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Doms Industries IPO: Investors buy Rs 538 cr worth of shares via anchor book, issue opens on December 13💥

✅Doms Industries IPO: The company is planning to mop up Rs 1,200 crore via IPO, which comprises a fresh issuance of shares worth Rs 350 crore and an OFS worth Rs 850 crore by existing shareholders

✅Ahead of the Doms Industries IPO opening, institutional investors bought Rs 537.75 crore worth of shares in the company via anchor book on December 12. The offer will open for subscription on December 13 and close on December 15.

✅Several marquee investors such as Abu Dhabi Investment Authority, Optimix Wholesale Global Emerging Markets, Ashoka Whiteoak Emerging Markets, Fidelity Funds, Goldman Sachs, Theleme India Master Fund, and Belgrave Investment Fund participated in the anchor book of the public issue.
The stationary and arts products manufacturing company said it finalised the allocation of 68,06,961 equity shares to anchor investors for Rs 790 per share.

✅Domestic investors including SBI Mutual Fund, HDFC Mutual Fund, Nippon Life India, ICICI Prudential Mutual Fund, Aditya Birla Sun Life Trustee, Axis Mutual Fund, ICICI Prudential Life Insurance Company, Invesco India, SBI Life Insurance Company, Max Life Insurance Company, Tata Mutual Fund, and Tata AIA Life Insurance Company also invested in the company via the anchor book.

✅The company is planning to mop up Rs 1,200 crore via IPO, which comprises a fresh issuance of shares worth Rs 350 crore and an offer for sale (OFS) of shares worth Rs 850 crore by existing shareholders.

✅The price band for the offer has been fixed at Rs 750-790 per share.

✅The IPO consists of a fresh issuance of shares worth Rs 350 crore by Doms, and an offer for sale (OFS) of Rs 850 crore worth of shares by Italy-based corporate promoter FILA- Fabbrica Italiana Lapised Affini SpA, and promoters.

✅Fabbrica Italiana will be selling Rs 800 crore worth of shares in the OFS. Moreover, Rs 25 crore worth of shares each will also be sold by promoters Sanjay Mansukhlal Rajani and Ketan Mansukhlal Rajani in the OFS.

✅Doms, the second largest player in India’s branded stationery and art products market with a market share of 12 percent by value in FY23, will spend Rs 280 crore of the net fresh issue proceeds for a new manufacturing facility to expand production capabilities for writing instruments, watercolour pens, markers and highlighters. The balance funds will be set aside for general corporate purposes.

✅Doms Industries, which sells stationery and art products under its flagship brand DOMS, enjoys 29 percent and 30 percent market share in core products such as pencils and mathematical instrument boxes, respectively.

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Apple aims to build more than 50 million iPhones annually in India👍

🎯Apple and its suppliers aim to build more than 50 million iPhones in India each year, within the next two-to-three years, with additional tens of millions of units planned thereafter, the Wall Street Journal reported on Thursday citing people involved.

🎯Apple and its suppliers aim to build more than 50 million iPhones in India each year, within the next two-to-three years, with additional tens of millions of units planned thereafter, the Wall Street Journal reported on Thursday citing people involved.

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Saudi Arabia and Indian business sectors share common goal of building diversified economies: Top Saudi businessman❇️

🟠 Abdulrahman Al-Fageeh, CEO of Saudi Basic Industries Corporation (SABIC) is leading a delegation of Saudi Arabia's top business leaders set to represent the Kingdom's business interests in the upcoming B20 India Summit to be held in New Delhi from August 25-27.
A prominent Saudi business leader has said that Saudi Arabia and Indian business sectors share a prosperous growth path and desire to build sustainable, inclusive, and diversified economies for the future.

🟠 Abdulrahman Al-Fageeh, CEO of Saudi Basic Industries Corporation (SABIC) is leading a delegation of Saudi Arabia's top business leaders set to represent the Kingdom's business interests in the upcoming B20 India Summit to be held in New Delhi from August 25-27.

🟠 The delegation will join its counterparts from the world's 20 leading economies. The group will align the private business sector in Saudi, elevating the kingdom's business priorities through the B20 Engagement Group.

