Business Bulletin Weekly 08 July 2023
ITC shares hit fresh 52-week high amid hotel demerger report
ITC share price gained over 2.5% on Wednesday and hit a fresh 52-week high after CNBC-TV18 cited sources as saying that the process for demerging the hotel business is underway. Earlier, ITC CMD Sanjiv Puri had said the demerger of the conglomerate's hotel business is "very much on the table" following the sector's recovery after COVID-19.
Rural India adding 'super rich' people faster than urban: Study
India will see a five-fold increase in 'super rich' families by 2031 and a major chunk of growth will come from rural areas, a People's Research on India's Consumer Economy (PRICE) study showed. 'Super rich' households, those earning over 2 crore a year, nearly doubled to 18 lakh households in five years to 2021, it added.
RBI draft rules for card issuers may let users switch networks
RBI's newly proposed rules may compel credit, debit or prepaid card issuers to stay away from exclusive agreements with card networks like Mastercard, Visa or RuPay. Card issuers must give customers the option to choose between card networks- both at the time of issuance and at any other time. They also have to issue cards on more than one card network.
JSW Steel to replace HDFC in BSE Sensex from July 13
JSW Steel will replace HDFC Ltd in BSE Sensex index from July 13, according to the bourse's release on July 5 following the completion of the biggest corporate merger of HDFC with HDFC Bank, which came into effect on July 1. On S&P BSE 500, HDFC will be replaced by JBM Auto Components and on S&P BSE 100 by Zomato.
BSE board approves share buyback worth 374 crore at 20% premium
BSE board on Thursday approved a buyback proposal of shares worth up to *374.80 crore at a price of 816/share. The buyback price is fixed at nearly a 20% premium from Wednesday's closing price of *680.35 per share. The buyback will be done through the tender route and the record date will be decided by the buyback committee, BSE said.
L&T Infotech's Mindtree Set to Replace HDFC in Nifty 50 from July 13
Synopsis: L&T Infotech's subsidiary, Mindtree, is poised to replace HDFC in the prestigious Nifty 50 index effective from July 13. The decision comes as part of the regular index review conducted by the National Stock Exchange (NSE). Mindtree's inclusion reflects its strong performance and market capitalization growth, cementing its position among the top 50 companies listed on the Indian stock exchange.
Goenka is not the company: ZEE as NCLT adjourns Sony merger matter
The National Company Law Tribunal (NCLT) on Thursday adjourned the matter on the ZEE-Sony merger till July 10. During the hearing, Zee Entertainment
Enterprises' (ZEE) counsel argued that CEO Punit Goenka is not the company and the scheme shouldn't be held up. Meanwhile, Goenka's counsel told ET Now that the proposed merger won't be stalled.
Nykaa loses large-cap status after stock falls 52% in last 1 year
Nykaa parent FSN E-Commerce has been downgraded from large-cap to mid-cap category by the Association of Mutual Funds in India (AMFI) after the stock fell nearly 52% in the last one year. Jindal Steel & Power, Punjab National Bank, IDBI Bank, Canara Bank, TVS Motor Co, Tube Investments and Mankind Pharma have entered into the large-cap category from mid-cap.
Nifty crosses 19,500 for the first time
The Nifty50 index crossed 19,500 for the first time on Thursday during intra-day trade. Sensex was up more than 300 points, at 65,770. The Indian market has been trading in the green after a flat start despite negative global cues. Most sectors are in green with Realty, Media, Pharma, Energy and PSU Bank taking the lead.