Zuari Global on Wednesday announced that the company has acquired 13.19% shares of Forte Furniture Products India from Indian Furniture Products (IFPL), subsidiary of the company.
Zuari Global already holds 35.79% stake in Forte Furniture Products India (FFPL). With this transaction, the company has increased its stake by 13.19% in FFPL. Indian Furniture Products (FFPL) being a subsidiary of Zuari Global, the transaction falls under the related party.
The cost of acquisition is Rs 13.69 crore and the acquisition is proposed to be completed within 60 days from the date of execution. The intent of acquisition is restructuring of FFPL.
FFPL, incorporated in Tamil Nadu is engaged in the business of manufacturing of ready to assemble furniture. The company is a joint venture between Fabryki Mebli S.A, Poland and Zuari Global.
Software services heavyweight Tata Consultancy Services (TCS) will announce Q1 result today, 8 July 2021.
REC has priced US$ 400,000,000, 2.75% Reg. S Notes due 2027 on 6th July, 2021 under its USD 7 Billion Global Medium Term Note Programme (the Notes ). The Notes will mature on 13th January, 2027 and all principal and interest payments will be made in U.S. Dollars. The settlement date for the Notes is expected to be 13th July, 2021.
RailTel Corporation of India has received a work order amounting to Rs. 23.43 crore (Excluding GST) from M/s. Sagar Cable Network towards providing of Multicast drop and carry with 1.5G capacity at 66 locations for a period of 5 years.
Here are the top stocks that are likely to be in focus today:
Earnings Today: TCS, Gammon Infrastructure Projects, and Shyam Metalics and Energy will release their quarterly numbers on Thursday. Analysts expect TCS to post PAT growth of 30-36 per cent and revenue growth of 19-20 per cent, on a yearly basis, led by a low base of last year, strong seasonality, digital traction and ramp-up of deals.
Tata Motors: The stock of the home-grown automaker will be in focus after Jaguar Land Rover assured the investors that it sees a strong rebound in overall volumes and cash flow in the second half of the year although the company stayed clear of giving any fresh guidance FY22.
Key benchmark indices are trading near flat line in early trade. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 18.23 points or 0.03% at 53,072.99. The Nifty 50 index was down 3.90 points or 0.02% at 15,875.75. Asian stocks are trading mixed.
The S&P BSE Mid-Cap index was up 0.48%. The S&P BSE Small-Cap index was up 0.53%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1728 shares rose and 795 shares fell. A total of 85 shares were unchanged.
Stocks in news:
Software services heavyweight Tata Consultancy Services (TCS) rose 0.25%. TCS will announce Q1 result today, 8 July 2021.
REC gained 2.19%. REC has priced US$ 400,000,000, 2.75% Reg. S Notes due 2027 on 6th July, 2021 under its USD 7 Billion Global Medium Term Note Programme (the Notes ). The Notes will mature on 13th January, 2027 and all principal and interest payments will be made in U.S. Dollars. The settlement date for the Notes is expected to be 13th July, 2021.
Board of Zuari Global to acquire IFPL's stake in JV Forte Furniture Products India business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.