HDFC chairman Deepak Parekh on Friday exuded confidence that the synergies between HDFC Bank and the group companies will deepen with the bank taking on the mantle of ownership of the group following the reverse merger likely to be effective from Saturday. As chairman of HDFC Ltd, Parekh in the last message to the shareholders said home loans will now be complemented with HDFC Bank's core strengths -- its sales engine, execution capabilities at scale and deep insights on consumer behaviour. The reverse merger of parent HDFC Ltd with HDFC Bank is expected to be effective from July 1.
Fresh meat and seafood delivery unicorn Licious is intensifying its talent acquisition endeavours as it pursues profitability and readies for an initial public offering (IPO) within the next 24 months. Delightful Gourmet, Licious' parent company, has named 39-year-old Karishma Gupta as its new chief financial officer (CFO). Her appointment aligns with Licious' drive for profitable growth through an omnichannel strategy.
Sharmila, the sister of Andhra Pradesh chief minister YS Jagan Mohan Reddy, had joined the Congress on January 4 in Delhi in the presence of Congress chief Mallikarjun Kharge and Rahul Gandhi.
The actor said the "clown's cap" was now being foisted on the head of Tamils and urged them to "erupt".
Finance Minister Jaswant Singh on Tuesday ruled out the merger of IDBI with IFCI in the near future and said all efforts would be made to restore the state of health of these organisations. \n\n
HDFC Asset Management Company (HDFC AMC) reported a healthy profit after tax (PAT) of Rs 430 crore for the July-September quarter (Q2) of financial year 2023-24 (FY24). It rose 20.2 per cent year-on-year (Y-o-Y) and decreased 8.4 per cent quarter-on-quarter (Q-o-Q). This was driven by good equity returns, leading to a sequential improvement in revenue yields.
New entity is likely to get a top-up of $200 million from a Chinese investor
Reliance Industries, the country's most valued company, is delaying its annual general meeting this year following non-receipt of approvals for merger of Indian Petrochemicals with itself.
The Securities and Exchange Board of India on Thursday proposed consolidation of regional bourses to form a bigger entity 'Indonext' or a merger with either BSE or NSE, as part of the ongoing capital market reforms.
Private equity (PE) investments in India have fallen to a 6-year low at $24.2 billion in the financial year ending March 2024. Investments via PE deals are down 47 per cent compared to FY23, when private equity deals worth $45.8 billion were signed. According to data sourced from Bloomberg, PE firms had signed record deals worth $80 billion in the financial year ending March 2022.
The board of HDFC Bank has approved the appointment of Keki Mistry and Renu Karnad as the additional non-executive directors of the bank, and V Srinivasa Ranjan as its executive director. Mistry was the chief executive officer and vice chairman of HDFC, which merged with the bank today (1 July 2023). Karnad has been the managing director of HDFC since 2010. Ranjan was the executive director and chief financial officer of HDFC.
'The government has put in a lot of effort to provide infrastructure for the industry.'
The board of Deccan Aviation, India's largest budget carrier, will meet in Bangalore on Wednesday to consider the merger with the UB Group's Kingfisher Airlines, which bought a stake in the carrier recently.
Telesys Software Ltd's board approved the merger of subsidiary companies Aavishkar Software Ltd, Scribe Solutions P Ltd, Sun Java Solutions P Ltd, and Millenium Web Solutions P Ltd. with the company.
After filing their objections against the Air India-Indian Airlines merger with the corporate affairs ministry on August 31, the unions of Indian Airlines are now planning to take the matter to court.
Let's take a look at some of the biggest M&A deals in the world.
Mahindra Forgings Ltd on Thursday said the proposed merger of its three subsidiaries with the company will propel it to the position of second largest forging player in the Indian market.
IT services major LTIMindtree reported a net profit of Rs 1,100 crore for the fourth quarter of financial year 2023-24 (FY24), down 1.2 per cent year-on-year (Y-o-Y) from Rs 1,141 crore in the same quarter last financial year. Revenue grew 2.3 per cent Y-o-Y for the fourth quarter to Rs 8,892.9 crore. Sequentially, revenue was down 1.4 per cent.
While the merger will see the share of the promoter group increase by two percentage points, the move has also seen a few analysts raise concerns.
'We are the real Shiv Sena and we will remain in the Sena.'
Based on a writ petition filed by some individual investors, the High Court while ordering the status quo on Friday, issued notices to SEBI, BSE, NSE, Sun Pharma, Ranbaxy, Daichii Sankyo and Silver Street Developers.
The meeting to approve the merger of Udaipur-based BoR with the country's largest private sector lender ICICI Bank got off to a chaotic start.
The discussions, if successful, would see the German major owning a majority stake of nearly 60 per cent in the combined entity, while the rest would be with NYSE Euronext.
However, the national party count has gone down to six from 14 in over seven decades.
Reliance Energy Ltd said on Thursday it has got shareholders' approval for the merger of Reliance Energy Ventures Ltd with itself.
HDFC Bank Q4 review: HDFC Bank's January-March quarter (Q4) results, for financial year 2022-23 (FY23), brought no cheer to investors as elevated costs, and merger-related uncertainties continue to dent the sentiment. Moreover, analysts fear that merger-related costs may put pressure on margins and cost to income ratio in the near-term, while the return on equity could moderate owing to low leverage of the parent. Analysts, therefore, opine that the stock's re-rating may be some time away. "While the risk of a de-rating on a standalone basis appears to be quite low given that the business performance is holding up well, we believe a re-rating in the stock would happen as and when more clarity emerges on the smooth transition (merger)," said a report by Sharekhan.
Two Anil Ambani group companies, Reliance Power and Reliance Natural Resources, on Monday said their respective shareholders have approved merger between the two entities, estimated to create a Rs 50,000-crore (Rs 500 billion) entity.
The government on Tuesday told the Rajya Sabha that it has not received any formal proposal for merger of Sahara Airlines with Jet Airways, leading to protests by Left members who asked the minister to clarify on the matter.
The Reliance-Anil Dhirubhai Ambani Group on Friday announced a tentative schedule for merger of two firms transferred from Mukesh Ambani group.
Chinese steel industry has for the first time openly expressed concern over the merger of global steel giants, Mittal with Arcelor saying it posed "great challenge" for the domestic industry.
The merger process started four years ago, with the acquisition of Satyam in April 2009.
Kotak Mahindra Bank's acquisition of ING Vysya Bank is the country's first ever amalgamation of a profit earning entity post the global financial meltdown in 2008.
Why are DIIs holding such a high stake in Zee, which is beset with alleged governance issues? Perhaps they think Zee is a deep-value stock, observes Debashis Basu.
The Madras high court was to hear the petition on Friday, but it had to be deferred due to the ongoing boycott of courts by lawyers, Subhiksha Trading Services Ltd said. The merger petition pertains to the purchase of 40 per cent stake in Blue Green Constructions for Rs 2 crore (Rs 20 million) by Subhiksha in 2008, followed by the retail chain's decision to merge the two entities.
HDFC Bank Q1FY24 results analysis: Shares of HDFC Bank, the world's seventh largest financial entity, have advanced 2 per cent in two days, as against 1 per cent rise in the benchmark S&P BSE Sensex, after the lender reported its April-June quarter (Q1) results for financial year 2023-24 (FY24) on July 17. The S&P BSE Bankex index, meanwhile, has gained 1.3 per cent. While the near-term stock performance may remain sideways due to merger-related hiccups, analysts remain bullish on the stock's long-term prospects.
