PNB gets approval to divest stake

Good morning!

Here are the top stories to start your day.

For more updates on F&O, click here.

⭐PNB gets nod to divest UTI stake

Government-owned Punjab National Bank (PNB) said that it has received approval from the Ministry of Finance to divest its entire stake in UTI Asset Management. This can be done in single or multiple tranches. PNB holds 15.2% stake in UTI Asset Management, which is worth ₹1,329 crore. 

⭐ Laurus Labs’ power acquisition

Pharma company Laurus Labs has acquired a 26% stake in Ethan Energy India. Ethan Energy manufactures solar chargers. Laurus Labs will acquire a total of 7.4 lakh shares at price of 52.7 per share. Upon acquisition, the company will be able to consume 100% of the power generated by Ethan Energy's 10 MW plant.

⭐India’s exports could slow down

India’s exports could decline in the upcoming months owing to global recession and uncertainties, Union commerce and Industry Minister Piyush Goyal said, In October, India has already reported a sharp 16% decline in exports, the lowest level since February 2021.  

Global markets (at 7:30 AM today)

Fact of the day

Shares of NYSE-listed Manchester United are up by over 40% this week after its owner, Glazer family started working with advisors to sell the club. 

Source: Reuters