Tag: adani-NDTV

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Adani to Pay Extra ₹26Cr to NDTV Open Offer Sellers – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Adani Group to pay additional ₹48.65 per share to NDTV open offer sellers 

Adani Enterprises Ltd will pay an additional ₹48.56 per share for the NDTV shares it bought under its open offer. This is to match the price that was paid to NDTV founder-promoters (Prannoy Roy and Radhika Roy) who sold most of their stake to the Adani Group last week. With the additional payment in place, NDTV investors who sold their shares in the open offer will receive ₹342.65 per share. Earlier, the offer price offered by Adani was ₹294 per share.  

Read more here.

RIL, Adani Group, NTPC among 7 bidders for SKS Power

SKS Power Generation’s lenders have received seven bids to take over the distressed power producer. Reliance Industries, the Adani Group, NTPC, Torrent Power, Jindal Power, Sarda Energy & Minerals, and Singapore-based Vantage Point Asset Management have submitted final bids to take over the distressed company. SKS Power owes ₹1,890 crore to Bank of Baroda and State Bank of India. 

Read more here.

EV industry seeks extension of subsidies under FAME-II in Budget

The Society of Manufacturers of Electric Vehicles (SMEV) has sought an extension of subsidies for EVs under the FAME-II scheme. The industry has also sought the inclusion of light to heavy commercial vehicles in it to promote electric mobility. In its pre-Budget recommendations, the industry body also called for a uniform 5% Goods & Services Tax (GST) on spare parts for electric vehicles.

Read more here.

HDFC Bank partners with Microsoft for digital transformation journey

HDFC Bank is partnering with Microsoft in the next phase of its digital transformation. The private sector lender is developing in-house Internet Protocols (IPs) and collaborating with several fintech companies to co-create technology IPs. HDFC Bank will leverage Microsoft Azure to modernise its enterprise data landscape and scale its information management capabilities across enterprise reporting and advanced analytics using artificial intelligence.

Read more here.

India’s coal production rises 16% to 608 MT in April-Dec: Govt

India’s coal output rose by 16.39% year-on-year (YoY) to 607.97 million tonnes (MT) during the April-December period of the current financial year (FY23). Coal production by Coal India Ltd (which accounts for over 80% of the domestic output of coal) rose 15.82% YoY to 479.05 MT during the same period.

Read more here.

L&T Construction wins orders from Madhya Pradesh

Larsen and Toubro Ltd’s water and effluent treatment business has secured repeat orders from the Government of Madhya Pradesh to execute two lift irrigation projects. The project will irrigate 2.05 lakh hectares of land that covers over 500 villages in the Dewas and Dhar districts in Madhya Pradesh. It will lift 60 cubic metre per second of water from the Narmada River to irrigate farmlands, benefitting 3,00,000 farmers in the process

Read more here.

Granules to use Greenko’s clean energy for proposed ₹2,000 crore plant in Kakinada

Granules India has entered into a strategic partnership with Greenko Group to develop Integrated Green Pharmaceutical Zones (GPZ), starting with Kakinada, Andhra Pradesh. The company will use carbon-free energy and green hydrogen derivatives supplied by Greenko ZeroC, beginning with its proposed ₹2,000 crore greenfield plant in Kakinada spread across 100 acres. The investment will be spread across 5 years. 

Read more here.

ONGC’s ‘Sagar Samrat’ starts oil, gas output in Arabian Sea

ONGC’s vintage offshore drilling rig ‘Sagar Samrat’ has been commissioned as a Mobile Offshore Production Unit (MOPU) in the Arabian Sea. It will handle up to 20,000 barrels per day of crude oil, with a maximum export gas capacity of 2.36 million cubic metres per day. The MOPU is expected to add 6,000 barrels per day of oil to ONGC’s production in the coming days.

Read more here.

NTPC starts India’s first green hydrogen blending operation in PNG network

NTPC Ltd has started India’s first green hydrogen blending operation in the piped natural gas (PNG) network of its township in Kawas, Surat. The project is a joint effort of NTPC and Gujarat Gas Ltd (GGL). This set-up is geared up to supply H2-NG (natural gas) to households of Kawas township. 

Read more here.

