"The market is looking for direction after a strong bounce that relieved the deep pessimism that had permeated the markets," Yung-Yu Ma, chief investment strategist at BMO Wealth Management.
Zomato had a blockbuster listing on the Indian stock exchanges on July 23 last year, and its shares more than doubled to an all-time high of ₹169.10 on November 16. Shares of Zomato plunged to an all-time low of ₹40.55 on July 25 after the lock-in period for pre-initial public offering (IPO) shares ended.
In an earnings call with analysts Thursday, Takkar also said that 5G pricing will depend on the evolution and adoption of 5G use cases. But he does see it being priced at a premium to 4G with the caveat that it will require higher data bundling given the expected increase in data consumption over 5G.
The offer is subject to completion of satisfactory due diligence and could be revised upwards or downwards post the due diligence, according to the people cited earlier. A team from Adani's defence and aerospace division has been leading the discussions for the Air Works acquisition. One of the sources cited earlier said the due diligence was "progressing well".
Athenex, which is into the development of cell therapies to treat cancers, had hired investment advisory firm Cowen Inc to run a formal process to find a buyer. "A formal process has started and the first round of offers have come in," said one of the people. "Intas and Dr Reddy's are the two Indian firms in the race at present. A transaction could be concluded during the current quarter."
That will be 20% higher than a year earlier and about 13% more than the previous festive-season peak, recorded in 2017. In the past 10 years, on an average, automakers in India dispatched about a million cars and SUVs in the August to November period, accounting for about 35% of annual sales. In 2017, they sent some 1.15 million vehicles to their dealerships.
In March, Axis Bank said it had acquired Citi's India retail business, comprising largely its credit cards portfolio, mortgages and other retail segments, totalling about ₹27,400 crore. The lender will also acquire Citi's deposits of ₹50,200 crore. While Axis Bank will pay ₹12,300 crore directly as the price of businesses, the capital investment of ₹3,500 crore and integration cost of ₹1,500 crore adds up to a total of ₹17,300 crore ($2.3 billion).
While the electronics market grew by 25% over pre-pandemic levels, it was price-led after companies hiked price tags by 20% on average. Besides, demand for entry-level products is still weak.
The company reported net profit of Rs 119 crore during corresponding period of the previous year.The company attributed the drop in net profit in the first quarter was due to depreciation on account of acquired brands, along with higher employee, finance and raw material costs weight on the profit.