🟠 This is an opportunity for the Saudi business community to be a voice for the region and the developing world. We will address critical global challenges that are shaping the future of business and our economies, Al-Fageeh said.

🟠 The Saudi economy is one of the fastest growing and most dynamic in the world led by businesses that have expanded significantly in the last decade making the Kingdom one of the most attractive and strategic destinations for investment worldwide.

🟠 Al-Fageeh will also deliver a keynote address and participate in a panel discussing various Environment, Social and Governance (ESG) topics.

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Ambuja Cements' open offer for Sanghi Industries to commence from September 29💥

⭕️Ambuja Cements Ltd (ACL) would buy 26 per cent equity shares of Rs 10 each of Sanghi Industries from its public shareholders for a price of Rs 114.22 apiece. The offer would be worth up to Rs 767.16 crore, according to a Draft Letter of Offer.

⭕️Adani group-owned entity Ambuja Cements' open offer to acquire 26 per cent equity from the public shareholders of Gujarat-based cement maker Sanghi Industries would commence from September 29, according to a document.

⭕️Ambuja Cements Ltd (ACL) would buy 26 per cent equity shares of Rs 10 each of Sanghi Industries from its public shareholders for a price of Rs 114.22 apiece. The offer would be worth up to Rs 767.16 crore, according to a Draft Letter of Offer.

⭕️The offer price is at a premium of 5.12 per cent as the shares of Sanghi Industries on Monday settled at Rs 108.65 apiece on BSE.

⭕️On August 7, shares of Sanghi Industries were at Rs 116.59, the highest in the last three months.

⭕️The open offer will tentatively commence on September 29, 2023, and close on October 13, 2023, said the Draft Letter of Offer received by the target company from SBICAP Securities.

⭕️On August 3, Gautam Adani-owned ACL announced to acquire 56.74 per cent stake in Sanghi Industries Ltd (SIL) from its existing promoter group - Ravi Sanghi & family.

⭕️The deal was done at an enterprise value of Rs 5,000 crore, which was the first major deal since Adani Group was rocked by allegations of financial misconduct by Hindenburg Research.

⭕️If the open offer is fully subscribed, Ambuja Cements will own 82.74 per cent of Sanghi Industries Ltd, the cement maker which also owns a captive port capacity at Sanghipuram in the Kutch district of Gujarat.

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Tata seeks partnerships for UK battery plant to supply Jaguar Land Rover eVs🔥

📍The collaborations for the battery plant, capable of supplying cells for at least 500,000 vehicles a year, could range from a joint venture and sharing of knowledge to experimentation and licensing agreements, Balaji said.

📍The Land Rover Defender 90 First Edition SE sport utility vehicle (SUV), manufactured by Jaguar Land Rover Plc, is displayed ahead of the Los Angeles Auto Show in Los Angeles, California, U.S., on Wednesday, Nov. 20, 2019. Engines are taking a back seat to motors at this year's Los Angeles Auto Show as carmakers showcase the latest electric additions to their vehicle lineups. Photographer: Patrick T. Fallon/Bloomberg

📍Tata Sons is in discussions with multiple startups as the conglomerate seeks technical know-how for its £4 billion ($5.1 billion) UK battery plant, where it aims to start mass production in 2026.

📍“If you look at the startups that are working in this space, they are at the forefront of technology,” Tata Motors Group Chief Financial Officer P.B. Balaji said in an interview in Mumbai. “It’s a melange of opportunities. We are speaking to a host of them,” he said.

📍The collaborations for the battery plant, capable of supplying cells for at least 500,000 vehicles a year, could range from a joint venture and sharing of knowledge to experimentation and licensing agreements, Balaji said.

📍Tata intends to have partners across “the whole pathway from cell chemistry to manufacturing to industrialization,” he said. The conglomerate is speaking to several companies involved in different stages of the value chain — research and development, manufacturing innovation and refining — and plans to make an announcement soon after narrowing down the options.

📍Tata’s push adds to a host of carmakers like Mercedes-Benz Group Ag, Stellantis NV and Nissan Motor Co., who have mostly chosen to work with long-standing battery makers in scaling up Europe’s battery supply. Volkswagen AG, which is developing 240 gigawatt hours of capacity in the region, in June said its plans faced challenges from finding enough skilled workers, equipment and critical minerals.

