MARKET CLOSURE
Orient Cement shares zoom over 5% amid UltraTech’s plans of acquisition
UltraTech, led by Kumar Mangalam Birla, is in advanced talks to acquire Orient Cement from CK Birla for Rs 350-375 per share to counter Adani Cement, following a 23% stake in India Cements. Valued at Rs 6,417.51 crore or $109-110 per ton, Orient Cement's acquisition might finalize by July 19, pending Telangana expansion contingency.
Kumar Birla re-enters race to buy Orient Cement to consolidate Ultratech's Southern push
Talks between CK Birla and Adani said to be at standstill over valuation, mining clearances. Orient stock up 45% in last 1 month.
Adani saga heads for a messy closure
SEBI-Hindenburg clash escalates, questioning SEBI's actions and hindering the closure of the Adani controversy, showcasing the evolving dynamics in the financial market regulatory landscape.
China’s plastics boom is set to create another trade headache
China's petrochemical sector grapples with overcapacity as polyester products exports increase, straining global trade relations.
Kotak Bank created fund used to bet against Adani: Hindenburg
Kotak Mahindra Bank managed funds for Adani stock trades, leading to significant profits. Despite ET queries, the bank mentioned transactions were made on a principal basis. Kingdon transferred funds for short positions on Adani stocks, resulting in gains after positions were squared off.
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Residential real estate at a 15-yr high; commercial may see best ever year: Anuj Puri
Clearly within the residential, we are seeing luxury doing exceptionally well, affordable unfortunately not doing as well and there is not that much supply that is coming in. But cities like MMR, Mumbai, Bangalore, NCR really leading the pack.
Jashvik Capital buys into Futura Surgicare
Jashvik Capital, an India-based private equity firm, has acquired a minority stake in Futura Surgicare, a Bangalore-based medical products, consumables, and devices player, founded by A.D. Setty in 1994. Futura Surgicare is a leading Indian manufacturer of wound closure and surgical consumables and devices, with a manufacturing facility in Bangalore and a wide market presence in India and globally.
Akme Fintrade IPO share allotment likely on Monday. Here's how you can check status
The funds are being raised primarily to augment its capital base. As per RBI norms, the minimum capital adequacy for an NBFC should be 15%
It was ‘closing’ time for many retailers in FY24; V-Mart, W, Aurelia among cos that downed more shutters
Retail chains like Pantaloons, Spencer's Retail, and Nature's Basket have closed down more stores in 2023-24 than they opened new ones, leading to a drop in their total store count. V-Mart Retail, W, Aurelia, and Titan Eye+ had higher store closures than openings in the January to March quarter. Pantaloons store count dropped from 431 in FY23 to 417 in FY24, with 33 stores closed to improve network quality.
Juneteenth 2024: Banking and postal services to remain shut in the US? All you need to know
Juneteenth 2024 is a federally recognized holiday and some services in the United States may remain closed on this occasion. Know which of them are not going to be operating and which are to stay open in major US cities. Some major facilities across the US are staying shut for this occasion, which may see some of your plans change.
Should you buy a house now before property prices soar or wait for home loan interest rates to drop?
A favourable wealth effect, driven by a sharp rise in the equity markets, is enticing many first-time homebuy ers to take the plunge, while affluent buyers are looking for second homes. If you are a fence-sitter, still unsure about when to buy a house, this market presents a big dilemma. Is it the right time to buy a house?
Startups seek advice on IPO timing in choppy markets
Multiple new-age companies looking to go public are seeking counsel on their next moves in response to the stock market volatility following the general election results on Tuesday. These companies are looking for advice on the timing of their public listings even as they remain confident about India's macroeconomic prospects, founders, investors and investment bankers told us.
Covid scare is gone, but at-home consumption of alcohol sticks
According to latest data from global alcohol market analysts IWSR, 79.2% of alcobev volume sales in India last calendar year were ‘off-premise’, or outside bars and restaurants. While this share has come down from 82.4% in 2022, it is still higher than 72.5% during the pre-pandemic year of 2019.
Sebi puts in place SOP for handling of commodity exchange outage, extension of trading hours
Sebi on Monday came out with a standard operating procedure (SOP) asking stock exchanges having commodity derivatives segment to inform about trading disruptions within 15 minutes of such occurrences and extending the trading time by 30 minutes in certain outage conditions.
Workday shares sink over 13% as slower hiring hits payroll services demand
Workday shares dropped on Friday due to a lowered annual subscription revenue forecast amidst economic uncertainty and slower hiring impacting demand for payroll services.
