BLOCK Financial News

BAT Plc on Tuesday said in a statement that its wholly-owned subsidiary Tobacco Manufacturers (India) Ltd will sell around 3.5% stake in ITC Ltd to institutional investors by way of a block deal and has launched the process. BAT said after the completion of the proposed block deal, BAT will continue to remain a significant shareholder of ITC with around 25.5% holding. BAT wanted to have more than 25% shareholding in ITC to have a strategic influence and veto rights in the company, chief executive Tadeu Marroco had said in December.

By David Shepardson

Two senior executives from cryptocurrency exchange Binance have been detained against their will by Nigerian authorities for the past two weeks. 

A federal judge in Texas has blocked a new rule by the National Labor Relations Board that would have made it easier for millions of workers to form unions at big companies

ITC shares this week, citing individuals familiar with the matter. The London-based tobacco giant, which currently holds a 29.03% stake in ITC through three of its entities, has been in discussions with Bank of America Corp and Citigroup Inc.

Bharti Airtel: The telecom major is anticipated to be the frontrunner in the forthcoming auction of eight spectrum bands, given that Reliance Jio has already made substantial acquisitions in the 2022 auctions and Vodafone Idea is currently grappling with financial constraints. The auction is scheduled to commence on May 20. Bharti Airtel is expected to renew its licenses for 42MHz of spectrum in the 1800MHz and 900MHz bands across six circles.

MUMBAI : British American Tobacco (BAT) Plc is preparing for its long-awaited stake sale in ITC Ltd in the next two weeks, two people aware of the matter said. The British multinational plans to sell 4% in the Indian company at ₹380-390 per share, a 5-8% discount to Monday’s closing price of ₹409, the people said on condition of anonymity. Around 499 million shares worth around ₹20,000 crore (over $2.4 billion) are expected to change hands, in the biggest block deal since 2021 when Bosch Ltd saw block deals of ₹29,000 crore for 19.98 million shares.

The talk of the town with a 210% pump in the last month is none other than Bitgert.

MUMBAI : IndiGo co-founder Rakesh Gangwal on Monday offloaded a larger-than-anticipated 5.8% stake in InterGlobe Aviation Ltd, the parent company of the airline, through a block deal on BSE. This sale follows previous divestments by Gangwal and his family, indicating a gradual reduction in their shareholding in the company.

IndiGo Co-founder Rakesh Gangwal is believed to have sold around 2.6 crore shares or 6.7% equity in a block deal worth over Rs 7,000 crore of the airline in a large block deal on Monday. While the stock fell initially, it traded around 2% higher at Rs 3,156 on BSE in the late morning session. Details of the transaction would be known only in the evening hours when exchanges release bulk and block deals data. Bloomberg reported that Gangwal had offered the shares at a floor price of Rs 2,925.

Senior Citizen Savings Scheme (SCSS) is open to anyone over the age of 60, and 55 for those who have retired on superannuation or under a voluntary or special voluntary plan, and 50 for retired military personnel (excluding civil defence service). Note that if an account has been opened in contravention of the SCSS Rules, the account shall be closed immediately and the deposit in the account, after deduction of the interest, if any, paid on such deposit, shall be refunded to the depositor. PPF, Senior Citizen Savings Scheme, Sukanya Samriddhi and other small savings schemes' rates announced for April-June quarter; check here

By Jonathan Stempel

ARCs) are lining up for the bankrupt ACCIL Corp's ₹270 crore debt in what is turning out to be a rare 100% recovery for banks. The asset in question is an ACCIL-owned hotel in Jaipur, which has been put on block by lenders to recover their dues. Last month, Omkara ARC beat competitor Asset Reconstruction Company of India (Arcil) with a ₹38 crore cash offer to Chennai-based Indian Bank in a Swiss challenge. Separately, Arcil has emerged as the preferred bidder to take over the ₹113 crore debt owed to Union Bank of India, the lead lender in the case.

new rule by the National Labor Relations Board that would have made it easier for millions of workers to form unions at big companies. The rule, which was due to go into effect Monday, would have set new standards for determining when two companies should be considered “joint employers" in labor negotiations. Under the current NLRB rule, which was passed by a Republican-dominated board in 2020, a company like McDonald’s isn’t considered a joint employer of most of its workers since they are directly employed by franchisees.

