Top headlines: PayU calls off BillDesk buy; Adani Group stocks crack
India’s largest fintech M&A deal falls through: PayU calls off BillDesk buy
The biggest merger & acquisition (M&A) deal in the Indian financial technology space has fallen through, with Prosus-backed PayU calling off the acquisition of BillDesk. The acquisition, for a total consideration of $4.7 billion, had been announced on August 31, 2021.
In a statement issued on Monday, Prosus said: “Closing of the transaction was subject to the fulfilment of various conditions precedent, including approval by the Competition Commission of India (CCI). Read more
Adani Group stocks crack; Adani Enterprises, ATGL hit 10% lower limit
Shares of Adani Group stocks sank up to 10 per cent, with stock price of the flagship firm Adani Enterprises bearing the brunt of the selling pressure. The Adani Group stocks had been major outperformers so far this calendar year, hence the current selling can be attibuted to profit-taking at these counters. Read more
Manufacturing PMI dips to 3-month low of 55.1 in September on poor demand
India’s factory growth dipped to a three-month low in September due to a moderation in demand and output, despite easing inflationary pressures and strong business confidence, a private survey showed.
The Manufacturing Purchasing Managers’ Index, compiled by S&P Global, fell to 55.1 in September from 56.2 in August, below the 55.8 predicted by economists in a Reuters poll. Read more
Nykaa soars 11% after board approves 5:1 bonus share
Shares of FSN E-commerce, which operates under Nykaa brand, soared 11 per cent to Rs 1,411.80 on the BSE in Monday’s intra-day trade after the company’s board approved bonus shares in the ratio of 5:1 i.e. five bonus share for every one share held in the company. The stock now trades at its highest level since August 19. Read more
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