ICICI Bank sells part stake in insurance firms for Rs2200 crore
ICICI
Bank has sold 9% stake in its general insurance venture ICICI Lombard to
Fairfax Financial Holdings for an estimated Rs1,550 crore, also the Bank has
sold 2% stake in its life insurance subsidiary ICICI Prudential to Compassvale
Investments for about Rs650.
The
deal had been announced earlier and was awaiting requisite approvals.
Geometric spurts after HCL Tech acquires IT services business
Shares
of Geometric surged 19% to Rs232.90 on NSE in an otherwise flat markets on
reports that HCL Technologies has acquired the Geometric Limited’s IT services
business in an all-stock deal, neutral for HCL Tech, Positive for Geometric
shareholders (each share valued at Rs260 as compare to CMP of Rs196).
Godrej Consumer gains on acquiring 100% stake in Strength of
Nature
Shares
of Godrej Consumer Products gained nearly 3% to Rs1421.70 on NSE in an
otherwise flat markets on back of reports that the company has acquired 100%
stake in Strength of Nature, LLC (OPM of 22% higher than GCPL consolidated OPM)
thereby focusing on African Wet hair care market ($1bn).
This
is positive for GCPL as acquisition is expected to earning accretive from year
one of consolidation.
Bajaj Auto March 2016 sales grow 22% YoY
Bajaj Auto March 2016 sales grow 22% yoy led by market share gains
and low base of corresponding month; ahead of estimates
Bajaj Auto overall sales grew 22% yoy to 305,800 units in the
month of March 2016 and were ahead of our estimates of 2.84 lakh units.
Hexaware drops as Baring Asia backs off from plans to sell stake
Shares
of Hexaware dropped 5% to Rs258.10 on NSE as media flash stated that Baring
Asia dropped complete stake sale plans in Hexaware (Holds 71% stake).
However,
hinted at selling around 20% stake and retaining controlling stake of 51% stake
in the company.
The
news was sentimentally negative, as street was anticipating a complete stake
sale of Baring.
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