Axis Bank Is Set To Buy Citigroup’s $21.5 Billion India Retail Unit

  • Axis Bank is nearing a deal to buy Citigroup Inc.’s India retail banking business in a transaction that could be valued at about $2.5 billion
  • An agreement for the consumer unit may be announced as soon as the next few weeks and is contingent on approval from the RBI
  • The deal would include a cash component of less that $2 billion, accounting for the consumer’s business’s liabilities.
  • Axis Bank emerged as the buyers with factors such as job security for current Citigroup employees and competition concerns being taken into account.
  • Axis Bank will need around six months to merge its consumer business with Citigroup’s

Videocon Industries Insolvency: Supreme Court Agrees To Hear Twin Star Technologies Plea Against NCLAT Order

  • In January, the NCLAT set aside the resolution plan by Twin Star Technologies saying it had certain defects.
  • The NCLAT had also allowed the CoC to restart the bidding process.
  • The Supreme Court will hear Twin Star Technologies Ltd.’s plea after 10 days

Analyst Actions: Dilip Buildcon, L&T Infotech

  • Dilip Buildcon raised to ‘accumulate’ from ‘sell’ at Nirmal Bang; price target set at Rs 347.
  • L&T Infotech: Choice Equity initiated coverage of Larsen & Toubro Infotech with a recommendation of ‘outperform’; price target set at Rs 7,226.

HDFC Slips To 52-Week Low

Shares of Housing Development Finance Corp Ltd. fell over 4.3% to a 52-week low of Rs 2,321.5 apiece.

  • Trading volume was 1.5 times the 30-day average volume at this time of the day.
  • None of the 39 analysts tracking the company recommend ‘sell’, with 37 maintaining ‘buy’ and two suggesting ‘hold’. The overall consensus price of analysts tracked by Bloomberg implied an upside of over 39%.

Source: Bloomberg

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1 thought on “Axis Bank Is Set To Buy Citigroup’s $21.5 Billion India Retail Unit”

  1. Gold and silver prices on the international market:

    Gold prices on Monday hovered near a three-month high touched in the previous session, as concerns surrounding Ukraine kept the metal’s safe-haven appeal intact.

    As per the latest metal report, spot gold was steady at $1,859.16 per ounce. Meanwhile, U.S. gold futures rose 0.9 percent to $1,859.00 per ounce.

    Reply

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