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Nifty Towards ATH, Regains 20,000! – Post-Market Analysis

Financial Trading Concept with Green UP Arrow and a Stock Market Chart as a Background. 3D Render

NIFTY started the day at 19,976 with a gap-up of 86 points. Even after the big gap up, the index continued moving up with a lot of strength to 20,100 levels— making a 150-point upward rally. Nifty closed at 20,096, up by 206 points or 1.04%.

BANK NIFTY (BNF) started the day at 44,081 with a gap-up of 201 points. After initial consolidation near 44,000 levels, the index gave a breakout and moved up with strength to 44,630 levels— making an intraday movement of more than 600 points. BNF closed at 44,566, up by 685 points or 1.56%.

All indices except Nifty Realty (-0.5%) and Nifty Media (-0.13%) closed in the green. Nifty Auto (+1.63%) moved up the most.

Major Asian markets closed mixed. European markets are currently trading flat-to-green.

Today’s Moves

Axis Bank (+3.82%) was NIFTY50’s top gainer. The bank has entered into a credit card point conversion partnership with Air India.

Aster DM Health (+18.8%) surged after the company said its subsidiary would sell its stake in Aster DM Healthcare FZC to Alpha GCC for ~₹8,125 crore).

Adani Total Gas (+13.7%) moved up with strength after the company launched its green hydrogen production and blending pilot in Ahmedabad.

Adani Ent (-1.1%) was NIFTY50’s top loser. 

Aether Industries (-8.41%) crashed after the company reported a fire at its Surat facility early that injured 25 people.

Markets Ahead

The Indian stock markets are looking strong, which is evident in today’s closing. Opting option buying trades could be a good strategy in the upcoming days, especially during market dips or corrections. The all-time high (ATH) in Nifty and Bank Nifty can be expected before the state election results kick in!

Nifty: The immediate support for the index is near the round levels of 20,000. The resistance will be near 20,200 (ATH levels). So if there’s a gap down or gap up tomorrow, there could be buying seen again after some retracement. On the other hand, a flat opening may lead to a continuation of the up-move.

Bank Nifty: The index is at an interesting breakout resistance level of 44,600, also forming a cup and handle pattern. A breakout could take the index up to 46,000 levels (as it’s still far from ATH when compared to Nifty). Meanwhile, the key support to watch is near 44,400 levels. A breakdown from there may take BNF down to 44,000 levels.

As per reports, the Indian stock markets are expected to see an inflow of around ₹30,000 crore from a major US pension fund from 2024 onwards, which could give a boost to local stocks!

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Govt Receives Rs 3,636Cr Dividend from IOCL – Top Indian Market Updates

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

Centre receives ₹3,636Cr dividend from IOCL

According to the secretary of the Department of Investment and Public Asset Management (DIPAM), the Central Government has received ₹3,636 crore from Indian Oil Corporation of India Ltd as a dividend tranche. Additionally, it received received about ₹23 crore from RailTel Corporation of India Ltd. 

Read more here.

IOC corners more than a third of D6 gas in latest Reliance auction

Indian Oil Corporation (IOC) has cornered more than a third of the natural gas that Reliance Industries Ltd and its partner BP offered in the latest auction of the KG-D6 gas. IOC got 1.45 million standard cubic meters per day out of the 4 mmscmd of gas auctioned last week. Reliance and BP last week auctioned 4 mmscmd of gas from the Krishna Godavari basin block starting December 1, 2023.

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Jubilant Foodworks to acquire majority stake in DP Eurasia

Jubilant Foodworks Ltd announced plans to acquire an additional 51.1% stake in DP Eurasia NV.  DP Eurasia NV is the exclusive master franchisee of the Domino’s Pizza brand in Turkey, Azerbaijan, and Georgia. The acquisition will be carried out through a subsidiary, with a proposed consideration of up to EUR 73.36 million (approximately ₹670 crore).

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Tata Motors launches registered vehicle scrapping facility in Punjab

Tata Motors has launched a registered vehicle scrapping facility (RVSF) in Punjab, which will be the company’s fourth such unit. The facility, developed by Tata Motors’ partner Dada Trading Company, can safely disassemble 12,000 end-of-life vehicles annually. The facility, which operates both passenger and commercial vehicles, is part of the company’s commitment to eco-friendly initiatives.

