Top Market Highlights Of The Day – Jan 10 , 2022

Indices

The benchmark indices are expected to start on a slightly positive note on Monday given the indications by the SGX Nifty futures that quoted 17,930 level, higher by 70 points as compared to Nifty’s spot close on Friday.

Source : Internet

Reliance to buy control of New York’s Mandarin Oriental hotel for $98 mn

A day after it paid $200 million for Dunzo, Reliance has paid a hefty $98 million for a controlling stake in the Mandarin Oriental, New York. The stake was bought in Columbus Centre Corp, Cayman Islands, which owns 73.37% in Mandarin Oriental New York. This adds to the consumer and hospitality offerings of the Reliance group. It will also acquire the balance 26.63% subject to the consent of the other owners. Mandarin Oriental, New York is winner of several awards and it will enhance RIL’s hospitality footprint.

DMart Q3 Results: PAT up 24% on-year to Rs 553 cr; revenue jumps 22%

D-Mart, the household retail products brand of Avenue Supermarts reported 23.6% increase in net profits for the Dec-21 quarter at Rs.553 crore. Among the top-100 companies by market capitalization, Avenue Supermarts is the first company to announce Q3 results. Overall revenues from operations were up 22.2% at Rs.9,218 crore as sales bounced back from the COVID-related restrictions. The company also added a total of 17 stores during the Dec-21 quarter. D-Mart has been largely modelled on Wal-Mart of the US.

Amazon Challenges CCI’s Suspension Of 2019 Future Deal

Amazon has dragged the Competition Commission of India (CCI) to the NCLAT against the suspension of the 2019 deal between Amazon and Future Coupons. Amazon and Future group have been engaged in a pitched battle as Amazon has been trying to block the sale of Futures group businesses to Reliance Retail. In the latest 2-judge bench order, it upheld the decision of the CCI to suspend the 2019 agreement. The battle is far from over as Amazon is keen to implement the spirt of the ROFR which prevented the sale.

ANIL to be Adani Group’s vehicle for the new energy business

The Adani group has set up a new subsidiary, Adani New Industries Ltd (ANIL), to undertake green hydrogen projects. Additionally, ANIL will also work on other renewable energy projects like low carbon power, making wind turbines, solar modules and batteries. Adani had already announced an aggressive plan to invest up to $70 billion into new energy. Incidentally, Adani Group is already the world’s largest solar power developer. PM Modi plans to hike the share of renewable energy to 50% in India by 2030.

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