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Indian equity benchmarks rose for second day in a row on Thursday led by Reliance Industries, Infosys, TCS and Hindustan Unilever.
The Sensex rose 0.44 percent or 157 points to 35,807 and the NSE Nifty 50 Index advanced 0.47 percent or 50 points to 10,780.
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- Lemon Tree Hotels entered into a joint venture with private equity firm-Warburg Pincus affiliate ‘Magnolia Grove Investment’ with a primary focus on co-living. This joint venture marks the entry of the company into a new business segment for rental housing accommodation for students and working professionals. The Joint Venture partners will initially invest Rs 1500 crore in equity over a period of time, with an option to invest another Rs 1500 crores. Warburg Pincus will hold 68 percent stake while Lemon Tree Hotels will hold 30 percent stake and the balance stake will be held by Patanjali Keswani.
- United Bank of India: Government said it would infuse Rs 2159 crore in the equity capital via preferential allotment.
- Kansai Nerolac entered in to share-purchase agreement with Perma Construction Aids for Rs 29.1 crores. The target company belongs to construction chemicals industry and the paint company says the acquisition will be completed by Jan. 28.
- Hindustan Construction Company raised Rs 498 crore via rights issue. The promoter stake in the company has increased from 27.8 percent to 33.12 percent.
- Majesco’s US Insurance arm announced Jan. 7 as record date for rights offering to its shareholders at $7.1 per share. The company says it will use the net proceeds from this offering to fund the remainder of the Exaxe acquisition, pay off debt and accelerate cloud growth.
- Ashoka Buildcon’s board approved raising Rs 150 crore via non-convertible debentures.
- WABCO India clarified that the news of Wabco signing $950 million supply pact with commercial vehicle maker is for its parent company and not for the Indian arm.
- Corporation Bank appointed Canara Bank’s Executive Director PV Bharathi as its Managing Director and Chief Executive Officer till March 2020.
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Source: Global Economy