Connect with us

Businesses

ZEE withdraws merger implementation application from NCLT, to pursue claims against Sony

Published

on

Mumbai, April 16 (IANS) Zee Entertainment Enterprises (ZEE) has decided to withdraw a merger implementation application filed before the Mumbai branch of the National Company Law Tribunal (NCLT).

The application was filed by ZEE on January 24, seeking directions on the implementation of the Composite Scheme of Arrangement between ZEE, Culver Max Entertainment Pvt. Ltd. and Bangla Entertainment Pvt. Ltd.

The company said that the step is based on the advice of the Board after a detailed consultation with the legal experts.

“This decision will also enable the company to pursue growth and evaluate strategic opportunities to generate higher value for all the shareholders,” the company said.

ZEE said the decision to withdraw the application will enable the company to continue to aggressively pursue all its claims against Sony in the ongoing arbitration proceedings at the Singapore International Arbitration Centre (SIAC) and in other fora.

R. Gopalan, Chairman, ZEE, said, “The immediate priority for the company is to focus on performance and achieve its targeted goals for the future. After seeking an independent legal opinion, the Board has advised the management of the company to withdraw the implementation application filed before the NCLT.”

ALSO READ:  Nifty hits fresh record high, up for sixth straight session

–IANS

san/arm

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Businesses

Docking of largest container ship shows Mundra Port's unmatched capabilities: Karan Adani

Published

on

By

New Delhi, May 26 (IANS) The docking of the largest container ship ever at an Indian port highlights Mundra’s unmatched capabilities and a testimony to the company’s nation-building efforts, Karan Adani, Managing Director, Adani Ports and Special Economic Zone (APSEZ), said on Sunday.

The company earlier announced that the docked vessel, MSC Anna, has a length of 399.98 metres and is among the largest container ships.

“Our crown jewel Mundra Port welcomed MSC Anna, the largest container ship ever to dock at an Indian port,” Karan Adani posted on X.

“At 399.98m and a capacity of 19,200 TEUs, it highlights Mundra’s unmatched capabilities and a testimony to our nation-building efforts,” he added.

MSC Anna’s arrival draft is 16.3 metres, which can be accommodated only at Adani Ports, Mundra, as no other port in India is capable of berthing a deep-draft vessel.

In July 2023, Adani Ports, Mundra created a record by berthing MV MSC Hamburg, one of the longest container ships in the world, with an overall length of 399 metres and a capacity of 16,652 TEUs.

ALSO READ:  NFRA finds Reliance Capital joint auditor guilty of Rs 12,571 crore fudge in 2018-19

–IANS

na/vd

Continue Reading

Businesses

Hyundai Mobis to expand investment in EV parts, automotive chips

Published

on

By

Seoul, May 26 (IANS) Hyundai Mobis, South Korea’s leading auto parts maker, has said it plans to boost its investment in electric vehicle (EV) parts and automotive chips this year.

The auto parts arm of Hyundai Motor Group unveiled its plan during the Mobis Mobility Day in Silicon Valley, where it shared its technological advancements and visions with business partners.

Mitchell Yun, an official from Mobis Ventures Silicon Valley, the company’s hub established in the region to foster startups with cutting-edge technologies, said the firm plans to expand its investment in EV parts in 2024, reports Yonhap news agency.

Such projects will make up around 70 per cent of its total investment, rising sharply from the current 50 per cent, he added.

Yun also noted that while the demand for EVs in the global market has slowed temporarily, the industry will eventually move toward eco-friendly cars.

The official, however, did not elaborate on the detailed amount of investment.

ALSO READ:  India's Yotta to help build Nepal's first supercloud data centre

Yun added that the company will also expand investment in automotive chips, emphasising the importance of securing a stable supply chain of semiconductors in the wake of recent supply shortages.

Hyundai Mobis is considering investing not only in startups but also in listed companies, he added.

Meanwhile, the company noted that it will significantly reduce the amount of investment in self-driving technologies due to the limits and costs of realising a full autopilot system.

