Wipro will acquire Edgile, a cybersecurity service company
Wipro will acquire Edgile, a cybersecurity service company based out of Texas, for $230 million. This will enhance and enrich the risk consulting practice of Wipro. The two companies will also pool their strength in strategic cybersecurity services. The deal is expected to be completed by March 2022. Edgile is a 20-year-old company with 182 employees onsite and CY20 revenues at $44.1 million. Wipro and Edgile will develop Wipro CyberTransform, a suite to help enhance boardroom governance of the cybersecurity risk.
Companies that had filed their DRHPs, got the go-ahead from SEBI for their public issues
Three companies that had filed their DRHPs in August and September have got the go-ahead from SEBI for their public issues. Ixigo got approval to raise Rs 1,600 crore via IPO comprising Rs.750 crore of fresh issue and Rs.850 crore OFS. Fresh issue proceeds will be used to fund organic and inorganic growth plans. Sahajanand Medical Technologies IPO will be worth Rs.1,500 crore IPO will be used to retire and prepay debt. Keventer Agro IPO will raise Rs 350 crore via fresh issue and sell 107.68 lakh shares via offer for sale.
Hindustan Unilever will raise the prices of a slew of its products by 7% to 10%
Hindustan Unilever looks to have the ability to pass on cost hikes. It will raise the prices of a slew of its products by 7% to 10%. These include soaps, detergent powder and detergent bars. For example, the Lifebuoy multipack will cost Rs.9 more while the Lux multipack will cost Rs.10 more. HUL has witnessed a sharp spike in input costs for toilet soaps and detergents, which it had committed to pass on to the end customer while announcing its last quarterly results. Even the price of Rin and Wheel has been hiked.
In a sudden move, SEBI barred exchanges from launching new futures contracts in paddy, wheat, chana, mustard seeds, soybean, crude palm oil and moong for next 1 year. The order comes into immediate effect and the purpose is to check rising prices by curbing speculation. For the next one year, no new contracts will be introduced on these commodities. Also, fresh positions will not be allowed, although squaring off will be permitted for existing open positions. Soybean is likely to be impacted by this move.
Vedanta has acquired Nicomet, the leading producer of nickel and cobalt in India
Vedanta has acquired Nicomet, the leading producer of nickel and cobalt in India. Nicomet is based out of Goa. With this buyout, Vedanta becomes India’s sole producer of nickel. This also helps Vedanta get to its carbon neutrality goals. Nickel is a vital input in the manufacturing of stainless steel and batteries for electric vehicles (EVs). On the other hand, cobalt is a key element for lithium-ion battery for EVs, energy storage systems etc. Nickel and cobalt are regarded the minerals of the future for their renewable thrust.