News Wrap: Adani Acquires Ocean Sparkle; LIC IPO To Be Reduced; Tourism In TN Increases; Gautam Adani's Big Project; Angel One Share Boosts
April 22, 2022
Sensex, Nifty and Bank Nifty are all bearish today!
BSE Sensex is down by 714.53 points (-1.23%), a closing price of 57,197.15
Nifty 50 plunged by almost 220.65 points (-1.27%), closing price landed at 17,171.95
Bank Nifty dipped by 771.35 points (-2.10%), closing price at 36,044.75.
All the sectoral indices landed on the bearish side with Nifty Bank, Financial Service, Metal, Pharma ranging between 1 - 2%
BSE midcap and smallcap indices both plunged by 0.71% and 0.38% each.
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Adani Group Acquires Ocean Sparkle, India's largest Marine Services Firm
Ocean Sparkle Ltd, India's largest marine services firm, has been bought by the Adani group. Adani Ports and Special Economic Zone Ltd (APSEZ) has entered into a formal agreement to purchase a 100% share in Ocean Sparkle Ltd through its subsidiary, Adani Harbour Services Ltd.
Ocean Sparkle Ltd (OSL) is the leading provider of end-to-end maritime services in India and the world. Towage, pilotage, and dredging are among the company's main activities. OSL is a market leader, with a fleet of 94 owned boats and 13 owned by other parties. OSL has valued at Rs 1,700 crore in enterprise value, with Rs 300 crore in cash on hand. In FY22, the company expects to generate Rs 600 crore in sales, Rs 310 crore in EBITDA, and Rs 135 crore in PAT. Marine services generated over 92% of OSL's total income, with the remaining 8% coming from dredging and other offshore services combined.
Government Most Likely To Cut Down LIC’s IPO Size
The size of the first public offering (IPO) of the Life Insurance Corporation of India (LIC) might be reduced by 40%. The size of the IPO might be reduced from Rs 55,000-60,000 crore to Rs 30,000 crore by the government. It is also expected to make a decision on the IPO's timeline this week.
The government has until May 12 to launch the LIC IPO without having to file new papers with the market regulator Securities and Exchange Board of India (SEBI), but if it misses the window, LIC will have to file new papers with SEBI, detailing the December quarter's results as well as updating the embedded value. The LIO IPO would provide a significant portion of the current fiscal year's disposal profits.
More To Know:
Tourism in Tamil Nadu has finally started back after two years of the pandemic and the reintroduction of foreign flights.
On Friday, PTC and ITC Infotech established a partnership to help customers speed up their digital transformation efforts.
Andhra Pradesh Chief Minister Y.S. Reddy inaugurated Grasim Industries Ltd's Chlor-Alkali production factory at BB Puram in the East Godavari district.
Parle Biscuits has been directed by the Delhi High Court to change two of its commercials by obscuring the picture of cookies that look like Britannia's Good Day butter biscuits.
Gautam Adani, the Adani group's chairman and founder, proposed investing Rs 10,000 crore in West Bengal over the next several years.
Angel One, a financial services business, had its stock soar to an all-time high on Thursday.