Blackstone Group Inc. to take over L & T Mutual Fund
To begin with, the Blackstone Group Inc. arises as the frontrunner to take over the Mutual Fund of Larsen & Toubro Ltd. Certainly, this would remain the first entry by a major foreign private equity firm into India’s $350 billion asset management industry.
Besides, the New York-based buyout firm focuses to reach an agreement in the next month to buy a controlling stake in the L & T MF. Precisely, this could come of value at more than ₹3,500 crores. Significantly, the firm kept competing with rival Indian bidder IIFL Wealth Management Ltd.
However, the success of the Blackstone would rely on whether it gets clearance from the Indian securities regulator. Also, IIFL stood pursuing a deal and could come up as the winner if it fails to gain approval.
Stock Market June 19th:
On Friday, both Sensex and Nifty continues its bullish trend in the stock market. The Sensex is trading above 34,700 levels, and Nifty is trading above 10,200 levels in the stock market. The Sensex gained 523.68 points with a 1.53% increase and reached a 34,731.73 level. While Nifty 152.75 points with a 1.51% increase and reached 10,244.40 level.
Whereas the number of coronavirus cases in India reached 3,95,048 as of Saturday, June 20, and deaths reached 12,948.
In the border market, the S&P BSE SmallCap reported a bullish trend in the stock market on Friday. It gained 166.39 points with a 1.37% increase and reached 12,277.11 level. The S&P BSE Midcap gained 130.80 points with a 1.03% increase and reached a 12,803.84 level. While Nifty Bank gained 381.80 points with a 1.82% increase and reached 21,338.10 level.
Top Gainers on June 19: Bajaj Finserv, Bajaj Finance, Reliance, Tata Motors, and Bharti Infratel are the top gainers in today’s stock market.
Top Losers on June 19: Indusind Bank, M&M, Vedanta, HCL Tech, and ITC are the top losers in today’s stock market.