Wednesday, December 06, 2023

India Business News

Top Things To Know Today Morning:

1. On Tuesday, the BSE Sensex surged by 431 points to reach 69,296, and the Nifty50 saw a climb of 168 points, reaching 20,855.
2. The Indian rupee saw a marginal decline of 1 paisa against the U.S. dollar, closing at Rs 83.38.
3. Brent crude oil futures settled at $77.20 a barrel, falling by 83 cents.
4. Spot gold was down 0.4 percent at $2,018.29 per ounce.
5. Dollar index was last up 0.12 percent at 103.73, hovering around one-week highs.

Corporate Updates:

1. State Bank of India (SBI): SBI is acquiring a 20 percent stake held by SBI Capital in SBI Pension Funds for Rs 229.5 crore, increasing its stake to 80 percent.
2. Somany Ceramics: The company has set December 15 as the record date for the Rs 125 crore buyback, representing a 15.18% stake at Rs 850 per share.
3. Ashok Leyland: The company has raised its stake in Switch Mobility's holding company to 92.19% from 91.63%, deploying around Rs 662.5 crore as the first tranche of a planned Rs 1,200 crore investment.
4. Bank of India: The bank has launched its qualified institutional placement (QIP) with a floor price of Rs 105.42 per share.
5. GRM Overseas: The company has approved the appointment of Atul Garg as MD of its subsidiary GRM Foodkraft. Atul Garg will hold the post for 5 years.
6. Axiscades Technologies: The company acquired a 100 percent stake in Epcogen for Rs 26.25 crore. Epcogen is engaged in engineering design and solutions for the energy space.
7. HDFC Bank: The bank has sought approval from shareholders for the re-appointment of Sashidhar Jagdishan as the Managing Director & Chief Executive Officer and the appointment of V Srinivasa Rangan as an Executive Director.
8. Dalmia Bharat: The company has approved the appointment of Puneet Dalmia as MD and CEO for five years, effective from December 8.
9. Power Grid Corporation of India: The corporation has received a letter of intent for the establishment of an inter-state transmission system project in Gujarat.