Canara Bank: The public sector lender on Monday said its board has approved the split of each share into five shares, in an exchange filing. Canara Bank added that the move is aimed “to improve the liquidity of the Bank’s share and to make it affordable for retail investors and also to broaden the retail investors base”. The expected time of completion for the stock split is 2–3 months, the public sector lender added. The Centre owns nearly 63% stake in Canara Bank, while public shareholders own the rest.
Wipro: The IT services company and Nokia Corporation have jointly launched a private 5G wireless solution to help enterprises in their digital transformation. The offering will initially be available only to companies operating in the manufacturing, energy, utilities, transportation, and sports entertainment space, Wipro said in a release on Monday. Wipro said the new technology’s speed and security coupled with the AI-driven automation it provides, would help companies improve their operational efficiencies.
Zee Entertainment Enterprises: Subhash Chandra, chairman emeritus of Zee Entertainment Enterprises, is not cooperating in an investigation into alleged diversion of funds from the media company, the Securities and Exchange Board of India (Sebi) has informed the Securities Appellate Tribunal (SAT) hearing the matter. Chandra’s legal counsel has, however, contested these allegations. Representing Sebi, senior counsel Darius Khambata said Chandra’s claims of cooperation were baseless and pointed out that the regulator’s efforts to engage with him have only been met with promises of delayed responses.
Yes Bank: The private lender will look to boost lending to small- and mid-sized companies as it tries to push up its return on assets (RoA), its chief executive officer Prashant Kumar said on Monday, according to reports. “The single agenda (for the bank) is to focus on profitability without doing anything aggressively,” Kumar said in an interview. “The first step for us is to achieve a RoA of 1% in the next two years, and 1.5% by 3-5 years.” Yes Bank’s return on assets – which is the ratio of how profitable a company is compared to its total assets – was at 0.2% for the October-December quarter.
CMS Info Systems: The promoter of cash management company CMS Info Systems, Sion Investment Holdings, is likely to sell up to 26.7% stake via block deals for ₹1,500 crore, reported CNBC-TV18. The floor price of the deal is said to be worth ₹360 per share at a 9% discount to Monday’s closing price, sources said. IIFL Securities is the sole broker of the deal.
Titan: The company’s ethnic wear chain Taneira, which was originally launched as a saree brand in 2017, is broadening its product range to include casual lehengas and low-priced kurtas. The plan is to draw more shoppers and enter smaller markets, said Ambuj Narayan, CEO, Taneira. The retailer is piloting various new collections in stores such as cotton occasion wear as well as more kurtas, priced lower than what it already sells, he added.
Paytm: The company’s founder Vijay Shekhar Sharma has stepped down as non-executive chairman of Paytm Payments Bank as the lender overhauls its board in the face of regulatory strictures. Sharma stepped down to aid the payments bank in the transition, parent company One97 Communications Ltd said in a regulatory filing on Monday. The payments bank has also appointed Central Bank of India’s former chairman Srinivasan Sridhar, retired civil servants Debendranath Sarangi and Rajni Sekhri Sibal; and former executive director of Bank of Baroda Ashok Kumar Garg as independent directors on its board.
Pricol: The manufacturer of instrument clusters has received a showcause notice from the Directorate General of GST Intelligence, Gurugram Zonal Unit, which could lead to a tax demand of ₹380 crore plus interest and penalty. According to an exchange filing, the notice was received “as part of an industry-wide Goods and Services Tax (GST) investigation, concerning classification of instrument clusters”. While the company’s way of classification would lead to a tax rate of 18 percent, the department’s method would lead to a tax rate of 28 percent. The exchange filing added that the company is not the only one facing such a demand from the department.
Crompton Greaves Consumer Electricals: HDFC Mutual Fund has acquired 13.71 million shares or a 2.14% stake in Crompton Greaves Consumer Electricals, through open market transactions on Friday, said an exchange filing on February 26. Post-acquisition, HDFC Mutual Fund’s stake in Crompton Greaves has increased to 7.11% from 4.97%.
Bandhan Bank: Bandhan Financial Holdings, the promoter of Bandhan Bank, has completed the acquisition of digital life insurance company from Aegon India Holding B.V. and Bennett, Coleman & Company, marking a strategic move into the insurance market, Aegon Life Insurance announced on February 26. “The transition to BFHL ensures the continuation of Aegon Life’s legacy of innovation and customer-centric approaches,” the statement from Aegon Life Insurance said. The deal was originally announced in July last year, which marks BFHL’s foray into the life insurance sector in India in addition to their presence in banking and mutual fund sectors.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
Download The Mint News App to get Daily Market Updates.
Published: 27 Feb 2024, 07:29 AM IST