📍The factory is a win for the UK’s car industry that has been struggling in the aftermath of Brexit and the switch to electric vehicles. The UK produced 775,000 cars last year, the fewest since 1965, after the global semiconductor crunch and the closing of some factories hit output.

📍Jaguar Land Rover Automotive Plc. and Tata Motors, which is a leader in India’s EV market, are anchor customers for the plant that will provide 40 gigawatt hours worth of batteries with supplies starting from 2026. JLR plans to invest £15 billion over the next five years in developing electric cars and autonomous-driving features.

📍Tata plans to fund the project with a combination of equity and debt, Balaji said, adding it will also look at equipment financing. Tata will borrow whatever is required to keep the business plan running without over-leveraging the balance sheet, he said.

📍Tata’s main demand from the UK was securing competitive cost and availability of green power on a continuous basis and negotiating that took time, Balaji said. The UK government adjusted taxes, including grid and connection charges, to make the power competitively priced.

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🔥🔥Seven reasons why India is a bullish investment opportunity for the next decade

✅India's progress promises a host of opportunities for investors and businesses seeking to be part of a dynamic growth story. In a world where economic powerhouses are shifting, India's role is poised to become increasingly significant

✅In a world of uncertainty, where the global economic landscape is evolving rapidly India shines as a beacon of stability and growth. With its sheer size of market, robust technological strengths, impressive GDP growth, large middle class, surging consumerism and stable government, India presents a compelling case for investors looking to capitalise on long-term growth prospects.

✅Here are seven reasons why I feel the next decade belongs to India.

✅1.Market Size
India boasts a population of over 1.4 billion, making it the
most populous
country in the world. This sheer size translates into an expansive consumer base and an attractive market for various industries. The demographic dividend – a young population – further adds to India's growth potential. With a median age of around 29 years, India is set to enjoy a substantial workforce, fostering innovation and driving economic growth.

✅2.Technological Strengths
India's prowess in the technology sector is undeniable. The country has emerged as a global technology hub, with an ever growing software industry. That, along with the exponential growth of Indian startups across sectors showcases the entrepreneurial spirit that is spreading its roots not only in large cities, but also across smaller cities. In fact, with over 50,000 startups, India's startup ecosystem is the
third-largest
in the world attracting billions of dollars of FDI every year. Startups are thriving across the country, leveraging technology to address unique problems and create disruptive solutions.

✅3.GDP Growth
India's GDP growth has been consistent and robust over the years. Despite global economic fluctuations, the Indian economy has demonstrated resilience, maintaining an average growth rate of around 7 percent. This sustained growth trajectory is projected to continue, driven by domestic consumption, investment, and a growing technology sector. According to projections, India is expected to become the third-largest economy by 2027, with a GDP surpassing
$5 trillion

✅4.Rising Middle Class
The burgeoning middle class in India is a compelling driver of economic growth. As millions transition from low-income to middle-income households, their consumption patterns are transforming the country's economy. The per capita income of India is set to double from the current $2,000 to $4,000 in 2028. By 2030, it is estimated that India's middle class will number over 700 million people. This demographic shift translates to increased purchasing power, greater consumption, and heightened demand for quality products, brands and services across various industries.

✅5.Growing Defence Budget
With global geopolitical dynamics evolving, India has been steadily increasing its defence budget to modernise its armed forces with an aim to become self-reliant in defence manufacturing. India is among the top five largest military spenders globally and by 2025, India's defence budget is projected to exceed $70 billion. This growing budget not only supports the country's defence needs but also provides opportunities for investment in defence technology and innovation.

✅6.Make in India
Since its launch in 2014, India's "Make in India" initiative has catalysed diverse sectors. Global car manufacturers like Hyundai and Suzuki have ramped up the production units thereby increasing India's automotive output. Companies like Samsung and Apple have set up local manufacturing for their mobile phone business hence reducing the dependence on imports significantly. Various other industries such as pharma, renewable energy and defence have seen significant gains due to the local manufacturing push. In the last nine years, over $100 billion of FDI has come in, in the manufacturing sector. Manufacturing will be one of the largest job creating sectors in the years to come.

