Tickertape

💸Tickertape Daily - 15th September 2023 💸

Reliance Industries - The Centre challenges Delhi HC order favouring RIL in Krishna Godavari Basin gas dispute. RIL to respond.

Cipla - Stake sale at risk due to high valuation of ₹1.09 trillion. Negotiations stalled at ₹1,350 per share demand.

Tata Motors - Creating a separate sales network for electric vehicles. New outlets to be created in high EV-demand cities.

L&T - BAE Systems and L&T bring 'BvS10' AATV to the Indian defence market under the 'Make in India' programme.

Zee Entertainment - Axis Finance appeals against NCLT's approval of the Zee-Culver Max merger. Second financial creditor after IDBI Bank.

Sun Pharma - LIC sells 2% Sun Pharma stake for ₹4,699 crore. 2% decrease in holding from July 22, 2022, to September 13, 2023, at ₹973.80 per share.

Source: Livemint.com

💸 Tickertape Daily - 14th September 2023 💸

Power Finance Corporation: PFC will issue bonus shares worth ₹660.02 crore, giving shareholders one new ₹10 equity share for every four ₹10 equity shares.

Spencer's Retail: Plans to close 10 unprofitable stores in Tamil Nadu which contributed 1.2% to the company's revenue in 2022-23 by September 30th.

Bombay Dyeing: Bombay Dyeing, owned by the Wadia Group, will sell 22 acres in Worli to Goisu Realty Pvt, a subsidiary of Sumitomo Realty & Development Company Limited, for ₹5,200 crore to repay debt and fund future projects.

Bank of India: Bank of India has raised ₹2,000 crores through Basel III compliant Tier II bonds at 7.88% per annum, with 83 bids totalling ₹3,770 crores.

One97 Communications: Paytm's shareholders have approved S.R. Batliboi & Associates LLP as the new statutory auditor for a five-year term.

Tata Steel/JSW Steel/SAIL: ICRA has revised its growth estimate for the domestic steel industry to 9-10% for the current fiscal year, up from the initial estimate of 7-8%, citing robust government capital expenditure.

Source: Livemint.com

💸 Tickertape Daily - 13th September 2023 💸

BPCL/HPCL/IOC: Have had their Q2 growth outlook downgraded due to a sharp rise in international crude oil prices above $91 per barrel. Kotak Institutional Equities lowered their ratings on these OMC stocks.

Bank of Maharashtra: Plans to raise ₹1,500 crore through Basel-III compliant tier II bonds for business growth, with an initial issue size of ₹250 crore and an option to increase it to ₹1,250 crore. The bonds will have a 10-year tenure.

Maruti Suzuki: Anticipates record festive season sales despite concerns about high-interest rates and a potential impact on rural sentiments due to deficient monsoons. Festive sales typically account for 23-26% of the industry's annual sales, with this year's expected PV sales totalling 40.5-41 lakh.

SpiceJet: Paid ₹100 crore to Kalanithi Maran, the former promoter of the airline, as directed by the Delhi High Court regarding an arbitral award. An additional ₹22.5 crore is to be cleared via RTGS, as Maran's counsel refused to accept a cheque submitted in court.

Godfrey Phillips: Shareholders rejected a proposal for an annual related party transaction to export unmanufactured tobacco worth up to ₹1,000 crore to Philip Morris Products SA, a member entity of the group associated with Philip Morris Global Brands Inc.

Baid Finserv Ltd: Approved the issuance of non-convertible debentures for up to ₹250 crores on a private placement. The specific terms and conditions of the issue will be determined by the board of directors.

Source: Livemint.com

💸 Tickertape Daily - 12th September 2023 💸

Marico: Announced top-level changes following the resignation of Sanjay Mishra. Vaibhav Bhanchawat, currently COO – South East Asia & South Africa, will become COO – India & Foods Business.

NTPC: Signed an MoU with Nayara Energy to explore opportunities in green hydrogen. The agreement was inked by NGEL CEO Mohit Bhargava and Nayara Energy Head-Technical Amar Kumar.

Tata Steel: Shareholders approved the reappointment of TV Narendran as Global Managing Director and CEO for the next five years. Narendran received 99.47% shareholder support. He oversees Tata Steel's growth strategies.

TCS: Collaborated with Dassault Systems for the Living Heart Project. The project unites cardiovascular researchers, educators, medical device developers, and regulatory agencies to create realistic digital simulations of the human heart.

Reliance Industries: Reliance Retail Ventures Limited announced a ₹2,069.50 crore investment from KKR, valuing RRVL at ₹8.361 lakh crore. KKR's follow-on investment will increase its equity stake in RRVL to 1.42% on a fully diluted basis.

L&T: Increased its buyback offer price to ₹3,200 per share from ₹3,000 per share for a ₹10,000 crore share buyback, reacting to the stock's rally since the initial announcement in July. It plans to buy back a 2.4% stake, or 33.33 million shares, from public shareholders through a book-building process.

Source: Livemint.com

💸Tickertape Daily - 11th September 2023 💸

Kotak Mahindra Bank: The RBI approved Dipak Gupta as interim CEO for two months after founder Uday Kotak's sudden resignation. The RBI aims to appoint a permanent CEO during this period.

Reliance Industries/TCS/Tata Communications: Nvidia partnered with Reliance and Tata group companies to develop AI-powered applications. Jio Platforms will focus on local-language generative AI, Tata Communications on an AI cloud, and TCS on generative AI apps using Nvidia's infrastructure.

