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IHC to Dispose Investment in AGEL, Adani Energy – Top Indian Market Updates

adani

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

Abu Dhabi’s IHC to dispose investment in Adani Green Energy and Adani Transmission

According to a Reuters report, Abu Dhabi’s International Holding Company (IHC) will dispose of its investment in Adani Green Energy and Adani Energy Solutions. A definitive agreement has been reached with the buyer to dispose of its FDI investment in Adani Green Energy and Adani Transmission. The company is currently completing all required procedures and obtaining all necessary regulatory approvals to implement the signed transaction.

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Sundaram Home Finance plans to raise ₹2,500-3000Cr

Sundaram Home Finance plans to raise ₹2,500-3,000 crore to fund its entry into the affordable housing loan segment. The company plans the fundraising in the second half of the current financial year. The mortgage lender is targeting 20-25% business expansion in FY24. Its current assets under management (AUM) stand at around ₹11,000 crore.

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Emami acquires 26% stake in Axiom Ayurveda

Emami Ltd has acquired a 26% stake in Axiom Ayurveda in an all-cash deal for an undisclosed amount. Axiom sells beverages under the brand AloFrut.This investment is in line with Emami’s strategy to invest in the health and wellness segment. It will also help the company enter into the juice segment. The acquisition is on a fully diluted basis through primary infusion and secondary buyouts. The company expects the acquisition to be completed within one month.

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ICICI Lombard faces ₹1,728.9 crore tax demand

ICICI Lombard has received a show cause and demand notice from a central law enforcement agency tasked with preventing the leakage of Goods and Services Tax (GST) revenue. The notice is for allegedly not paying ₹1,728.9 crore worth of tax for five years from July 2017 to March 2022. The notice was served on September 27.

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SAIL sources 6 lakh tonne coking coal from Russia in 8 shipments

Steel Authority of India Ltd (SAIL) sourced around 8 coking coal shipments of 75,000 tonnes each from Russia during the April-September period of FY24. Furthermore, International Coal Ventures Pvt Ltd (ICVL) is looking to double its production capacity to 4 million tonnes per annum (MTPA). ICVL is a special purpose vehicle (SPV) of SAIL, RINL, NMDC, CIL and NTPC for acquiring coal mines and assets overseas.

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Oberoi Realty signs pact to redevelop land parcel in South Mumbai

Oberoi Realty has entered into an agreement to redevelop a land parcel spread over 3.3 acres in the Tardeo locality of South Mumbai. The company expects to generate a free sale component of around 2.5 lakh sq. ft. of carpet area from the development and redevelopment of this land parcel. The plot is adjoining a property already being redeveloped by the company in a joint venture. 

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Saregama India to acquire 6.61 lakh shares of Pocket Aces Pictures

Saregama India Ltd will acquire 6.61 lakh shares of Pocket Aces Pictures Pvt Ltd at a value of ₹174 crores through secondary acquisition. The acquisition will result in Saregama India holding nearly 51.82% stake in Pocket Aces. The music label’s next acquisition will be the primary subscription of 25,974 shares of Pocket Aces worth ₹15 crores. The acquisition will increase its stake in Pocket Aces Pictures to 92.61%.

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India’s external debt at $629.1 billion at June-end

According to RBI data, India’s external debt rose marginally to $629.1 billion in June 2023, although the debt-GDP ratio declined. The debt rose by about $4.7 billion from $624.3 billion in March. The external debt to GDP ratio declined to 18.6% in June 2023 from 18.8% in March 2023. 

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Bharti Enterprises backs Eutelsat-OneWeb merger

Eutelsat Communications SA announced the completion of its all-share combination with OneWeb, the global low Earth orbit (LEO) satellite communications network. OneWeb is backed by Bharti Enterprises. The merged company is set to become the world’s first integrated GEO-LEO satellite space connectivity provider, revolutionising the field of space communications.

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Promoters of Adani Power increased their stake in September

The promoters of Adani Power Ltd increased their stake in the company in September. The company’s promoters increased their stake to 69.1% from 66.9% earlier between September 5 and September 25. Fortitude Trade and Investment Ltd acquired 6.58 crore shares (1.71% stake), while Emerging Market Investment DMCC acquired another 1.92 crore shares (0.5% stake). 

