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Indian benchmark share indices closed higher on Monday, led by gains in banks and financial stocks amid positive cues from global peers. Sensex ended at 38,799.08, up 364.36 points or 0.95%, while Nifty Settled 94.85 points or 0.83% higher at 11,466.45.
IndusInd Bank, closing 3.4% higher, was the top Sensex gainer followed by Kotak Bank, Bajaj Finance, HDFC Bank, ICICI Bank and Bharti Airtel. Power Grid, TechM, M&M, Titan and Nestle India were among the laggards on the other hand. Of 30 Sensex shares 19 closed in the green.
Motherson Sumi aims to triple sales in 5 years
Vivek Chaand Sehgal has a track record of achieving the seemingly impossible. His company, a sprawling parts supplier to the world’s biggest carmakers, has exceeded its five-year target every time bar one in the past quarter century.
His latest goal is equally daunting — Motherson Sumi Systems Ltd. is targeting to triple annual sales to $36 billion by 2025. Sehgal, 63, plans to achieve that by doing what he does best: dealing. Or more specifically, in light of the coronavirus pandemic, buying up distressed companies as they run out of money.
ZEEL up 5%
The Singapore government and Monetary Authority of Singapore have cut nearly 1% of their total holding in Zee Entertainment Enterprise (ZEEL) to 5.93 per cent by selling shares worth over ₹186 crore in the open market.
According to a regulatory filing by the company, GIC Pvt Ltd on account of Government of Singapore (GOS) and Monetary Authority of Singapore (MAS) sold a total of 93.30 lakh shares, amounting to approximately 0.97% stake in ZEEL on August 20.
MAX Life, Axis Bank tweak insurance JV pact
The Axis Bank-Max Life Insurance deal has moved a step closer to fruition with both firms agreeing to amend or remove clauses in their transaction that had displeased the insurance regulator, two people familiar with the development said.
Under the deal announced in April, Axis Bank was to raise its stake in Max Life from 1% to 30% for ₹1,592 crore at ₹28.61 a share, elevating their bancassurance partnership to a joint venture. Analjit Singh-promoted Max Financial holds 73.5% in Max Life, Japan-based Mitsui Sumitomo 25.5% and Axis Bank nearly 1%