Imagicaa owns multiple theme parks around Mumbai and Pune and is promoted by Shetty, who owns 31% directly and indirectly. It has been facing financial pressures due to rising costs in the last couple of years. These pressures have been compounded due to the Covid pandemic which shut down theme parks across the world.
Negotiations are entering the formal stage just after the salt-to-steel conglomerate announced that it was raising $1 billion from investors, including TPG, by selling a minority stake in the electrical vehicle (EV) unit of Tata Motors.
A return to normalcy in the economy, the continued rush of retail investors and better-than-expected corporate earnings are helping indices overcome concerns over coal shortages, higher crude oil prices and steep valuations. On Thursday, upbeat earnings from IT companies Wipro and Infosys boosted market spirits.
Leading forging component maker Ramkrishna Forgings is planning to raise Rs 400-500 crore through qualified institutional placement (QIP) to prune its debt, said people aware of the development.
In another transaction, CLSA Global Markets sold 511,761 shares of Vijay Diagnostics at Rs. 562 per share through a bulk deal on the NSE.
Total income of the company dipped to Rs 167.51 crore in the quarter under review from Rs 176.62 crore in the same period a year ago.
HCL Technologies said that it won 14 large deals worth $2.3 billion in the reported quarter as against $1.7 billion worth of deals won in the previous quarter. The deal wins were greater than Infosys’ $2.15 billion in the September quarter.
The Birla group company attributed the strong performance to higher operating efficiency and turnaround in market sentiments.
On October 18th, the government is scheduled to switch two short-term bonds – the 5.09 per cent, 2022 paper and the 8.08 per cent, 2022 paper (maturing in April 13th 2022 and August 2nd, 2022) with three longer-term floating rate bonds – the FRB 2028 bond, the FRB, 2031 bond and the FRB 2034 bond.
The general perception is that the company is benefitting from the reopening of the economy and better certainty on earnings as a high vaccination rate recedes the threat of a third wave of the pandemic. The reality, though, is that IRCTC has gone over to the territory where fundamentals are less important and momentum more.
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