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SBI’s Digital Rupee Now Linked to UPI – Top Indian Market Updates

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

SBI’s digital rupee now linked to UPI

State Bank of India (SBI) has made the NPCI’s UPI system interoperable with its digital rupee (e₹) as part of the Reserve Bank of India’s (RBI) Central Bank Digital Currency (CBDC) programme. The SBI digital rupee will now be accessible through the ‘eRupee by SBI’ application. Users can scan any merchant UPI QR code for swift and secure transactions. SBI was among the first few banks to participate in the RBI’s retail digital e-rupee project in December 2022.

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Vi clears 10% statutory dues for Q1

According to a Times of India (TOI) report, Vodafone Idea (Vi) cleared nearly 10% of the statutory dues needed to pay to the Department of Telecom (DoT) for the April-June quarter. The company has also assured DoT to pay the remaining amount by the end of September. Vi had to pay a license fee of around ₹770 crore by July and ₹1,680 crore as the first instalment for the spectrum it purchased in auctions that were held last year.

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Oil India board okays Rs 1,738-crore equity investment in NEGDL

Oil India Ltd (OIL) has received board approval for its equity investment in its joint venture (JV) company, the North East Gas Distribution Company Ltd (NEGDCL). The JV is in partnership with Assam Gas Company Ltd (AGCL). OIL’s board approved an investment of up to ₹1,738 crore. This strategic investment aligns with Oil India’s 49% shareholding in NEGDCL, as it takes a substantial step forward in the execution of city gas distribution (CGD) projects.

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BHEL bags order for India’s largest multipurpose hydropower project

Bharat Heavy Electricals Ltd (BHEL) has secured an order for electro-mechanical works for the 2,880-MW Dibang multipurpose project in Arunachal Pradesh. This is India’s largest-capacity hydropower project. The order was received from the National Hydroelectric Power Corporation (NHPC). This order involves a 12×240 MW hydropower project situated in Roing, in the Lower Dibang Valley district of Arunachal Pradesh.

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Indian Bank partners with IBM to deploy compute infrastructure

Indian Bank has partnered with IBM to deploy new front-end banking applications and provide the bank with safe computing infrastructure. With this partnership, Indian Bank wants to consolidate its Front Branch Servers for better manageability and availability at both Data Centres (DC) and Disaster Recovery (DR) centres in Mumbai and Chennai.

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Sundaram Home Finance plans to enter affordable home loan segment

Sundaram Home Finance (SHF) is planning to enter the affordable home loan segment, which is growing fast in sync with the government’s “housing for all” goal. The company will focus on Tier-2 and Tier 3 towns for its diversification into the affordable housing segment. Sundaram Home Finance had ₹11,200 crore of assets under management at the end of March 2023. SHF is a wholly-owned subsidiary of Sundaram Finance.

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EFC India starts 65,000 sq ft co-working centre in Noida

EFC (I) Ltd has entered into the Delhi-NCR market with the start of a new centre in Noida comprising 65,000 square feet of area. The new centre will house brands, including Tata Capital and Virtuous Transactional Analyst, among others. EFC will itself occupy 25,000 square feet of office space. Delhi NCR has been among the top three national markets in office leasing.

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IndiGo, Air India to set up leasing units at GIFT City

IndiGo and Air India will set up leasing arms at GIFT City, Gujarat. The government’s plan of projecting India as a hub of aircraft leasing will get a big boost with this move. IndiGo has around 1,000 aircraft in its order book. It will set up a leasing unit for financing its aircraft by investing ₹30 crore. The airline will also issue a corporate guarantee of up to $996 million for payment obligation of the company.

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Muthoot FinCorp launches Rs 400 crore in NCDs in bid for capital growth

Muthoot FinCorp Ltd has unveiled its 16th series of secured, redeemable, non-convertible debentures (NCDs). The issue aims to raise a corpus of ₹400 crore. This offering falls within the company’s shelf limit of ₹1,100 crore, signaling its intent to tap into the investment market effectively. The inaugural tranche of ₹100 crore, which includes a green shoe option of ₹300 crore, forms the “Tranche I Issue.” This offering opened to the public on Sept 1, 2023, and will remain accessible until Sept 14, 2023.