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Reliance Seeks Bids for Sale of KG-D6 Gas – Top Indian Market Updates

Here are some of the major updates that could move the markets on Monday:

RIL seeks bids for sale of KG-D6 gas at rates linked to JKM

Reliance Industries Ltd (RIL) and partner BP have sought bids for 6 million metric standard cubic meters a day (mmscmd) of natural gas produced from their KG D6 field off the eastern coast for the next five years. The auction is planned for January 18, and supplies will start in February. Reliance and BP have linked price bids to JKM, the spot market benchmark for liquified natural gas (LNG) delivered to Japan and South Korea.

Read more here.

Shriram Finance secures $100 million loan from Asian Development Bank

Shriram Finance Ltd said it had secured a five-year loan worth $100 million (~₹826.74 crore) from Asian Development Bank to provide credit to its customers towards the purchase of new and used vehicles across India. The company also raised $250 million from US Development Finance Corporation and $475 million through a 144A Bond from the international market earlier this year. The lender is a merged entity of Shriram City Union Finance and Shriram Transport Finance.

Read more here.

Kalpataru Power secures order worth ₹1,247 crore

Kalpataru Power Transmission Ltd (KPTL) & its international subsidiaries have secured new orders worth ₹1,247 crore. The orders are for the Indian and overseas markets in the transmission & distribution (T&D) business. KPTL’s order inflows in FY23 have crossed ₹17,031 crore on a consolidated basis. They are currently executing projects in over 30 countries and have global footprints in 67 countries.

Read more here.

Coal sector constructs 8 eco-parks to promote mine tourism

The Central govt. has constructed eight eco-parks in different parts of India to boost mine tourism. Two more parks will be completed in the ongoing financial year (FY23). In line with the sustainable development and green initiatives, coal/lignite public sector enterprises (PSUs) have planted around 47 lakh saplings on 2300 hectares of land from January to November this year.

Read more here.

Adani Group acquires NDTV founders’ 27.26% equity stake

Adani Group has acquired a 27.26% equity stake in NDTV from Prannoy Roy and Radhika Roy (founders of the news broadcaster). Vishvapradhan Commercial Pvt. Ltd (an indirect subsidiary of Adani Enterprises) holds an 8.27% equity stake in NDTV, and RRPR (another indirect subsidiary) held a 29.18% equity stake in NDTV. After this recent acquisition, RRPR will hold 56.45% of NDTV.

Read more here.

Zydus Lifesciences gets final USFDA approval for insomnia drug

Zydus Lifesciences Ltd has received final approval from the US Food & Drug Administration (USFDA) to market its generic version of Triazolam tablets. The drug is used on a short-term basis to treat insomnia (difficulty falling asleep or staying asleep). The product will be manufactured at the Zydus Lifesciences’ formulation facility at Moraiya, Ahmedabad. As per IQVIA MAT data, Triazolam tablets had annual sales of $11.7 million in the US for the 12 months ended Sept 2022.

Read more here.

Religare Finvest signs settlement agreement with all its lenders for OTS

Debt-ridden Religare Finvest Ltd (RFL) has signed an agreement with all its lenders for a one-time settlement (OTS). This move will allow the company to exit from the Corrective Action Plan imposed by the RBI. RFL, an NBFC subsidiary of Religare Enterprises Ltd, owed about ₹5,300 crore to a consortium of lenders led by the State Bank of India (SBI). It has been in financial distress due to the alleged misappropriation of funds by promoters Shivinder Singh and his brother Malvinder Singh.

Read more here.

Electric vehicle sales on track to cross 10 lakh milestone this year

Retail sales of electric vehicles (EVs) in India are estimated to top the 10 lakh mark in the calendar year 2022, accounting for about 4.7% of the total automobile sales. According to data on the government’s Vahan website, nearly 9,89,000 EVs have been registered with regional transport offices till Thursday. EV fleet operators and individuals buying two-wheelers have been the main drivers of this growth.

Read more here.

Fiscal deficit touches 59% of full-year target in November

India’s fiscal deficit for the first eight months of this financial year (April-November of FY23) stood at ₹9.78 lakh crore or 58.9% of annual estimates. Total receipts stood at ₹14.65 lakh crore, while overall expenditure from April to November was at ₹24.43 lakh crore. They were 64.1% and 61.9%, respectively, of this fiscal year’s budget target. [Fiscal deficit is the difference between total revenue and total expenditure of the government.]

Read more here.

