News Bulletin: 5/4/2022

▫️ HDFC Ltd will be merged into HDFC Bank, creating second largest bank of India, after SBI.

▫️HDFC Ltd shareholders will get 1.68 shares of HDFC Bank for 1 share of HDFC.

▫️The merger will create immediate synergies and is viewed positively for the HDFC Group.

▫️ The main hurdle for the Group will be to obtain large number of regulatory approvals to complete the merger timely.

▫️LIC IPO to hit market in 2-3 weeks.

▫️Steep rise in manufacturing raw materials after Russia Ukraine crisis has dented the manufacturing activity. March Manufacturing PMI came at 54.0 compared to 54.9 in February.

▫️ Competition Commission of India has ordered a probe into Zomato and Swiggy’s business practices.

▫️Govt. is formulating a support policy for secondary steel producers.

▫️The coal ministry has appointed Crisil as consultant for floating the proposed coal exchange.

▫️ Govt. is conducting investigation to curb hoarding of edible oil and oil seeds.

▫️ India’s trade deficit rose to 88% in FY22, mainly due to surge in oil prices.

▫️L&T, Indian Oil Corporation and ReNew Power to form Joint Venture for green hydrogen business.

▫️ Vodafone Plc has raised stake in Voda Idea from 44.39% to 47.61%.

▫️Tata Power arm has commissioned a 300MW solar plant at Dholera, Gujarat.

▫️Two independent directors have resigned from Future Enterprises.

▫️ Jawaharlal Nehru port has registered a growth of 21.6% in container traffic in FY22.

▫️KPIT Technologies has partnered with multiple OEMs in auto sector to produce hydrogen from biomass.

▫️The latest hike in petrol and diesel prices may move freight rates by 2-3%.

▫️Bajaj Auto to go for price hikes to offset the rise in input costs.

▫️ Mangalore Refinery and Petrochemicals has bought 1 million barrels of Russian Crude Oil.

▫️ Goodman Sachs conducted research from insurance sector, believes US to soon enter into recession.

▫️Federal Bank’s deposits grew by 5.3% YoY, as of March 31.

▫️Hariom Pipe IPO subscribed 3.44 times.

▫️Elon Musk takes 9.2% stake in Twitter.

▫️Household expenditure increased for 62% of population in March.

▫️Sale of residential properties touched 4-year high in Jan-March quarter.

▫️New property prices in Maharashtra to be up 15% due to rise in construction material costs.

▫️Crypto trading volumes plunged due to higher tax imposition.

▫️Tata Power may pass on gas price hike to Mumbai electricity consumers.

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