Certain changes in the past two or three years could have a long-term structural impact on the IT services market.
Posts tagged Rediff
Halwa ceremony held; stage set for interim Budget (24-01-2024)
The Halwa ceremony, marking the final stage of the budget preparation process for Interim Union Budget 2024, was held in North Block on Wednesday in the presence of Union Finance Minister Nirmala Sitharaman. Union Minister of State for Finance Dr Bhagwat Kisanrao Karad was also present. A customary halwa ceremony is performed every year before the “lock-in” process of Budget preparation begins.
Burmans to acquire 31.27% additional pie in Religare (24-01-2024)
The Competition Commission of India has approved the acquisition of 31.27 per cent of additional stake in Religare Enterprises by four entities of Dabur India promoter Burman family, enabling them to become majority owners in the financial services firm. The fair trade regulator allowed the four entities to acquire Religare’s 5.27 per cent through stock market purchase and another 26 per cent through an open offer.
Did Sebi ‘scuttle’ Sony-Zee merger deal? (24-01-2024)
Days before Sony Group pulled the plug on the $10 billion deal, Zee group founder Subhash Chandra had written to Finance Minister Nirmala Sitharaman, blaming Sebi for trying to “scuttle” the merger of its flagship media firm Zee Entertainment Enterprise with the Japanese firm and subsequent investment in the merged entity. Alleging market regulator Sebi is “acting with a predetermined mind”, the Zee group patriarch requested the finance minister to take the necessary steps “to safeguard the interest of the minority shareholders of Zee”. Chandra in his letter dated January 16, seen by PTI, said Zee and all other people have been cooperating in the investigation related to the alleged fund diversion by promoters and expressed concern over a new notice issued by the market regulator to former directors of Zee.
Zee moves NCLT against Sony; to contest $90 mn claim (24-01-2024)
Two days after the termination of the merger agreement by Sony Group, Zee Entertainment on Wednesday hit back by filing a petition before the National Company Law Tribunal (NCLT), seeking a direction to implement the merger scheme. Besides, it has also initiated appropriate legal actions to contest the claims of $90 million (Rs 748.5 crore) filed by Sony Group before the Singapore International Arbitration Centre (SIAC), according to a regulatory update by Zee Entertainment Enterprise Ltd (ZEEL).
PNC Infra sale could lead to valuation upgrades (24-01-2024)
While activity in the highway segment has been slow, the bid pipeline saw recovery in January 2024, and awards are expected to improve in Q4FY24. The national highway (NH) bid pipeline has recovered from a low of Rs 15,900 crore in December 2023 to Rs 68,400 crore at present. The NHAI’s pipeline stands at Rs 66,100 crore, with hybrid annuity model (HAM), build operate transfer (BOT) and engineering procurement and construction (EPC) projects accounting for 60 per cent, 29 per cent and 13 per cent share, respectively.
Sensex surges 690 points to reclaim 71K (24-01-2024)
Among the Sensex firms, major winners included Tata Steel, rising 3.77 per cent, followed by HCL Tech, which gained 3.62 per cent. IndusInd Bank and PowerGrid closed with a gain of 3,60 and 3.34 per cent, respectively. Other gainers were Tech Mahindra, Hindustan Unilever, Bajaj Finserve and Bharti Airtel, among others. On the other hand, ICICI Bank, Axis Bank, Asian Paints, Bajaj Finance and TCS were the only laggards, sliding up to 2.94 per cent.
Sony Picture discloses its India plans (24-01-2024)
Sony Picture Network India (SPNI) management is committed to long-term growth in India and the company will actively explore new organic and inorganic possibilities to strengthen its presence in the country, company managing director and CEO, NP Singh told employees. In a letter, two-days after the calling off of the $10 billion merger deal with Zee Entertainment, he asked employees to focus on current projects, with an immediate goal to unleash the company’s full potential, continuing to craft content that not only engages audiences but also boosts subscriber growth and revenues. “As we close the chapter on our proposed merger with ZEEL (Zee Entertainment Enterprises Ltd), I want to take a moment to talk to you – not just as your CEO but as someone who has been on this journey with you.
Most FPIs won’t be hit by Sebi’s new disclosure norms (24-01-2024)
Market regulator Sebi does not expect a large number of foreign portfolio investors to be impacted by the new beneficial ownership disclosure norms, according to sources. The norms are set to come into effect from February 1 and against this backdrop, the equity market has witnessed significant volatility, with the benchmark Sensex crashing over 1,000 points on Tuesday after shedding early intraday gains. The sources in the know said FPIs which may be required to provide enhanced disclosures are expected to be significantly less than estimated in the consultation paper and the Sebi board note of October 2023.
Lenders retain AIF holdings even as RBI deadline nears (24-01-2024)
Alternative investment funds (AIFs) have not seen any significant redemptions from financial institutions even though the 30-day timeline provided by the Reserve Bank of India (RBI) to liquidate their holdings or make full provisions ends recently. Sources said the industry is awaiting certain relaxations or extensions based on the recommendations submitted to the banking regulator. On December 19, the RBI restricted financial institutions and banks from investing in AIFs where there is any downstream link or exposure to a debtor firm.