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The buyout group is looking to take a 60-70% stake for about ₹2,000-2,500 crore ($250-300 million) through a primary infusion as well secondary purchase of shares from the founding Luthra family, said people in the know. A formal announcement is expected in the coming weeks.

Parent One 97 Communications says revenue rose to Rs 1,914 crore in second quarter from Rs 1,086 crore a year earlier

The brokerage is of the view that the signs of slowdown have now broadened. The slowdown, which originally was seen among small and midsize businesses (SMBs) and self-serve segments, has gradually penetrated in the industry segments. There is now visible reprioritization of tech spending towards areas that will fetch quicker RoI and even higher focus on cost-efficiencies.

“This being the centenary birth year of late Sri Purushottam Dass Bangur, the company would dedicate the new green field Jute Unit under in its wholly owned subsidiary i.e. Gloster Nuvo Limited to the late Sri Purushottam Dass Bangur and named it Purushottam,” added the release.

The Q2 net loss has, however, narrowed sharply from a loss of Rs 6,147.94 crore recorded in the June 2022 quarter

Based on FY22 earnings, the company is valued at 26.5x P/E, 12.4x EV/EBITDA and 5.1x EV/Sales, which is a discount to peers. The company has a leading market position and it is undergoing continued expansion, said Reliance Securities.

SIS Ltd., incorporated in the year 1985, is a Mid Cap company (having a market cap of Rs 6089.63 Crore) operating in Services sector.

However, its revenue from operations rose 10.66 per cent to Rs 409.25 crore during the quarter under review against Rs 369.82 crore in the corresponding period of the previous fiscal.

The Dow Jones Industrial Average rose 50.88 points, or 0.16%, at the open to 32,454.10.

“The second quarter of FY23 witnessed a turnaround in consumer sentiments with pent-up demand across vehicle segments on both year-on-year and sequential basis”, said Ashok Minda, Chairman & Group CEO, Minda Corporation.