Tag: Shriram Properties

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Adani Enterprises to Raise ₹20,000Cr Via FPO – Top Indian Market Updates

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

Adani Enterprises to raise up to ₹20,000 crore via FPO

Adani Enterprises Ltd’s board has approved a proposal to raise up to ₹20,000 crore through a follow-on public offer (FPO). The capital raise will boost the Adani Group’s aggressive growth across business verticals, both organically and via acquisitions.

As per a Financial Times report, Adani Group is planning to invest more than $4 billion in a petrochemical complex in Gujarat. Gautam Adani also plans to launch a “super app” in the next 3-6 months to connect Adani airport passengers with other Adani Group services.

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JLR to cut production at UK factories till spring: Report

According to a Guardian report, Tata Motors-owned Jaguar Land Rover has decided to cut production at factories in Solihull & Halewood (UK) between January & March. The global auto industry has suffered from semiconductor shortages and supply issues since the Covid-19 pandemic broke out in early 2020. Semiconductor shortages have left JLR customers waiting more than a year for their vehicles, with sales suspended for some variants.

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Castrol India to acquire 7.09% stake in TVS Automobile Solutions’ digital arm

Castrol India Ltd (CIL) will acquire a 7.09% stake in TVS Automobile Solutions’ digital subsidiary Ki Mobility Solutions (KMS) with an investment of ₹487.5 crore in an all-cash deal. With this strategic investment, CIL aims to expand its presence in service & maintenance for both internal combustion engine (ICE) and electric vehicles (EV). It will also leverage myTVS’ digital and operational capabilities.

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Krsnaa Diagnostics plans 600 testing centres by end of FY24

Krsnaa Diagnostics plans to enter the retail segment of diagnostic services by setting up 600 collection centres under franchisee model by end of FY24. The company will open collection centres across Maharashtra, Himachal Pradesh, Punjab, West Bengal, and Rajasthan. Krsnaa will leverage its network of labs that are operational under public-private partnership (PPP) mode for its business-to-consumer (B2C) expansion.

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Reliance Jio rolls out True-5G in Gujarat

Reliance Jio has started rolling out its True-5G services in Gujarat. The state has become the first in the country to get Jio True-5G connection across all 33 district headquarters. Jio will launch a series of True 5G-powered initiatives across the education, healthcare, agriculture, and industry 4.0 sectors in Gujarat and then extend it across the country. Jio users in Gujarat will have access to 1 Gbps+ speed at no additional cost.

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Shriram Properties acquires Suvilas Realities

Shriram Properties Ltd (Ltd) has completed the acquisition of Suvilas Realities Pvt. Ltd. through its wholly-owned subsidiary, Shriprop Builders Pvt Ltd. Suvilas Realities is currently developing a 0.65 million square feet residential project at Jalahalli, Bengaluru, under the brand name “Shriram Suvilas Palms”. The project has a revenue potential of over ₹400 crore.

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IEX’s board approves buyback of shares at ₹200 per share

Indian Energy Exchange’s (IEX) board has approved a share buyback of up to Rs 98 crore at ₹200 per share through the open market route. The maximum buyback price of ₹200 per share represents a 36.01% premium to Thursday’s closing price of ₹147.05 on the BSE. The maximum number of equity shares to be bought back under the buyback would be 49 lakh.

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Nykaa records 12x jump in revenue on first day of Pink Friday Sale

Nykaa recorded a 75% year-on-year (YoY) growth in gross merchandise value (GMV) and a 12-fold jump in revenue on Day 1 of its Pink Friday sale. The company recorded over 400 orders per minute on Nov 21. The number of visitors on Day 1 of the sale grew 37% YoY to 1 crore. The sale will be live until November 28 on its website, app, and Nykaa stores. Purchases of make-up, skincare, and haircare jumped 14x, 12x, and 9x, respectively.

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VA Tech Wabag to raise ₹200 crore via NCDs

VA Tech Wabag Ltd’s board has approved a proposal to raise ₹200 crore through non-convertible debentures (NCDs) in one or more rounds to Asian Development Bank (ADB). The NCD proposal will further help the company to optimise debt. The tenure of the debt instrument would be 5 years and three months. VA Tech Wabag offers turnkey solutions for water & wastewater treatment to municipal and industrial segments in India and abroad. 

