Most of the Asian markets ended in red as investors decided to wait for the US jobs data scheduled to be released today. A strong jobs report could give Fed more reasons to keep its focus intact on inflation. Europe was also trading lower in the morning.
Indices closed flat with marginal loss on Friday. Sensex closed at 58,191 and Nifty at 17,314.
Indian benchmark indices traded in the red throughout the session before turning flat towards the end and ending with a marginal loss. Investors remained cautious as they assess central banks' future course of action.
Sensex shed 30 points to close at 58,191. Meanwhile, Nifty dropped by 17 points to close at 17,314.
Most of the sectoral indices closed in red in today's trading except Consumer Durable, Media and Realty. Consumer Durable gained more than a per cent. FMCG, IT and Oil & Gas dragged the most today.
Among stocks, Titan jumped 5% and stood out from the rest. Power Grid, Grasim and NTPC also gained more than 1%. Tata Consumer, BPCL, and M&M shed more than a per cent.
Asian shares followed Wall Street and ended lower on Friday ahead of US jobs data. Recession fears persisted amid signs that central banks would remain aggressive with policy tightening.
In the latest sign of trouble, chipmakers Samsung Electronics Co. and Advanced Micro Devices Inc reported disappointing results within hours of each other that widely missed projections.
The Nikkei 225 in Tokyo sank 0.7% and Hong Kong's Hang Seng tumbled 1.3%. The Kospi in Seoul shed 0.2%.
Europe's STOXX 600 index slipped on Friday led by semiconductor companies after weak reports from chip manufacturers.
US jobs data will be released later today from which investors will get an idea if Fed continue with its hawkish outlook. A strong job data may give them more reasons to keep an eye on inflation.
Geojit Financial Services market wrap for today: Stronger-than-anticipated job data may lead to a market decline
Vinod Nair, Head of Research at Geojit Financial Services: "Prior to the release of the US jobs data, the domestic market traded with cuts in line with its global counterparts. Stronger-than-anticipated job data may lead to a market decline as it could give the Fed more reasons to focus on inflation. Following OPEC+'s announcement of supply reductions, crude prices have continued to rise, while the rupee has dropped to a fresh low as a result of hawkish remarks from Fed officials."
Hero MotoCorp launches first electric scooter worldwide
Hero MotoCorp, India's largest two-wheeler maker, on Friday launched its first electric scooter worldwide, as it looks to catch up with newer firms who have taken the lead in the country's clean mobility push.
The company wanted to launch the product earlier, but "we had to get it right" company chairman Pawan Munjal told reporters at the launch event in the northern Indian city of Jaipur. (Read More)
Indian car makers propose tax cut on imports in trade deal with Britain
Indian car makers have proposed cutting to 30% the tax rate on imported cars as part of a trade deal with Britain, sources told Reuters, an unprecedented move that could ease access to one of the world's most protected automobile markets.
It is the first time Indian car makers have backed such cuts, caving to pressure from a government that wants them to give up their protectionist position and lower entry barriers, sources with direct knowledge of the matter said. (Read More)
Gold rises ₹37; silver gains ₹311
Gold price in the national capital rose ₹37 to ₹52,300 per 10 grams on Friday amid depreciation in rupee, according to HDFC Securities.
In the previous trade, the precious metal had touched ₹52,263 per 10 grams.
Silver also gained ₹311 to ₹62,022 per kg from ₹61,711 per kg.
The rupee depreciated 16 paise to an all-time low of 82.33 against the US dollar in early trade on Friday as a firm American currency and risk-averse sentiment among investors weighed on the local unit.
In the international market, gold was quoting lower at USD 1,711.16 per ounce while silver was up at USD 20.73 per ounce. (PTI)
India's RBI intervening in NDF market, monitoring rupee positions - traders
The Reserve Bank of India has been selling dollars in the non-deliverable forward (NDF) market via local banks based in India's GIFT City International Financial Services Centre, as it seeks to support the sliding rupee, traders said.
The rupee has repeatedly hit record lows in recent sessions as the likelihood of more super-sized rate hikes from the U.S. Federal Reserve piles pressure on emerging market currencies.
