Business News #7 | 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 of Economy, Stocks, Industry and Cryptocurrency related Business News in the week.

Table of Contents

Sensex falls; may be due to an increase in Omicron cases in India

The benchmark equity indexes, the Sensex and the Nifty 50 dropped more than 2% on 20 December 2021 in India.

The Sensex dropped nearly 1,200 points, or 2.09 per cent, to close at 55,822. While the Nifty fell 371 points, or 2.18 per cent, to close at 16,614.

This mirroring loss in global markets may be due to the rising Omicron cases threatened to disrupt the global economic recovery.

In fact, the Netherlands went into lockdown on 19 December 2021 as the Omicron strain spread rapidly. And the threat of further Covid-19 restrictions imposed ahead of the Christmas and New Year vacations threatened numerous European countries.

Planning to raise ₹5000 crores by issuing bonds: Axis Bank

Axis Bank’s board of directors authorised the bank to borrow or raise money to ₹35,000 crores in April in Indian or foreign currency through the issuance of bonds.

Those are debt instruments, perpetual debt instruments, AT 1 bonds, infrastructure bonds, and Tier II capital bonds, among other things. Now, Axis Bank said it would issue bonds to raise to ₹5,000 crores on 20 December 2021.

“We wish to inform you that the bank intends to raise funds by issuing debentures of ₹10 lakh each for cash at par, with a base issue size of ₹2,000 crores. And a green-shoe option to retain over-subscription of ₹3,000 crores, thereby aggregating up to Rs 5,000 crore,” Axis Bank said.

Oracle wants to buy a medical record company for more than $30 billion.

Oracle Company is planning to pay more than $30 billion in cash, including debt, for acquiring Cerner company. This company is a provider of electronic medical records.

The US-based company Cerner creates software used by hospitals and clinicians to store and analyse medical records and other healthcare data.

According to one of the sources, the all-cash acquisition will be revealed later. And would value Cerner at around $95 per share. If a contract is finalized, it would be the largest ever for Oracle, which has a market value of roughly $260 billion.

The stock price dropped more than 6% on 17 December 2021 after The Wall Street Journal reported that the deal was closed.

Vedanta becomes the only nickel manufacturer in India by acquiring Nicomet

Vedanta has bought a renowned nickel and cobalt producer situated in Goa, Nicomet. This company has now become India’s only nickel producer after this acquisition.

According to a business statement, the action is part of Vedanta’s ambition to make India self-sufficient in producing essential minerals.

The acquisition of Nicomet is consistent with Vedanta’s ESG purpose and also contributes to India‘s net-zero carbon emission goal. The value of India’s nickel and cobalt imports has consistently increased in recent years.

With Vedanta’s entry into the production of these vital minerals, India will be in a better position to produce EV batteries, the primary component of EV cars. In addition, it enables the manufacturing of high-quality steel products, a fundamental building block for infrastructure expansion.

Supriya Lifescience IPO: Subscription ends on 21 December

Supriya Lifescience IPO began for subscription on 16 December 2021. And will stay open for bidding until 21 December 2021. The IPO closed with 71.51 times subscription on 20 December 2021.

The book issue’s price range has been set at ₹265 to ₹274 per equity share. The company manufactures active pharmaceutical ingredients (APIs), hoping to generate ₹700 crores from its public offering (₹200 crores from a new issuance and ₹500 crores through an Offer for Sale or OFS).

According to market experts, Supriya Lifescience shares are currently selling at a premium of ₹180 in the grey market. Investors placed bids for nearly 1.04 crore equity shares against the IPO size of 1.45 crore equity shares.

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