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ONGC Posts 30% YoY Fall in Net Profit in Q2 – Top Indian Market Updates

ONGC

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

ONGC Q2 Results: Net profit falls 30% YoY to ₹12,826 crore

Oil & Natural Gas Corporation (ONGC) reported a 30% year-on-year (YoY) decline in net profit to ₹12,825.99 crore in Q2 FY23. Its revenue from operations rose 57.4% YoY to ₹38,321 crore during the same period. ONGC’s financial performance was severely impacted by the Central government’s new tax on windfall profits arising from a surge in international energy prices. The company’s board has declared an interim dividend of ₹6.75 per share.

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RBL Bank boosts retail focus, from loans to deposits: CEO

RBL Bank is looking to ramp up its retail exposure to protect its books from being over-exposed to large corporates and to help bolster growth alongside its key businesses of credit cards and microfinance, said CEO R Subramaniakumar. To improve its focus on the retail and mid-sized corporate segments, the bank has introduced new loan products such as two- and four-wheeler loans, gold loans, and education loans.

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Shriram Properties Q2 Results: Net profit at ₹19.6 crore

Shriram Properties Ltd reported a consolidated net profit of ₹19.59 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹23.27 crore in Q2 FY22. Its total income jumped 3-fold YoY to ₹275.83 crore in Q2 FY23. It has a strong development pipeline comprising 54 projects with an aggregate development potential of 54 million square feet as of Sept 30, 2022.

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KFintech receives SEBI approval for ₹2,400 crore IPO

KFin Technologies has received approval from SEBI for an initial public offering (IPO) of up to Rs 2,400 crore. The IPO will entirely be an offer for sale (OFS) by its promoter General Atlantic Singapore Fund. KFintech is a leading technology-driven investment solutions provider for Indian mutual funds. As on December 31, 2021, it provided services to 25 out of 42 operational asset management companies (AMCs) in India.

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CESC board approves raising ₹300 crore via NCDs

CESC Ltd’s board has approved a proposal to raise ₹300 crore through the issuance of non-convertible debentures (NCDs). The company will issue 3,000 secured, unlisted, redeemable, rated NCDs having a face value of Rs 10 lakh each. CESC is an RP-Sanjiv Goenka Group firm operating in the power sector. To learn more about the group, click here.

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BEL, Yantra India to cooperate in ammunition hardware, military-grade components

Bharat Electronics Ltd (BEL) has signed a Memorandum of Understanding (MoU) with Yantra India Ltd (YIL) for cooperation in the areas of ammunition hardware and military-grade components to jointly address the requirements of Indian defence and export markets.

BEL has also signed a pact with Spacefaring Technologies for cooperation in technology development in the field of deployable space habitats and aerostats for defence applications.

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India’s exports fell 17% to $29.78 billion in October

India’s exports declined sharply by 16.65% to $29.78 billion in October, mainly due to a global demand slowdown. Imports grew 6% to $56.69 billion due to an increase in the inbound shipments of crude oil and certain raw materials such as cotton, fertiliser, and machinery. The trade deficit (when the value of imports exceeds the value of exports) widened 50.25% YoY to $26.91 billion in Oct 2022.

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Bank credit to grow 15% YoY in FY23, FY24 on corporate demand: CRISIL

Bank credit in India is likely to grow at 15% YoY in this financial year (FY23) and next (FY24) on the back of corporate demand recovery and the strong balance sheet of lenders, as per a report from CRISIL Ratings. The estimate factors in an estimated 7% increase in gross domestic product (GDP) in FY23 and a boost to credit growth from the government’s infrastructure push.

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India to produce 50% energy from renewables by 2030: PM Modi

India is on track to achieve its target of generating 50% of its electricity from renewable sources by 2030, said Prime Minister Narendra Modi at the G20 summit in Indonesia. He added that India’s energy security is also important for global growth, as it is the world’s fastest-growing economy. He stressed the need for time-bound and affordable finance to be provided to developing nations.

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SEBI Bans Futures Trading For Seven Commodities – Top Indian Market News

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SEBI Bans Futures Trading In Seven Commodities

The Securities and Exchange Board of India (SEBI) has banned futures trading on seven commodities. The commodities are paddy (non-basmati), wheat, chana, mustard seeds and their derivatives, soya bean, crude palm oil, and moong. The move comes in the wake of the opposition that the incumbent government is facing in the wake of the country’s rising inflation rates. The food inflation in India has gone up from 0.85% in the previous month to 1.87%. 