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Tata Power Renewable Energy secures 200 MW FDRE project

Tata Power Renewable Energy Ltd (TPREL) secured a 200 MW firm and dispatchable renewable energy (FDRE) project from SJVN Ltd. The project, providing round-the-clock power, aligns with power distribution company’s renewable purchase obligation and energy storage obligation. The financial details of the order haven’t been disclosed yet.

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Apollo launches India’s first pediatric health assessment on chronic, lifestyle diseases in children

Apollo Hospitals has launched an industry-first pediatric ProHealth Programme to combat the increasing trend of non-communicable diseases (NCDs) among children and adolescents. The Pediatric ProHealth Programme curates tests to assess the child based on his or her family history and age group and also conducts routine tests. 

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PCBL to acquire Aquapharm Chemicals for ₹3,800 crore

Philips Carbon Black (PCBL) approved the acquisition of Aquapharm Chemicals Private Limited for an aggregate of ₹3,800 crore. The proposed transaction shall be financed through a mix of internal accruals and external funds raised by the company and/or its affiliates/associates. The acquisition of ACPL marks the company’s foray into global speciality segments of water treatment chemicals and oil & gas chemicals.

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China’s Alipay to sell its 3.4% stake in Zomato for nearly $400 million

According to Reuters, Alipay plans to sell its 3.4% stake in food delivery giant Zomato for nearly $400 million through block deals on Indian stock exchanges. Alipay, owned by Ant Group, will offload its entire 3.44% stake in the deal, the term sheet seen by Reuters showed. Bank of America and Morgan Stanley are advisers on the deal.

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Sale of Aster DM’s GCC business likely to be announced soon

Aster DM Healthcare is on the verge of announcing the sale of its Gulf Cooperation Council (GCC) region business. Fajr Capital, in collaboration with key promoters, is expected to acquire the business in a landmark deal expected to be valued at $1 billion. Aster DM Healthcare has entrusted the task of overseeing the sale of its GCC business to independent directors. This decision is aimed at avoiding any potential conflicts of interest during the sale process.

Read more here.

Amazon signs partnerships with HDFC Securities, TCS and Tech Mahindra 

Amazon Web Services (AWS) has partnered with HDFC Securities, Tata Consultancy Services (TCS) and Tech Mahindra during its annual tech conference, Re: Invent. HDFC Securities Ltd has built its latest trading app, HDFC Sky, on the AWS cloud platform. The TCS partnership includes a generative AI practice with AWS that it hopes will aid businesses in making good on opportunities. Tech Mahindra has partnered with AWS to build a sports cloud platform.

Read more here.

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Calm Nifty Weekly Expiry! IT Stocks Fall – Post-Market Analysis

NIFTY started the day at 19,822 with a small gap-up of 11 points. Right from opening, the index moved in a 75-point range between 19,770 and 19,845. Nifty closed at 19,794, down by 17 points or 0.09%.

Nifty chart October 12 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,571 with a gap-up of 55 points. Throughout the day, the index consolidated in just a 110-point range between 44,550 and 44,660. BNF closed at 44,599, up by 82 points or 0.18%.

Bank Nifty chart October 12 - post-market analysis | marketfeed

All indices except Nifty IT (-1.67%) and Nifty Realty (-0.18%) closed flat-to-green. Nifty Media (+3.02%) moved up the most.

Major Asian markets closed up to 1.8% in the green. European markets are currently trading in the green.

Today’s Moves

Coal India (+1.7%) was NIFTY50’s top gainer. The company said a three-day strike called by five central trade unions has been deferred.

Aster DM Healthcare (4.9%) surged over 9% following reports that private equity firms BPEA EQT and Ontario Teachers’ Pension Plan Board have shown interest in acquiring the company’s assets, including its India business.

MMTC (+19.95%) rose sharply following the Central Govt’s nod to royalty rates of 3% each for lithium and niobium and 1% for Rare Earth Elements (REEs).