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India seeks asset valuer for strategic divestment of IDBI Bank

The Indian government has initiated the process of appointing an asset valuer for the strategic divestment of IDBI Bank. The move is part of its ongoing efforts to optimise its stake in the financial institution. The selected asset valuer will play a crucial role in determining the fair value of IDBI Bank’s assets and liabilities.

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Reliance, Aramco to Re-Evaluate Investment Proposal – Top Indian Market News

Reliance, Aramco to re-evaluate investment proposal

Reliance Industries Ltd (RIL) and Saudi Aramco have mutually decided to re-evaluate a major investment proposal concerning the Oil to Chemicals (O2C) business of RIL. The deal was estimated to be about $15 billion. The current application with the National Company Law Tribunal (NCLT) for segregating the O2C business from RIL is being withdrawn.

Both companies had signed a non-binding Letter of Intent (LoI) in August 2019 for a potential 20% stake acquisition by Saudi Aramco in the O2C business of RIL.

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Govt puts MTNL, BSNL assets worth about Rs 1,100 crore on sale

The government has listed real estate assets of state-run telecom firms MTNL and BSNL for sale at a reserve price of around Rs 1,100 crore. BSNL properties located in Hyderabad, Chandigarh, Bhavnagar, and Kolkata have been posted for sale at a reserve price of ~Rs 800 crore. The Department of Investment and Public Asset Management (DIPAM) website has listed MTNL assets located in Vasari Hill, Goregaon in Mumbai for sale at a reserve price of Rs 270 crore.

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IRB Infra shareholders pass resolution for Rs 5,347 crore capital inflow

IRB Infrastructure Developers Ltd’s shareholders have passed a resolution that will enable a capital inflow of Rs 5,347 crore into the company. This move will allow IRB Infra to issue shares worth up to Rs 5,347 crore to Cintra Global S.E. (a wholly-owned subsidiary of Spain-based Ferrovial S.A) and Bricklayers Investments (an affiliate of GIC, Singapore Sovereign wealth fund).

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Sundaram AMC gets SEBI approval for its acquisition of Principal AMC in India

Sundaram Asset Management Company (AMC) has received approval from market regulator SEBI to acquire Principal Asset Management Company in India. The company will acquire the schemes managed by Principal India and 100% of the share capital of its subsidiaries. As per regulatory requirements, there will be an ‘exit load free window’ for investors to redeem their investments. Sundaram AMC is a wholly-owned subsidiary of Sundaram Finance Ltd. 

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Prices of apparel, textiles to increase from Jan 1 as Govt raises GST from 5% to 12%

The prices of apparel, textiles, and footwear are set to increase from next year as the Central Board of Indirect Taxes (CBDT) notified an increase in the Goods & Services Tax (GST) rate from 5% to 12%. The increased GST rate on the categories will be applicable from January 1, 2022. However, GST rates on or certain synthetic fibres and yarn have been lowered from 18% to 12%, making rates uniform across the entire textile sector. 

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EPFO plans to invest 5% of annual deposits on InvITs, alternative funds

Employees’ Provident Fund Organisation (EPFO) has approved measures to invest up to 5% of its annual deposits in infrastructure investment trusts (InvITs) and other alternative funds. Under its current investment pattern, EPFO invests around 45-50% of its incremental deposits in government securities, 35-45% in debt instruments, around 5-15% in the equity market, up to 5% in short-term debt instruments, and another 5 % in short-term debt instruments. You can learn more about the operations of EPFO here.

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RBI Keeps Policy Rates Unchanged; Projects GDP Growth at 10.5% in FY22 – Top Indian Market News

RBI keeps policy rates unchanged; projects GDP growth at 10.5% in FY 2021-22

The Monetary Policy Committee (MPC) of the Reserve Bank of India has decided to keep the repo rate unchanged at 4%. The reverse repo rate will remain unchanged at 3.35%. The MPC has projected gross domestic product (GDP) to grow at a rate of 10.5% for the financial year 2021-22. RBI Governor Shaktikanta Das said that outlook on India’s growth has improved significantly. He stated that the manufacturing, infrastructure, and services sectors are showing impressive growth.