Himanta Biswa Sarma performed Bhumi Pujan ceremony of 50 MW Solar Project being developed in Sonitpur, Assam by SJVN Green Energy Limited (SGEL), a wholly owned subsidiary of SJVN. The 50 MW Solar Project is being developed in Sitalmari village, in Barsola Block under Dhekiajuli Revenue Sector in Sonitpur district. It will be built at an estimated cost of Rs. 291 crores. The project will generate 101 million units of green energy in the first year and the cumulative energy generation over a period of 25 years will be about 2,319 million units. The energy generated will be supplied to Assam Power Development Corporation Limited at Rs. 3.92 per unit. Chairperson & Managing Director, SJVN, Geeta Kapur informed that SJVN has set its footprint in Assam and that SJVN Green Energy Limited (SGEL), the renewable arm of SJVN, is developing three solar projects of capacity 200 MW, 70 MW and 50 MW, thus amounting to a total power capacity in the state of 320 MW. Among these, the foundation stone for the 70 MW Solar Project in Dhubri, Assam was laid by the Prime Minister Narendra Modi on March 4, 2024.

Whether it's a classic leather billfold or a sleek minimalist cardholder, these accessories have become an essential part of daily life, ensuring that men can easily carry their monetary essentials in a fashion-forward manner.

rail roko’ at 62 places in Punjab, ratcheting up a widening stir for better procurement prices among other demands. The call for the ‘rail roko’ protest, held between 12 pm and 4pm was given by the Kisan Mazdoor Morcha (KMM) and Samyukt Kisan Morcha (non-political) and came after farmers resumed their ‘Delhi chalo’ march on 6 March. In Haryana, several farmers were allegedly detained by the police in Dabwali and Ellenabad as they headed to the protest sites.

Febrio De-Zoysa murdered Ekanayake, her four children and a family acquaintance.The father, Dhanushka Wickramasinghe, suffered serious but not life-threatening injuries.De-Zoysa, who had been boarding with the Wickramasinghe family, is facing six counts of first-degree murder and one count of attempted murder.Sri Lanka’s High Commission in Ottawa confirmed to Global News that the two adult victims are Sri Lankan nationals.Neighbours and friends gathered in reflection and fellowship at a community park Saturday afternoon, just a block away from the home where the Wickramasinghe family were building their new life in Canada.On and around benches, community members laid heartfelt notes, teddy bears, bouquets of flowers and balloons among other items to pay their respects.Naradha Kodituwakku from the Buddhist Congress of Canada, spoke to the crowd.“Ottawa Sri Lankan community, I know you’re hurting and we are hurting with you,” he said as his voice cracked with emotion.A number of attendees at the vigil knew the mother, Dharshani, and her four children personally. Some brought photos and shared memories with others in the community.Neighbours of the family struggled with the senseless violence, including Rochelle LaChance, who lives just a few houses down from where the homicides occurred.“It’s been weighing heavy on a lot of us… it’s nice to see everyone together and have this space to grieve.

China has intensified efforts to block software that enables internet users to access banned websites during a top political meeting this week, a leading provider of firewall-leaping software told AFP. Beijing operates some of the world's most extensive censorship over the internet, with web users in mainland China unable to access everything from Google to news websites without using a virtual private network (VPN).

rail roko' protest on Sunday to advocate for their various demands. Here are the top ten updates: 1. Farmer leader Jagjit Singh Dallewal on Saturday urged the Centre not to run away from its responsibility of giving legal guarantee for MSP on all crops, even as farmers prepare to participate in the proposed 'rail roko' protest on March 10 to press for their demands.

Ministry of Jal Shakti on Saturday launched the 'Jal Shakti Abhiyan: Catch the Rain-2024' to optimise rainwater harvesting and other sustainable water management practices. Speaking at the launch of the campaign here in the national capital, Minister for Jal Shakti Gajendra Singh Shekhawat emphasised the pivotal role of women in water management, conservation, and sustainability. The event themed 'Nari Shakti se Jal Shakti', which marked the fifth edition of the Jal Shakti Abhiyan, was held at the New Delhi Municipal Council Convention Centre. Under 'Nari Shakti se Jal Shakti', the campaign seeks to establish a strong connection between women empowerment and the sustainable management of water resources, Shekhawat said. Key highlights of the event include the screening of a documentary titled 'Jal Shakti Abhiyan 2019 to 2023'- a public-led movement marching towards water security' and unveiling of two books — 'Jal Shakti Abhiyan: 2019 to 2023' and '101 Water Champions of Jal Jeevan Mission' and talks by 'Women Water Warriors'.