Hero MotoCorp commences deliveries of VIDA V1 electric scooter

Hero MotoCorp has commenced customer deliveries of its first electric scooter— VIDA V1. The first electric vehicle of the brand was delivered in Bengaluru. The electric scooter has a range of 163 km on a single charge with a top speed of 80 km/hr. It is available in two variants— VIDA V1 Plus at Rs 1,35,705 and VIDA V1 Pro at Rs 1,46,880 (effective on-road price Delhi).

Read more here.

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Adani Group to Get Control of NDTV – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Adani Group to get NDTV control as promoters decide to sell bulk of their stake

New Delhi Television Ltd’s (NDTV) founders Prannoy Roy and his wife Radhika Roy have decided to transfer most of their shares in the company to the Adani Group. This will give Gautam Adani’s conglomerate control of about 65% of the news broadcaster. The founders will sell a 27.26% stake of their remaining 32.26% shareholding in NDTV to an entity owned by Adani.

Read more here.

Puravankara, Purva Real Estate Fund acquires 100 acres of land in Chennai

Puravankara Ltd and Purva Real Estate Fund have acquired more than 100 acres of land for plotted development in a deal valued around ₹200 crore in Chennai. The proposed project at Guduvanchery is expected to have a total revenue potential of over ₹900 crore. Guduvanchery is an upcoming real-estate hub for Chennai. Puravankara plans to launch three more plotted development projects by March 2023.

Read more here.

Tata Power secures ₹450 crore sustainable trade finance from Japan’s MUFG

Japan’s MUFG Bank has executed a ₹450 crore sustainable trade finance facility for Tata Power. This credit facility was extended for solar projects under TP Kirnali Limited (TPKL). TPKL is a wholly-owned subsidiary of Tata Power Renewable Energy Ltd (TPREL), a clean energy platform.

Read more here.

Godrej Properties to develop residential project on 14.27 acres in Gurugram

Godrej Properties Ltd (GPL) has entered into an agreement to develop 14.27 acres of land in Gurugram, Haryana, with an estimated revenue potential of ₹3,000 crore. The development will comprise predominantly premium residential apartments. This will be one of GPL’s largest residential developments in Gurugram and significantly strengthen its presence in the city.

Read more here.

Vedanta declared as preferred bidder for Bicholim mineral

Vedanta Ltd has been declared as the preferred bidder for the Bicholim mineral block in Goa. The iron ore mines had resources of 84.92 million tonnes. Goa government has earlier invited tenders to participate in the electronic auction for granting mining leases in respect of iron ore mines in the state. 

Read more here.

NCLT approves merger of Jindal Stainless and Jindal Stainless (Hisar)

Jindal Stainless has received regulatory approval for its merger with Jindal Stainless (Hisar) from the National Company Law Tribunal (NCLT). The two companies had been demerged in 2015 as part of a financial and operational restructuring exercise to bring down the cost of borrowing. Jindal Stainless had a debt of over ₹8,500 crore, which prompted the restructuring.

Read more here.

Bharat Highways InvIT files draft papers with SEBI for IPO

Bharat Highways InvIT has filed a draft prospectus with the capital markets regulator SEBI to raise ₹2,000 crore through an initial public offering. Proceeds of the issue will be used to repay certain loans obtained by the project special purpose vehicles (SPV) and for general corporate purposes. As per the draft papers, Bharat Highways InvIT would issue units aggregating up to ₹2,000 crore.

Read more here.

2,613 air incidents reported in India during five years; IndiGo tops the list: Govt

The Ministry of Civil Aviation (MoCA) said there has been a long list of air incidents reported in the last five years involving domestic airlines and added that 12 of these airline companies are presently operating in India. There were a total of 2,613 air incidents reported due to technical snags in the five years in which IndiGo airlines topped the list. IndiGo reported 215 incidents so far in 2022 and 885 incidents over five years.

Read more here.

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India’s GDP Growth Slows to 6.3% in Q2 – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

India’s GDP growth slows to 6.3% in Q2

India’s gross domestic product (GDP) grew by 6.3% YoY during the July-September quarter (Q2 FY23). The GDP had expanded by 8.4% in Q2 FY22. Nominal GDP or GDP at current prices in Q2 FY23 is estimated at ₹65.31 lakh crore, showing a growth of 16.2% YoY. “Several indicators suggest that the Indian economy is making resilient progress in Q2 FY23 in spite of the drag from global spillovers,” said SBI economist Soumya Kanti Ghosh.

Read more here.