–IANS

na/

Continue Reading

Businesses

Largest container ship ever to arrive in India docks at Adani's Mundra Port

Published

on

By

Ahmedabad, May 26 (IANS) Mundra Port, the flagship of Adani Ports and Special Economic Zone Ltd (APSEZ), has created yet another record by welcoming the largest container ship ever to call at an Indian port, the company announced on Sunday.

The docked vessel, MSC Anna, has a length of 399.98 metres — roughly the length of four football fields — and is among the largest container ships, with the capacity to carry 19,200 TEUs (twenty-foot equivalent units).

“The arrival of MSC Anna at Mundra not only highlights the port’s capacity to handle mega ships but also reflects its pivotal role in enhancing India’s maritime trade capabilities,” the company said in a statement.

Its arrival draft is 16.3 metres, which can be accommodated only at Adani Ports, Mundra, as no other port in India is capable of berthing a deep-draft vessel.

During its stay, the expected exchange is 12,500 TEUs, underscoring Mundra Port’s capability to manage large-scale cargo efficiently, the company said.

ALSO READ:  Flamingos flock hits Emirates flight near Mumbai Airport, plane grounded (Ld)

In July 2023, Adani Ports, Mundra created a record by berthing MV MSC Hamburg, one of the longest container ships in the world, with an overall length of 399 metres and a capacity of 16,652TEUs.

Adani Ports, Mundra’s record-breaking feats continued into the latter half of 2023. In October, it became the first in India to handle 16 MMT cargo in a single month.

“As APSEZ continues to expand and upgrade its facilities, the port is set to play an increasingly significant role in the global shipping and logistics landscape,” the company said.

–IANS

na/vd

Continue Reading

Businesses

BharatPe, PhonePe settle trademark dispute on using 'Pe' suffix

Published

on

By

Bengaluru, May 26 (IANS) The BharatPe Group and PhonePe Group on Sunday announced that they have amicably settled all long-standing legal disputes pertaining to the use of the trademark with the suffix “Pe”.

This comes after a long-drawn legal dispute across multiple courts, since the last 5 years.

“The settlement will put an end to all open judicial proceedings,” the announcement said, adding that the companies have withdrawn all oppositions against each other in the trademark registry.

Rajnish Kumar, Chairman of the Board, BharatPe called the move “a positive development for the industry”, while appreciating “the maturity and professionalism shown by the Management of both sides”.

He added that this will help the companies to move “ahead to focus their energy and resources in building robust digital payment ecosystems”.

Both organisations will also undertake to carry out other necessary steps to comply with the obligations under the settlement agreement in respect of all cases before the Delhi and Bombay High Courts.

ALSO READ:  Indian insurance industry in FY24: Non-life grew by 12.8 pc, life at 2 pc

Sameer Nigam, Founder and CEO, PhonePe, expressed happiness over the “amicable resolution”.

He noted that the outcome will help both companies “focus collective energy on growing the Indian fintech industry as a whole”.

–IANS

rvt/vd

Continue Reading

Businesses

With last phase of voting left, market volatility would increase

Published

on

By

New Delhi, May 26 (IANS) Markets were on a roll, and they had plenty of action and drama as well in the week gone by. The previously announced holiday on Thursday, on account of Buddha Purnima, was cancelled by the exchanges on Monday, considering the fact that two holidays in a week would break the momentum.

As events turned out, Thursday was the key pivot for the markets as they gained a massive 1,197 points on BSESENSEX and 370 points on NIFTY on Thursday. In the process, they made new lifetime highs as well. The RBI declaring a dividend of Rs 2.1 lakh crore for the financial year ended March 2024 was a great help as well, as it ensured that the fiscal deficit the government is targeting is well under control.

At the end of the four-day week, BSESENSEX gained two and lost two sessions, while NIFTY gained three and lost one. BSESENSEX gained 1,404.45 points or 1.90 per cent to close at 75,410.39 points, while NIFTY gained 455.10 points or 2.02 per cent to close at 22,957.10 points.