✅7.Stable Government
Political stability is a cornerstone of economic growth. India's democratic setup and relatively stable governance provide a conducive environment for foreign investments and domestic economic development. Recent economic reforms, such as “Digital India” and the "Make in India" initiative, showcase the government's commitment to streamlining business operations and attracting investment. India's push for infrastructure development is a pivotal factor in its bullish outlook. The expansion of transportation networks – road, air and rail, across the country is not only fostering economic growth but also improving the quality of life for citizens.

✅As we traverse the next decade, India's progress promises a host of opportunities for investors and businesses seeking to be part of a dynamic growth story. In a world where economic powerhouses are shifting, India's role is poised to become increasingly significant. As we navigate the uncertainties of the global landscape, embracing a bullish perspective on India is not just a rational choice; it is an acknowledgment of the remarkable strides the nation has already taken and the immense promise it holds for the years ahead.

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RBI likely sold dollars to keep rupee from record low: Traders✅

❇️The rupee was quoted at 83.0250 to the U.S. dollar, down about 0.1% from the previous session. On the interbank order matching system, before the normal OTC opening time of 9.00 a.m., the rupee had dropped to 83.16.

❇️The Reserve Bank of India likely sold dollars via public sector banks to ensure that the rupee did not fall to a record low, six traders told Reuters.

❇️The rupee was quoted at 83.0250 to the U.S. dollar, down about 0.1% from the previous session. On the interbank order matching system, before the normal OTC opening time of 9.00 a.m., the rupee had dropped to 83.16.

❇️The RBI likely sold dollars to pull the rupee back near the 83 level.

❇️"The RBI wants to prevent volatility and one-sided moves in the rupee," said Ritesh Bhusari, deputy general manager for treasury at private sector lender South Indian Bank.

❇️"With the RBI intervening in the forex market, we think that it will be difficult for the rupee to depreciate below 83.25."

❇️The rupee's record low is 83.29, reached in October last year.
Although he had a depreciating bias on the rupee, largely due to moves on the dollar and other Asian currencies, the RBI's intervention will slow the pace of depreciation, Bhusari added.

❇️The RBI wanted to make sure today that expectations of them allowing the rupee to weaken to a record low "were cut short immediately", a senior trader at a private sector bank said.

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❇️Apple supplier Foxconn begins iPhone 15 production in India

✅A Foxconn Technology Group plant in Sriperumbudur is preparing to deliver the newest devices only weeks after they start shipping from factories in China, as the company seeks to swiftly increase the volume of new iPhones coming from India, people familiar with the matter said.

✅Apple Inc.’s next-generation iPhone 15 is beginning production in Tamil Nadu, in an effort to further narrow the gap between its India operations and main manufacturing base in China.

✅A Foxconn Technology Group plant in Sriperumbudur is preparing to deliver the newest devices only weeks after they start shipping from factories in China, as the company seeks to swiftly increase the volume of new iPhones coming from India, people familiar with the matter said.
The Cupertino, California-based firm is on a multiyear project to diversify its manufacturing away from China, de-risking the supply chain for its most important products as tensions between Washington and Beijing make trade less predictable. India, under Prime Minister Narendra Modi, has sought to build closer ties to the US and make itself a manufacturing hub.
Before the iPhone 14, Apple had only a sliver of its iPhone assembly in India, which lagged China output by six to nine months. That delay was drastically reduced last year, and Apple produced 7% of its iPhones in India at the end of March.

✅The goal this year is to move closer to parity on shipment timing from India and China, though suppliers are not yet certain they will achieve it, the people said, asking not to be named as the information is not public.

✅The scale of India production for the iPhone 15 will depend on the ready availability of components, which are largely imported, and the smooth ramp-up of production lines at the Foxconn factory outside Chennai.
The new iPhone, likely to be announced on Sept. 12, promises to be the biggest update to the device in three years. It will include major upgrades to the camera system across the range, and the Pro models will gain an improved 3-nanometer A16 processor.

✅The new family of handsets is critical to reviving flagging sales. Apple this month reported its third straight quarter of declining sales, weighed down by tepid consumer demand in key markets like the US, China and Europe.

