UP govt to rope in Amazon, Wipro, GE at 'One District, One Product' summit

To give a major push to Uttar Pradesh's micro, small and medium enterprises (MSME) and cottage industries, the Yogi Adityanath government will exchange memorandums of understanding (MoUs) with top companies such as Amazon, Wipro and GE on Friday.

President Ram Nath Kovind will inaugurate the state's flagship 'One District, One Product' summit aimed at showcasing its traditional cottage industries and crafts.

On the occasion, the government will exchange MoUs with e-commerce major Amazon, Wipro, GE Healthcare, Quality Circle of India (QCI) and India's leading bourses -- the BSE and National Stock Exchange (NSE). These entities would help the MSMEs and cottage industries by providing training, branding, marketing and other institutional support.

For example, Amazon will extend marketing support to traditional industries in 9 districts, including Gorakhpur, Agra, Meerut, Varanasi, Kanpur and Aligarh. The company will showcase local products over its online marketplace and create a micro-site dedicated to the ODOP scheme.

Rakesh Jhunjhunwala's Rare Enterprises buys Dish TV shares for 930 mn

Rakesh Jhunjhunwala's firm Rare Enterprises on Wednesday picked up 130 million shares of direct-to-home operator Dish TV India for nearly Rs 930 million, through an open market transaction. According to the bulk deal data available with the NSE, Rare Enterprises bought 130 million shares, amounting to 0.71 per cent stake, in Dish TV. 

The shares were purchased at an average price of Rs 71.3, valuing the transaction at Rs 926.9 million, the data showed. The seller(s) of the shares could not be ascertained immediately. Dish TV shares settled 1.31 per cent higher on the NSE at Rs 73.70 apiece.

Mahindra Logistics ends flat on debut

The shares of Mahindra Logistics, subsidiary of automobile company Mahindra & Mahindra (M&M), ended flat during the stock market debut on Friday. The stock closed at Rs 429, the price at which it had issued shares to investors in its Rs 830-crore initial public offering (IPO) last week.

In intra-day trade, it hit a high of Rs 434 and a low of Rs 416 on the National Stock Exchange (NSE). Shares worth Rs 436 crore were traded on the NSE and another Rs 64 crore on the BSE. The IPO had 7.9 times subscription, with the institutional and retail (small investor) portion seeing 16 times and six times more demand than the shares on offer. The employee and wealthy investor portion of the IPO were subscribed twofold each.

In the IPO, parent M&M and private equity investor Kedaara Capital sold shares worth Rs 415 crore each. After that, the promoter holding has come down from 74.6 per cent, to 61.1 per cent. At Friday’s close, Mahindra Logistics had a market capitalisation of Rs 3,053 crore. The shares of M&M, which holds 58.8 per cent stake in the company, gained 2.3 per cent to Rs 1,393 crore on Friday.

The subsidiary now operates as a third-party logistics services provider. Prior to 2008, it was a division of M&M, serving the transportation and distribution, warehousing and in-factory logistics need of the company. In 2014, Kedara Capital had bought 22.99 per cent stake for Rs 200 crore, implying a market cap of Rs 870 crore.
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