SBI Cards surpasses HDFC Bank in incremental card issuances

SBI Cards & Payment Services has surpassed HDFC Bank in incremental card issuances in the festival month of October. HDFC Bank retreated to the fourth position in new credit card additions— at less than 2.2 lakh last month. SBI Cards added 3.4 lakh customers. Axis Bank and ICICI Bank added 2.6 lakh and more than 2.2 lakh customers, respectively, to beat HDFC Bank in incremental additions.

Read more here.

Liquor sales rise as demand increases for key segments

Sales volumes of spirits rose 15% to 31.9 crore cases between January and October, with demand increasing for all key segments (whiskey, brandy, rum, gin, and vodka), said industry executives citing the latest Excise Department data. The alcohol market saw a sharp recovery during the first ten months of 2022 after a severe decline during the pandemic. India’s spirits market is expected to reach a record-high volume of 39 crore cases by end of 2022.

Read more here.

Rajasthan Govt. picks Jio, Airtel for ‘Mukhyamantri Digital Seva Yojana’

The Rajasthan government has selected Reliance Jio and Bharti Airtel to provide internet access and free smartphones to the women heads of 13.3 million families in the state under the ‘Mukhyamantri Digital Seva Yojana’. The tender is worth more than ₹12,000 crores. The distribution of free smartphones will begin in the second week of December. Jio will provide almost 60% of the connections while Airtel will fulfil the rest.

Read more here.

NDTV says Prannoy, Radhika Roy resigned as directors of the promoter group

NDTV founders Prannoy Roy and Radhika Roy have resigned as directors of promoter group vehicle RRPRH with immediate effect. An entity backed by the founders had issued shares of NDTV to a unit of the Adani Group, taking the Gautam Adani-led conglomerate a step closer to control of the media firm. The transfer of shares will give Adani control over a 29.18% stake in NDTV. Adani is also conducting an open offer between Nov. 22 and Dec. 5 for a 26% stake in NDTV.

Read more here.

Port infrastructure may get ₹2 lakh crore upgrade to ease logistics pain

India is eyeing a ₹2 lakh crore upgrade of its port infrastructure, in a major push to ease bottlenecks in logistics. Around 298 projects, including road and rail connectivity to ports, have been identified under the plan. The Empowered Group of Secretaries has identified critical infra gaps in port connectivity that would be taken on a priority basis and their implementation would be reviewed monthly.

Read more here.

Tata eyes Apple vendor Wistron’s facility in Karnataka: Report

According to reports, Tata Group has initiated discussions with Taipei’s Wistron Corp, one of the three top vendors for Apple in India, to buy its sole manufacturing facility in Karnataka for ₹4,000-5,000 crore. The transaction will help the group ramp up the manufacturing capabilities of Tata Electronics Pvt Ltd (TEPL) in precision engineering. TEPL is a wholly-owned subsidiary of Tata Sons. 

This acquisition could be part of the Tata Group’s ambitions to become a scaled mobile phone and component contract manufacturer.

Read more here.

DoT to telcos: No 5G sites near airports for now

The Department of Telecommunications (DoT) has directed all mobile phone operators not to install any 5G sites in the 3,300-3,670 megahertz band (C-band) within 2.1 kilometres of both ends of the runway at all the airports in India. In a letter to Reliance Jio, Bharti Airtel, and Vodafone Idea, DoT further said 5G base stations can be installed in the vicinity of 540 meters after this 2.1 km range.

Read more here.

SBI’s business partner Save Solutions in talks with private equity firms to raise ₹300-400 crore

Save Solutions, a leading business correspondent for the State Bank of India, is in talks with private equity investors to raise about ₹300-400 crore to fund its own lending business. A sharp rise in loan demand in the country and an overall economic rebound have boosted growth prospects. Save Solutions plans to use the funds to expand lending operations to micro, small and medium enterprises (MSMEs) and to micro-loan borrowers.

Read more here.

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Adani Group’s ₹493Cr Open Offer for NDTV to Start Tomorrow – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Adani Group’s ₹493 crore open offer for NDTV to start tomorrow

Adani Group’s open offer to acquire an additional 26% shareholding in the media company New Delhi Television (NDTV) from the market will start tomorrow. The offer will close on December 5. If fully subscribed, the open offer will amount to ₹492.81 crore at ₹294 per share. To learn more about Adani’s takeover of NDTV, click here.

Read more here.

