The over 2.5 per cent rally in the benchmark indices in the last session not only wiped out the losses of the previous day but also saw the market close at its highest level in more than a week on FII buying and gains in key sectors. The Sensex surged 1,564 points, or 2.7 per cent, to 59,537. The Nifty jumped 446 points.
Tata Motors acquired the entire shareholding of Marcopolo S A in the joint venture entity Tata Marcopolo Motors. With this, Tata Marcopolo Motors has become a wholly owned subsidiary of Tata Motors.
The government has hiked the windfall profit tax on the export of diesel to Rs 13.5 per litre and on jet fuel exports to Rs 9 a litre, besides raising the levy on domestically-produced crude oil in line with the hardening of global prices.
The company and Kemwell India have entered into an “amendment cum assignment agreement”. As per the agreement, the joint venture entity will now be incorporated in the United States of America. There is no other material change in the agreement. The company’s subsidiary Cipla (EU) has agreed to acquire an additional 13.10 percent stake in Cipla (Jiangsu) Pharmaceutical Co Ltd, a subsidiary of Cipla EU in China.
Subsidiary Clarissa Facility Management LLP has acquired a 10 per cent stake in Rusel Multiventures. With this acquisition, the company will leverage facility management expertise to create additional streams of revenue, cost-effectiveness and continous supply of facilities, which will improve its overall effectiveness and productivity, the real estate player said.
As a part of the diversification of funding strategy, the company has, by way of external commercial borrowings with a door-to-door tenure of four years, entered an arrangement to avail $90 million through a loan syndication arrangement led by HSBC Bank, which acted as lead arranger and book runner. The other lenders in the syndication arrangement include Bank of India, Union Bank of India and UCO Bank.
Subsidiary Glenmark Specialty SA and Hikma Pharmaceuticals PLC launched Ryaltris, olopatadine hydrochloride and mometasone furoate nasal spray, in the US. The nasal spray is approved by the US Food and Drug Administration for the treatment of symptoms of seasonal allergic rhinitis (SAR) in adult and pediatric patients 12 years of age and older.
The company has received the board approval to raise up to Rs 800 crore through the issuance of non-convertible preference shares to promoters on a private placement basis. The funds raised through the issuance of NCPRPS will be used for repayment of the debt.
Zee Entertainment Enterprises
The company has signed a strategic licensing agreement with Star India (Disney Star). With this agreement, Disney Star will lease the television broadcasting rights of the International Cricket Council’s (ICC) Men’s and Under 19 (U-19) global events for a period of four years, to the company.
State Bank of India
The largest lender in the country will sell non-performing loan account of Anamika Conductors through e-bidding in late September to recover dues of Rs 102 crore. Anamika Conductors has an outstanding of Rs 102.30 crore. SBI has put the reserve price for the e-auction, scheduled to be held on September 28, 2022, at Rs 22.13 crore.
The state run electricity generator has got shareholders’ approval to raise up to Rs 12,000 crore through issuance of non-convertible debentures on private placement basis for capital expenditure, working capital and general corporate purposes. The resolution was passed with requisite majority in the annual general meeting.
Shareholders of the telecom player have approved elevation of company’s chief financial officer Akshaya Moondra as new chief executive officer. Moondra’s appointment comes at a time when the company is reeling under debt of close to Rs 2 lakh crore and has been incurring huge losses.
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