Tag: Yes Bank

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RIL Reports 7% Fall in Net Profit in Q1 – Top Indian Market News

Reliance Industries Q1 Results: Net profit falls 7% YoY to Rs 12,273 crore

Reliance Industries Ltd (RIL) reported a 7.3% YoY decline in consolidated net profit to Rs 12,273 crore for the quarter ended June (Q1 FY22). Net profit has fallen by 7% when compared to the previous quarter. Its revenue from operations rose 58.2% YoY to Rs 1.44 lakh crore during the same period. Earnings before interest, tax, depreciation, and amortization (EBITDA) increased by 27.6% YoY to Rs 27,55 crore in Q1. The profit figure has beaten street/analysts’ estimates.

Reliance Jio posted a 45% YoY (or 4% QoQ) increase in net profit to Rs 3,651 crore during the April-June quarter of FY22.

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JSW Steel Q1 Results: Net profit at Rs 5,904 crore

JSW Steel Ltd reported a consolidated net profit of Rs 5,904 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 561 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations jumped 145% YoY (or 7.3% QoQ) to Rs 28,902 crore in Q1 FY22. This is JSW Steel’s highest-ever quarterly net profit and revenue. The company spent Rs 2,688 crore on capital expenditure (capex), which was nearly 15% of its planned capex for the current financial year (FY22).

The company has announced plans to invest Rs 750 crore in JSW Paints over the next three years.

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Britannia Industries to invest Rs 94 crore for expansion of its Odisha unit

Britannia Industries Ltd will invest Rs 94 crore for the expansion of its manufacturing plant in Khurda, Odisha, to cater to the growing demand for its products across multiple categories. The company aims to increase the manufacturing capacity of the plant by 85% to 65,000 metric tonnes per annum (MTPA). The new capacities will be operational by October 2022 and will enable Britannia to increase the production of its core band, including Marie Gold, Vita Marie Gold, etc.

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Ambuja Cements Q2 Results: Net profit rises 91% YoY to Rs 876 crore

Ambuja Cements Ltd reported a 91.78% YoY increase in consolidated net profit to Rs 876.71 crore for the quarter ended June (Q2 CY21). The company follows the January-December financial year cycle. Net profit has declined by 7.4% when compared to the previous quarter. Its total income rose 48.4% YoY to Rs 7.055.76 crore during the same period. The company’s cement volumes grew from 4.19 million tonnes (MT) in Q1 CY21 to 6.33 MT in Q2 CY21.

Atul Q1 Results: Net profit rises 40.8% YoY to Rs 166 crore

Atul Limited reported a 40.89% YoY increase in consolidated net profit to Rs 165.94 crore for the quarter ended June (Q1 FY22). Net profit has declined by 5.2% when compared to the previous quarter. Its total income rose 58.27% YoY to Rs 1,109.82 crore during the same period. Atul Ltd is an integrated chemical company based in Valsad, Gujarat.

Federal Bank Q1 Results: Net profit declines 8% YoY to Rs 367 crore

Federal Bank Ltd reported an 8.3% YoY decline in standalone net profit to Rs 367.3 crore for the quarter ended June (Q1 FY22). Its net interest income (NII) rose 9.4% YoY to Rs 1,418 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 3.5% in Q1 FY22, compared to 3.4% in the previous quarter (Q4 FY21). The bank’s provisions increased by 62.6% YoY to Rs 641.83 crore during the April-June quarter of FY22.

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United Spirits Q1 Results: Net profit at Rs 69.1 crore

United Spirits Ltd reported a standalone net profit of Rs 69.1 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 251 crore in the corresponding quarter last year (Q1 FY21). Its total income rose 59% YoY to Rs 3,829 crore in Q1 FY22. United Spirits’ EBITDA jumped 316% YoY to Rs 168 crore. United Spirits is an alcoholic beverages company based in Bengaluru. It is a subsidiary of UK-based Diageo plc. 

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Yes Bank Q1 Results: Net profit jumps 355% YoY to Rs 207 crore

Yes Bank reported a 355.2% YoY jump in standalone net profit to Rs 207 crore for the quarter ended June (Q1 FY22). Its net interest income (NII) rose 26.5% YoY to Rs 1,402 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 15.6% in Q1 FY22, compared to 15.41% in the previous quarter (Q4 FY21). However, the bank’s operating profit declined by 20% YoY to Rs 920 crore in Q1 FY22.

