The Nifty futures contract traded on the Singapore Exchange indicates a negative start to domestic equities. The contract was trading at 17,356, down 81.5 points or 0.47% from the previous close.
“Markets ended the week with a sharp cut of over a percent, tracking feeble global cues. In continuation to the previous session’s fall, the Nifty index opened gap-down and hovered in a narrow band till the end. The selling pressure was widespread wherein the decline in the banking and financial majors was largely weighing on the sentiment. The broader indices too traded in tandem with the trend and lost in the range of 0.7-0.9%,” said Ajit Mishra, VP – Technical Research, Religare Broking.
Life Insurance Corporation
LIC said it has appointed Siddhartha Mohanty as interim Chairman with effect from March 14. The term of Mangalam Ramasubramanian Kumar as Chairperson of LIC of India will be completed on March 13
Paytm has clarified that Silicon Valley Bank, whose operations have been abruptly closed due to financial irregularities, has fully exited the parent company One97 Communication and has no investments as of date.
Adani group shares, Ambuja Cement
The embattled Adani group prepaid a total of $2.65 billion in debt — including margin-linked share-backed financing and $500 million taken for acquisition of Holcim Group’s Indian assets — ahead of its committed deadline of March 31. “The entire prepayment programme has been completed within six weeks, which testifies the strong liquidity management and access to capital at sponsor level, supplementing the solid capital prudency adopted at all portfolio companies,” said the group.
The private lender’s locked-in shares from the ‘YES Bank Limited Reconstruction Scheme’ will be released by the depositories (NSDL and CDSL) at the start of the day without further action from the bank, ending the lock-in period of three years.
Sumant Kathpalia has been reappointed as the bank’s managing director & CEO for a further period of two years.
Ujjivan Small Finance Bank
The board approved an interim dividend of 50% or Rs 5 per equity share with face value of Rs 10. The record date for the aforesaid interim dividend shall be 20 March.
Godrej Properties entered into a sale deed to acquire land of approximately 28 acres in Bengaluru to develop a mixed-use project comprising apartments and supporting retail development.
The firm completed the four-laning project of the Sangli-Solapur section of NH-166, receiving a letter of completion from the relevant authorities. The project is estimated to have cost Rs 1102.40 crore.
The company’s board invoked the doctrine of frustration regarding their share purchase agreement with Novezo. The two firms entered into a share purchase agreement on 10 February, 2021 for the sale of HCL Infotech, a wholly owned subsidiary, to Novezo.
Zydus received the final approval from the USFDA for Olanzapine Orally Disintegrating Tablets USP, 5 mg, 10 mg, 15 mg, and 20 mg. This medication is used to treat certain mental/mood conditions (such as schizophrenia and bipolar disorder).
The company approved the issuance of up to one lakh rated, listed, unsecured, redeemable, Non-Convertible Debentures (NCDs) having with the face value of Rs 1,00,000 each, aggregating up to Rs 1,000 crore on private placement basis.
JSW Steel Coated Products, a subsidiary, entered into a shareholders agreement and a share subscription agreement with Ayena Innovation to acquire 31% equity.
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