Tech Mahindra (-2.72%) was NIFTY50’s top loser. 

All stocks in Nifty IT fell after the Q2 results reported by TCS yesterday were weaker than analysts’ estimates. 

Laxmi Organics (-5.7%) fell sharply after rallying over 11% yesterday.

Markets Ahead

Major indices held the upper levels and consolidated in a small range today. A breakout or a breakdown from these zones can give us good directional moves.

Nifty: The immediate support in the index is near 19,780. Meanwhile, the immediate resistance to watch out for is the 19,880 level. A breakout from there could take Nifty up to 19,945 and 20,000 levels eventually.

Bank Nifty: The immediate support is near 44,400. A breakdown from this level might take the index down to 44,180 and 44,080. On the other hand, 44,750 is the immediate resistance to watch out. A breakout from there may give us targets of 45,000 and 45,100.

How was Nifty expiry day? Are you in net profit or loss? Let us know in the comments section below!

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TCS Posts 9% YoY Rise in Q2 Net Profit – Top Indian Market Updates

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

TCS Q2 Results: Profit rises 9% YoY to ₹11,342 crore

Tata Consultancy Services (TCS) reported a 9% YoY increase in consolidated net profit to ₹11,342 crore for the quarter ended September 2023 (Q2 FY24). Its consolidated revenue rose 8% YoY to ₹59,692 crore. EBITDA stood at ₹14,483 crores, up 9.1% YoY. The company’s board has recommended an interim dividend of ₹9 per share. The board has also approved buyback of shares worth ₹17,000 crore at ₹4,150 per share.

Read more here.

L&T secures mega contract in Middle East

Larsen & Toubro (L&T) Ltd’s hydrocarbon business (L&T Energy Hydrocarbon) has secured a Letter of Intent (LoI) for a ‘mega onshore project’ from a prestigious client in the Middle East. The project is valued at above ₹7,000 crore and involves engineering, procurement and construction of gas compression plants.

Read more here.

Vedanta incorporates base metals unit

Vedanta Ltd has incorporated its base metals unit Vedanta Base Metals Ltd with an authorised share capital of ₹1 lakh to implement the demerger scheme. The company holds 100% shareholding of the newly incorporated unit. Vedanta Base Metals will have a diversified portfolio of international base metal assets, including Tuticorin, Fujairah Gold, Silvassa and VZL.

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Maruti Suzuki signs MoU with IDBI to provide dealer financing solutions

Maruti Suzuki India has signed a Memorandum of Understanding (MoU) with IDBI Bank to offer financing solutions for dealers. The partnership will empower over 4,000 Maruti Suzuki sales outlets across India with comprehensive inventory funding options for their working capital needs. 

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GST Authority imposes ₹36,844 penalty on LIC

The Goods & Services Tax (GST) Authority has imposed a fine of ₹36,844 on Life Insurance Corporation Ltd (LIC) for lower payment of taxes. LIC has received a communication or demand order for collection of GST, along with interest and penalty for Jammu & Kashmir state. As per the notice, LIC paid 12% GST instead of 18% on certain invoices. LIC said there is no material impact on financials, operations or other activities.

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Aster’s India unit draws suitors valuing business at $1.5 billion

Private equity firm BPEA EQT, Ontario Teachers’ Pension Plan (OTPP) Board, and other firms are considering a deal to acquire Aster DM Healthcare Ltd’s assets, including its India business. Others interested in potential bids for Aster’s India business include Blackstone Inc. and KKR & Co. The deal values Aster’s India business at $1.5 billion.

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ONGC Videsh keen on Sri Lankan oil and gas blocks

Oil and Natural Gas Corp is interested in the exploration of oil and gas blocks in Sri Lanka. The company is awaiting an announcement of the oil and gas ‘roadmap’ of the island nation. ONGC Videsh is an overseas investment arm of ONGC. ONGC Videsh is open to having deals through government-to-government negotiations or through competitive bidding depending on Sri Lanka’s yet-to-be-announced exploration policy.

