Key facts
- Indian markets closed marginally lower amid volatility.
- Abu Dhabi Investment Authority plans to sell up to 2.3% stake in Lenskart.
- Tata Consumer Products aims for over 20% EBITDA margin.
- Reliance Industries subsidiary will lead a major slum redevelopment project in Mumbai.
- REC Ltd will merge with Power Finance Corporation.
- Zee Entertainment Enterprises plans to raise at least Rs 2,300 crore.
Indian equity markets experienced volatile trading on Wednesday, ultimately closing marginally lower. Several companies, including Lenskart, Power Finance Corporation (PFC), Reliance Industries (RIL), Hindustan Zinc, and Tata Consumer Products, were in focus due to significant corporate news.
Abu Dhabi Investment Authority (ADIA), through its investment vehicle Platinum Jasmine A 2018 Trust, is planning to sell up to 2.3% of its stake in eyewear retailer Lenskart via a block deal valued at up to Rs 1,944 crore. This follows a recent sale of nearly Rs 2,873 crore worth of Lenskart shares by SoftBank.
Tata Consumer Products Ltd (TCPL) has set a long-term target of achieving an EBITDA margin exceeding 20%, according to Tata Sons chairman N Chandrasekaran, who expects profitability to improve as newer businesses scale.
In real estate, a consortium led by Reliance Industries' subsidiary Reliance 4IR Realty Development has been selected as the successful bidder for the redevelopment of the Juhu Galli slum cluster in Mumbai's Andheri West, a project spanning 101.36 acres.
Power Finance Corporation (PFC) is set to merge with REC Ltd, a move approved by the President, nearly seven years after PFC acquired a majority stake in REC. In March 2019, PFC had acquired a 52.63% stake in REC for Rs 14,500 crore.
Zee Entertainment Enterprises Ltd (ZEEL) announced that its board has approved a plan to raise a minimum of Rs 2,300 crore in one or more phases to support strategic initiatives, strengthen its balance sheet, and explore new growth areas.
Separately, gold jewellery firm Rajesh Exports stated it will fully cooperate with a fresh forensic audit ordered by SEBI regarding suspected revenue inflation. Hyundai Motor India reported that its Chennai plant is gradually resuming normal operations after a fire at a supplier's facility disrupted parts supply. Hindustan Zinc signed a pact with Sulfozyme Agro India to advance sustainable metal recovery within its Zinc Industrial Park.