- India is considering hiking import duties by 5% – 10% on more than 50 items in the upcoming budget. The move to increase the duties is part of the self-reliant India campaign by PM Narendra Modi. This move would add revenue of about $2.7Billion for the government. Companies like IKEA and TESLA could be affected.
- Motherson Sumi is set to acquire a 75% equity stake in two companies of the Turkey-based Plast Met group. This will mark the entry of Motherson Sumi’s formal entry into the Turkish market, the 42nd country in its global operations. The acquisition will help Motherson Sumi serve its customers with more products and service offerings globally. It is an all-cash deal to be completed over the next three months.
- Franklin Templeton Mutual Fund has got a nod from the Unitholders to wind up six schemes. Over 90% of the unit holders had voted for winding up the schemes. There will be another hearing on 25th January, post which the process will be finalized. Franklin has said that it will take time for them to refund the entire money to the unitholders.
- Piramal has won the race to acquire DHFL after lenders have approved the 37,250Cr bid. Piramal received 94% of the votes from the Committee of Creditors. Although the bid from Oaktree was higher, Piramal offered a higher upfront cash payment and also an additional amount to Fixed Deposit Holders.
- French energy company TOTAL buys a 20% stake in Adani Green, hence they will hold a minority interest. This is a strategic alliance between the two companies with a commitment towards a sustainable economy for the future and helps India in its quest for the development of renewable energy. India has a policy target of 450 GW of renewable power capacity by 2030 and this alliance will be a major boost.
- L&T Financial Services is having a rights issue of 3000Cr with the record date set as 22nd January. The rights issue price is set at Rs. 65, a 34% discount from the closing price of Monday (Rs. 99.55). The entitlement is set at 17 shares for every 74 shares. This can be a good opportunity for investors to subscribe to the rights issue at a discounted price.
- Godrej Fund Management, the real estate private arm of Godrej group, plans to strengthen its PAN India office projects portfolio to over 22,000Cr by 2023 as it deploys a strategy to take this portfolio public through REITS or holding these assets through a private core fund.
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