Infosys: Recovering from the loss of a billion-dollar deal in December, Infosys started 2024 with momentum, securing two significant contracts. The most recent is a $300 million contract with Singapore-based Pacific International Lines that runs through 2027, according to industry executives. The Singapore deal marks Infosys’ second significant multi-year contract announcement within a month, following a seven-year deal with Irish food retailer Musgrave on 31 January to automate its IT functions using AI and cloud solutions. For the quarter ended December, Infosys announced a major deal total contract value of $3.2 billion in Q3FY24, down from $7.7 billion in 2QFY24. This includes net new of 71%.
Coal India: The state-owned company on Thursday signed a memorandum of understanding (MoU) with Haryana Power Purchase Center for supply of 800 megawatts (MW) of electricity from Mahanadi Basin Power Ltd. This agreement lays the foundation for a future option purchase agreement, and will help Haryana meet its growing energy needs, Coal India said in a statement.
Vedanta: Promoters of mining and resource major Vedanta downloaded 1.76% of the company for ₹1,737 crore on Thursday through a big deal on BSE, data shows. The stake was sold by Finsider International Co. Ltd, an advertising entity, for a weighted average price of ₹265.14 per share. This translates to a 5% discount over Wednesday’s closing price. Vedanta shares closed 4% lower on BSE on Thursday at ₹268 each.
NBCC: The state-owned construction company expects to meet its revenue target of ₹10,000 crore in FY24 riding on its strong performance in the third quarter of the current financial year, its Chairman and MD, KP Mahadevaswamy, told CNBC-TV18 on Thursday. According to Mahadevaswamy, the public sector enterprise is well positioned to meet its revenue target and it can further extend to ₹13,000 crore in the next financial year. NBCC reported ₹2,412.6 crore in revenue in Q3FY24, up 13% from the year-ago period. Its net profit swelled 58.9% to ₹113.16 crore in the December quarter year-on-year.
Axis Bank: Senior BJP leader Subramanian Swamy on Thursday moved the Delhi High Court pleading fraud of nearly ₹5,100 crore in the way Axis Bank sold and bought shares of insurer Max Life Insurance Company. Max Life is a joint venture between Max Financial Services and private lender Axis Bank. On 6 February, the Insurance Regulatory and Development Authority of India (Irdai) approved Axis Bank’s proposal to buy an additional 7% in Max Life for ₹1,612 crores. After this, the Axis group entities will collectively own 19.02% of the insurer, up from less than 13% currently.
Yes Bank: Global investment firm The Carlyle Group on Thursday sold 1.3% stake, amounting to Rs 39 crore, in the private sector lender for ₹1,057 crore through open market transaction on BSE. According to the wholesale trading data available on BSE, the stock was cleared at an average price of ₹27.10 each. Meanwhile, Morgan Stanley Asia Singapore Pte acquired over 30.63 crore equity shares, representing a 1.06% stake in Yes Bank. The shares were bought at the same price, taking the deal size to ₹830.08 crores.
HDFC Bank: The private bank plans to launch the Home Savings product in April and Home Renovation loans in the coming months, a senior bank official said on Thursday. The Home Saver product is like an over savings facility and will directly compete with the State Bank of India Maxgain home loan scheme. HDFC Ltd offered a Home Renovation loan before its merger with HDFC Bank, and it will be relaunched soon.
One 97 Communication: The regulator-mandated virtual exit of Paytm Payments Bank from the UPI platform may not have as much of a disruptive impact on the cashless transaction ecosystem as currently feared, as most users have multiple backend accounts that are outside the scope of the limits of the central bank. Only about a sixth of the 90 million Paytm UPI users use the app as the sole application for transactions, while in the merchant category, about 70% of the merchants using Paytm services have their accounts outside of Paytm Payments Bank. In a report on Tuesday, Macquarie Capital Securities expects a sharp reduction in Paytm revenues across various segments, anticipating an exodus of customers.
Cipla: The drug major on Thursday said it has tied up with CSIR-Central Drug Research Institute to jointly develop a new ophthalmic formulation for fungal keratitis. The collaboration aims to leverage the combined expertise and resources of both organizations to develop a safe and effective drug for fungal keratitis, the Mumbai-based drugmaker said in a statement. Worldwide, approximately 1.2 million cases of fungal keratitis are reported annually with tropical countries recording a higher incidence.
Indian Hotel Company: The Tata Group-backed company has expanded its brand portfolio through a “strategic alliance” with Kolkata’s Ambuja Neotia Group for Tree of Life Resorts & Hotels, recently acquired by the latter. Kolkata-based Ambuja Neotia Group announced in November last year that it had acquired Gurgaon-based boutique hotel chain Tree of Life Resorts & Hotels for an undisclosed amount.
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Published: 16 Feb 2024, 07:31 IST