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💥 Exclusive Morning Market News & Update
Stocks To Watch
🔸Indiabulls Real Estate: Board has approved merger of two Embassy Group entities with self. Proposed amalgamation is for NAM Estates and NAM Opco into the company. Proposed swap ratio to be 6.619 shares of Indiabulls Real Estates for every 10 shares of NAM Estates and 5.406 shares of Indiabulls Real Estates for every 10 shares of NAM Opco. Indiabulls Real Estate is valued at Rs 92.5 per share, which is at a premium of 26% to Tuesday’s closing prices. Combined entity to be renamed Embassy Developments having a mix of residential and commercial properties with a total launch / planned area of 80.8 million square feet. Amalgamation procedure expected to be completed by the second quarter of FY22.
🔸Phoenix Mills: Looks to raise as much as Rs 1,100 crore through a sale of shares. Indicative price of Rs 605 per share is a 6.5% discount to Tuesday's closing price. Funds will be used to invest in existing and proposed business ventures, acquisitions and debt servicing. UBS Securities India, CLSA India, HSBC Securities & Capital Markets (India), Kotak Mahindra Capital are among the lead managers for the same, as per the terms of the deal accessed by Bloomberg.
🔸Reliance Industries: Reliance Retail acquires majority stake in digital pharma market place Netmeds for a cash consideration of nearly Rs 620 crore.
🔸Yes Bank: Repaid additional Rs 10,000 crore owed to the Reserve Bank of India under the special liquidity facility. The Bank had borrowed Rs 50,000 crore under the special liquidity facility. It said on July 28 that it had repaid Rs 25,000 crore to the RBI. As per the Bank’s annual report it will repay remaining dues within the timelines set by RBI.
🔸Emami: Bombay High Court has temporarily restrained the company from using the mark ‘Glow and Handsome’ till further orders. Hindustan Unilever is prima facie, a prior adopter of the mark, according to the court.
🔸Vedanta: To approach Supreme Court and appeal against the order of Madras High Court which dismissed the plea challenging closure of the company's Thoothukudi plant.
🔸Zee Entertainment: Subhash Chandra appointed Chairman Emeritus. Ro Gopalan appointed chairman of the board with immediate effect. Approved proposal to sell 100% stake in its four wholly-owned arms - Zee Digital Convergence, Zee Unimedia, Zee Network Distribution and India Web Portal.
🔸Dilip Buildcon: JV with HCC wins construction order in Uttarakhand worth Rs 1,335 crore from Rail Vikas Nigam.
🔸Dixon Tech: To consider raising funds via debt / equity on August 21.
🔸NIIT: Nippon India Mutual Fund increased stake to 7.38% from 6.55% on August 14.
🔸SMS Pharma: Promoter Potluri Labs increased stake to 0.77% from 0.27% on August 17.
🔸Sundaram Clayton: Approved allotment of NCDs worth Rs 100 crore.
🔸Centum Electronics: Sold the energy division of its French subsidiary for a total consideration of 9.8 million Euros to Chauntie Electric (Tianjin).
🔸SML Isuzu: ICRA downgrades long-term banking facilities to ICRA A+ from ICRA AA-. Outlook has been retained at negative.
🔸Non-Nifty Earnings Today: Muthoot Finance, Asian Granito, Balmer Lawrie, CSB Bank, Globus Spirits, Ruchi Soya, V2 Retail #NIFTY50