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SBI Cards Q1 Results: Net profit falls 22% YoY to Rs 305 crore

SBI Cards and Payment Services reported a 22% YoY decline in net profit to Rs 305 crore for the quarter ended June (Q1 FY22). Net profit has increased by 73.65% when compared to the previous quarter. Its total income rose 11.63% YoY to Rs 2,450.94 crore during the same period. The company’s gross non-performing assets (bad loans) more than doubled to 3.91% in Q1 FY22, compared to 1.35% in Q1 FY21.

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India’s oil production declines in June; gas output rises

India’s total crude oil production declined by 1.79% to 2,481.66 thousand metric tonnes (TMT) in June 2021, compared to the corresponding month last year. The fall in production comes at a time when domestic petrol and diesel prices are at all-time highs. Meanwhile, there was a 19.52% YoY increase in gas production in June. Natural gas production during June 2021 was 2,777.43 million metric standard cubic metres (MMSCM).

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RIL Reports 108% YoY Jump in Net Profit in Q4 – Top Indian Market News

Reliance Industries Q4 Results: Net profit at Rs 13,227 crore

Reliance Industries Limited (RIL) reported a 108% YoY increase in consolidated net profit at Rs 13,227 crore for the quarter ended March (Q4). On a quarterly basis, net profit has grown 1%. The consolidated revenue from operations rose 11% YoY to Rs 1,54,896 crore during the same period. RIL’s board has announced a final dividend of Rs 7 per share.

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IndusInd Bank Q4 Results: Net profit jumps three-fold to Rs 876 crore

IndusInd Bank Limited reported a three-fold (~190%) year-on-year (YoY) increase in net profit to Rs 876 crore for the quarter ended March (Q4). Net interest income (NII) rose 9.4% YoY to Rs 3,535 crore during the same period. [NII is the difference between the income interest a bank receives on assets such as loans, and the interest it pays to depositors] The gross non-performing assets (NPA) ratio stood at 2.67% in Q4, compared with 2.93% in Q3 FY21. Total provisions declined 23.5% YoY to Rs 1,866 crore during the quarter. IndusInd Bank’s board has announced a dividend of Rs 5 per share.

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Marico Q4 Results: Net profit rises 14% YoY to Rs 227 crore

Marico Limited reported a 14.07% YoY increase in consolidated net profit to Rs 227 crore for the quarter ended March (Q4). Its revenue from operations rose 34.49% YoY to Rs 2,012 crore during the same period. This was driven by strong volume growth of 25% YoY in the domestic business. The FMCG firm’s operating margin was lower at 17.6% in Q4 due to high input costs. For the financial year ended March 31, 2021 (FY21), Marico’s net profit has increased by 14.96% YoY to Rs 1,199 crore. 

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Atul Q4 Results: Net profit rises 24% YoY to Rs 141 crore

Atul Limited reported a 23.9% YoY increase in consolidated net profit to Rs 175.05 crore for the quarter ended March (Q4). Revenue from operations rose 15.6% YoY to Rs 1,115.93 crore during the same period. Its Life Science Chemicals segment posted a 22.6% YoY rise in revenues at Rs 311.89 crore. The company’s board has approved a dividend of Rs 20 per share. Atul Ltd is an integrated chemical company headquartered in Valsad, Gujarat.

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Nestle buys vitamin brands from KKR for $5.75 billion

Nestle SA has agreed to buy vitamin maker Bountiful Co. for $5.75 billion (~Rs 42,580 crore) from private equity firms KKR & Co. and Carlyle. Through this acquisition, Nestle aims to become a world leader in the field of minerals and supplements. The Covid-19 pandemic has boosted demand for such pills from health-conscious consumers. This acquisition would double Nestle’s e-commerce revenue from supplements to about $1 billion this year.