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Shakti Pumps to invest ₹114 crore in EV subsidiary Shakti EV Mobility

Shakti Pumps (India) Ltd will make an investment of ₹114 crore in its wholly-owned electric vehicle subsidiary, Shakti EV Mobility Pvt Ltd. The company will make the investment in one or more rounds in the next five years. Shakti Pumps had invested ₹1 crore in its Shakti EV Mobility Pvt Ltd by purchasing 10 lakh equity shares of ₹10 each last year. 

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Grasim to consider fundraising on October 16

Grasim Industries will consider fundraising in its meeting scheduled on October 16. The board will consider the proposal for raising funds via equity shares or other securities through rights issues, qualified institutions placement, preferential issues or any other method in the board meeting.

Read more here.

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Coal India Exploring Green Mining Tech – Top Indian Market Updates

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

Coal India exploring green mining technologies

Coal India Ltd is exploring the deployment of green mining technologies in its mines to minimise adverse environmental impact. The company aims to ramp up its underground (UG) production four-fold to 100 million tonnes (MTs) by FY 2030. UG output is environmentally clean, minimally invasive on land degradation, and society friendly. Around 70% of India’s coal reserves are favourable for UG mining.

Read more here.

PVR launches its first multiplex in Patiala

PVR Limited launched its first multiplex in Patiala, Punjab. The new multiplex is located on the Rajpura Highway, with a total seating capacity of 621 people. The company now has 63 screens in 12 properties in Punjab. In FY23, PVR launched 858 screens at 174 properties in 75 cities (India and Sri Lanka). 

Read more here.

Reliance considering buying out Revlon in US: Report

According to an ET Now report, Reliance Industries Ltd (RIL) may buy out Revlon Inc., days after the cosmetics giant filed for bankruptcy. The New York-based multinational company deals in cosmetics, skincare, fragrance, and personal care. Revlon failed to keep pace with changing tastes, and sales have fallen sharply over the past few years. It has been losing market share to big rivals like Procter & Gamble and newcomer cosmetic lines.

Read more here.

Jio adds 16.8 lakh subscribers in April; Bharti Airtel gains 8.1 lakh users

Reliance Jio Infocomm gained 16.8 lakh mobile subscribers in April 2022, taking its total user base to 40.5 crore. Bharti Airtel added 8.1 lakh users, and its total mobile subscriber count rose to 36.11 crore. Vodafone Idea lost nearly 15.7 lakh mobile subscribers during April. Data from the Telecom Regulatory Authority of India (TRAI) showed that India’s total wireless subscribers count increased marginally to 114.3 crore at the end of April 2022.

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Delhivery announces ‘guaranteed’ same-day delivery across 15 cities in India

Delhivery Ltd has launched its ‘guaranteed’ same-day delivery (SDD) service in 15 cities across India. This new service will allow direct-to-consumer (D2C) brands to deliver their webstore orders on the day the order is received. Delhivery will partner with brands and identify fast-moving Stock Keeping Units (SKUs). These units will be stocked in warehouses within a city, close to the end consumer.

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HUL, Wipro Enterprises get HC relief in case against USV

The Bombay High Court (HC) has restrained USV Pvt Ltd, the Indian distributor of German skincare brand Sebamed, from “disparaging” or “infringing” the brands owned by Hindustan Unilever Ltd (HUL) and Wipro Enterprises Pvt Ltd in any manner. In January 2021, HUL approached the HC, seeking its intervention to restrain USV from running ads that allegedly defamed its Lux, Pears, and Dove brands. Wipro Enterprises also petitioned the court on similar grounds with regard to its Santoor brand.

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Aster DM to open 550-bed super specialty hospital in Trivandrum

Aster DM Healthcare Ltd has launched a 550-bed super-specialty hospital in Trivandrum, Kerala. The company will invest around Rs 500 crore for the entire project, with the first phase having a capacity of 350 beds. Phase-1 is expected to be operational by FY26. This would be the company’s 7th hospital in Kerala and the 16th in India.

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HDFC Life to raise up to Rs 350 crore debt capital via bonds

HDFC Life Insurance Company’s board has approved a proposal to raise up to Rs 350 crore through the issuance of 3,500 non-convertible debentures (NCDs). The bonds will carry a coupon rate of 8.2% per annum. It will be listed on the wholesale debt market segment of the National Stock Exchange (NSE).

