Companies and Markets

Companies & Markets

Lux promoters value two group firms at Rs 861 cr for merger

Knitwear makers Lux group is planning to merge its two group companies – J M Hosiery and Ebell Fashions -- with the listed entity Lux Industries. The merger will be in a non-cash deal.

Lux group has arrived at combined valuation of Rs 861 crore of the two firms. JM Hosiery owns men brand Genx Ebell Fashions makes women brand Lyra

Will there be one last shakeout?

THE market was extremely choppy and the expiry day saw a sell-off in the market. Though trading for the July series saw huge gains on the opening day, it was not enough to save the week from ending with losses. The Sensex lost 266.12 points, or 0.75 per cent, to close at 35,423.48 points. The Nifty lost 107.55 points, or 1.00 per cent, to close at 10,714.80 points. Mid-Cap and Small-Cap ended with losses of 2.52 per cent and 3.17 per cent, respectively.

PSU banks turn net G-sec buyers in June

Nationalised banks turned net buyers of government bonds in June, a first in 2018, to prop up valuation before the end of the first quarter of the current fiscal year.

PSU banks’ net bought Rs 20.10 crore taking the net buying position to Rs 68.50 billion as on June 28, data showed.

Adani Group to raise Rs 5K-6K cr via stake sale

The Gautam Adani-led Adani Group on Sunday said it plans to raise Rs 5,000-6,000 crore of equity through a combination of primary issuances and secondary monetisation of its stake in some of its subsidiaries.

The Adani Family through trusts and other entities hold controlling interest in entities, including Adani Enterprises (AEL), Adani Ports & SEZ (AP-

FDI grew at 5-year low of 3% in 2017-18

Foreign direct investment (FDI) in India grew at a five-year low rate of 3 per cent to $44.85 billion in 2017-18, according to the latest data of the Department of Industrial Policy and Promotion (DIPP).

The FDI growth rate was 8.67 per cent in 2016-17, 29 per cent in 2015-16, 27 per cent in 2014-15, and 8 per cent in 2013-14.

FDI inflows recorded a negative growth of 38 per cent in 2012-13.

No sovereign bond or FCNR deposit plans on govt table

Discarding the possibility of issuing sovereign bonds or raising funds through FCNR route immediately to stem the rupee fall, finance ministry officials said the government would leave the currency management at the hands of the RBI.

RInfra gets MERC node to sell power biz to ATL

Reliance Infrastructure (RInfra) on Thursday said the Maharashtra Electricity Regulatory Commission (MERC) has approved the 100 per cent stake sale in its integrated Mumbai power business to Adani Transmission (ATL) for an estimated value of Rs 18,800 crore.

APSEZ to acquire Kattupalli Port

India's largest port developer and part of Adani Group APSEZ said it has inked a pact to acquire Marine Infrastructure Developer for Rs 1,950 crore.

Marine Infrastructure Developer (MIDPL) is the operator of Kattupalli Port.

Of the Rs 1,950 crore, Adani Ports and Special Economic Zone (APSEZ) will be paying Rs 1,562 crore towards settlement of dues of MIDPL.

Global cues to drive market

Benchmark indices fell by more than half a per cent on the day of futures & options expiry over higher crude oil price and the rupee touching a historic low of 69.09 against the US dollar. The Sensex, after opening almost flat at 35,207.19, saw some volatility in the first half of trade and fell sharply around 2.30 pm as the June series F&O contracts expired.