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Dalmia Bharat Q4 Results: Net profit at Rs 640 crore

Dalmia Bharat Limited reported a sharp rise in consolidated net profit (~2,310% YoY) to Rs 640 crore for the quarter ended March (Q4). It had posted a net profit of Rs 24 crore in the corresponding period last year (Q4 FY20). Revenue from operations rose 32.13% YoY to Rs 3,281 crore in Q4 FY21. The company’s board has recommended a dividend of Rs 1.33 per share.

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Escorts to temporarily shut down manufacturing operations amid Covid-19 surge

Amidst the surge in Covid-19 cases in India, Escorts Limited has decided to temporarily shut down its manufacturing operations on a selective basis between May 1 and May 3. The farm equipment manufacturer said that the safety and health of its employees and the wellness of its business ecosystem are of utmost importance. Escorts ensured that there will be no impact on fulfilling customer demand, as it has sufficient inventory in hand.

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Vodafone Idea’s GIGAnet 4G delivers highest network speed in Q4: Ookla

According to speed testing firm Ookla, Vodafone Idea’s (Vi) 4G network GIGAnet has delivered the fastest download and upload speeds across India for the third consecutive quarter in Q4 (January-March 2021). Additionally, Vi has the fastest average 4G download speeds in 135 Indian cities, including Mumbai, Delhi NCR, and Kolkata. This comes at a time when data usage has surged exponentially as more people are staying home due to a fresh wave of Covid-19 cases in India.

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Yes Bank Q4 Results: Net loss at Rs 3,788 crore

Yes Bank reported a net loss of Rs 3,787.75 crore for the quarter ended March (Q4). The bank had posted a net loss of Rs 3,668 crore in the corresponding period last year (Q4 FY20).  Net interest income (NII) declined 23% YoY to Rs 1,274 crore in Q4 FY21. The gross non-performing assets (NPA) ratio stood at 15.41%, compared to 15.36% in the previous quarter. Yes Bank’s deposits grew 11% quarter-on-quarter (QoQ) and 55% YoY to Rs 1,62,947 crore in Q4 FY21.

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Ajanta Pharma Q4 Results: Net profit rises 23% YoY to Rs 159 crore

Ajanta Pharma reported a 23% YoY increase in consolidated net profit to Rs 159 crore for the quarter ended March (Q4). Its revenue from operations 11% YoY to Rs 757 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased to Rs 654 crore, compared with Rs 468 crore in the previous financial year (FY20).

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Bank of India’s board approves raising capital up to Rs 4,800 crore

The Board of Directors of Bank of India (BOI) has approved raising capital aggregating to Rs 4,800 crore through the issuance of shares or bonds. The lender will issue equity shares in the form of Follow-on Public Offer (FPO)/Qualified Institutional Placement (QIP) or issue Basel III compliant Tier-1 bonds worth up to Rs 3,000 crore. BOI will further issue Basel III compliant Tier-2 bonds worth up to Rs 1,800 crore. The fundraising proposal is subject to shareholders’ approval.

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MTAR Technologies IPO Subscribed 200.8 Times on Final Day of Bidding – Top Indian Market News

MTAR Technologies IPO subscribed 200.8 times on final day of bidding

The Rs 596.41-crore initial public offering (IPO) of MTAR Technologies was subscribed 200.79 times on the second day of bidding. The issue received bids for 145.79 crore equity shares against an offer size of 72.60 lakh shares. The portion reserved for retail investors was subscribed 28.4 times. The portion set aside for non-institutional investors (NIIs) was subscribed 650.7 times and that for qualified institutional buyers (QIBs) 165 times.

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Kotak Mahindra Bank divests 10% stake in ECA Trading Services to its subsidiary

Kotak Mahindra Bank has divested 10% stake in ECA Trading Services to its wholly-owned subsidiary, Kotak Securities, for Rs 1.98 crore. A total of 1.09 crore equity shares were sold to the subsidiary at Rs 10 per share. The divestment was done to comply with the prudential limit set by the Reserve Bank of India (RBI) on investment in a non-financial services entity.

On Thursday, Kotak Mahindra Bank signed a Memorandum of Understanding (MoU) with the Indian Army. The private sector lender will now handle the salary accounts of Indian Army personnel.

