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M&M hikes PV prices by up to 2% starting August 2018
Mahindra and Mahindra Limited (M&M), one of India’s largest automobile companies, has announced a price hike to the extent of 2% effective August 2018. Prices of M&M’s passenger vehicles (PVs) will be hiked by up to Rs30,000 or 2%. The company mentioned in its press release that the price was being hiked to offset rising commodity prices.
Reliance Infra rises amid plans to seal Adani deal
Anil Ambani-led Reliance Infra is all set to complete the sale of its integrated power business to Adani Transmission for Rs18, 800cr by next week, as per media reports. Following this news, the stock was up over 1%.
In December’17, the duo signed a definitive binding agreement for 100% stake sale of the integrated business of generation, transmission and distribution of power for the city. Reportedly, this plan was part of Reliance Infra’s deleveraging strategy for future growth.
HDFC Bank to raise as much as Rs15,500cr
HDFC Bank Ltd., the world’s most expensive major lender, started taking orders for a share sale that could raise as much as Rs15,500cr ($2.3bn) as it works to bolster its capital ratios and expand lending capacity.
The Indian bank is seeking about Rs11,750cr by selling as many as 19mn American Depository Receipts (ADRs), each representing three shares, HDFC Bank said in a statement on Monday. The Mumbai-based lender has begun selling shares on July 30, the terms show.
Muthoot Microfin files DRHP with SEBI for an IPO
Muthoot Microfin, part of the Muthoot Pappachan Group, filed a Draft Red Herring Prospectus for an IPO of equity shares of face value of Rs10 each for cash at a price per equity share (including a share premium comprising a fresh issue aggregating up to Rs500cr and an offer for sale of up to 16,310,072 equity shares).
The equity shares are proposed to be listed on BSE and NSE.
The Book Running Lead Managers to the offer are Edelweiss Financial Services Limited, Motilal Oswal Investment Advisors Limited, Credit Suisse Securities (India) Private Limited, and SMC Capitals Limited.
Texmaco Rail & Engineering’s subsidiary inks MoU with CAF
Texmaco Rail & Engineering’s subsidiary Texmaco Transtrak has signed a pact with Spain-based electronic signaling company, CAF Signaling for manufacturing and supply of CAF's electronic interlocking system in the Indian market, the company said in a release to the exchanges on Tuesday.
The product is expected to be utilized for upgradation of Indian railways’ signaling system.
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