The market remained under major selling pressure for the second consecutive session in the previous session with the Nifty50 closing below the 17,500 mark as the downtrend was seen across sectors. The rising fear of more interest rate hikes by the US Federal Reserve in coming policy meetings to tame inflation weighed on sentiment. The BSE Sensex plunged 872 points or 1.5 per cent to 58,774, while the Nifty50 fell 268 points or 1.5 per cent to 17,491.
IIFL Finance
The company said the board of directors of its subsidiary IIFL Home Finance approved the allotment of its 53,76,457 equity shares to the subsidiary of Abu Dhabi Investment Authority. After the said transaction, the investor will hold 20 per cent shareholding in IIFL Home Finance. The company received Rs 2,200 crore from investor against the said transaction.
TVS Electronics
The company executed business transfer agreement with GTID Solutions Development Private Limited for acquiring their business and intellectual property rights. With this agreement, TVS enters into mobile POS software solutions and authentication solutions space, offering hardware along with required applications, digital payment solutions, cloud computing software solutions etc. to segments like retail, banks and government. The cost of acquisition is Rs 2.25 crore.
RBL Bank
The private sector lender will be in focus as the board of directors has approved issue of debt securities on private placement basis, upto an amount of Rs 3,000 crore. This is subject to the approval of the members of the bank at the ensuing Annual General Meeting.
NTPC
The power generation company has declared first part capacity of 10 MW out of 20 MW Gandhar Solar PV project at Gandhar, Gujarat, on commercial operation. With this, standalone installed and commercial capacity of NTPC will become 55099 MW, while group installed and commercial capacity of NTPC will become 69464 MW.
Lemon Tree Hotels
The company has signed a License Agreement for a 65 room hotel at Hubli, Karnataka under its brand ‘Lemon Tree Hotel’. The hotel is expected to be operational by May, 2023. Its hotel management subsidiary Carnation Hotels will be operating this hotel.
Tata Consultancy Services
The country’s largest software exporter has bagged a contract for an undisclosed sum from Africa’s Absa Corporate and Investment Bank. It will be helping transform the bank’s investor services operations across Africa and enhance the customer experience.
Glenmark Pharmaceuticals
The drug maker expects growth of its US business to be flat or at low single digit in 2022-23 amid challenges of price erosion and unpredictable product approval by the USFDA.
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