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PNB Housing Finance, Yes Bank enters into co-lending partnership

PNB Housing Finance and Yes Bank have entered into a strategic co-lending agreement to offer customised retail loans for homebuyers at competitive interest rates. The Delhi-based housing finance company will serve customers through the entire loan lifecycle including sourcing, documentation, and collection with an information-sharing arrangement with Yes Bank. Both companies will jointly do due diligence and co-originate the loan at an agreed ratio. 

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Tejas Network secures order from Mexico-based GigNet

GigNet, a Mexico-based digital infrastructure company, has selected Tejas Networks Limited’s optical networking and broadband access products for their high-capacity fiber-optic network expansion in the Cancun region of Mexico. Tejas Networks will supply its full range of last-mile access products to support the rapid growth of GigNet’s Smart Communities business segment for planned developments across the region.

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Lenders agree to JSW Steel’s terms for buying Bhushan Power: Report

As per a report from BloombergQuint, the lenders to Bhushan Power & Steel Ltd (BPSL) have agreed to the terms set by JSW Steel for purchasing the assets of insolvent BPSL. A majority of the financial creditors on Friday voted in favour of accepting JSW Steel’s Rs 19,350-crore offer for the sale. The report further states that the deal will be closed by the end of March.

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Dilip Buildcon receives LoA for two HAM projects in Karnataka

Dilip Buildcon Limited has received the Letter of Acceptance (LoA) for two Hybrid Annuity Mode (HAM) projects worth Rs 2,439 crore in Karnataka. The scope of the first project involves four laning of the Bangalore to Malur section of Bangalore-Chennai Expressway. The second project is for four-laning the Malur to Bangarpet section of Bangalore-Chennai Expressway. Both projects are to be completed within 24 months.

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Sun Pharma’s subsidiary to acquire Australia-based WRS Bioproducts

Sun Pharmaceutical Industries announced that one of its wholly-owned subsidiaries will acquire 4.28 lakh equity shares (or 12.5% stake) of Australia-based WRS Bioproducts. The consideration to be paid for acquiring the stake will be AUD 2 million (~Rs 11.21 crore). WRS Bioproducts is engaged in developing novel technologies to produce and commercialise supplements and nutraceutical ingredients from diverse algae species in Australia. Sun Pharma expects to complete the acquisition by March 15, 2021.

PVR opens new six-screen property in Mysuru

Multiplex operator PVR Limited announced the launch of a new six-screen property in Mysuru, Karnataka. The latest PVR Cinemas in Mysuru spreads across an area of 32,240 sq feet and can accommodate a total of 1,078 audiences. PVR said the new property features advanced cinematic technological solutions that offer a holistic movie-going experience. With this opening, PVR now operates 844 screens at 177 properties in 71 cities across India and Sri Lanka.

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Shilpa Medicare gets USFDA approval for Apremilast Tablets

Shilpa Medicare has received tentative approval from the US Food and Drug Administration (USFDA) for Apremilast Tablets- 10 mg, 20 mg, and 30 mg. The tablets are indicated for the treatment of psoriatic arthritis. According to IQVIA MAT 2020 data, the US market for Apremilast Tablets is approximately $2.4 billion (~Rs 17,541 crore). 

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Coal India declares second interim dividend of Rs 5 per share

The Board of Directors of Coal India Limited (CIL) has approved the payment of a second interim dividend for the financial year 2020-21 of Rs 5 per share. The record date for the same has been fixed as March 16. The date of payment of the interim dividend is March 24. CIL has also revised its capital expenditure (capex) plans to Rs 13,000 crore from Rs 10,000 crore after the government asked the company to push expenditure to spur demand in the post-lockdown period.  

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Reliance Industries’ Net Profit Rises 12% YoY to Rs 13,101 crore – Top Indian Market News

Reliance Industries Q3 Results: Net profit rises 12% YoY to Rs 13,101 crore

Reliance Industries Ltd (RIL) reported a 12.5% YoY increase in consolidated net profit to Rs 13,101 crore for the quarter ended December (Q3). The company had posted a net profit of Rs 11,640 crore during the corresponding period in FY20. RIL’s consolidated revenue declined 21% YoY to Rs 1.23 lakh crore in Q3 FY21. The weak topline performance of the company was attributed to the continued struggles of the refining business. The revenues of the refining and petrochemical business, which contribute nearly two-thirds to RIL’s topline revenues, fell to Rs 83,838 crore in Q3.