[Repo rate is the rate at which the central bank (RBI) lends money to commercial banks to meet short-term fund requirements. Reverse repo rate is the rate at which the central bank borrows money from the commercial banks] 

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M&M Q3 Results: Net profit rises 40% YoY to Rs 531 crore

Mahindra & Mahindra (including Mahindra Vehicle Manufacturers) reported a 40% YoY increase in net profit to Rs 530.9 crore for the quarter ended December (Q3). Its revenue rose 16% YoY to Rs 14,056.5 crore during the same period. M&M’s total vehicle sales declined by 7% YoY to 1.55 lakh units. Tractor sales rose 20% YoY to 97,420 units.

The carmaker estimates it will incur a one-time loss of Rs 1,210.48 crore on its South Korean unit, Ssangyong Motor, which has filed for bankruptcy. M&M said it may not be able to complete the majority stake sale in Ssangyong by February 28 as planned earlier.

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HAL, Rolls-Royce expand partnership in India

Hindustan Aeronautics Ltd (HAL) and Rolls-Royce have agreed to expand their partnership in India for collaboration in two significant areas. This includes expanding the supply chain for both Civil and Defence Aerospace and establishing an authorized maintenance centre for Adour Mk871 engines to support Rolls-Royce’s global customers. Both companies will build on their partnership of over 60 years, wherein Rolls-Royce engines have been ‘Made in India’ and supported by HAL under license from Rolls-Royce.

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Punjab National Bank Q3 Results: Net profit at Rs 506 crore

Punjab National Bank (PNB) reported a net profit of Rs 506 crore for the quarter ended December (Q3). It had posted a net loss of Rs 492.28 crore in the corresponding quarter last year. The bank’s net interest income (NII) grew 90% YoY to Rs 8,313 crore in Q3 FY21. PNB’s gross non-performing assets (GNPAs) reduced to 12.99% in Q3, compared to 13.43% in Q2 FY21.

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Cadila Health Q3 Results: Net profit rises 41% YoY to Rs 527 crore

Cadila Healthcare Ltd reported a 41% YoY increase in consolidated net profit to Rs 527.2 crore for the quarter ended December (Q3). Its consolidated revenue rose 4.3% YoY to Rs 3,795.6 crore during the same period. The company’s business in India (including health formulations business and consumer wellness business) grew 20% YoY to Rs 1,643 crore in Q3. 

Cadila Healthcare has received approval to start Phase-III clinical trials of its Covid-19 vaccine ZyCoV-D in India. The vaccine will be tested across 60 locations in 30,000 healthy adult volunteers.

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Expenditure Finance Committee approves PLI proposal for LEDs, ACs

The Expenditure Finance Committee has approved the proposal of the Ministry of Commerce and Industry for providing incentives to ACs and LED lights under the production linked incentive (PLI) scheme. In November 2020, the Union Cabinet had approved Rs 6,238-crore outlay for these two sectors under the PLI scheme. This would help boost domestic manufacturing in the country.

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Sundaram Finance Q3 Results: Net profit rises 45% YoY to Rs 242 crore

Sundaram Finance Ltd reported a 45% YoY increase in net profit to Rs 242 crore for the quarter ended December (Q3). Its total income rose 7% YoY to Rs 1,045 crore during the same period. The company’s assets under management (AUM) stood at Rs 31,226 crore in Q3, compared to Rs 30,502 crore in the corresponding quarter last year (Q3 FY20).

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Alkem Lab Q3 Results: Net profit rises 18% YoY to Rs 450 crore

Alkem Laboratories reported an 18.06% YoY increase in consolidated net profit to Rs 450.96 crore for the quarter ended December (Q3). The pharma company’s revenue rose 6.24% YoY to Rs 2,318.05 crore during the same period. Alkem Lab’s board has declared an interim dividend of Rs 25 per share.  

Natco Pharma receives registration approval for Chlorantraniliprole

Natco Pharma Ltd has received registration approval from the Central Insecticide Board & Registration Committee for Chlorantraniliprole (CTPR). CTPR is an active ingredient used in pest management products. Natco would be the first indigenous manufacturer of this technical product. The company hopes to bring products based on CTPR shortly that would be affordable and accessible to farmers across India.

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Jubilant Life Q3 Results: Net profit rises 52% YoY to Rs 310 crore

Jubilant Life Sciences reported a 52.39% YoY increase in consolidated net profit to Rs 309.93 crore for the quarter ended December (Q3). Its revenue rose 16.63% YoY to Rs 1,743.63 crore during the same period. Jubilant Life Sciences is a pharmaceutical company based in Noida.