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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