Reliance Jio Infocomm Ltd reported a 15.5% quarter-on-quarter (QoQ) increase in consolidated net profit to Rs 3,489 crore for the quarter ended December (Q3). Revenue from operations increased 5.3% QoQ to Rs 19,475 crore. The telecom company witnessed a net addition of 52 lakh customers during the same period. The average revenue per user (ARPU) came at Rs 151 per subscriber per month.

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Grasim to enter paints business with Rs 5,000 crore investment

Aditya Birla Group’s flagship company, Grasim Industries Ltd, announced its plans to enter the paints business with an initial investment of Rs 5,000 crore over the next 3 years. Kumar Mangalam Birla, Chairman of Aditya Birla Group, stated that Grasim’s entry into the paints segment will add size, scale, and diversity to its existing portfolio of established standalone businesses. Grasim will offer a wide choice to Indian consumers, as it plans to introduce the latest range of paint products in line with global mega-trends.

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Yes Bank Q3 Results: Net profit rises to Rs 151 crore

Yes Bank Ltd reported a net profit of Rs 150.7 crore for the quarter ended December (Q3). The lender had posted a net loss of Rs 18,560 crore in the corresponding period in FY20. Net interest income (NII) jumped more than two-fold YoY to Rs 2,560.4 crore. The bank’s gross non-performing asset (NPA) ratio stood at 15.36% compared with 16.9% in the July-September quarter (Q2 FY21). 

Yes Bank’s board has voted in favour of raising funds worth Rs 10,000 crore via qualified institutional placement (QIP), non-convertible debentures (NCDs), etc.

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Adani Total Gas, Torrent Gas acquires 5% stake each in Indian Gas Exchange

Adani Total Gas and Torrent Gas have acquired a 5% stake each in the Indian Gas Exchange (IGX). Both companies have spent Rs 3.69 crore each for acquiring the stake.  IGX is a wholly-owned subsidiary of the Indian Energy Exchange (IEX) and is the first authorised gas exchange in the country. It has 16 members and more than 500 registered clients, along with 3 physical hubs across Gujarat and Andhra Pradesh.

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JSW Steel Q3 Results: Net profit jumps 13-fold to Rs 2,681 crore

JSW Steel Ltd reported a 12.70 times (or 1,170%) YoY jump in consolidated net profit to Rs 2,681 crore for the quarter ended December (Q3). The company had posted a net profit of Rs 211 crore in the corresponding period in FY20. Revenue from operations rose 21.1% YoY to Rs 21,859 crore in Q3 FY21. Its average capacity utilisation improved to 91%, compared to 86% in the September quarter (Q2 FY21). JSW Steel’s performance in Q3 was driven by robust operating income amid a strong demand environment.

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NTPC declares 150 MW unit of Kameng Hydro-Electric Project commercially operational

NTPC Limited announced that the 150 megawatt (MW) unit of Kameng Hydro-Electric Project of its subsidiary, North Eastern Electric Power Corporation, is commercially operational. With this, the commissioned and commercial capacity of the NTPC group has become 63,785 MW and 63,125 MW, respectively. [NTPC Ltd is a state-owned power generation company]

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Indian Bank Q3 Results: Profit rises 108% YoY to Rs 514 crore

Indian Bank Ltd reported a 108% YoY increase in profit to Rs 514.28 crore for the quarter ended December (Q3). The bank’s net interest income (NII) jumped 120% YoY to Rs 4,313.3 crore during the same period. Gross non-performing assets (NPAs) as a percentage of assets rose to 9.04% in Q3. Indian Bank’s board has approved a proposal to raise Rs 4,000 crore through qualified institutional placements (QIP), follow-on public offer (FPO), or rights issue.

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Om Metals Infra receives LoA for Shahpurkandi power house project

Om Metals Infraprojects Ltd has received a letter of award (LoA) from the Water Resources Department, Govt. of Punjab, for project works of Shahpurkandi power-house project. The estimated value of the contract is Rs 621 crore. The company will construct two power houses as part of the Hydel Channel of Shahpurkandi Dam Project via an engineering, procurement, and construction (EPC) mode. 

