Tata Sons has bought a 100% stake in Air India
* Market Outlook
Indian markets are likely to open on a flat to positive note tracking flat Asian cues with traders weighing the resilience of the pandemic recovery to an energy crunch.
* Markets Yesterday
Domestic markets ended higher on the back of gains mainly in IT stocks and select index heavyweights amid RBI keeping interest rates unchanged.
US markets ended lower amid release of weaker-thanexpected macroeconomic data.
* Key Developments
Tata Sons has bought a 100% stake in Air India for | 18000 crore ($2.4 billion). The deal includes budget arm Air India Express and 50% stake in airport service JV. Post this Air India deal, Tata group’s airline business will cumulatively enjoy 25% market share, which is second largest after Interglobe Aviation’s market share of 60%.
Bandhan Bank reported key business figures for Q2FY22. Loan growth came in at 7% YoY and 2% QoQ to | 81668 crore (including TLTRO + off book). Total deposits were up 24% YoY and 6% QoQ to | 81898 crore wherein CASA deposits jumped 45% YoY to | 36548 crore. The bank also mentioned that collection efficiency improved to ~90% for September from around 80% in June 2021.
The National Company Law Tribunal (NCLT) on Friday gave Zee Entertainment Enterprises Ltd time till October 22 to file its reply to a plea by its minority shareholder Invesco, after appellate body NCLAT ordered the tribunal to give Zee a reasonable opportunity to do the same.
As per ET Auto, the government aims to have 70% EV penetration in CV, 30% in private cars and 80% in 2-W and 3-W by 2030.
Cyprium Therapeutics with support from its licensing partner Sentynl Therapeutics, subsidiary of Cadila has announced positive results from an efficacy and safety analysis of data integrated from two completed pivotal studies in patients with Menkes disease treated with CUTX-101, copper histidinate (CuHis).
Persistent announced extension of ESOP plan to the large section of its global employee base as the company expects approx. 80% of the employees will be covered under this plan. The company estimate 70-80bps impact of the same on margins which would be largely offset over the time.
The government stated that liberalised petrol pump licensing norms allow setting up of EV charging stations and CNG outlets before the start of petrol and diesel sales.
Amit Jaiswal has been appointed as the Chief Financial Officer (Key Managerial Personnel) of the Jagran Prakashan. He is currently the Company Secretary and Compliance Officer of the Company.
Bajaj Auto has announced that its CFO Soumen Ray has left the company to explore other opportunities. His last day in the company will be December 20, 2021.
M&M has informed that XUV700 has now clocked 50,000 bookings.
* Today's Highlight
Results: Tata Metaliks, Saregama
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