The intervention by the RBI in the onshore NDF market was confirmed by Treasury officials at two large private sector banks present in the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City) in western India. (Reuters)
Adani Group promises ₹65,000 cr investments, 40 thousand jobs in Rajasthan
The 2-day "Invest Rajasthan Summit" began at JECC Campus in Jaipur today. Gautam Adani, chairman of the Adani Group, addressed the Inaugural Session of the Invest Rajasthan 2022 Summit.
“Adani Group invested over ₹35,000 cr across multiple industrial sector in Rajasthan. Continuing our investment in renewable business, another 10,000 MW with an investment of ₹50,000 cr is under implementation," he said. (Read More)
Karnataka orders Ola, Uber, Rapido to stop auto services in 3 days after overcharging passengers
The Karnataka Transport Department on 6 September issued a notice to stop Ola, Uber and Rapido autos in Bengaluru in the next three days. The notice comes after commuters registered complaints with the transport department stating that Ola, Uber charges ₹100 even for a distance below 2 kilometres.
Currently, the minimum auto fare for the first 2 km is fixed at ₹30, after which every kilometre is charged ₹15. (Read More)
Samsung's earnings slump on rapid drop-off in chip demand
Samsung Electronics Co Ltd flagged a worse-than-expected 32% drop in quarterly operating earnings on Friday, as an economic downturn slashed demand for electronic devices and the memory chips that go in them.
Samsung's memory chip shipments likely came in below already downgraded expectations and prices could fall further this quarter, analysts said, as customers react to rising inflation, higher interest rates and the impact of Russia's invasion of Ukraine.
Samsung, the world's top maker of memory chips, smartphones and televisions, is a bellwether for global consumer demand and its disappointing preliminary results add to a flurry of earnings downgrades and gloomy forecasts.
Estimated profit fell to 10.8 trillion won ($7.67 billion) in July-September - the first year-on-year decline in nearly three years - from 15.8 trillion won a year earlier, the company said in a preliminary earnings release.
The result was 8.5% below an 11.8 trillion won SmartEstimate from Refinitiv. (Reuters)
Indiabulls Housing's NCD Tranche III Issue opens today, coupon rate upto 9.55%
Indiabulls Housing Finance Limited, a non-deposit taking housing finance company registered with the National Housing Bank, has announced the public issue of secured, redeemable, non-convertible debentures of the face value of ₹1,000 each (NCDs). The Tranche III issue opens on Friday, October 07, 2022 and closes on Friday, October 28, 2022. (Read More)
Metal Index sheds more than a per cent, most stocks in red
Audi India retail sales up 29 pc in Jan-Sep period
German luxury carmaker Audi on Friday reported a 29 per cent growth in retail sales at 2,947 units in the January-September period of this year in India.
Audi India had retailed 2,291 units in the same period last year.
The growth was driven by the new A8 and Q7, coupled with continued demand for the e-tron range, A4, A6, Q5 and the RS performance range, the company said in a statement.
In addition, Audi Approved: plus, the company's pre-owned car business, has grown by 73 per cent in the first nine months of 2022, it added.
"Our performance in the first nine months has laid the foundation for a positive performance in the remainder of the year. (PTI)
BNP Paribas Telecom Report: Growth to take a breather; SUC cut to lift margins
Kunal Vora, Head of India Equity Research, BNP Paribas India has shared his views about the Telecom sector.
Growth to take a breather; SUC cut to lift margins
· In 2QFY23, we expect Bharti Airtel’s India mobile revenue to rise 2.8% q-q benefiting from the increase in 4G subscribers
· For Reliance Jio, we forecast revenue to rise 3% q-q, led by an increase in the subscribers’ base
· We expect rental revenue and EBITDA of Indus Towers to decline q-q as the recent contract renewals were offered at a discounted rate and the exit penalty tapers off
· We continue to like Airtel and RIL. We believe Airtel is well-positioned to report strong revenue growth and improvement in profitability, led by higher tariffs and market share gains
· Subscriber market share: Jio and Airtel’s gains likely to continue
· Reliance Industries – Weak O2C to weigh on 2QFY23 earnings
Railways plans to achieve net-zero carbon emission by 2030
The Indian Railways plans to achieve net-zero carbon emission by 2030 and also focus on increasing network capacity, the Ministry of Railways said in a statement on Friday. “Indian Railways has planned to gradually reduce its carbon footprint and become Net Zero Carbon Emitter by 2030," the ministry said. (Read More)
Dolly Khanna raises stake in this portfolio auto component stock
Indian ace investor and stock market trader Dolly Khanna has increased her stake in auto parts Talbros Automative Components Ltd during the second quarter of the current fiscal (Q2 FY23). Shares of Talbros Automative Components more than 6% to ₹493 apiece on the BSE in Friday's trading session. Dolly Khanna holds 1.22% stake or 1,50,215 equity shares in the company as of September 2022. (Full Story)
Adani Ports among biggest laggards in today's session, sheds more than 1.5%
Chipmakers see ‘breathtaking’ demand drop as recession looms
Signs are piling up that the tech downturn may be deeper and longer-lasting than feared.