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Deltatech Gaming files DRHP for Rs 550 crore IPO

Deltatech Gaming Ltd., a digitally native, technology-led gaming platform, has filed the Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise Rs 550 crore through an Initial Public Offering. The IPO comprises a fresh issue of equity shares worth up to Rs 300 crore and an offer-for-sale of Rs 250 crore by Delta Corp Ltd (promoter).

Read more here.

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PVR to Merge With INOX – Top Indian Market News

PVR to merge with INOX to form India’s largest entertainment company

Multiplex chains PVR Ltd and INOX Leisure Ltd have decided to merge to form the largest entertainment company in India. On Sunday, the boards of the two companies approved the amalgamation and share exchange ratios. INOX shareholders will receive three shares in PVR for 10 shares of INOX. After the merger, PVR promoters will have a 10.62% stake, while INOX promoters will have a 16.66% stake in the combined entity. 

Read more here.

Tata Power, Rustomjee Group collaborate for EV charging infrastructure

Tata Power has partnered with real estate developer Rustomjee Group to provide electric vehicle (EV) charging solutions across its residential and commercial projects in Mumbai. The power company will install dedicated charging infrastructure for residents of Rustomjee in Mumbai MMR. EV owners will have the access to a 24×7 charging facility and maintenance support.

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L&T constructs 7-storey facility for DRDO in record 45 days

Larsen & Toubro Ltd has constructed a 7-storey, state-of-the-art Flight Control System (FCS) integration facility for the Defence Research and Development Organization (DRDO) in 45 days. The company used integrated hybrid modular construction technology to build the facility. Constructed on a total built-up area of 130,000 sq. feet, the site team had to coordinate with 21 off-site locations to integrate design, structure, and architecture services.

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Adani Group selects Google Cloud to modernise IT operations for future scale, innovation

Adani Group has announced a multi-year partnership with Google Cloud to modernise IT operations for future scale and group-wide innovation. The first phase of the partnership is underway. The Adani Group is making swift progress in migrating its extensive IT footprint from its existing on-premises data centre to Google Cloud.

Read more here.

G R Infraprojects emerges lowest bidder for road project in Rajasthan

G R Infraprojects Ltd has emerged as the lowest (L-1) bidder for a road project in Rajasthan worth Rs 1,368 crore. The project involves the construction of a 4-lane greenfield expressway spur from Bandikui to Jaipur on a hybrid annuity model. It also entails an operations and maintenance cost of Rs 2.97 crore in the first year. G R Infraprojects is an integrated road engineering, procurement, and construction (EPC) company.

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HCL Tech to provide global service desk and on-site support to Novo Nordisk

Danish pharma company Novo Nordisk has selected Tata Consultancy Services (TCS) to provide global service desk and on-site support. Through the partnership, HCL will help Novo Nordisk transform its IT operations and drive efficiency across its workforce. HCL will implement a multilingual and omnichannel digital workplace solution for Novo Nordisk. 

Read more here.

Coal India records high of 528 MT of coal supplies to domestic power utilities

Coal India Ltd (CIL) has supplied an all-time high of 528 million tonnes (MTs) of coal to India’s power utilities. This is 98.5% of the prorated demand of 535 MTs projected by the Ministry of Power and Central Electricity Authority. CIL is concentrating all its efforts to meet the projected coal demand of the power sector. The company is expected to open the next financial year (FY23) with over 60 MT at its pitheads (top or entrance of the mining pits).

Read more here.

EaseMyTrip, DBS Bank India to launch green debit card

DBS Bank India has partnered EaseMyTrip to launch an environment-friendly international debit card. It is made from 99% recycled polyvinyl chloride (PVC) material. The digibank EaseMyTrip Green Debit Card provides exclusive travel-related offers to customers. It also rewards users for adopting eco-friendly practices while encouraging them to reduce their carbon footprint.

Read more here.

