Indices at previous closing
Nifty50: 17,153 ▼ 69 (-0.4%)
Sensex: 57,362 ▼ 233 (-0.4%)
Nifty Bank: 35,410 ▼117 (-0.3%)
SGX Nifty: 17,171 ▼ -19 (-0.1%)
For more updates on F&O, click here.
PVR, Inox to merger operations
India’s largest multiplex chain PVR will merge its operations with Inox Leisure, which is the country’s second largest multiplex chain. For every 10 shares, Inox shareholders will receive three shares of PVR. The combined entity will be the country’s largest multiplex chain with more than 1,500 screens across the country.
The management of PVR has said that creating scale to achieve efficiencies is critical for long term survival and to fight the onslaught of digital OTT platforms. As per reports, the merger won’t require the Competition Commission of India’s approval as these two multiplexes combined revenue is below ₹1,000 crore due to the pandemic-triggered restrictions. Meanwhile, shares of PVR and Inox Leisure were up 1.5% and 6%, respectively, on Friday.
Voda-Idea to raise funds
Shareholders of the debt-ridden and loss making telecom company have given their nod for raising ₹14,500 crore. As a part of the fund-raising, the promoters will pump ₹4,500 crore into the company.
The remaining ₹10,000 crore will be raised through sale of equity or debt. Meanwhile, shares of Vodafone Idea were down 0.4% on Friday.
Indigo to launch 100 flights
According to reports, the low-cost airline has launched 100 flights connecting key metro cities and regional centres in India. It also reportedly plans to recommence 16 exclusive flights.
The management said that these new and recommenced flights will enhance its domestic connectivity and also cater to the city-specific travel demand. Meanwhile, shares of Indigo were up 3.8% on Friday.
Fact of the day
In the pandemic-hit 2020, global debt surged by 28 percentage points to 256% of the world's GDP.
We'd love your thoughts on this morning update.
If you haven't already, open your Upstox account to get IPO-ready today! Click here to sign up.
To catch our latest educational videos, join our Telegram channel here.
Disclosures and Disclaimer
Investment in securities markets is subject to market risks; please read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results. Details provided in the above newsletter are for educational purposes and should not be construed as investment advice by RKSV group. Investors should consult their investment advisor before making any investment decision.
Download the Upstox App Today