After years of record capital spending, chipmakers are warning on a weekly basis that demand is sputtering. In the latest sign of trouble, Samsung Electronics Co. and Advanced Micro Devices Inc. reported disappointing results within hours of each other that widely missed projections.
Samsung -- the world’s largest memory chipmaker -- reported a 32% dive in operating income, while PC-processor maker AMD said it will miss its earlier forecast by about $1 billion. Analysts’ reactions ranged from “breathtaking" to “Uff-da!"
Those numbers followed grim comments from memory makers Micron Technologies Inc. and Kioxia Holdings Corp., which are slashing spending and output in a bid to stabilize plummeting prices. AMD shares fell, spurring losses in chip gear suppliers from Tokyo Electron Ltd. to client PC makers including Lenovo Group Ltd. on Friday. Disco Corp., whose equipment grinds, polishes and dices chips, tumbled 7.1% -- losing the most ground in almost 16 months. (Bloomberg)
BSE gets SEBI nod for social stock exchange as separate segment
Stock exchange BSE on Friday announced that it has got an in-principle nod from the capital market regulator Securities and Exchange Board of India (SEBI) for the social stock exchange as a separate segment. In July, SEBI notified rules for Social Stock Exchange (SSE) to provide social enterprises with an additional avenue to raise funds. (Full Report)
Noon Update: Indices remain in red throughout the session with Sensex shedding 275 points and Nifty 85 points
Metal, Bank and FMCG drag the market, while Consumer Durable shines
Govt notifies credit guarantee scheme for startups
The government has notified the credit guarantee scheme for startups to provide them collateral-free loans up to a specified limit.
In a notification, the Department for Promotion of Industry and Internal Trade (DPIIT) said that loan/debt facilities sanctioned to an eligible borrower on or after October 6, would be eligible for coverage under the scheme.
"The Central Government has approved the 'Credit Guarantee Scheme for Startups (CGSS) for the purpose of providing credit guarantees to loans extended by member institutions (MIs) to finance eligible borrowers being startups," it said.
This scheme would help provide the much needed collateral-free debt funding to startups, it added. (PTI)
Reliance Power share jumps after BlackRock fund buys stake
Reliance Power shares have been in an uptrend for the last two sessions after the newsbreak of BalckRock's core ETFs — iShares MSCI India Small Cap ETF and iShares Core MSCI Emerging Markets ETF — buying a stake in this Anil Ambani-owned company. In a block deal executed on 3rd September 2022, Blackrock fund has bought a stake in this bear-hit Reliance Power. However, after the outbreak of this stock market news, Reliance Power share price has been continuously rising for the last two sessions. (Read More)
Bank stocks drag, especially PSU Banks. The PSU Bank index has shed the most in today's session
Billionaire Mukesh Ambani to open family office in Singapore
Asia’s second-wealthiest man, Reliance Industries Ltd. Chairman Mukesh Ambani, is setting up a family office in Singapore, according to people familiar with the move.
The Mumbai-based billionaire has picked a manager to hire staff for the new entity and get it running, the people said, asking not to be identified because the matter is private. The Ambanis have also chosen real estate, one of the people said. (Full Story)
Indian Crypto Exchange ZebPay seeking license in Singapore, considers UAE foray
One of India’s oldest cryptocurrency exchanges is looking overseas for growth as the nation’s tax policies crush the domestic market.
