TATA Group to buy a majority stake in UTI AMC

The Markets Today in a nutshell

• Domestic benchmark indices ended on a positive note.
• Value buying emerged after indices corrected sharply in the past two sessions. Barring IT and PSU banks, all the sectoral indices settled higher. FMCG, metals and auto shares were in demand. Global cues were mixed as Asian stocks tumbled while European shares rose across the board.

Capital Flows

News you could use

? Yes Bank share price jumps after sale of NPA to JC Flowers
Yes, Bank concluded the assignment of the Rs 48,000-crore stressed asset loan portfolio of the bank to JC Flowers Asset Reconstruction company. The bank had earlier declared JC Flowers Asset Reconstruction Private Limited (JC Flowers ARC) as the winner of the Swiss Challenge process for the sale of its identified portfolio of stressed assets.

? TATA Group to buy a majority stake in UTI Asset Management Company
Tata Group is in final talks to buy a majority stake in UTI Asset Management Company from four state-owned financial entities. Punjab National Bank, Life Insurance Corporation of India, State Bank of India, and Bank of Baroda together own a 45.16 percent stake in UTI AMC. A final agreement is being sought on the deal valuation. Internal approvals have been secured and Tata has received an in-principle nod from the other big investor in the AMC, global investment management firm T Rowe Price Group, which holds around 23 percent.

? Sun Pharma stock price declines as the company received warning letter from USFDA 
The company received Warning Letter from USFDA for the Halol facility. The Warning Letter summarizes violations with respect to Current Good Manufacturing Practice (cGMP) regulations.

News from the IPO world?

• Kfin Technologies IPO subscribed 55% on day 1
• Pine Labs may shift $500 mn IPO to India
• Radiant Cash Management Services IPO to open on December 23

Numbers? that matter