Singapore Airlines shares slip 1.3% after turbulent flight
One passenger died of a suspected heart attack and dozens were injured after flight Singapore Airlines SQ321 encountered what the airline described as sudden, extreme, turbulence while flying over Myanmar on Tuesday.
Market setting up for an election rally: Rohit Srivastava
Srivastava notes market stability as potential start of election rally with low VIX indicating low market expectations. Anticipates positive market movement post-election outcome, highlighting potential opportunities in private banks like Kotak Bank amid market consolidation.
Kerala CM orders closure of educational institutions amid heatwave preparations
Kerala's CM directs measures to combat heatwaves, including adjusting work timings and closing educational institutions. IMD issues yellow alert for several districts. Instructions given to avoid forest fires and provide drinking water in tribal hamlets.
Impact of Baltimore port closure on global supply chains
Authorities have warned that extensive work is needed before the major port can reopen following Tuesday's catastrophic cargo ship collision, which has blocked the harbour's entrance.
CBI files closure report in Air India leasing case
The Central Bureau of Investigation (CBI) has filed a closure report in one of the four cases related to a leasing contract involving Air India during the UPA regime. The closure report potentially clears Praful Patel, who was the civil aviation minister at the time. The agency has been investigating alleged irregularities and misuse of office in the leasing of aircraft by the national carrier. The closure report was filed on March 19 before a special CBI court in New Delhi, and a hearing is scheduled for April 15.
Pending poll umpire's decision delays closure of IPL ad deals
Advertising deals for this year's IPL are delayed due to lack of clarity over the schedule caused by the Lok Sabha elections. Companies seeking campaign-based advertising are waiting for more visibility on the schedule.
Don't suddenly turn off the bourses
Indian equities have run ahead of the economy's potential, with current market capitalisation at a healthy premium to underlying GDP. This, despite a fair selloff by FPIs this month as banks and consumer goods companies reported muted earnings.
Continuing to work towards successful closure of merger with Sony: Zee Entertainment
ZEEL is working towards a successful closure of its USD 10 billion merger with Culver Max Entertainment. The fate of the merger is uncertain as the deadline for extension negotiations approaches. The bone of contention is the driving seat of the merged entity, with ZEEL's Punit Goenka initially set to lead. However, Sony has concerns due to a fund-diversion case involving Goenka. The deal has a stipulated period of two years for completion, including regulatory approvals. ZEEL has sought an extension from Sony.
Groundings, Go First closure, getaway mania leading to last-minute fares spiking sky high
India has its own unique geography and dynamics. So, flying is often the option many take despite it being a pricier option. Affluent Indians tend to be far less cost-conscious than their European counterparts when it comes to travel. This whole dynamic changes quite a bit when it comes to last-minute fares when prices can be 3 or even 4 times the usual fare.
Pollution forces city-wide closures of businesses, schools in eastern Pakistan
Pakistan's eastern provinces, including Lahore, closed schools and markets due to hazardous smog. Lahore had the world's worst air quality with an air quality index of 432. Pollution from industrialization, construction, and vehicles, exacerbated by temperature inversion, causes severe smog in cooler months.
Annual Men's and Women's 10k races to impact Edinburgh traffic: Road closures announced
The annual men's and women's 10k races will take place in Edinburgh this Sunday, with thousands of runners expected to participate. The race will pass through various landmarks in the city, including the Scottish National Gallery and the Scottish Parliament building. To accommodate the event, several road closures will be in effect from 5 am to just after 1.30 pm.
G20 Summit: Retailers, traders seek 2-hour window to open businesses in Delhi
The Retailers Association of India (RAI) has written to the Delhi government requesting permission to keep the outlets open for a brief time. "Even a couple of hours' window in the evenings will help reduce customer inconvenience in that area and also help us (traders) make up for the loss," RAI chief executive Kumar Rajagopalan said. The association is anticipating a loss of ₹7,000-10,000 crore. According to Rajagopalan, businesses with perishable items will suffer the most.
G20 Summit: Delhi Police withdraws letter asking DMRC to shut down metro gates
According to the Delhi Police, train services will be available at all stations except Supreme Court station, which will be closed fron 5 am on September 9 to 11 pm on September 10. India is set to host the G20 event at the newly built international convention and exhibition centre -- Bharat Mandapam -- at Pragati Maidan, which is close to the Supreme Court metro station.
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