Block deals on the rise as institutional investors look to book profits
At a time when the benchmark indices are touching new highs on a regular basis and the markets are showcasing ample buoyancy, institutional investors are using the block deal route to book profits on their investments. As per data from Prime Database, the five-month period between January and May saw a total of 392 block deals with a cumulative value of Rs 86,036 crore. Market participants attribute this trend to private equity players who have been consistently selling blocks of shares on which they have been sitting on significant notional gains. Read here
Story continues below Advertisement
Take a look at these key events
Today
World Wind Day
World Elder Abuse Awareness Day
Advance tax first installment deadline
Godawari Power may consider share buyback
Arunachal Pradesh Speaker to be elected
Mumbai International Film Festival to begin
Ukraine Peace Summit: Zelenskyy to present 10-point peace plan
UEFA Euro 2024: Germany vs Scotland; Hungary vs Switzerland
Story continues below Advertisement
Tomorrow
World Father’s Day
UPSC Prelim Exam
J&K terror attacks: HM Amit Shah calls for high-level meet
S&P issues credit rating for six Tata Group companies, including Tata Motors, Tata Steel, Tata Power
Story continues below Advertisement
S&P Global Ratings on June 14 placed its ratings on six Tata group entities, including Tata Motors, Tata Steel and Tata Power on CreditWatch with positive implications. The other companies in the Tata Group are Jaguar Land Rover, Tata Power, TML Holdings and ABJA Investment. Read here
Sachin Bansal’s Navi UPI grows 10X in two months
Sachin Bansal's fintech and lending app Navi has grown its UPI payments 10 times in the last two months, helped by the handsome cashback rewards the company has been offering. Navi clocked nearly 30 million UPI transactions in May compared to March, when it registered 3 million transactions. In April, the company clocked 15 million transactions. The sudden spike in transactions lifted Navi from 27th position in March among top UPI apps to 11th position in May. Read more here
Algo-based trader IMC leases Mumbai office in one of India's highest rental deals
In one of the highest lease rental transactions in India, IMC Securities Pvt Ltd, a subsidiary of global trading company IMC Trading, has leased an office complex in Mumbai's Bandra Kurla Complex for Rs 700 per sq ft, documents accessed by Propstack show. The space is located on the 4th floor of Maker Maxity 4 North Avenue building and the lease period is set to start on June 16. More details here
Hyundai Motor India to shortly file for the country’s largest IPO, aiming for $3 billion with a valuation target of $18-20 billion
South Korean auto giant Hyundai Motor Co's Indian arm Hyundai Motor India Limited is gearing up to file draft papers shortly with market regulator Sebi to raise around $3bn via an initial public offer ( IPO) at a targeted valuation between $18 bn to $20 bn, multiple sources in the know told Moneycontrol on the condition of anonymity. Read here
Liable to pay advance tax? Pay the first installment by today
Tax-payers have to pay advance tax for the financial year in four installments – June 15, September 15, December 15 and March 15 – if their estimated tax payable exceeds Rs 10,000. If they fail to do so or delay the payment, they will have to shell out penalties. Read more here
