Business

Reliance Industries, Maruti Suzuki, SBI, HDFC


The trend on the SGX Nifty indicates a slightly higher opening for the domestic market.

New Delhi: Domestic stock indices are likely to trade cautiously on Monday, taking cues from global markets. Asian stock markets were cautious as investors held on to hopes for a final peace deal in Ukraine, but fighting continued with no signs of stopping. The trend on the SGX Nifty indicates a slightly higher opening for the home market. Nifty Futures on the Singapore Exchange also known as SGX Nifty Futures rose 63.70 points or 0.37 per cent to 17,388.80.

The benchmark BSE Sensex was up 1,047 points or 1.84 percent to close at 57,864 on Thursday, while the broader NSE Nifty was up 312 points or 1.84 percent higher to close at 17,287. The domestic index closed on Friday due to “Holi”.

Reliance Industry: RIL subsidiary Reliance Retail, owned by billionaire Mukesh Ambani, said it has acquired a majority stake in Purple Panda Fashions Pvt Ltd, which owns the popular underwear brand, priced at $ 125 million, continuing to grow in the apparel and underwear sector. India’s largest retail chain will own an 89 per cent equity stake in Purple Panda, which owns and operates the underwear brand in Clovia, Reliance said.

Maruti Suzuki India: Suzuki Motor Corporation of Japan said it will invest about 150 billion yen (about Rs 10,445 crore) by 2026, for the local manufacture of Electric Vehicle Batteries (BEVs) and BEV batteries in Gujarat.

National Bank of India (SBI): The country’s largest lender has set up a dozen non -performing assets (NPAs) for sale to recover loan payments in excess of Rs 820 crore, according to a bank notification.

Ruchi Soya: The company’s follow -up public offering (FPO) is set to open on March 24 and close on March 28. In 2019, Patanjali acquired Ruchi Soya through an insolvency process of Rs 4,350 crore.

HDFC: The mortgage lender said it would acquire a 7.2 per cent stake in prop technology startup company Loyalie IT Solutions Pvt Ltd for Rs 1.1 crore.

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