✅Other Apple suppliers in India — Pegatron Corp. and a Wistron Corp. factory that is being acquired by the Tata Group — will also soon assemble the iPhone 15, the people said.

✅An Apple spokeswoman and representatives of Wistron and Pegatron declined to comment. Foxconn did not respond to a request for comment.

✅Apple has steadily expanded in India through its Taiwanese suppliers, benefiting from some of the Modi administration’s financial incentives to bring in more high-end manufacturing. That’s helped Apple triple iPhone production to more than $7 billion in India in the fiscal year that ended in March, Bloomberg News reported previously.

✅Apple, which opened its first retail stores in the country in April, now views the fast-growing India market as both a retail opportunity and an important production base for its gadgets in the longer term. In the quarter through June, iPhone sales in India grew double-digits to a new high, though Apple hasn’t disclosed precise numbers.

✅Apple is “committed to growing and investing across the country,” Chief Executive Officer Tim Cook said after meeting Modi on his India trip in April.

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Exclusive: Fin Min planning to offload 3 percent in Cochin Shipyard in Q3✅

✅The government, which holds a 72.86 percent stake in Cochin Shipyard, aims to rake in Rs 500-600 crore through an offer for sale for the 3 percent stake.

✅The Finance Ministry is likely to offload a stake of up to 3 percent in Cochin Shipyard this fiscal year, likely in the October-December quarter, said a government official, adding that the divestment would be through the Offer for Sale (OFS) route.

✅“Government is planning an OFS for Cochin Shipyard. Though the exact rollout timeline has not been decided, it is likely to be in Q3. DIPAM (the Department of Investment and Public Asset Management) is looking to offload 2-3 percent this year in the PSU,” the official told Moneycontrol.
The government aims to get Rs 500-600 crore from the OFS in the PSU, he added.
As of June 2023, the government held a 72.86 percent stake in the company.

✅Cochin Shipyard is one of the leading shipbuilding and repair yards in the country. India’s first indigenous aircraft carrier INS Vikrant was constructed by CSL and was delivered last financial year.

✅The state-owned shipbuilder was recently upgraded as a ‘Schedule A’ Central Public Sector Enterprise (CPSE), from ‘Schedule B’, allowing it to effectively manage its seven units. The upgrade was notified by the Ministry of ports, shipping and waterways.

✅All CPSEs are categorised into four schedules, A, B, C and D, which has implications for their organisational structure and the salary of board-level incumbents, among others.

✅In a statement on August 1, CSL said that its upgrade to ‘Schedule A’ signified recognition of its strong financial performance, operational efficiency and contribution to national security.

✅Union Budget 2023-24 has set a Rs 51,000 crore PSU disinvestment target. DIPAM has been eyeing the offer-for-sale route as strategic sales have not moved at great speed.

✅The Department shed a 5.36 percent stake in the railway public sector enterprise Rail Vikas Nigam Limited (RVNL) recently, for which the OFS opened on July 27. RVNL works as the construction arm of the Ministry of Railways for project implementation and transportation infrastructure development.


✅The government also offloaded a 3 percent stake in Coal India through an OFS earlier this year.

✅Since market conditions appear to be conducive to making offers for sale, DIPAM has also been planning an OFS for railway public sector enterprise RITES and a mines ministry PSU in FY24, another official had told Moneycontrol earlier. RITES, the export arm of Indian Railways, provides rolling stock. The mines ministry has major PSUs Nalco and Hindustan Copper under it.

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INDEX
NIFTY   19543.10  -0.46%
NIFTY FUT.   19596.80  -0.46%
Gift Nifty   19550.00  +0.05%

OUTLOOK
The market is likely to trade on a cautious note today on the back of mixed global cues.

GLOBAL MARKET
Asian stocks were headed for a mixed open amid bets that Federal Reserve policy will remain tight to prevent a flare-up in inflation despite signs that price increases are easing. US stocks ended Thursday in the green but gave up the biggest gains of the day as investors assessed the outlook for monetary policy on the back of July's Consumer Price Index report. Oil prices fell slightly on Thursday, with Brent crude holding close to January highs, as speculation about another US interest rate hike faded following inflation data and OPEC remained positive on the oil demand outlook.