Aurobindo Pharma acquires business and assets of Veritaz Healthcare for Rs 171 crore

Aurobindo Pharma Ltd has acquired the business and certain assets of Veritaz Healthcare for a cash consideration of Rs 171 crore. The transaction is expected to close by May 2022. Veritaz sells branded generic formulations and other healthcare-related products in the Indian market. Its sales and distribution network includes nearly 50,000 retailers, spread across 23 cities.

Aster DM Healthcare to invest Rs 500 crore to set up healthcare facilities in Tamil Nadu

Aster DM Healthcare Ltd has signed a Memorandum of Understanding (MoU) with the Government of Tamil Nadu to set up healthcare facilities. The MoU proposed an investment of Rs 500 crore in hospitals, pharmacies, and laboratories in Tamil Nadu. It will help provide affordable, quality healthcare and generate employment for more than 3,500 people.

Read more here.

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Zydus Cadila to Seek EUA for ZyCoV-D in 7-8 Days – Top Indian Market News

Some ampoules with ncov-2019 vaccine in a box. to fight the coronavirus pandemic.

Zydus Cadila to seek EUA for ZyCoV-D vaccine in 7-8 Days

Zydus Cadila has informed the Centre that it could apply for emergency use authorisation (EUA) for the ZyCoV-D vaccine in the next 7-8 days. ZyCoV-D is a DNA Covid-19 vaccine, which carries the genetic code for that part of a virus that triggers the immune system of the body. It is the second vaccine to be made in India after Bharat Biotech’s Covaxin. The vaccine is being developed with support from the Centre’s National Biopharma Mission. The pharma company has enrolled more than 28,000 volunteers in their Phase-3 study.

Read more here.

Tata Motors, Tata Power jointly inaugurate solar carport in Pune

Tata Motors and Tata Power Company have announced the inauguration of India’s largest solar carport in Pune. The 6.2-megawatt peak (MWp) solar carport deployed by Tata Power will generate 86.4 lakh kilowatt-hour (kWh) of electricity per year. It is estimated to reduce 7,000 tons of carbon emissions annually. The carport (spanning over 30,000 square metres) will generate green power and provide covered parking for finished cars at Tata Motors’ car plant in Chikhali, Pune.

Read more here.

Minda Industries raises Rs 50 crore via issuance of commercial papers

Minda Industries has raised Rs 50 crore through the issuance of commercial papers. The auto components manufacturer said this fund-raising is in line with the management’s efforts to bring down finance costs. In May 2021, the company’s board had approved the acquisition of a 27.55% stake in CSE Dakshina Solar for Rs 27 lakh. This acquisition is for availing solar power from CSE Dakshina for Minda Industries’ units in Tamil Nadu.

Read more here.

PSP Projects Q4 Results: Net profit rises 22.38% YoY to Rs 41.73 crore

PSP Projects Ltd reported a 22.38% YoY increase in consolidated net profit to Rs 41.73 crore for the quarter ended March (Q4). Net profit has increased by 43.11% when compared to the previous quarter. Its total income rose 8.73% YoY to Rs 504.36 crore during the same period. Net profit for the financial year 2020-21 (FY21) declined by 36.55% YoY to Rs 81.52 crore. The construction company’s board has recommended a final dividend of Rs 4 per share.

Read more here.

Aster DM Healthcare partners with Dr. Reddy’s to administer Sputnik V vaccine in select locations

Aster DM Healthcare has entered into a partnership with Dr. Reddy’s Laboratories to administer the Sputnik V Covid-19 vaccine as part of a limited pilot soft launch. The healthcare provider will initially administer the vaccine to beneficiaries in Kochi and Kolhapur (Maharashtra). Aster has trained over a hundred staff at 14 of its hospitals to administer the vaccine jab. Dr. Reddy’s Laboratories has facilitated the necessary cold storage infrastructure for vaccine storage at the selected hospitals of Aster DM Healthcare.

Read more here.

Eveready Industries Q4 Results: Net loss at Rs 441 crore

Eveready Industries India reported a standalone net loss of Rs 441.19 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 63.73 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations increased by 21.6% YoY to Rs 272.63 crore in Q4 FY21. Net loss for the financial year ended March 31, 2021 (FY21) stood at Rs 309.13 crore. This is compared to a net profit of Rs 179.57 crore in FY20.

