Eton portfolio for an upfront payment of $5 million in cash plus contingent payments of up to $45 million.
Tata Power
Tata Power Solar Systems, an arm of Tata Group’s power player said it has commissioned India’s largest floating solar power project of 101.6 Megawatt Peak (MWp) in Kerala backwaters. The project is installed on a 350-acre water body in Kayamkulam, Kerala.
CSB Bank
The bank in its BSE filing said the board appointed Bhama Krishnamurthy as the part-time chairperson of the bank. This appointment is subject to the approval of the Reserve Bank of India.
Hindustan Media Ventures
Sandeep Gulati has resigned as the Chief Financial Officer of the company to pursue opportunities outside HT Group.
Welspun Corp
The company has secured various orders of around 47,000 MT amounting to Rs 600 crore. These orders will be executed from India and the US across the oil & gas and water sector. These include an order for the supply of onshore coated pipes and bends for a pipeline project in Australia.
SIS
The company said the board will meet on June 29 to consider the proposal for the buyback of the equity shares of the company.
Gufic Biosciences
ICRA has upgraded its long-term rating on the bank facilities of the company to BBB+, from BBB, with a stable outlook, and the short-term rating to A2, from A3+.
Axis Bank
The Reserve Bank of India has approved the re-appointment of Rajiv Anand as the deputy managing director of Axis Bank. The re-appointment will be for a period of three years.
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