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Eyes on Lakshmi Vilas Bankm Clix deal
Shares of Lakshmi Vilas Bank will remain in focus, as the Tamil Nadu-based Bank has made a 'substantial' progress in due diligence on its proposed merger with Clix Capital.
In a notice to the stock exchanges Lakshmi Vilas Bank said the mutual due diligence between the Bank and Clix group is substantially complete, and the parties are in discussions on the next steps.
Lakshmi Vilas Bank and the New Delhi-based NBFC had, in mid-June, entered into a non-binding agreement to explore an amalgamation and in July had extended the validity of their agreement to September 15 due to the pandemic-driven lockdowns.
For the first quarter of the current fiscal, Lakshmi Vilas Bank had posted a loss of Rs 112.28 crore on revenues of Rs 442.50 crore. For FY20, the loss stood at Rs 836 crore and revenues Rs 2.206.70 crore.
Shareholders will closely monitor further development including regulatory observations.
Will Sterlite Tech tie-up with Bharti Airtel turn win-win?
Sterlite Technologies on Tuesday said it has teamed up with Bharti Airtel to build an optical fibre network for the telco across 10 telecom circles. The modern optical network will enable Airtel to deliver enhanced customer experience through scalability, reduced latency, and improved bandwidth, the company said in a statement.
The densely fiberised future-ready network will also form the foundation for many next-generation of services such as 5G, Fibre to The Home (FTTH), Internet of Things (IoT) and enterprise networks, it added.
STL has been a long term partner to Airtel in the optical connectivity space and in this project, it will closely work with Airtel to design and build a network that will shape the future of connected India.
IRB Infra may build on NHAI order
IRB Infrastructure Developers Ltd on Tuesday said its subsidiary has entered into a pact with NHAI for executing a stretch of Vadodara-Mumbai Expressway in Gujarat at a cost of Rs 1,755 crore. The company said the construction period for the stretch is 730 days, while operation period is 15 years.
The project falls under Bharatmala Pariyojna Phase 1.
VM7 Expressway Private Limited, wholly owned subsidiary of the company, has now executed concession agreement with National Highways Authority of India for the project of eight lane access-controlled expressway of Vadodara-Mumbai Expressway, the company said in a notice to the stock exchanges. The 27.50-km stretch pertains to Gandeva-Ena section in Gujarat.
IRB Infra shares may react positively to the development, though investors and analysts will closely track the execution of the project.
Deutsche Boerse makes partial exit from BSE
Deutsche Boerse AG has sold 7.87 lakh shares or 1.75 per cent stake in BSE Ltd at Rs 554.36 apiece through a block deal on the National Stock Exchange showed. At the end of on June 30, Deutsche Boerse had held 4.41 per cent stake in BSE. Nippon India Mutual Fund, on account of Nippon India Small Cap Fund, bought 5.46 lakh shares, the bulk deal data further revealed.
Market participants will closely monitor whether the German bourse will resort to further selling of its stake in India's premier exchange.
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