LIC to probe open offer for acquisition
of IDBI Bank stake
The board of Life Insurance Company (LIC)
is expected to explore an open offer for acquiring stakes in IDBI Bank and they
may seek the Securities and Exchange Board of India (SEBI) to take a call on
the offer, media reports said on Tuesday citing Economic affairs secretary SC
Garg.
Garg, who is a member of the LIC board,
also added that the insurance company has set a timeline for acquiring a 51%
stake in IDBI Bank. The decision was taken at LIC's board meeting in Delhi on
Tuesday. The meeting was held to take necessary decisions, supporting their
plan to buy the 51% share in IDBI Bank.
TCS becomes second Indian company to
cross Rs8 lakh cr in market cap
TCS made a new all-time high on Tuesday's
trade, taking its market cap past the Rs8tn or Rs8 lakh cr-mark, joining
Reliance Industries. While Reliance's market cap had breached this mark with
the aid of Jio, retail and improvement in petchem performance, rupee
depreciation and solid digital-led revenue growth are taking TCS to new highs.
TCS has been in a league of its own,
evident from the solid turnaround in BFSI, where the vertical grew 3.7% qoq in
constant currency terms in Q1FY19 while peers reported mixed bag results. This
can be attributed to the results of its past investments. An example of this
would be the solid wins by Diligenta, which has many opportunities in the US
and Japan insurance markets.
Bajaj Electricals completes 80%
acquisition of Nirlep
As per an exchange filing, Bajaj
Electricals has announced that it has acquired ~80% stake in Nirlep Appliances
Private Limited for Rs34cr. As per the announcement, on June 15, 2018, the
company had entered into an agreement to acquire 100% of Nirlep for total cash
consideration of Rs42.5cr. The said transaction was to be carried out in two
tranches. The first tranche would cover acquisition of 80% stake within 60 days
of the date of agreement. As a part of the second tranche, Bajaj Electricals
holds an option to acquire remaining 20% at any time after the closing date.
Balkrishna Industries under pressure
after foreign brokerage house downgrades the stock
Shares of Balkrishna Industries (BIL)
extended losses in Tuesday’s trade after HSBC downgraded rating as well as
slashed target price for the stock.
The global brokerage house has downgraded
the stock to hold from Buy and slashed target price to Rs1, 370 from Rs1, 410
per share.
The stock saw decline on Monday as the
company’s Board of Directors approved a capex plan of Rs1, 700cr.
Hathway Cable jumps 20%; inks
partnership with Netflix
Shares of Hathway Cable jumped 14% on the
BSE in the noon trade as the company has partnered with Netflix to offer video
streaming services to the latter's eight lakh subscribers, as per media report.
Under this alliance, Netflix will be
offered through Hathway's set-top box that includes a remote with a dedicated
Netflix button to allow users to launch the service directly, report added.
