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GMR power: Market Movers: Re-listing disappointment continues as GMR Power, Gateway Distripark tank 5%

NEW DELHI: On the one hand, there have been no new initial public offerings (IPOs) lately, fearing that there is not enough investor appetite, and on the other hand, even businesses that are reintroduced fail.

GMR Power and Urban Infra, an entity which was formed after the spin-off of non-airport activities from GMR Infrastructure, had a forgetful first day as it fell 5% to close at Rs 44.20.

The new arm will house 4.8 gigawatts of power generation capacity, more than 50% of which comprises commissioned projects. It will house the company’s road operations as well as a 1,680-acre special investment region in Tamil Nadu as well as its coal mining interests in Indonesia.

Similarly, Gateway Distripark, which is a private sector rail and container freight station (CFS) operator, erased all of yesterday’s gains on Wednesday and then some. The company went public following a reorganization and had recovered, but the happiness lasted barely a day.


Smell a rat?


Whenever a central law enforcement agency visits a business, a common reaction is warranted. This time it was the number of two-wheeler manufacturer Hero MotoCorp.

The stock fell more than one percent after the income tax department raided the company’s offices. They also carried out searches at the home of its president Pawan Munjal. The research was carried out in many cities, including Gurugram and Delhi.

According to reports, the raid was carried out based on allegations of tax evasion. A team of department officials reviewed financial records and other business transactions of the company and its promoters.


No disruption!


Bajaj Electricals has announced that it has extended its branding agreement with UK company Morphy Richards for the use of the Morphy Richards brand for a further fifteen years from July 1, 2022.

This will ensure that there will be no disruption in the marketing of the product which it has marketed since 2002. The extension of the exclusive license will allow it to continue to use the Morphy Richards brand for the production, marketing and sale appliances in India and neighboring territories (Nepal, Bhutan, Bangladesh, Maldives and Sri Lanka).

Morphy Richards manufactures home appliances including blender grinders, coffee machines, toaster toasters.

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