Adani Group to buy stake in NDTV

Good morning!

Here are the top stories to start your day.

For more updates on F&O, click here.

⭐ Adani Group to buy stake in NDTV

AMG Media Networks Limited, a subsidiary of the Adani Group, is set to indirectly acquire a 29.18% stake in New Delhi Television Ltd (NDTV). Further, Adani Group entities will also make a ₹493-crore open offer for 26% stake in NDTV at ₹294 per share. However, NDTV has said that this acquisition was done without any input from, conversation with, or consent of the NDTV founders.

⭐ Nestle India says food inflation is a worry

Nestle India's Chairman and MD said food inflation in India remains a matter of concern. However, he hopes that a good monsoon season will improve the adverse situation. He further said that urban consumption continues to be strong after the pandemic and that the company has witnessed growth across small towns and semi-urban areas. 

⭐ Pharma sector to see strong revenue growth

As per a Crisil Research report, India's pharma industry is likely to report revenue growth of 7-9% in this fiscal. Lifestyle-related chronic portfolio drugs and a few acute portfolio drugs are likely to drive demand in the current fiscal. However, it said the operating profitability will shrink by 2-2.5% due to pricing pressure in the US generics market and high input and freight costs.

Global markets (at 7:30 AM today)

Fact of the day

Jamaican sprinter Usain Bolt has filed an application with the US Patent and Trademark Office to trademark a logo showing his signature celebration pose. 

Source: Business Standard