RBI allows HDFC Bank, Canara Bank to open Vostro account for INR trade with Russia

The Reserve Bank of India (RBI) has allowed HDFC Bank and Canara Bank to open a special “vostro account” for trade in Indian Rupees with Russia. Vostro accounts are accounts held by a bank on behalf of another (often a foreign bank), and this forms a key part of correspondent banking. Payments can be settled in Rupee for India-Russia trade, enabling cross-border transactions in the Indian currency.

Read more here.

Jindal Steel wins bid to build 300 MW coal power plant in Botswana

Botswana has selected Jindal Steel & Power Ltd (JSPL) to build a coal-fired power plant. The contract is for the design, construction, operation, and maintenance of a 300 megawatts  (MW) net greenfield coal-fired power plant. JSPL will finance the construction of the plant and recoup its investments from selling electricity to the Botswana Power Corporation (BPC) under terms to be negotiated between the two parties.

Read more here.

Aurobindo Pharma aims to complete ₹2,000 crore plant in AP by March 2024

Aurobindo Pharma Ltd aims to complete its ₹2,000 crore Penicillin G (Pen G) plant in Andhra Pradesh by March 2024, even as the trial of the initial batches will take place starting October 2023 onwards. The production capacity of the plant will be around 15,000 tonnes annually. The plant has been approved under the government’s PLI scheme for Key Starting Materials/Drug Intermediates and Active Pharmaceutical Ingredients (APIs).

Read more here.

NCLT clears Jio’s acquisition of Reliance Infratel

The Mumbai bench of the National Company Law Tribunal (NCLT) has approved Reliance Property & Projects Management Services Ltd’s (RPPMSL) acquisition of Reliance Infratel Ltd (RITL). RPPMSL is a subsidiary of Reliance Jio that looks into the telco’s tower business. Jio has to deposit ₹3,500 crore in an SBI escrow account to complete the acquisition of RITL.

Read more here.

Lighthouse India to sell Nykaa shares worth ₹335 crore

Investment firm Lighthouse India will sell shares worth ₹335 crore of Nykaa via a block deal tomorrow at a price band of ₹180-183.50 per share. After the lock-in period expired earlier this month, several pre-IPO investors have been liquidating shares held by them. Last week, investor Mala Gopal Gaonkar sold 5.75 crore shares of Nykaa at an average price of ₹175.48 in a deal worth ₹1,009 crore.

Read more here.

Arvind forms joint venture with PurFi Global to reduce textile waste

Textiles manufacturer Arvind Ltd and US-based PurFi Global LLC will set up a joint venture (JV) to reduce the amount of textile waste going to landfills. The JV plans to set up its first fibre rejuvenation facility near one of Arvind’s manufacturing facilities in India. PurFi’s technology creates a solution that transforms textile waste into virgin-quality fibres.

Read more here.

Ashok Leyland eyeing to launch Dost in Middle East, African markets

Ashok Leyland Ltd is testing its highly popular light commercial vehicle (LCV) ‘Dost’ with left-hand drive (LHD) option as it plans to serve the Middle East and African markets. The company currently sells a range of LCVs under the ‘Dost’ brand with right-hand drive option both in domestic and overseas. In October 2022, sales from the LCVs business grew by 18% YoY to 5,671 units.

Read more here.

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Editorial

NDTV: Adani’s Toughest Takeover Yet?

Last month, the Adani Group made a surprising announcement: It will indirectly acquire a 29.18% stake in New Delhi Television Ltd (NDTV)! They will also launch an ‘open offer’ to acquire an additional 26% stake in the news media company. Many consider this a hostile takeover, and NDTV claims there had been no discussions or consent regarding the matter.

In this article, we discuss the timeline of events that led to Adani Group’s aggressive proposal to take over NDTV.

The Story…

  • NDTV is regarded as a legacy brand that pioneered independent news broadcasting in India. It is credited with launching the country’s first 24×7 news and lifestyle channel. Way back in 2005, private equity firm General Atlantic (GA) Global Investments acquired an 8% minority stake in NDTV for ₹116 crore in a block deal. 
  • The promoters of NDTV, Prannoy Roy and Radhika Roy, made an offer to buy back shares from the company’s existing investors. Their initial plan was to acquire a 7.73% stake from GA Global Investments. However, this proposal triggered an open offer to other minority shareholders of NDTV.

What is an Open Offer?

