Business News #11 | NF World Latest News
Check out below to read the Top 5 Prime Business News of the Week in the NF World Latest News section. In this section, you can read the daily news and updates on Economy, Stocks, Industry and Cryptocurrency related Business News in the week.
Amazon buys MGM studios to expand its streaming content in Prime Video
Amazon has completed its $8.5 billion acquisition of MGM studios.
Uniting the studio’s biggest franchises, “Rocky” and “James Bond” series with the online retailing behemoth as it seeks to attract customers through more streaming content.
Amazon said in a statement that it would welcome all MGM employees and work with the studio’s leadership. Thus, the company implied that there would be no layoffs.
Its decision to close follows the expiration of a deadline for the US Federal Trade Commission to file a challenge to the agreement.
According to Amazon, MGM’s workforce will join Mike Hopkins’ team as senior vice president of Prime Video and Amazon Studios.
HDFC Ltd and HDFC bank merges; becomes the third-largest entity in India by market cap
Chairman of HDFC Deepak Parekh announces that HDFC Ltd will be merging with HDFC Bank.
HDFC Chairman stated that the merging of mortgage business HDFC with HDFC Bank not only strengthens the entity against competitors. But also make its offers more competitive.
In a news conference after the announcement, he stated that HDFC Bank would no longer have any promoters.
Further, all shares will be held by the public. Parekh says that the decision will also assist the mortgage industry by lowering the cost of financing accessible.
Following the merger, HDFC Bank would be 100% owned by public shareholders, with existing HDFC Ltd shareholders owning 41% of HDFC Bank.
Shareholders of HDFC Ltd on the record date will get 42 HDFC Bank shares in exchange for 25 HDFC Ltd shares.
The growth of the manufacturing sector in India is in a slow pace since last year September
According to a monthly poll, India’s manufacturing sector activity cooled in March.
Businesses reported slower gains in new orders and production as inflation fears impacted the company’s confidence. Pollyanna De Lima, Economics Associate Director at S&P Global, said.
The seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI) was 54.0 in March, down from 54.9 in February.
Thus, it indicates the slowest rate of output and sales growth since September 2021.
For the ninth consecutive month, the March PMI statistics indicated an improvement in overall operational conditions.
A number above 50 indicates expansion, whereas a score below 50 indicates contraction.
PVR Cinemas and Inox Leisure merger: Combining 2000 screens for ₹4000 crores
Leading multiplex operators Inox Leisure and PVR, which announced their merger last month, have a combined pipeline of 2,000 screens. And intend to increase this capacity over the next seven years, requiring an expenditure of ₹4,000 crores.
The merged firm will invest ₹2.5 crores per screen in capital expenditure (CAPEX) as part of its development, said Inox Leisure Director Siddharth Jain.
The merged firm will be known as PVR INOX Ltd, with current screens continuing to be branded as PVR and INOX, respectively.
PVR INOX will be the name of new theatres that open as a result of the merger, the businesses said.
Veranda Learning IPO: Share allotment is on April 5
Veranda Learning Solutions Limited’s three-day initial public offering (IPO) was subscribed to 3.53 times on the last day of the sale.
According to NSE statistics, the 200-crore public offer garnered bids for approximately 4.15 crore shares vs 1.17 crore shares on sale.
The price range for the public offering was ₹130-137 per share.
Veranda Learning’s share distribution is expected to be finalised on April 5, 2022.
Once allotted, the shares will be credited to the bidders’ Demat accounts on April 6, 2022.
Both the NSE and the BSE would list these shares. Its stock market debut is planned for this week, on April 7, 2022.
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