Company Overview and News
Mumbai: Religare Enterprises Ltd’s board has named S. Lakshminarayanan as its new executive chairman, the company said in a statement on Tuesday.
Religare Enterprises Ltd (REL) has a new Executive Chairman in S. Lakshminarayanan, a retired IAS officer. (1-0)
The Indian equity market recovered some lost ground in the afternoon trade with the Nifty trading down 4 points at 10435 while the Sensex was up 15 points and trading at 33615. (11-0)
The Nifty in the afternoon trade extended its losses and was down 18.80 points at 10423 while the Sensex shed 35 points and trading at 33565. (13-0)
Shares of Shriram Transport Finance Corporation touched 52-week high of Rs 1,298, adding 8.5 percent intraday Thursday on the back of strong Q2 (July-September) numbers.
The Indian benchmark indices after hitting record highs on Wednesday continued to trade in the positive territory with the Nifty50 marginally up 4.8 points at 10445 while the Sensex gained 26 points trading at 33623 in the morning trade. The midcap sector was yet again the outperformer with the index gaining 0.65 points led by IDBI Bank, Biocon, Mcleod Russel and Power Finance Corporation. (14-0)
Shares of IDFC and IDFC Bank gained, while Shriram Transport Finance fell as IDFC’s $12-billion merger plan with Shriram Group has been called off over share swap ratio differences. IDFC said it was discontinuing discussions of merger with Shriram Group.
The Nifty and the Sensex were still trading in the red with the Nifty shedding 16.85 points at 10346 while the Sensex was down 29 points at 33237.48. The CNX PSU bank index was the top loser which fell 1.23 percent led by Union Bank of India, Allahabad Bank, Andhra Bank and Punjab National Bank. (24-0)
The Indian benchmark indices, Nifty and the Sensex were trading on a negative note with the Nifty shedding 9 points at 10354 while the Sensex was down 14.84 points at 33250.48. The midcap index was trading marginally in the green, up 1.14 percent led by GMR Indra, India Cements, Jain Irrigation and Sun TV Network. (39-0)
9:58 am Merger called off: The much talked about proposed USD 12 billion mega merger between IDFC Group and Shriram Group has been called off by the former as the two were unable to reach common ground on the swap ratio. (38-0)
New Delhi : Unable to arrive at an acceptable structure and valuation, financial services majors IDFC Group and the Shriram Group have decided to call off their merger proposal to create a financial conglomerate, both announced on Monday. In a regulatory filing in BSE, IDFC said: “This is to inform you that despite best efforts, IDFC Group and Shriram Group have not been able to reach common ground on a mutually acceptable swap ratio for the merger.
Under the proposed structure, IDFC will remain the holding company, Shriram City Union Finance will be merged with IDFC Bank and Shriram Transport Finance Company will be an unlisted fully-owned subsidiary of IDFC.
The much talked about deal between the IDFC Bank and Shriram Capital was called off on Monday as both sides failed to arrive at an acceptable valuation after four months of negotiations. IDFC and Shriram Group had announced their merger plan on July 8.
Mumbai: IDFC Ltd and Shriram Group on Monday called off their planned merger following differences over valuation.
(Reuters) - India’s IDFC Group said on Monday that talks to acquire some of Shriram Group’s financial services businesses have been called off.
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