Here is a collection of the most important stories this evening:
ITC expects demerged hotels entity to flourish, backed by parent's 40% stake
ITC’s 40 percent stake will help instil a strong brand value, resonating goodwill, and offer a sense of stability and security to all stakeholders and employees involved, the company said in an investor call on the demerger. The demerger structure is intended to facilitate pure play growth, ensuring a focused and specialized path forward. Read more
Market washes away recent gains as profit booking kicks in: Key factors behind fall
Benchmark indices washed out all the gains made in the previous session as profit booking seeped in the market on July 27. As a result, the Sensex shed over 500 points while the Nifty slipped below 19,650 at the day's low. Moreover, sharp losses in several frontline stocks further weighed on the benchmark indices. Read more
Cipla promoters said to explore stake sale to Blackstone, Baring Asia
Pharma major Cipla's promoters are in talks with major private equity (PE) players to sell a part of their total holding in the company, three independent sources with direct knowledge of the development said. They added that an investment bank has been hired to advise on the deal and Blackstone, Baring Asia among others are in talks to explore a deal. Read more
Govt's share sale in RVNL over-subscribed, institutional buyers put in Rs 1,900 crore worth bids
The government’s 5.36 percent share sale in Rail Vikas Nigam Ltd (RVNL) was oversubscribed on the first day of issue with institutional buyers putting in bids worth about Rs 1,900 crore. In the two-day Offer-for-Sale (OFS), the government is selling 11.17 crore shares, representing a 5.36 percent stake at a floor price of Rs 119 apiece. The offer includes a greenshoe option of an additional 4.08 crore RVNL shares or a 1.96 per cent stake. Read more
SBI economists say India to be 3rd largest economy by 2027, advance estimate by 2 yrs
In a note that comes a day after Prime Minister Narendra Modi exuded confidence of winning a third term and India galloping to being the third largest till 2029, SBI economists said India’s real GDP will grow at over 6.5 per cent in FY24. Read more
Bajaj Finance Q1 results | What analysts say on guidance, new products
Bajaj Finance reported a 32.4 percent rise in its consolidated net profit, at Rs 3,436.89 crore, in Q1FY24 on July 26, from Rs 2,596 crore in the corresponding quarter a year ago. Read more
RBI clarifies: Star series bank notes are legal
The Reserve Bank of India (RBI) on July 27 clarified that a banknote with a star (*) symbol is the same as other legal banknotes except that in the number panel, a star symbol is added between the prefix and the serial number. Read more
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