Eight-year-old ZebPay has applied for a license in Singapore and is assessing the potential of a similar step in the United Arab Emirates, outgoing Chief Executive Officer Avinash Shekhar said in an interview. (Read more)
Axis Securities Earnings Review of Infra Road - Q2FY23: Robust order book, outlook positive
"With NHAI looking to award several road projects under the central government's flagship program Bharatmala Pariyojana for building highways and expressways and an increase in overall capital expenditure, we expect the pace of road construction to gain further momentum. The NHAI has set a target of awarding 6,500 km in FY23 and along with tightening of bidding norms, organized players are expected to witness better order inflows in H2FY23. During the last fiscal, the NHAI awarded over 6,300km of road projects. Moreover, the National Infrastructure Pipeline, which aims to develop overall infrastructure, would support road construction moving forward. Since the majority of these projects would be awarded under EPC and HAM models, the road construction companies will be major beneficiaries of the government’s infra spending. On the negative side, the rising interest costs will impact more leveraged players. The NHAI has recently tightened the bidding norms which will help listed players to be more competitive. With a robust order book, healthy bidding pipeline, and diversified order book, we remain positive on the prospects of the overall sector.
Our preferred picks in the sector are HG Infra; KNR Construction; and PNC Infratec."
BPCL stock under pressure, sheds more than 1.5% in today's session
RattanIndia to buy electric motorcycles maker Revolt
RattanIndia Enterprises Ltd said on Friday it is buying the stake it did not already own in electric motorcycles maker Revolt Motors.
The company had previously owned a 33.84% stake in Revolt. (Reuters)
Dividend paying stock hits 52-week high ahead of record date. Do you own?
Jai Corp shares are one of the dividend-paying stocks in October 2022. The board of directors has fixed record date for dividend payment on 21st October 2022. This means the textile stock is going to trade ex-dividend on 20th October 2022. However, ahead of record date for dividend payment, Jai Corp share have become highly bullish. The textile stock has been hitting 52-week high for last two sessions. After hitting 52 week high on Thursday, the dividend-paying stock has hit new 52-week high today as well. Jai Corp share price today opened upside and went on to hit intraday high of ₹211.35 apiece on NSE, which is its new 52-week high now. (Read More)
India's RBI sells dollars as rupee hits record low on U.S. rate hike fears
The Reserve Bank of India likely sold dollars via state-run banks on Friday after the rupee slid below 82 to a record low against the dollar on concerns over the U.S. Federal Reserve rate outlook, traders told Reuters.
The rupee was last trading at 82.2675, down from 81.88 in the previous session, but off the session low of 82.33.
The rupee dropped to 82.33 within the first ten minutes of the open and has been range bound since, likely due to the RBI intervention, traders said. (Reuters)
Ashika Stock Broking and Angel One on today's market
Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking Ltd: On the technical front, Nifty formed a small negative candle indicates of a breather following a sharp pullback for the past two consecutive days. Hence possibility of an elevated consolidation level amidst the narrow range of 17000-17450 can be experienced. Key to note, that Index is presently flirting around the crucial 200dma sustaining above or below which would dictate the direction of the Index. However, for the Index to end its prolonged correction, it needs to provide a decisive close above 17350 in order to buck the trend else corrective bias might continue though Index presently trading in neutral to oversold price conditions hence pullback seems inevitable. Presently a trader needs to show patience and need to avoid trading aggressively in the market as the risk of a bare minimum correction of 38.2% of the entire rally from 15,183 to 18,096 comes around 16990 followed by 50% correction at 16650 remains. During the day index is likely to open on a flat to slightly negative. Formation of lower high- lower low signifies corrective bias. Hence, until and unless Index provides a decisive close above 17350, it would be a sell-on-rise market.
Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd
Consumer Durable index gains almost 1.5% amidst an otherwise flat market
Nippon India Small Cap, UTI MidCap mutual funds' favourite stock hits record high
Praj Industries shares have been in uptrend for last seven straight sessions. In this time, this mutual funds' and FPIs' (Foreign Portfolio Investors) favourite engineering stock has surged from around ₹386 apiece levels to ₹453.70 per share levels, logging around 17 per cent rise in this time. Interestingly, today's intraday high of Praj Industries shares is its new record high on NSE as well. (Read More)
Rupee falls 16 paise to all-time low of 82.33 against US dollar in early trade
The rupee depreciated 16 paise to an all-time low of 82.33 against the US dollar in early trade on Friday as a firm American currency and risk-averse sentiment among investors weighed on the local unit.