Read more here.

Hinduja Global Solutions Q4 Results: Net profit jumps 203% YoY to Rs 131.26 crore

Hinduja Global Solutions Ltd reported a 203.3% YoY jump in consolidated net profit to Rs 131.26 crore for the quarter ended March (Q4). Net profit has increased by 74.14% when compared to the previous quarter. Its revenue from operations rose 21.6% YoY to Rs 1,563.5 crore during the same period. Net profit for the financial year 2020-21 (FY21) increased by 66.41% YoY to Rs 336.05 crore. The IT service provider’s board has recommended a final dividend of Rs 22 per share.

RBI grants in-principle approval to Centrum Financial Services to set up SFB

The Reserve Bank of India (RBI) has granted in-principal approval to Centrum Financial Services Ltd to set up a small finance bank (SFB). The approval has been given to Centrum in accordance with the offer it made in response to the Expression of Interest (EoI) to take over the troubled Punjab and Maharashtra Cooperative Bank (PMC). According to reports, both Centrum and BharatPe will hold a 50% stake in the SFB, and assets and liabilities of PMC will be transferred to the SFB.

Read more here.

Ashoka Buildcon Q4 Results: Net profit rises 6% YoY to Rs 142 crore

Ashoka Buildcon Ltd reported a 5.87% YoY increase in consolidated net profit to Rs 142.46 crore for the quarter ended March (Q4). Net profit has increased by 61% when compared to the previous quarter. Its revenue from operations rose 9.55% YoY to Rs 1,735.57 crore during the same period. Net profit for the financial year 2020-21 (FY21) increased by 67.08% YoY to Rs 276.22 crore. Maharashtra-based Ashoka Buildcon is an infrastructure development company. It is one of the leading highway developers in India.

Read more here.

Paytm to raise Rs 12,000 crore via issue of fresh equity shares

One97 Communications, the parent company of Paytm, has announced plans to raise Rs 12,000 crore by issuing fresh equity shares. Paytm’s founder Vijay Shekhar Sharma may also get declassified as a promoter of the company in accordance with market regulator SEBI’s public listing rules. The company’s much-awaited IPO is expected to launch by November.

Read more here.

IPO Updates: 

Dodla Dairy

The Rs 520-crore IPO of Dodla Dairy Ltd was subscribed 45.62 times on the final day of bidding. The portion reserved for retail investors was subscribed 11.34 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 73.26 times and that of qualified institutional buyers (QIBs) 84.88 times. You can learn more about the IPO here.

KIMS 

The Rs 2,144-crore IPO of Krishna Institute of Medical Sciences Ltd was subscribed 3.86 times on the final day of bidding. The portion reserved for retail investors was subscribed 2.9 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 1.89 times and that of qualified institutional buyers (QIBs) 5.26 times. You can learn more about the IPO here.

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All Industries in Delhi to Switch to PNG by Jan 31 – Top Indian Market News

Air Quality Commission directs switching over of all industries in Delhi to PNG

The Commission for Air Quality Management in NCR and Adjoining Areas has directed all industrial units in Delhi to switch over to piped natural gas (PNG) by January 31. The Commission has also directed the Delhi Pollution Control Committee (DPCC) to inspect and identify industries using polluting fuels and take stringent penal action against those found violating the directive. IGL and GAIL have been directed to complete the pipeline network, metering, and associated infrastructure by January 31.

Read more here

Govt invites bids for selling its stake in Shipping Corporation of India

The Indian government has initiated the sell-off plan for Shipping Corporation of India Ltd (SCI), by inviting expression of interest from potentially interested parties. The government proposes to sell its entire shareholding of 63.75% in the listed entity to a buyer that will takeover the company with full management control. The deadline for submitting initial bids is on February 13, 2021. 

Read more here.

Bajaj Auto to set up a Rs 650-crore unit in Maharashtra 

Bajaj Auto Ltd has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra for Rs 650 crore, to set up a manufacturing unit in Chakan. The state government will facilitate Bajaj Auto in obtaining necessary permissions, registrations, approvals, clearances, and fiscal incentives from the concerned departments. The facility will be utilised for manufacturing high-end KTM, Husqvarna, and Triumph motorcycles. Bajaj Auto stated that the new facility is expected to commence production in 2023.

