The ITC subsidiary ITC Infotech is buying Cloud computing company Blazeclan Technologies for worth of Rs. 485 Cr, it should be completed in Six to Eight weeks. This company is serving Cloud technologies to customers and serving Digital technologies to customers.
ITC Market price is moving in Descending channel and market has rebounded from the lower low area of the channel
Shares of ITC Ltd saw a slight increase in trading during the morning hours of April 19, following an announcement by ITC Infotech regarding its acquisition plans.
ITC Infotech India Limited, a wholly owned subsidiary of ITC, disclosed in an exchange filing that it has entered into a share purchase agreement to acquire 100 percent of the share capital of Blazeclan Technologies Private Limited, a Pune-based IT firm, for Rs 485 crore.
The completion of the proposed acquisition is anticipated within six to eight weeks, subject to the fulfillment of customary closing conditions.
This strategic move is expected to enhance ITC Infotech’s capabilities, particularly in serving customers within a multi-cloud and hybrid cloud environment. The acquisition also emphasizes a focus on the partner ecosystem to drive future growth.
Blazeclan Technologies, the target of the acquisition, is recognized as an AWS Premier Partner, Snowflake Elite Partner, and a leading provider of cloud transformation solutions globally. With expertise in cloud migration, digital services, digital cloud consulting, and data analytics & insights, Blazeclan strengthens ITC Infotech’s position in supporting clients through their digital transformation journeys and delivering business outcomes leveraging robust cloud capabilities.
The Adani Group releases Pledged shares of Rs.26500 Crore in Five companies. Adani Power is most among the Group as Rs.15000 Cr paid and released the worth of 28.16 Cr shares, it shows decreased pledged shares from 72.72Cr to 44.56cr shares. It is Good for Adani Company own its own company shares without pledging more to foreign institutions burdens.
ADANI POWER Market Price is moving in Ascending channel and market has fallen from the higher high area of the channel
In fiscal year 2024, the Adani Group released approximately Rs 26,500 crore worth of pledged shares across its five listed companies. This marks the fourth consecutive year of such releases and is seen as a positive trend by analysts, driven by improved cash earnings. Similar releases of over Rs 15,000 crore each occurred in fiscal years 2023 and 2022, with a significant release of Rs 1.27 lakh crore in fiscal year 2021.
Ambareesh Baliga, an independent market analyst, attributes this trend to the group’s improved cash flows, noting that institutions raising stakes in some of the stocks also contribute to the positive outlook.
In fiscal year 2024, Adani Power saw the largest release of promoter-pledged shares, followed by Adani Ports & SEZ and Adani Green Energy Ltd. Adani Power’s pledged shares decreased from 72.72 crore to 44.56 crore, releasing around 28.16 crore shares valued at Rs 15,000 crore. Similarly, Adani Ports & SEZ and Adani Green Energy Ltd. witnessed reductions in pledged shares, resulting in significant releases valued at Rs 4,989 crore and Rs 4,149 crore respectively.
Additionally, other Adani Group companies such as Adani Energy Solutions and Adani Enterprises also saw the release of promoter-pledged shares, totaling around Rs 913 crore and Rs 1,402 crore respectively.
The Adani Group reported a 34 percent increase in EBITDA to Rs 79,000 crore by December 2023, driven by stable infrastructure platforms. The group maintains a conservative leverage profile, with a healthy cash balance of Rs 44,572 crore.
Analysts view the reduction in pledged shares over the past few years positively, as it eases market concerns around funding. With funding requirements addressed and past issues resolved, the Adani Group’s need for funds may diminish, according to industry experts.
The Supreme Court of India ruled in January that the Adani Group won’t face further investigations beyond the ongoing scrutiny by Sebi, offering relief amid allegations by a US short-seller. Sebi has been probing Adani for tax haven use and stock manipulation since allegations surfaced in January 2023. The court’s verdict suggested no heightened regulatory risk for Adani beyond Sebi’s ongoing investigation.
The CONCOR Container Corporation signed Memorandum of Understanding agreement with PSA MESA international company for smoothing cost effective Logistics services to customers.
CONTAINER CORP Market Price is moving in Ascending channel and market has reached higher high area of the channel
Israel attack on Iran makes worry for Logistics marine services will be affected in the recent days.
In the early trade on April 19, the share price of Container Corporation of India (CONCOR) experienced a decline. This followed the company’s signing of a Memorandum of Understanding (MOU) with PSA Mesa Supply Chain Pte. The MOU aims to provide seamless and cost-effective end-to-end logistics services to customers.
This dip occurred amidst broader market weakness, attributed to reports of Israel’s missile attack on Iran.
CONCOR, a prominent logistics service provider, operates more than 60 container terminals across India.
PSA Mesa Supply Chain, a wholly owned subsidiary of PSA International, is a leading global port operator and supply chain partner to cargo stakeholders. It operates four maritime container terminals and two freight stations in India. Through its supply chain business arm PSA BDP, PSA Mesa offers globally integrated and port-centric supply chain, transportation, and logistics solutions.
The strategic partnership between CONCOR and PSA Mesa aims to capitalize on the strengths of both organizations, leveraging their respective infrastructure and experience to enhance the ease of doing business.
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