RESULT
ONGC, Hindustan Aeronautics, ABB India, Nykaa, Zydus Lifesciences, Apollo Hospitals Enterprise, Glenmark Pharmaceuticals, NALCO, Astral, BEML, City Union Bank, HEG, IRFC, Jindal Steel & Power, Kalpataru Projects International, Muthoot Finance, Info Edge India, NMDC, Power Finance Corporation, Raymond, Shree Renuka Sugars, Sun TV Network, and Voltas are among the companies that will announce their earnings for the June 2023 quarter during the day.

FIIs/ FPIs
As per provisional figures, Foreign Institutional Investors (FIIs)/ Foreign Portfolio Investors (FPIs) bought shares worth net Rs.331.22 crore and Domestic institutional investors bought shares worth net Rs.703.72 Crore on 10th August 2023.

NCLT decision on Zee-Sony merger expected today amidst creditor concerns✅

✅In December 2021, Zee Entertainment and Sony Pictures had agreed to merge their businesses
The National Company Law Tribunal (NCLT) is set to announce its decision regarding the Zee-Sony merger case today. The NCLT had initially reserved its verdict on the merger between Zee Entertainment Enterprises and Culver Max Entertainment (previously known as Sony Pictures Networks India) on July 10.

✅The Mumbai bench of NCLT, comprising H V Subba Rao and Madhu Sinha, had reserved the judgment after listening to objections from creditors such as Axis Finance, JC Flower Asset Reconstruction Co, IDBI Bank, Imax Corp, and IDBI Trusteeship who raised concerns about the scheme.

✅In December 2021, Zee Entertainment and Sony Pictures reached an agreement to combine their businesses. Subsequently, both media companies approached the tribunal to seek approval for the merger, having already obtained necessary permissions from the National Stock Exchange (NSE), Bombay Stock Exchange (BSE), and other regulatory bodies like the Competition Commission of India (CCI) and the Securities and Exchange Board of India (SEBI).

✅During Zee's Q1 FY24 earnings call, the management expressed optimism that the merger would be concluded smoothly. Punit Goenka, the CEO of Zee Entertainment, clarified that his legal situation and the merger were distinct matters. The company emphasized that, besides the provision affirming his role as an essential part of the merged entity, there were no other changes to the agreement's clauses.

✅Zee Entertainment had declared a merger with Sony Pictures Networks India (SPNI) on September 22. The announcement highlighted that SPNI had acknowledged the inclusion of Punit Goenka as MD and CEO of the combined company as a key aspect of the deal.

✅In a temporary order dated June 12, the Securities and Exchange Board of India had prohibited Subhash Chandra, chairman of Essel Group, and his son Punit Goenka from assuming directorial or major managerial positions due to alleged misuse of funds from Zee for personal gain.

✅The Securities Appellate Tribunal (SAT) upheld SEBI's interim order, imposing a one-year restraint on Zee Entertainment promoters Subhash Chandra and Punit Goenka from holding board positions in publicly listed companies, citing alleged fund diversion.

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Tata Motors, JLR have extensive plans for electric vehicles: N Chandrasekaran✅


❇️At Tata Motors' 58th Annual General Meeting (AGM) held virtually, Chandrasekaran also said the company is expecting to have 50 per cent of the vehicles at least as electric vehicles or green mobility vehicles.

❇️Tata Motors India and its luxury arm Jaguar Land Rover have got extensive plans for electric vehicles but hybrid vehicles are not on the radar at present, Tata Motors Chairman N Chandrasekaran said.

❇️At Tata Motors' 78th Annual General Meeting (AGM) held virtually, Chandrasekaran also said the company is expecting to have 50 per cent of the vehicles at least as electric vehicles or green mobility vehicles.

❇️Subsidiary JLR has a target of having 65 per cent of the vehicles on green technology by 2030.

❇️"Tata Motors India as well as Jaguar Land Rover have got extensive plans for electric vehicles. We have launched a number of products already. And then we have Nexon's new upgraded version getting launched any time now," he said.

❇️This year, the company will be launching the electric version of Harrier and then later Punch EV, he said and added that it will be rolling out a new product, Curve EV some time towards the first quarter of next year.