Moreover, a negative trend in domestic equities and elevated crude oil prices sapped investor appetite, forex traders said.
At the interbank foreign exchange, the rupee opened at 82.19 against the greenback, then fell to 82.33, registering a fall of 16 paise over its previous close.
On Thursday, the Indian currency for the first time closed below the 82 level against the greenback. It plunged 55 paise to close at a record low of 82.17 against the US currency. (PTI)
Bank Index starts the session on a dull note, sheds 1% in early trading
Japan's Nikkei set to snap winning streak after tech selloff
Japanese shares fell on Friday, with tech stocks leading the losses, as worse-than-expected earnings outlook from heavyweights Advanced Micro Devices and Samsung Electronics weighed on risk appetite.
Japan's Nikkei share average lost 0.59% and looked on course to snap a four-day winning streak.
The index fell through the key 27,000 level when markets opened, but made a gradual recovery and was at 27,149.76 at the break. It has gained 4.67% so far this week.
The broader Topix lost 0.6%. Later in the day, the Tokyo Stock Exchange is likely to name hundreds of companies set to be removed from the index, in a move designed to attract more foreign investors. (Reuters)
Titan stock shines at early trading, gains 5%
Titan on Thursday said its overall sales grew 18% year-on-year in the September quarter. The company, which operates in the segments as Jewellery, Watches & Wearables, and EyeCare has witnessed "healthy double-digit growth across most businesses," according to a quarterly update.
Oil poised for biggest weekly rally since march on OPEC+ move
Oil headed for the biggest weekly gain since early March as OPEC+ put the market on course for further tightening ahead of winter.
West Texas Intermediate futures rose to near $89 a barrel on Friday and are up around 12% for the week. Time spreads were signaling supply scarcity even before the producer alliance announced its biggest output cut since the start of the pandemic, a move that’s set to squeeze the market even more.
The tightening outlook halted the slide in oil prices, which have been weighed down by concerns over a global economic slowdown and aggressive rate increases by central banks. Russia also reiterated this week that it won’t sell oil to countries that adopt a US-led price cap, adding to supply uncertainty. (Bloomberg)
Sensex sheds 150 points and Nifty around 35 points at open with Titan stock gaining 4% at open.
Cryptocurrency prices today plunge as Bitcoin, ether fall, Uniswap gains
Cryptocurrency prices today plunged even as Bitcoin remained above above the $20,000 mark. The world's largest and most popular cryptocurrency was trading over a per cent lower at $20,049. The global crypto market cap today was below the $1 trillion mark, as it was down nearly 2% in the last 24 hours at $998 billion, as per CoinGecko. (Read More)
Sensex goes into red at preopen; Titan, Dabur, Britannia, Nykaa stocks are in focus
Geojit Financial Services on today's market: Financials, autos and capital goods are likely to do well even in a weak market.
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: "An important data which can influence markets globally is the US jobs data expected tonight. Paradoxically, good jobs numbers will be negative for markets since the Fed will have to continue with its hawkish stance if the economy continues to be strong. On the other hand, if the jobs data is weak the Fed might infer that the economy is slowing down and, therefore, may go slow on tightening. This would be good for equity markets. So, investors may wait and watch these developments. The fact that FIIs have stopped selling and have turned buyers, though in small quantities, is positive for markets. For FIIs now stocks are available only at high prices. So they will be careful while selling.
Financials, autos and capital goods are likely to do well even in a weak market. IT Q2 results may surprise on the upside."
Billionaire Anil Agarwal to seek shareholders nod to tap Vedanta cash reserves
Billionaire Anil Agarwal’s Vedanta Resources Ltd. will seek shareholder approval next week for a plan that could shore up cash flow and help boost bonds due next year, even as credit markets signal longer-term concern about its debt. Shareholders of Indian unit Vedanta Ltd. will vote on October 11 on a company plan to move money out of its reserves and into its balance sheet. (Read More)
India tests samples of cough syrup linked to deaths of children in Gambia
India said it is testing samples of cough syrups produced by local manufacturer Maiden Pharmaceuticals for export after the World Health Organization said its products were linked to the deaths of dozens of children in Gambia.
The deaths of 66 children in the West African country could deal a major blow to India's image as a "pharmacy of the world".