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SBI Life Q3 Results: Profit falls 40% YoY to Rs 232 crore

SBI Life Insurance Ltd reported a 40.2% YoY decline in profit to Rs 232.85 crore for the quarter ended December (Q3). Net premium income rose to Rs 13,766.49 crore in Q3 FY21, as compared to Rs 11,694.51 crore in Q3 FY20. The company has kept an additional reserve of Rs 70.38 crore for Covid-19 pandemic-related liabilities.

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Alembic Pharma gets USFDA approval for orthostatic hypotension tablets

Alembic Pharmaceuticals Ltd has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA)- Midodrine Hydrochloride Tablets USP. The tablets are indicated for the treatment of symptomatic orthostatic hypotension (OH). OH refers to a sudden drop in blood pressure when you stand from a seated or prone (lying down) position. According to IQVIA data, the tablets had an estimated market size of $60 million (~Rs 437 crore) for the twelve months ended September 2020.

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Indigo Paints IPO subscribed over 117 times on final day

The initial public offering (IPO) of Indigo Paints was subscribed 117.02 times on the final day of the bidding process. The issue received bids for 64.57 crore shares against the issue size of 55.18 lakh shares. The reserved portion for retail investors witnessed a subscription of 15.93 times, and that of employees 2.49 times. The portion set aside for qualified institutional buyers was subscribed 189.6 times, and that of non-institutional investors 263 times.

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AstraZeneca-Oxford Covid Vaccine Cleared By UK – Top Indian Market News

AstraZeneca-Oxford Covid Vaccine Cleared By UK, Fights Mutant Virus

The UK Government has approved the new COVID-19 vaccine developed by AstraZeneca and Oxford University as it is proved to fight the new mutated version of the virus found in UK. The vaccine has been approved for emergency supply and the UK Government has already ordered 100 million doses of the vaccine.

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Jindal Stainless Hisar to merge into parent company Jindal Stainless

Jindal Stainless Hisar(NSE:JSHL) has merged with its group company (NSE:JSL). The merged comoany will be listed on the National Stock Exchange as JSL Shareholders of JSHL will get 195 shares of JSL for every 100 shares held in JSL. The merged entity will fetch a revenue of close to Rs. 20,000 Crores.

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Jack Ma loses close to $11 Billion in 2 Months Due to Increased Scrutiny

The Chinese government has been scrutinizing Jack Ma’s companies for the past two months. It started with the stalling of Jack Ma-owned Ant Group’s Initial Public Offering. The Chinese regulators’ scrutiny has caused Jack Ma to lose $11 Billion in the past two-months.

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India extends Flight Ban From UK till 7th January, 2021

A new mutated strain of COVID-19 virus was found in United Kingdom. In order to curb the spread of the virus, India had banned flights coming in from the United Kingdom till 31st December, which has now been extended till 7th January. So far, 20 people who returned to India from Britain have tested positive for the new UK variant.

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JMC Projects Bags Order Worth Rs.698 Crores

Kalpataru Group’s engineering arm JMC Projects has bagged an order worth Rs.698 Crores. JMC Projects is a subsidiary of Kalpataru Power Transmission Ltd. Its projects include highways, expressways, bridges, flyovers, townships, high-rise buildings, hospitals, industrial units, and power plants.

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Yes Bank Appoints New CFO, CHRO

Yes Bank has appointed new positions for the post of Chief Financial Officer and Chief Human Resource Officer. Anurag Adlakha who was currently the CFO would now be appointed as the CHRO. Niranjan Bodkar has been appointed as the new CFO. Niranjan has an experience of 17 years of experience in Banking, Risk Management, Capital Markets, Financial Planning, and Strategy.

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Gujarati Govt Introduces New Solar Power Policy

The Gujarat state government has announced a new solar energy policy to encourage its use among the small and medium scale solar projects on residential, commercial, and industrial premises. The state government has scrapped the condition that the installed capacity of a solar project needs to be 50% of the sanctioned load or contract demand. Now, an individual or industry can produce solar power in their premises as per their requirements and without any limit.

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14 More UK Returnees in India Found With New COVID Strand. Total Count Rises To 20

A total of 14 more returnees from the United Kingdom have been tested positive for the new strain of COVID-19. The total count in India for the patients who tested positive for the new strain is 20. The new strain is said to be far more infectious than the original strain and is spreading fast despite travel restrictions.

