Benchmark BSE Sensex had tumbled 566 points to close below the 60,000-level on Wednesday, extending its losses for a second day due to profit taking in banking and IT stocks amid a fall in global stocks. The 30-share BSE barometer tanked 566.09 points or 0.94 per cent to settle at 59,610.41 as 20 of its constituents closed in red. The broader NSE Nifty declined by 149.75 points or 0.83 per cent to settle at 17,807.65 with 30 of its stocks ending with losses.
Here are the key stocks to watch on Thursday, April 7, 2022:
IDFC and Bandhan Bank
A consortium of Bandhan Financial Holdings, GIC and ChrysCapital will acquire IDFC Asset Management Company for Rs 4,500 crore in one of the largest deals in the country’s asset management space. The deal is subject to receipt of necessary regulatory approvals and customary closing conditions, according to a regulatory filing.
IDFC Ltd and the consortium have entered into a definitive agreement to acquire IDFC Asset Management Company Limited (IDFC AMC) and IDFC AMC Trustee Company Limited.
The deal will be for a consideration of Rs 4,500 crore, the filing said.
“This is a highly tracked acquisition and will be the largest deal in the Indian asset management industry to date,” it added.
Barbeque Nation
Two entities — Tamara and Pace — on Wednesday offloaded shares of casual dining chain Barbeque Nation Hospitality for an estimated Rs 669 crore through open market transactions.
Those who picked up the shares of the Bengaluru-based casual dining chain are — ICICI Prudential Mutual Fund, Motilal Oswal Mutual Fund, BNP Paribas Arbitrage, Massachusetts Institute of Technology and TNTBC as The Trustee of Nomura India Stock Mother Fund.
According to bulk deal data available with the National Stock Exchange (NSE), Tamara, part of private equity firm CX Partners, sold a total of 27.55 lakh shares of Barbeque Nation at an average price of Rs 1,153.16-Rs 1,154.99, valuing the transaction at Rs 318 crore. Pace offloaded 29.93 lakh scrips of the casual dining chain at Rs 1,172.96 apiece, aggregating to Rs 351 crore.
DCB Bank
Private lender DCB Bank on Wednesday said the RBI has approved the re-appointment of MD and CEO Murali M Natrajan for two years.
“We wish to inform you that approval has been received from the Reserve Bank of India (RBI) for the re-appointment of Murali M Natrajan as the Managing Director & CEO, for further period of two years from April 29, 2022 to April 28, 2024,” the bank said in a regulatory filing.
Motherson Sumi Systems
Auto components major Motherson Sumi Systems Ltd (MSSL) on Wednesday said it has successfully completed the acquisition of a majority stake in Bengaluru-based CIM Tools Private Ltd.
In October last year, MSSL had announced acquiring a 55 per cent stake in CIM Tools Private Limited (CIM), which is a leading supplier in the aerospace supply chain.
CIM in turn holds 83 per cent stake in Aero Treatment Private Ltd (ATPL) and 49.99 per cent stake in Lauak CIM Aerospace, which is a joint venture with Lauak International, LCA.
Zee Entertainment Enterprises
Investment firm Invesco on Wednesday said three funds managed by its developing markets investment team, including Invesco Developing Markets Fund, will sell up to 7.8 per cent of the share capital of Zee Entertainment Enterprises Ltd (ZEEL) to align exposures to the firm with other funds managed by the team.
Invesco, which is the single-largest shareholder in ZEEL, said after the proposed sale, the three funds managed by its developing markets investment team will continue to own in aggregate at least 11 per cent of ZEEL.
It underscores the investment team’s belief that the Sony deal in its current form has great potential for ZEEL shareholders, Invesco said in a statement.
Coffee Day Enterprises
Coffee Day Enterprises Ltd on Wednesday said it has defaulted a total of Rs 479.68 crore on repayment of loans and unlisted debt securities in the quarter ended March 31, 2022.
In a regulatory filing, the company said it has defaulted Rs 224.88 crore on repayment of loans or revolving facilities like cash credit from banks and financial institutions, along with default in interest amount for the same at Rs 5.78 crore.
Also, there has been a default of Rs 200 crore on payments of unlisted debt securities — non-convertible debentures and non-convertible redeemable preference shares, Coffee Day Enterprises said.
The default on the payment of interest of the debt securities was Rs 49.02 crore in the quarter, it added.
HDFC Bank
The country’s largest private sector lender HDFC Bank on Wednesday said it is planning to raise up to Rs 50,000 crore in the next one year by issuing bonds on a private placement basis.
The decision was taken at the bank’s board meeting.
“The bank proposes to raise funds by issuing perpetual debt instruments (part of additional tier I capital), tier II capital bonds and long-term bonds (financing of infrastructure and affordable housing) up to a total amount of Rs 50,000 crore over the period of next 12 months through private placement mode,” HDFC Bank said in a regulatory filing.
Yes Bank
Rating agency CARE upgraded the Yes Bank’s ratings assigned to its debt instruments such as Infrastructure Bonds, Tier II Bonds among others.
-with PTI inputs
