News Wrap: Tata Motors Taking over Ford's Plant; Paymate Files IPO Papers; BYJU's Focusing On US Market; TANSIM's New Ventures
May 30, 2022
Sensex and Nifty 50 are bullish today!
BSE Sensex gained 1,041.08 points (1.90%), a closing price of 55,925.74
Nifty 50 rose by 308.95 points (1.89%), closing price landed at 16,661.40
Bank Nifty hiked by 213.65 points (0.60%), a closing price of 35,826.95
All the sectoral indices were bullish today from the Nifty Media, IT and Realty ranging between 3 - 4%
BSE midcap and smallcap indices both gained by 2.28% and 2.23% each.
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Tata Motors To Takeover Ford’s Sanand Plant
Tata Motors has been granted permission to take over the passenger vehicle production factory in Sanand, Gujarat, owned by Ford Motor Company of the United States. The Gujarat cabinet approved the two carmakers' request to move through with the agreement earlier this week.
According to analysts, Ford Motor Company announced its intention to depart India late last year owing to a number of causes including a misreading of the market, poor product design/positioning, and a large investment in a second facility when the original plant's capacity was not fully utilised.
By April of this year, the company's passenger car production unit in Sanand had shut down. According to reports, an MoU will be inked between Tata Motors and Ford on Monday in the presence of Gujarat Chief Minister Bhupendra Patel.
Paymate India Files IPO Draft Papers Today
PayMate India, a leading B2B payment solutions provider for Enterprise and small and medium enterprises (SME) segments and backed by Visa and Lightbox, has filed a draught red herring prospectus with the Securities Exchange Board of India to raise around Rs 1500 crore through an initial public offering.
The IPO consists of an Rs 1125 crore new issue and a Rs 375 crore offer of sale from the company's existing shareholders and promoters.
The Rs 77 crore raised will be used to invest in extending the company's operations into new areas, Rs 228 crore will be used to pursue inorganic initiatives, and Rs 689 crore will be used to place cash as collateral with its financial institution partners in order to boost profits. The issue's lead managers are ICICI Securities, HSBC Securities, Capital Markets India, JM Financial, and SBI Capital Markets.
More To Know:
Myntra, an e-commerce platform, said that the 16th edition of its flagship 'End Of Reason Sale (EORS)' will take place between June 11 and 16.
BYJU's is undergoing a major transformation, with the company's founder and CEO, focusing his efforts on worldwide operations, particularly in the United States.
TANSIM (Tamil Nadu Start-Ups and Innovative Mission) has launched two new ventures: Start-upTN Brandlabs and Start-upTN Launchpad.
Amazon stated on Monday that it will launch a new consumer robotics software development centre in this city, which will provide solutions for the rest of the world.
Sri Lanka's national airline has begun refuelling at India's Thiruvananthapuram international airport, amid the country's worst economic crisis in decades.