❇️"So a very strong pipeline and JLR will take orders for all electric Range Rover and Range Rover Sports later this year. "Then, we will be launching towards the end of the next year and early 2025 a series of Jaguar new models for all electric vehicles," he said.

❇️Chandrasekaran also said that "in terms of luxury buses, I think, the company is working on it". According to him, the company has invested in hydrogen technology and Tata Motors for the commercial vehicles has formed a joint venture with Cummins to produce hydrogen ICE engines.
"And we will be ready to launch long-distance heavy trucks with hydrogen technology whenever it is appropriate time," he added. Tata Motors Chairman also said the company is focussed on electric vehicles and will be going for hydrogen for commercial vehicles, especially for heavy trucks. "(But) currently we don't have any plans for hybrid (vehicles)," he added.

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Rupee opens marginally higher as US jobs data dents dollar demand💥💥

📍The Indian rupee opened marginally higher after falling for four straight sessions as the dollar declined after mixed US jobs data on Friday.

📍The rupee opened marginally higher after falling for the fourth straight session with the dollar losing its charm after mixed US jobs data on Friday.

📍At 9.15am, the Indian currency was trading at 82.71 to a dollar, up 0.16 percent from its previous close of 82.84. The rupee opened at 82.72 to a dollar.

📍The Reserve Bank of India's (RBI) monetary policy meeting is scheduled from August 8-10. Additionally, the CPI inflation for July, industrial production, and manufacturing production data for June will be released on August 11.

📍Globally, during this week, the market's attention has shifted towards inflation data emanating from the world's two largest economies, namely the US and China. Subsequently, all eyes will be on the US Producer Price Index (PPI) as well.

📍Foreign Portfolio Investor (FPI) flows and the RBI’s persistent pressure on the USD may shape the currency's performance, making it less likely for the rupee to depreciate beyond the 82.80-90 range. The prevailing sentiment suggests a potential move towards the 82.20-82.00 mark, indicating a degree of stability in the currency's outlook. In this context, exporters are advised to capitalise on any potential upticks in the dollar-rupee and explore selling opportunities, while importers are encouraged to exercise caution and wait for suitable hedging options," said Amit Pabri of CR Forex in a note to investors.

📍Asian currencies were trading mixed in the morning of August 7. The South Korean won gained 0.67 percent, Philippines peso 0.16 percent, and Taiwan dollar climbed 0.08 percent. Among losers, China's Renminbi lost 0.26 percent, Japanese yen 0.24 percent, and Thai Baht 0.06 percent.

📍The dollar index, which measures the US currency’s strength against major currencies, was trading at 102, down 0.06 percent from its previous close of 102.02.

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Biocon Biologics announces key leadership appointments; Rhonda Duffy is new COO💥

🧿In addition to key leadership appointments, BBL has also on-boarded global leadership talent across several functions including Manufacturing Science and Technology, Clinical Development, Finance, HR, Legal and Compliance

🧿Biocon Biologics Ltd (BBL), which is a fully-integrated, global biosimilar company and a subsidiary of Biocon Ltd, announced several key leadership appointments on August 4.

🧿Rhonda Duffy has been appointed Chief Operating Officer (COO) and will lead manufacturing, quality and supply chain management. She brings over 30 years of experience in the global pharmaceutical industry.

🧿Dr Sandeep Athalye, who has been working for Biocon Biologics for over six years as its Chief Medical Officer has been elevated to Chief Development Officer to head the CMC, Clinical Development and Medical and Regulatory Affairs.

🧿Leading all licensing, strategic partnering and business development activities as its global head of business development will be David Gibson, who joins the company from GlaxoSmithKline (GSK); Stephanie Wasco will be taking over Biocon Biologics Ltd’s head of communications – advanced markets post to lead corporate and marketing communications and product branding in advanced markets such as the United States and Europe.

🧿In addition to key leadership appointments, BBL has also on-boarded global leadership talent across several functions including Manufacturing Science and Technology (MSAT), Clinical Development, Finance, HR, Legal, and Compliance.

