Credit: BCCL
Adani Ports & SEZ
It has issued 1 crore shares at an issue price of ₹800 to Windy Lakeside Investment in a preferential allotment, raising ₹800 crore in the process.
Credit: Adani-Ports-SEZ
Indian Overseas Bank
It will hold an extraordinary general meeting to seek approval for raising ₹4,100 crore by way of issue of preferential shares to the government.
Credit: BCCL
Zuari Global
It has declared a second interim dividend of ₹1 per share with the record date being April 28.
Credit: Zuari-Global
Shares of Tech Mahindra advanced 2 per cent to Rs 1,028; gaining 3 per cent from day’s low on the BSE on Monday, after the company said its board has approved the proposal for acquisition of majority stake in Perigord Asset Holdings Limited (Perigord), a digital workflow and artwork, labelling and BPO services firm. The stock of the IT consulting & services firm is trading close to its record high level of Rs 1,081.35, touched on January 11, 2021.
“The investment committee of the board of directors of the Company has approved the proposal to acquire 70 per cent equity shares in Perigord Asset Holdings Limited (“Perigord”) directly and indirectly through its wholly owned subsidiary viz. Mahindra Engineering Services (Europe),” Tech Mahindra said in exchange filing.
Why Tech Mahindra shares rose over 2% today
Tech Mahindra share price rose as much as 2.35 per cent to hit intraday high of Rs 1027.50 after the company received its board approval for acquisition of 70 per cent stake in BPO services firm Perigord Asset Holdings
BusinessToday.In | March 15, 2021 | Updated 14:30 IST
Tech Mahindra to acquire 70% stake in Perigord Asset Holdings
Tech Mahindra share price gained over 2 per cent in intraday trade on BSE on Monday, in an otherwise weak broader market, after the company received its board approval for acquisition of majority stake in Perigord Asset Holdings Limited. In contrast, the BSE Sensex was trading 764 points or 1.51 per cent lower at 50,027.
Source: NSE, Nifty50 at closing prices on March 15
Tech Mahindra is the best performing stock among its IT peers. One of the reasons is its latest acquisition Hyderabad-based Perigord. Tech Mahindra has bought up 70% stake to acquire the leading supplier of consultancy and labelling artwork solutions to the global pharmaceutical industry.
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But the cumulatively strength of the industry to stay in the green has more to do with the hopes of a stronger dollar. Like India, the US is currently caught in the conundrum of chasing growth and rising prices.
Investors in the US and Europe are on an earning streak, parking their funds in government securities at near-zero interest rates and making even more in emerging markets like India. But these low interest rates are not likely to last forever.
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