The broader markets saw BSE100, BSE200 and BSE500 gain 1.87 per cent, 1.87 per cent and 1.65 per cent respectively. BSEMIDCAP gained 1.10 per cent, while BSESMALLCAP was up 0.08 per cent. The new intraday highs made on Friday were 75,499.91 points and 23,026.40 points.

The Indian Rupee had a strong showing during the week and gained 24 paise or 0.29 per cent to close at Rs 83.10 to the US Dollar. Dow Jones saw selling pressure and lost in three of the five trading sessions. It was down 934 points or 2.33 per cent to close at 39,069.59 points.

ALSO READ:  Hyundai Mobis to expand investment in EV parts, automotive chips

The week gone by saw one new mainboard listing-shares of Go Digit General Insurance Limited, which were issued at Rs 272 listed on Thursday, May 23. The opening price was Rs 281.10 on BSE. Shares closed day one at Rs 305.75, a gain of Rs 33.75 or 12.40 per cent. On Friday, the share lost some ground and closed at Rs 300.15, a reduced gain since the listing of Rs 28.15 or 10.35 per cent.

The issue from Awfis Space Solutions Limited is currently on. The issue consists of a fresh issue of Rs 128 crore and an offer for sale of 1,22,95,699 equity shares in a price band of Rs 364-383. The company, as the name suggests, is in the business of providing common workspaces on a daily or longer-term contracted basis.

Currently, the company is on a net loss, based on its restated accounts, which are showing a declining trend. Looking at the leverage opportunity that the company has and the fact that 75 per cent of the space is rented out, it could be expected that the company should report positive numbers for the year ended March 25.

ALSO READ:  Nifty hits fresh record high, up for sixth straight session

The issue opened on Wednesday, May 22, and would close on Monday, May 27. At the end of the second day of the issue opening, it received decent support, with the issue being subscribed an overall 11.4 times.

The QIB portion was subscribed 3.39 times, the HNI portion 20.98 times and the Retail portion 21.08 times. Investors looking for listing pop and having a medium-term holding period would be rewarded if their application for the share is successful.

The week ahead sees May futures expire on Thursday, May 30. The current value of NIFTY at 22,957.10 points is higher by 386.75 points or 1.71 per cent compared to the May series opening of 22,570.35 points. It would be interesting to note that all the gains have been made in the previous week, as prior to this, the series was negative. While currently the momentum is with the bulls, one needs to be cautious as to the way markets may move on election results eve.

The sixth phase of voting has concluded, and now just the seventh and final phase of voting on Saturday, June 1, remains. With the sharp rally over the last two weeks since markets made a bottom on Monday, May 13, they have rallied quite sharply. They have also made new lifetime highs. Very clearly, the markets are convinced that the ruling BJP-led NDA would form the next government. Exit poll assessment would begin Saturday evening and carry on till results are announced on Tuesday morning.

ALSO READ:  Govt steps up efforts to meet peak summer power demand without outages

With expiry happening during the coming week, volatility on expiry day could get substantially elevated as people decide to lighten positions and adopt a wait-and-watch attitude. FPIs have been big sellers in the month of May and, barring a couple of days, sold every day. This excess of liquidity, while it was absorbed by domestic institutions, could see a mismatch on expiry day.

Coming to the week ahead, expect sharp volatility as expiry day approaches. The election results getting closer could cause volatility to rise post-futures expiry as positions would, in all probability, get liquidated to a large extent. With limited positions open in the market from Monday to Wednesday in the week, June 3 to June 6 could see really sharp volatility. The strategy for the week ahead would be to reduce positions as the week progresses.

Refrain from any overweight positions in either direction, as sharp volatility is expected. Analyse exit polls for all they are worth, look at the results and then take a call.

Trade cautiously.

(Arun Kejriwal is the founder of Kejriwal Research and Investment Services. The views expressed are personal)

–IANS

arun/sd/kvd

Continue Reading

Trending