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Shriram Properties Shares List at 24% Discount, Manage To Recover

Real estate developer Shriram Properties got listed today at 20% lower than its issue price of Rs 94. Shriram Properties’ issue price was Rs 118. The share price recovered, touching Rs 102-Rs 103 and closing at Rs 98. Shriram Properties posted a loss of Rs 60.03 crore in the six months ended September 2021. In FY21, the company’s loss narrowed to Rs 68.17 crore from Rs 86.39 crore a year ago. The company’s revenue decreased to Rs 431.5 crore from Rs 571.96 crore during the same period.

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Axis Bank to Raise Rs 5,000 Crore Using Bonds

Axis Bank will raise up to Rs 3,500 crore by issuing bonds. The board of directors had recently voted to allow the bank to borrow up to Rs 35,000 crores using debt instruments, perpetual debt instruments, AT-1 bonds, infrastructure bonds, Tier II capital bonds, etc. “We now wish to inform you that the Bank proposes to raise funds by issuing Senior Unsecured Taxable Redeemable Non- Convertible Debentures (Series – 6) of Rs.10 lakh each for cash at par with a base issue size of Rs 2,000 crore and Greenshoe option to retain oversubscription of Rs. 3,000 Crore thereby aggregating up to Rs. 5,000 crore”, said Axis Bank in a regulatory filing. 

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Supriya Lifescience IPO Oversubscribed 71x On Final Day

On its final day, Supriya Lifescience IPO has oversubscribed nearly 71 times. The public issue subscribed 55.76 times in the retail category, 31.83 times in the Qualified Institutional Buyers (QIB) category, and 161.22 times in the Non-Institutional Investor (NII) category. The Basis of Allotment would be decided on Dec 23, 2021. The shares will tentatively list on Dec 28, 2021.

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Royal Enfield Recalls 26,300 Units Of Classic 350 Due To Potential Brake Issue

Eicher Motors-owned Royal Enfield has recalled nearly 26,300 units of its 2021 variant of Classic 350 motorcycles citing a potential issue with the brakes. The company said in an official statement that a higher braking load applied on the rear brake pedal can potentially damage the reaction bracket. Local dealerships and service stations may call consumers whose Vehicle Identification Number (VIN) falls within September 1 to December 5, 2021. Consumers can check out the website or reach out to the nearest workshop. 

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Vedanta Acquires Nicoment, Becomes Only Nickel Producer In India

Vedanta Ltd has acquired Goa-based Nicoment, a leading nickel, and cobalt producer, making it the sole Nickel producer in India.  Currently, India imports 100% of its nickel requirement from abroad. Nicolet has a capacity to produce 7.5 tonnes per annum of nickel and cobalt. With an ambitious plan in the place, Vedanta plans to meet 50% of India’s Nickel requirements.

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Equitas Small Finance Bank Becomes banking partner for Maharashtra Govt.

Equitas Small Finance Bank announced on Monday that it is now empanelled as the banking partner for the Government of Maharashtra. The move will enable Equitas to open salary accounts for all existing employees and pension accounts for pensioners for the Government of Maharashtra. The other three banks assigned with the role of disbursing salaries are Bandhan Bank, Karur Vysya Bank, and The South Indian Bank.

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ITI Limited receives ₹433 cr worth order from Tamil Nadu Govt.

Indian Telephone Industries Limited (ITI) has received an order from TANFINET (Tamil Nadu Fibrenet Corporation Limited) (A Govt. of Tamil Nadu Undertaking) regarding BharatNet Phase-II. The contract would amount to Rs 433 crore. Under the project, ITI will be covering 10 districts, 109 blocks, 3103 Gram Panchayats, 845 Revenue villages across Tamil Nadu, providing a minimum of 1 Gbps bandwidth service.

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Wipro to acquire cybersecurity firm Edgile for $230 million

Wipro Limited has decided to acquire Texas-based headquartered Edgile for a consideration of $230 million. Edgile is a cybersecurity consulting provider that focuses on risk and compliance, information and cloud security, and digital identity. Together, Wipro and Edgile will develop Wipro CyberTransform, an integrated suite that will help enterprises enhance boardroom governance of cybersecurity risk, invest in robust cyber strategies, and reap the value of practical security in action.

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