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Reliance And Bharat Petroleum invite bidders for gas from KG D6 basin

Krishna Godavari Dhirubhai 6 (KG-D6) was Reliance’s first offshore gas field discovered. RIL and Bharat Petroleum who have the rights for the offshore gas field are now looking to sell it off.

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USA, Mexico Authorizes Emergency Use of Pfizer Vaccine – Top Market News

USA, Mexico authorizes emergency use of Pfizer vaccine

The US Food and Drug Administration (USFDA) and Mexico’s drug regulator- Cofepris have authorized the Covid-19 vaccine developed by Pfizer-BioNTech for emergency use in their respective countries. So far, the Pfizer-BioNTech vaccine has been approved for emergency use in a total of five countries- the United Kingdom, Bahrain, Canada, the United States, and Mexico.

India’s economic recovery faster than expected: PM Modi

Prime Minister Narendra Modi, on Saturday, stated that economic indicators have shown encouraging signs of recovery of the Indian economy. He stated that India has seen record Foreign Direct Investment (FDI) and Foreign Portfolio Investment (FPI) inflows during the pandemic. PM Modi was addressing FICCI’s 93rd Annual General Meeting and Annual Convention via video conferencing. On farm laws, PM Modi said that that the new reforms will give farmers new markets and access to technology. He further stated that the farm reforms will help bring investments in agriculture that will benefit farmers.

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Yes Bank sells 2.56% stake in Coffee Day group-owned Sical Logistics

Yes Bank has sold 15 lakh shares, which is equivalent to a 2.56% stake, in Sical Logistics. The nominal value of each share was Rs 10. Sical was acquired by Coffee Day group in 2011. It is engaged in customs handling, trucking & steamer agency businesses, mining, port logistics, road & rail transport, etc.

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Finance Ministry approves Rs 9,879 crore capital expenditure proposal of 27 states

The Finance Ministry has approved Rs 9,979.61 crore worth of capital expenditure proposals of 27 states. Out of the total amount, Rs 4,939.81 crore has been released as the first installment. This is part of the newly announced government scheme for ‘Special Assitance to States for Capital Expenditure’, under the Atmanirbhar Bharat package.

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L&T to win orders worth Rs 5,500 crore, including NPCIL and Chennai Metro Rail jobs: Report

According to a report from ET Prime, Larsen & Toubro (L&T) has emerged as the lowest bidder for three orders worth around Rs 5,500 crore. This includes a contract from the Nuclear Power Corporation of India (NPCIL) for its Kudankulam project. The two other orders are from Chennai Metro Rail and energy major Oil & Natural Gas Corporation (ONGC). The report states that L&T is likely to officially receive the orders from these clients in the last quarter of 2020-21.

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Tata Motors offers VRS scheme to control costs

Tata Motors Ltd has offered a voluntary retirement scheme (VRS) to its employees, in an effort to control costs and efficiently implement its turnaround plans. The VRS scheme is open till January 9, 2021, and will cover nearly half of Tata Motors’ 42,957 employees. This is the third time in four years that Tata Motors is floating a VRS. 

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Banks select Vedanta’s offer of Rs 5,000- Rs 6,000 crore for Videocon: Report

According to a report from ET Prime, banks have selected Vedanta group’s Rs 5,000- Rs 6,000 crore offer for the debt-ridden Videocon Industries. The Vedanta group was engaged in negotiations with a group of lenders, led by State Bank of India, after submitting its first offer. The final offer by Vedanta would imply the recovery of 16-20% of the total dues of Videocon to its lenders. Videocon Industries owes banks Rs 30,000 crore, including interest accumulated over the years.

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Violence brakes out at Wistron Corp’s iPhone manufacturing plant near Bengaluru

Workers at Wistron Corporation’s factory in Narasapura (near Bengaluru) went on a rampage on Saturday morning over the non-payment of wages and extended working hours. The protesters raised slogans against the management, pelted stones at the office, and set fire to a company name board. According to reports, 80 employees of Wistron have been arrested so far. Taiwan-based Wistron Corp is a contract manufacturer for Apple iPhones.