Read more here.

Infosys partners with Daimler for IT infrastructure transformation

Infosys Ltd and German automotive major Daimler AG have entered a long-term strategic partnership for a technology-driven IT infrastructure transformation. With support from Infosys, Daimler AG will transform its IT operating model and infrastructure landscape across workplace services, data centers, and networks. The collaboration will also empower Infosys to strengthen its automotive expertise.

Read more here.

Dr. Reddy’s seeks approval from Canada for Favipiravir pills for Covid-19 treatment

Dr. Reddy’s Laboratories Ltd, Canada-based Appili Therapeutics, and Dubai-based Global Response Aid FZCO (GRA) on Tuesday said that Dr. Reddy’s Canada has filed an application on behalf of the consortium for Reeqonus (favipiravir) Tablets. The tablets are indicated for acute treatment of mild to moderate Covid-19 adult patients. The application has been filed under Health Canada’s “Interim Order Respecting the Importation, Sale, and Advertising of Drugs for Use in Relation to Covid-19”.

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Embassy REIT raises Rs 3,680 crore to fund acquisition of Embassy Tech Village

Embassy Office Parks REIT has raised Rs 3,680 crore ($501 million) through an institutional placement of its units. The proceeds from this placement will be utilised to fund the REIT’s proposed acquisition of Embassy TechVillage (ETV), an information technology park in Bengaluru, for $1.3 billion (~Rs 9,602 crore). The transaction is expected to close by the end of this month.

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Oil India signs MoU with Assam Hydrocarbon 

Oil India Ltd, on Tuesday, signed a Memorandum of Understanding (MoU) with Assam Hydrocarbon & Energy Company (AHECL) in Guwahati. The company stated that the MoU is aimed at establishing a joint institutional framework to facilitate bilateral cooperation in hydrocarbon exploration, development, and marketing of natural gas in Assam for mutual benefit.

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Jubilant Foodworks introduces India’s first plant-protein based pizza

Jubilant Foodworks Ltd announced that Domino’s Pizza has introduced India’s first plant-protein based product – ‘The Unthinkable Pizza’. The company stated that Domino’s latest offering is 100% vegetarian, and yet, has the sensory properties of chicken. The pizza would be available at all Domino’s restaurants across Delhi NCR, Mumbai, and Bangalore. Jubilant Foodworks is the master franchisee for Domino’s Pizza in India, Nepal, Sri Lanka, and Bangladesh.

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NMDC signs MoU with MECL for joint mineral exploration

NMDC Limited has signed an MoU with Mineral Exploration Corporation Limited (MECL) for joint exploration for iron ore, gold, coal, diamond, and other minerals in mutually agreed projects across various states. This will support the government’s ‘Atmanirbhar Bharat Abhiyan’ initiative and extend its commitment towards mineral security for the nation. NMDC Ltd is India’s largest iron ore producing ‘Navaratna’ company.

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Aster DM Healthcare to invest $100 million to set up hospital in Cayman Islands

Aster DM Healthcare said it will invest around $100 million (~Rs 738 crore) to set up a tertiary care hospital in the Cayman Islands, as part of its plans to set up a clinical excellence hub in the region. The company stated that it has signed an agreement with the Government of Cayman Islands to set up a clinical excellence hub to serve the Caribbean Region, North America, Canada, and South America. Aster will initially develop around 150-bed tertiary and quaternary care hospitals in these regions.

Promoters of Wendt India withdraws its proposed OFS

Carborundum Universal and Wendt GmBH, the promoters of Wendt India Ltd, has decided to withdraw the proposed offer for sale (OFS) of shares. In a BSE filing, the Murugappa Group company said that due to delay in transfer of the sale shares as required under the SEBI OFS circulars, it has decided to withdraw the OFS. On Monday (21 December 2020), both promoters had proposed to sell up to 94,704 equity shares, or 4.74% stake of Wendt (India) via an OFS on 22nd and 23rd of December 2020. 

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