The WHO this week said laboratory analysis of four Maiden products - Promethazine Oral Solution, Kofexmalin Baby Cough Syrup, Makoff Baby Cough Syrup and Magrip N Cold Syrup - had confirmed "unacceptable" amounts of diethylene glycol and ethylene glycol, which can be toxic and lead to acute kidney injury. (Reuters)
Angel One's client base climbs 77.4% YoY in September’22 to reach 11.57 million
Fintech company Angel One Limited (formerly known as Angel Broking Limited) added 0.39 million clients in September 2022, strengthening the client base to 11.57 million, a 77.4% YoY growth. The company’s Average Daily Turnover jumped to ₹13.74 trillion, a 116.4% YoY rise.
Angel One registered 90.54 million orders in September 2022, a 65.8% YoY increase. The company’s market share in overall retail equity turnover increased to 21.6%, a 133 bps YoY increase, and the average client funding book was at ₹15.39 billion, a 9.3% YoY increase.
Prabhakar Tiwari, chief growth officer, Angel One Ltd, said, “The consistent growth in our client base indicates that Angel One is on the right path, incorporating strategies to reach out to potential customers in Tier 2, 3, and beyond cities. "
Narayan Gangadhar, chief executive officer, Angel One Ltd, said, “It is quite apparent that digital players like us have led the growth in retail participation in India. He added, "We will continue to explore advanced technologies and ways to incorporate them into our systems."
Stocks to Watch: Titan, Britannia, Dabur, Nykaa, NTPC, HFCL, Ircon International, Yes Bank, HCL Tech, Quess Corp
Indian benchmark indices closed once again in green on Thursday despite mixed global cues. The indices are expected to remain volatile today as investors maintain caution and are looking for signs of an economic downturn. (Read More)
Nykaa forms alliance with Apparel Group for Gulf foray
Indian cosmetics-to-fashion retailer Nykaa has forged a partnership with Dubai-based fashion and lifestyle retail conglomerate Apparel Group to sell beauty products in the Gulf region. The two partners will form a new entity to sell beauty products in the six GCC countries. (Read More)
Electronics Mart India IPO: Latest GMP on last day of the issue
The Initial Public Offering (IPO) of Electronics Mart India Ltd (EMIL) received 7.57 times subscription on the second day of offer on Thursday, after being fully subscribed on the first day on Tuesday. The three-day issue concludes on Friday, October 7, 2022.
As per market observers, Electronics Mart India shares' grey market premium (GMP) have remained steady at ₹34 in the grey market today. The company's shares are expected to list on the stock exchanges on Monday, October 17, 2022. (Read More)
Yes Bank gets RBI nod for appointment of Prashant Kumar as MD and CEO
The Reserve Bank of India has approved the appointment of Prashant Kumar as MD and CEO of Yes Bank for three years with effect from October 6, 2022.
Earlier in July this year, the alternate Board of the private sector lender had recommended to the Reserve Bank of India for its approval, the appointment of Kumar as Managing Director & Chief Executive Officer (MD &CEO) of the Bank for a period of three years.
"We would like to inform that RBI vide its letter dated October 6, 2022, has approved the appointment of Prashant Kumar as the MD &CEO of the Bank for a period of three years effective from today i.e. October 6, 2022," Yes Bank said in a regulatory filing on Thursday. (PTI)
Gold jumps ₹497; silver slips ₹80
Gold prices jumped by ₹497 to ₹52,220 per 10 grams in the national capital on Thursday amid a global rally in the metal and depreciation in the rupee, according to HDFC Securities.
In the previous trade, the precious metal had settled at ₹51,723 per 10 grams.
Silver, however, slipped by ₹80 to ₹61,605 per kg from ₹61,685 per kg.
The rupee depreciated 4 paise to 81.66 against the US dollar in early trade on Thursday amid a high volatility as rising crude oil prices weighed on the local unit. (PTI)
Quess Corp divests stake in Simpliance for Rs120 crore
HR solutions company Quess Corp Ltd, will divest its stake in the digital risk and compliance services company, Simpliance Technologies Private Limited (Simpliance) to Aparajitha Corporate Services (Aparajitha) an HR compliance services company and its affiliates.
The deal is valued at an enterprise value of ₹120 crores, on a cash and debt free basis, subject to closing adjustments and fulfilment of conditions set out in the transaction document. (Read More)
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