The Indian equity benchmark rose for the third straight session on March 30, rallying to a six-week high on progress in Russia-Ukraine talks and gains in auto, IT, bank, capital goods and realty names. At close, the Sensex was up 740.34 points, or 1.28 percent, at 58,683.99, and the Nifty was up 173 points, or 1 percent, at 17,498.30.
Axis Bank
Private lender Axis Bank will acquire Citibank’s India consumer business for $1.6 billion in an all cash deal, the Citigroup announced on March 30. The transaction comprises the sale of the consumer banking businesses of Citibank India, which includes credit cards, retail banking, wealth management and consumer loans, Citigroup said. “The transaction also includes the sale of the consumer business of Citi’s non-banking financial company, Citicorp Finance (India) Limited, comprising the asset-backed financing business, which includes commercial vehicle and construction equipment loans, as well as the personal loans portfolio,” it added.
Nazara Technologies
Subsidiary Nazara Pte Ltd (Nazara Singapore) will invest $2.5 million in BITKRAFT Funds. Out of which $0.875 million will invest upfront while the balance investment amount of $1.625 million will be deployed over a period of three years.
Tata Steel
Tata Steel transferred its entire stake in Tata Steel Special Economic Zone Limited to Tata Steel Utilities and Infrastructure Services for consideration other than cash. The company has executed an asset transfer agreement for the acquisition of itemised assets from Stork Ferro and Mineral Industries Private Limited to produce ferro alloys.
ONGC
The two-day offer for sale issue will close on March 31. The Government of India has decided to exercise the oversubscription option to the extent of additional 9.4 crore equity shares, in addition to 9.4 crore equity shares of ONGC. Accordingly, the total offer size for sale will be up to 18.8 crore shares or 1.5 percent of the total paid-up equity.
Mangalam Cement
Promoter Vidula Consultancy Services acquired 2.26 lakh equity shares in the company via open market transactions. With this, its shareholding in the company stands at 9.92 percent, up from 9.1 percent earlier.
Godrej Properties
The real estate developer has acquired a nine-acre land parcel in the residential micro-market of Pimpri-Chinchwad in Pune. The development will primarily be for a group housing project.
Quess Corp
The board has approved the transfer of digital business undertaking of the company comprising Qjobs, Worq, and Dash as a going concern on a slump sale basis to the company’s subsidiary Billion Careers Private Limited (BCPL), for Rs 5.04 crore. The company has signed the First Addendum Agreement with Stellarslog Technovation (Taskmo), Naveen Ramachandra and Prashant Janadri (Founders), under which it will make an additional investment of Rs 3.84 crore. The board also approved the re-designation of Executive Chairman Ajit Isaac to Non-Executive Chairman (Non-Executive Director) with effect from April 2022.
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