Shyam Metalics buys out Mittal Corp

Good morning!

Here are the top stories to start your day.

For more updates on F&O, click here.

⭐ Shyam Metalics buys out Mittal Corp

Metal producer Shyam Metalics and Energy Ltd announced the acquisition of Mittal Corp for ₹450 crore. It  will help the company establish its manufacturing footprint in Madhya Pradesh and add close to 1,50,000 TPA stainless steel, wire rod and bar mill capacities. There are also plans of  investing ₹7,500 crore over the next 4-5 years to scale up its metal business.

⭐ Mazagon delivers fifth submarine to Indian Navy

 The fifth scorpene-class submarine, christened INS Vagir’ was delivered by the Mazagon Dock Shipbuilders to the Indian Navy, on Tuesday. It is a  part of the P-75 project that includes indigenous construction of six submarines of Scorpene design. The company has already  started work on the sixth one, titled ‘Vaghsheer’, and it’s  getting ready for trials. Shares of the company have increased over 215% year-to-date.  

⭐ SEBI plans to phase-out share buyback 

Market regulator, Securities and Exchange Board of India (SEBI), has approved an amendment to gradually phase out share buyback through the stock exchange route. Currently, companies carry out share buyback either through an open market or bring a tender offer. Additionally, SEBI has decided to increase the minimum utilisation of the amount for buyback via stock exchanges to 75% from  50%.

Global markets (at 8:00 AM today)

Fact of the day

In 2022, Egypt’s Suez Canal earned a record breaking revenue of $7.9 billion, a rise of 25% year-on-year. 

Source: Economic Times