🧿Commenting on the appointments, Shreehas Tambe, CEO & Managing Director, Biocon Biologics, said: “These new additions to the leadership team bring rich and global experience, which will help prepare the organisation for the future and ensure seamless integration of the recently acquired global biosimilar business from Viatris. In doing so, it will allow us to enhance performance, reliability, and sustainability while delivering on our commitment to bringing high-quality affordable biosimilars to millions of patients across the globe.”

🧿Notably, BBL has acquired the global biosimilar business of its long-standing partner Viatris. It has commercialised eight biosimilars in key emerging markets and advanced markets like the US, EU, Australia, Canada, and Japan.

🧿Currently, Biocon Biologics has a pipeline of 20 biosimilar assets across diabetology, oncology, immunology, and other non-communicable diseases.

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TVS Supply Chain Solutions IPO opens on Aug 10, closes on Aug 14💥

❇️TVS Supply Chain is promoted by the erstwhile TVS Group, one of the reputed business groups in India, and are now part of the TVS Mobility Group

❇️The public issue of Chennai-based TVS Supply Chain Solutions Ltd will open for subscription on August 10 and close on August 14. The anchor book will open on August 9.

❇️Basis of allotment will be on August 22 and the equity shares will be credited to depository accounts of allottees on August 23. The stock will be listed on exchanges on August 24.

❇️The company plans to raise around Rs 600 crore from fresh issues as against Rs 2,000 crore decided earlier. It has cut its offer-for-sale to 14.23 million shares from 59 million shares earlier planned.

❇️In the OFS segment, Omega TC Holdings PTE Ltd will sell up to 10.73 million shares, Tata Capital Financial Services Ltd up to 9.84 lakh shares, Sargunaraj Ravichandran up to 5.80 lakh shares, Andrew Jones up to 4 lakh shares, Ramalingam Shankar up to 3.15 lakh shares and Ethirajan Balaji will sell up to 2.5 lakh shares.

❇️The proceeds from the fresh issue worth Rs 600 crore will be used to repay debt by the company and its subsidiaries TVS LI UK and TVS SCS Singapore. As of March 2023, its total borrowings on consolidated basis was at Rs 1989.62 crore.

❇️JM Financial, Axis Capital, JP Morgan India, Edelweiss Financial, Equirus Capital and BNP Paribas are the lead managers to the issue.

❇️TVS Supply Chain is promoted by the erstwhile TVS Group, one of the reputed business groups in India, and are now part of the TVS Mobility Group. For more than 16 years, the firm has managed large and complex supply chains across multiple industries in India and selected global markets through customised tech-enabled solutions. It has four business verticals - supply chain solutions, manufacturing, auto dealership, and aftermarket sales and service.

❇️For FY23, the company reported a revenue of Rs 10,235.38 crore as against Rs 9,249.79 crore a year ago, while its net profit stood at Rs 41.76 crore as against a loss of Rs 45.80 crore last year.

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❇️Morgan Stanley upgrades India to "overweight", terms it top pick among emerging markets

✅India is now the top ranked, most-preferred market among emerging markets (EMs), rising from the sixth spot, due to supportive foreign inflows, macro stability and positive earnings outlook, the brokerage said in a note late Wednesday.

✅Morgan Stanley has upgraded its view on Indian markets to "overweight" from "equal weight", citing easing valuations as compared to October 2022, when the global brokerage identified the onset of a new bull market in Asian and emerging market equities.

✅India is now the top ranked, most-preferred market among emerging markets (EMs), rising from the sixth spot, due to supportive foreign inflows, macro stability and positive earnings outlook, the brokerage said in a note late Wednesday.

✅"We see a secular trend towards sustained superior earnings per share (EPS) growth versus EM over the cycle," Morgan Stanley analysts said, adding that a young demographic profile is supporting equity inflows.

✅Sectorally, the brokerage remains overweight on financials, consumer discretionary and industrial segments in India, and has an "add" rating on Larsen & Toubro and Maruti Suzuki India in its Asia Pacific focus and Global Emerging Markets lists.

✅The situation in Indian markets is in stark contrast to that in China, with the country at the start of a long-wave boom at the same time as China may be ending one, it said.

✅"We think returning India to an "overweight" rating and downgrading China to "equal weight" is warranted," analysts said, referring to the Indian markets' outperformance over China as a sign of a structural breakout in favour of India.

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