Adani media arm to indirectly acquire 29.18% stake in NDTV, launch open offer
AMG Media Networks Limited (AMNL), the media arm of Adani Group, will indirectly acquire 29.18 percent stake in media giant NDTV. The acquisition will be made through Vishvapradhan Commercial Pvt Ltd (VCPL), wholly owned subsidiary of AMNL, which is owned by Adani Enterprises Ltd (AEL).
Govt to approach capital market to raise funds for four road projects
Road Transport Minister Nitin Gadkari said the government will approach the capital market next month to raise funds for four road projects. The money will be raised through Infrastructure Investment Trusts (InvITs), and there will be an investment limit of Rs 10 lakh for retail investors, he added.
Taking Stock | Market snaps 2-day losing streak; Sensex up 257 points, Nifty above 17,550
The Indian market snapped a two-day losing streak and ended on a positive note on August 23 amid high volatility, helped by gains in auto, bank, metal and oil & gas stocks.
Amid weak global cues, the domestic market started on a negative note and gyrated between gains and losses before closing near the day's high.
The Sensex ended 257.43 points, or 0.44 percent, higher 59,031.30, and the Nifty was up 86.80 points, or 0.50 percent, at 17,577.50.
"The fear of uncertainty is visible in the market as they move with high volatility, led by weak signals from global peers, while a stronger domestic economy is providing some comfort," said Vinod Nair, Head of Research at Geojit Financial Services.
Global markets were under pressure following a spike in European energy prices and rate hike fears ahead of the Jackson Hole gathering later in the week where Fed chairman Jerome Powell’s take on interest rate hikes will be closely tracked.
"On the domestic front, gains in banks, autos and metals were countered by selling in IT stocks as majors are scaling down variable pay due to margin pressure," he added.
M&M, Eicher Motors, Bajaj Finserv, Titan Company and Tata Steel were among the major Nifty gainers.
The losers included Infosys, TCS, Divis Labs, HUL and HCL Technologies.
TCS says no delay in variable payout process, 100% being paid out in Q1
IT services firm Tata Consultancy Services (TCS) clarified on June 23 that it has not delayed variable pay to employees for Q1 and that it was normal to give it in the first or second month.
Hotel Ashok monetisation: Indian Hotels, DLF among 22 entities to show interest in bidding
Twenty-two entities, including Indian Hotels and DLF, have shown interest in bidding to develop and manage The Ashok, a 5-star hotel in the heart of the national capital owned by the Indian Tourism Development Corporation (ITDC). ITDC will seek investor feedback on the monetisation of The Ashok's vacant land as well, and successful bidders may be allowed construction of service apartments and convention centres.