Suppose you’re a minority shareholder in a company. You have the right to exit an investment if you believe that a change in ownership structure could harm the company’s future. Thus, the Securities & Exchange Board of India (SEBI) asks promoters/investors to make an additional open offer to minority shareholders when they acquire a sizeable stake in a company from select investors. The open offer will allow you to sell your shares at a specified price and walk away from the investment.

  • Coming back to the story, the Roys’ did not have the money to buy back shares. So they established a firm called RRPR Holding Pvt. Ltd, which borrowed nearly ₹540 crores from Indiabulls Financial Services by pledging NDTV shares as collateral.
  • Unfortunately, their plans got derailed due to the global financial crisis of 2008. NDTV shares crashed, and the collateral backing the loan lost most of their value. 
  • That same year, the promoters took another loan of ₹375 crores from ICICI Bank to repay Indiabulls Financial Services. This loan carried an interest rate of 19%!
  • After the economic slowdown, ICICI Bank settled the loan at ₹350 crore. This amount was funded through a loan RRPR Holding took from Vishvapradhan Commercial Pvt. Ltd. (VCPL) on an interest-free basis. In return, RRPR had to offer convertible warrants to VCPL.

What are Convertible Warrants?

They are financial instruments that will allow you to buy a company’s shares at a fixed price if certain conditions are met. 

  • According to the loan agreement, RRPR had to issue convertible warrants to VCPL representing 99.99% of its share capital when exercised. Thus, VCPL would hold a ~99% stake in RRPR Holding (promoter entity of NDTV).
  • Due to desperate circumstances, Prannoy Roy and Radhika Roy told VCPL that they would hand over RRPR’s entire stake in NDTV (~29%) in the form of warrants. 

This is Where Things Get Interesting…

  • VCPL was established in 2008. The only key transaction they had conducted was the loan made out to NDTV’s promoters! In 2009, VCPL received ₹403.85 crore as an unsecured loan from Shinano Retail Pvt. Ltd. Meanwhile, Shinano received the same amount from various subsidiaries owned by Reliance Industries Ltd (RIL)! So RIL was slyly holding an indirect stake in NDTV as well!
  • In 2012, a firm called Eminent Networks obtained ownership of the loan VCPL took from Shinano Retail. This firm was owned by Mahendra Nahata, a Board Member of Reliance Jio Infocomm! As per company statements in 2012, the new owners of VCPL were NextWave Televenture and Skyblue Buildwell, both firms linked to Nahata.
Source: Tijori Finance Report

Recent Developments

  • On August 23, 2022, AMG Media Networks Ltd, a wholly-owned subsidiary of Adani Enterprises Ltd, acquired VCPL for ₹113.74 crore. Interestingly, AMG Media Networks proceeded to exercise the warrants owned by VCPL to own 29.18% of NDTV! What a tactical move by the Adani Group!
  • AMG Media Networks is obligated to issue an open offer for an additional 26% stake in NDTV at a discount of ₹294 per share. This offer will be launched from October 17 to November 1. This is in compliance with the requirements of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
  • Meanwhile, Prannoy Roy and Radhika Roy (promoters) still hold a 32.26% stake in NDTV, which was not a part of RRPR. They had recently issued a statement saying that the Adani Group had not sought their consent for the takeover. Now, NDTV and the Roys are definitely fighting back against Adani’s takeover.

In a letter to the stock exchanges, NDTV mentioned that the Roys had been found guilty of insider trading in 2020, and were banned from dealing in financial securities. The ban will be lifted by November 26, 2022. So NDTV believes that VCPL can only acquire its shares by overriding the ban. A pretty complicated situation indeed! They even approached SEBI and the Income Tax Dept. to try and stop Adani Group’s acquisition plans. However, Adani is ready with countermeasures to tackle any issues that may come their way.

What are your views on Adani Group’s strategic takeover of NDTV? Let us know in the comments section of the marketfeed app!

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India’s GDP Grows at 13.5% in Q1 – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

India’s GDP grows at 13.5% in Q1

India’s gross domestic product (GDP) grew by 13.5% during the April-June quarter (Q1 FY23), compared to a 4.1% growth in Q4 FY22. The economy grew at the fastest pace in a year as a favourable base effect and improved activities after the relaxation of Covid-19 restrictions outweighed the effects of geopolitical and global concerns. 

India’s manufacturing sector grew 4.8% in Q1, while the agriculture sector posted a 4.5% growth. The construction segment grew by 16.8% during the first quarter of FY23. The mining & quarrying sector witnessed a growth of 6.5% in Q1.