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ICICI Prudential’s assets under management cross Rs 2 lakh crore

ICICI Prudential Life Insurance Company’s assets under management (AUM) have crossed Rs 2 lakh crore, as it entered its 20th year of operations. AUM is the total market value of the investments that an entity manages on behalf of clients. The company stated that this milestone demonstrates its steadfast focus on customer-centricity and the commitment of its employees and other stakeholders.  

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Board of Zensar Tech approves change in MD and CEO

The Board of Zensar Technologies Ltd announced that Ajay Bhutoria will be succeeding Sandeep Kishore as Chief Executive Officer and Managing Director. Prior to this, Ajay Bhutoria was chief executive of L&T-NxT, before which he was country head of Cognizant Switzerland. Sandeep Kishore, who had been appointed for five years, shall leave on January 11, 2021 (after his term ends). 

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Yes Bank and 4 more stocks to be converted from Mid Cap to Large Cap

Market Capitalization

By 5th Jan 2021, AMFI (Association of Mutual Funds in India) is expected to release a fresh list for categorization of stocks into large caps, midcaps, and small caps. Large-cap refers to a company with a market capitalization of more than Rs 20,000 crores. Mid-cap is denoted to companies with a market capitalization between Rs 5,000 crores and Rs 20,000 crores. Small-cap is a term used to classify companies with a market capitalization of less than Rs 5,000 crores. 

Here is the list of stocks according to ICICI Securities that have the potential to switch from mid-cap to large-cap:

  1. Yes Bank (NSE: YESBANK, Mkt Cap: Rs 38,459 crore)
  2. Adani Enterprises (NSE: ADANIENT, Mkt Cap: Rs 49,046 crore)
  3. PI Industries (NSE: PIIND, Mkt Cap: Rs 35,923 crore)
  4. Hindustan Aeronautics Ltd (NSE: HAL, Mkt Cap: Rs 28,177 crore)
  5. Jubilant Food (NSE: JUBLFOOD, Mkt Cap: Rs 33,747 crore)

Here is the list of stocks according to ICICI Securities which are to be moved from large-cap to mid-cap:

  1. MRF (NSE: MRF, Mkt Cap: Rs 33,377 crore)
  2. NMDC (NSE: NMDC, Mkt Cap: Rs 32,715 crore)
  3. United Breweries (NSE: UBL, Mkt Cap: Rs 32,715 crore)
  4. Container Corporation of India (NSE: CONCOR, Mkt Cap: Rs 25,142 crore)
  5. General Insurance Corporation of India (NSE: GICRE, Mkt Cap: Rs 24,465 crore)
  6. Bank of Baroda (NSE: BANKBARODA, Mkt Cap: Rs 27,284 crore)

This change in classifaction may result in funds flowing in and out of the stocks, as mutual funds re-arrange their portfolios. Do keep watch of it.

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Yes Bank FPO

What is an FPO?

Before talking about Yes Bank’s FPO, writing about what exactly an FPO is very important. FPO is an abbreviated form of Follow-On Public Offer. When an entity which is already a public listed company, decides to offer more shares to the general public, it is called an FPO.

It is different from Initial Public Offer, which takes into account only the private companies who are issuing shares for the very first time. Companies use FPO to raise more funds to run their business. Not only start-ups but sometimes, mature companies also look out for money and this issue an FPO.

Yes Bank raises Rs. 14,267 crore

Yes Bank wished to raise funds worth Rs. 15,000 crore but their FPO closed with only 95% subscription. Thus, the bank fell short of its target and raised Rs. 14,267 crore. HNIs and retail investors showed little interest in this FPO whereas Institutional investors drove the overall subscription up. Shares reserved for them alone were oversubscribed 1.9 times.

Few of the Institutional investors that took part are State Bank of India, Life Insurance Corp of India, Exodus Capital, Wellington Capital, Jane Street Capital, IFFCO Tokio General Insurance, Bajaj Allianz, HDFC Life and Punjab National Bank.

Other than institutional investors, shares reserved for high net-worth individuals, retail investors and employees were undersubscribed by huge margins (63%, 47% and 23% respectively). With the closure of FPO, Yes Bank’s share went up by 2.9 per cent to Rs. 19.8.