Read more here.

Inox Leisure to add 834 screens after FY23

Multiplex operator Inox Leisure Ltd has announced an expansion strategy to add 834 screens after FY23. It currently operates 692 screens in 73 cities across India as of June 30, 2022 (Q1 FY23). The company estimates the total screen count to go up to 752 by the end of the ongoing financial year. Inox Leisure has partnered with ICC to screen live matches at selected INOX cinemas. They have also started selling official merchandise of various Disney/Marvel superheroes and sportspersons as an alternate revenue source.

Read more here.

Reliance Industries acquires soft drink brand Campa: Report

As per an Economic Times report, Reliance Industries Ltd (RIL) has acquired homegrown soft drink brand Campa from New Delhi-based Pure Drinks Group for ₹22 crore. Campa will be re-launched nationally by Diwali in three flavours, including its iconic Campa Cola version, lemon, and orange variants. The move comes as Reliance Retail announced plans to roll out its fast-moving consumer goods (FMCG) business.

Read more here.

Ashok Leyland secures mega order for 1,400 school buses in UAE

Ashok Leyland Ltd has secured orders for 1,400 school buses in the United Arab Emirates (UAE). The total fleet deal for the GCC-made buses has been bagged by Ashok Leyland’s UAE distribution partners— Swaidan Trading-Al Naboodah Group. The company will supply the 55-seater Falcon buses and 32-seater Oyster buses from its state-of-the-art manufacturing facility in Ras Al Khaimah, UAE.

Read more here.

Havells to invest ₹130 crore at Rajasthan unit to expand production capacity

Havells India Ltd is planning to invest ₹130 crore to expand washing machine production capacity at its Ghiloth plant in Rajasthan. This expansion would be financed through internal accruals. The plant has the capacity to roll out 3 lakh units per annum currently. Havells plans to add an additional capacity of 3.8 lakh units per annum. 

The company is also setting up a cable manufacturing unit at Tumakuru, Karnataka, for a proposed annual capacity of 3,48,000 kilometers with an investment of ₹300 crore.

Read more here.

IndiGo announces codeshare agreement with Virgin Atlantic

InterGloble Aviation Ltd (IndiGo) has announced a codeshare agreement with British carrier Virgin Atlantic. The agreement will help both airlines to expand their access to customers flying to destinations that are serviced by either of them. Customers booking a Virgin Atlantic ticket will be able to fly on the airline’s London Heathrow to Delhi/Mumbai flights and connect to and from 7 additional cities in India.

Read more here.

Significant reduction in debt burden to ₹1,810 crore till March 31: Coffee Day Enterprises

In its latest annual report, Coffee Day Enterprises Ltd (CDEL) said its debt level has been reduced significantly to ₹1,810 crore as of March 31, 2022 (FY22). CDEL’s debt levels stood at ₹7,214 crore in FY19 and ₹1,898 crore in FY21. However, there have been certain defaults in repayments of principal and interest on loans. Certain lenders have also exercised their rights to recall loans.

Read more here.

SpiceJet delays salaries for a 2nd consecutive month

Employees at SpiceJet Ltd claimed that their salaries had been delayed for the second consecutive month despite the airline’s claim that payments were being made in a “graded format.” “The salaries being disbursed to captains and first officers are not even 50% of what they used to be before the Covid-19 outbreak in March 2020,” an employee told PTI.

The SpiceJet Human Resources team blamed superlative fuel price hikes and a historically lean period of July-Sept for the delays in salary payments.

Read more here.

Adani Group to launch open offer for NDTV on Oct 17

Adani Group will launch its open offer on October 17 to acquire an additional 26% stake in media firm NDTV. The open offer for acquiring 1.67 crore equity shares at ₹294 per share will tentatively close on November 1. If fully subscribed at a price of ₹294 per share, the open offer will amount to ₹492.81 crore.

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Govt aims to increase coal production to 1.23 billion tonnes by FY25

The Ministry of Coal is accelerating the process to enhance coal production with a target of reaching 1.23 billion tonnes of fuel production by FY25. At this level of production, it is expected that fuel imports may not be required. Also, domestic production would be sufficient to meet the total energy demand. 

Meanwhile, Coal India Ltd (CIL) has adopted an integrated planning approach by strengthening evacuation infrastructure for 1 billion tonnes of production and seamless transportation of coal to the end users. 

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