Adani Enterprises/Adani Ports: Adani Group's promoter increased its stake in Adani Enterprises to 71.93% and Adani Ports to 65.23% as part of their recovery strategy following damaging reports.

SJVN: Has partnered with BBMB to build an 18 MW solar power project at a cost of ₹90 crore. They signed a 25-year power purchase agreement through SJVN Green Energy Limited.

NTPC: Now has a total installed capacity of 73.8 GW, thanks to the successful trial operation of an 800 MW unit at the Telangana Super Thermal Power Project on September 5, 2023.

Balaji Amines: Balaji Speciality Chemicals Ltd, a subsidiary of Balaji Amines Ltd, has decided to withdraw its draft red herring prospectus (DRHP) that was filed with SEBI. This IPO would have included new equity shares valued at up to ₹250 crores (including share premium) and the sale of up to 26,000,000 existing shareholders' equity shares.

Source: Livemint.com

💸 Tickertape Daily - 8th September 2023 💸

Reliance Industries: Viacom18, a company under Reliance Industries, has won exclusive rights to broadcast and live-stream Indian Super League (ISL) football matches for the next two seasons. The 10th season of ISL begins on September 21, and Viacom18 will replace Disney Star as the official broadcaster, marking the first change in nine seasons.

Exide Industries: Has invested over ₹100 crore in its subsidiary, Exide Energy Solutions Ltd (EESL), which specialises in making advanced battery cells. The investment was made through a rights-based subscription of EESL's equity shares. This investment does not alter Exide Industries' ownership percentage.

Anupam Rasayan: Has appointed Gopal Agrawal as the CEO effective from September 11. Prior to this role, he was the Managing Director and Head of the Investment Banking business at Edelweiss.

ICICI Securities: Both Norway's government pension fund manager and an Indian portfolio management service (PMS) are set to oppose the plan to delist ICICI Securities. This move comes as more investors express their discontent, believing that the stock has the potential for a higher valuation. Norway's Norges Bank holds a 3.13% stake, while a PMS in southern India has around 3% ownership in the company.

ONGC/GAIL India: Plans to invest ₹15,000 crore in ONGC Petro-additions Ltd (OPaL) for financial restructuring. This will lead to the removal of gas utility GAIL from OPaL. Currently, ONGC holds a 49.36% stake in OPaL, while GAIL has a 49.21% stake, and Gujarat State Petrochemical Corp (GSPC) holds the remaining 1.43% stake.

Nazara Technologies: SBI Funds Management Ltd acquired an 8% stake in Nazara Technologies Ltd for ₹410 crore. This investment follows the ₹100 crore investment by Nikhil and Nithin Kamath. Nazara Tech has seen significant growth this year with a 39% gain in the last three months and will issue 5.74 million new shares to three mutual fund schemes of SBI Mutual Fund at ₹714 per share.

Source: Livemint.com

💸 Tickertape Daily - 7th September 2023 💸

Zomato: Is working to improve its profitability, and they have seen some positive results recently. To help cover their expenses, they've introduced a small platform fee of ₹2-3 per order on their app as a pilot project. This fee applies to all customers and is being tested gradually across India.

Tata Consumer Products: Has denied reports suggesting it's discussing a purchase of over 51% of Haldiram's, primarily due to discomfort with the $10 billion valuation. It clarified that it is not engaged in any such negotiations mentioned in the news article.

Reliance Retail Ventures Ltd: RRVL has entered into a joint venture agreement to purchase a 51% stake in Ed-a-Mamma, a brand specializing in kid and maternity wear founded by Alia Bhatt. This partnership aims to expand the brand into additional categories like baby furniture, children's books, and an animated series. However, specific financial details of the transaction were not disclosed.

ABB Ltd: ABB India Ltd.'s shares have surged by 68% this year, largely driven by positive investor sentiment related to its order growth. Recently, the company announced a memorandum of understanding (MoU) with Tata Steel Ltd. It aims to collaboratively develop technologies to decrease the carbon emissions associated with steel production.

HCL Technologies: Has been chosen by Elders, an Australian agribusiness, for a multi-year IT services agreement. It will offer a range of IT services, including artificial intelligence solutions, to support Elders' digital transformation efforts.

One97 Communications/PB Fintech: RBI has urged fintech companies to establish a self-regulatory organization (SRO) within a year. The goal is to enhance customer trust by promoting user-friendly interfaces and efficient customer complaint resolution processes.

Source: Livemint.com

💸 Tickertape Daily - 6th September 2023 💸

Bikaji Foods International: Lighthouse Advisors India has divested a 1.3% stake in Bikaji Foods International, based in Bikaner, for approximately ₹156 crore through an open market transaction. This sale was conducted by their investment vehicle, Lighthouse India Fund III, which sold 32,42,070 shares of Bikaji Foods.

One97 Communications: Paytm, operated by One97 Communications Ltd, saw a 20% year-on-year increase in its monthly active users, reaching 94 million in July-August 2023, up from 79 million the previous year. In August 2023, Paytm provided loans worth ₹5,517 crore through its lending platform. Additionally, the company's merchant payment volumes grew by 43% YoY, totalling ₹3 trillion in July-August 2023.

Tata Power: Tata Power Renewable Energy Ltd (TPREL) has signed a power purchase agreement (PPA) with Tata Motors to set up a 12-megawatt (MW) on-site solar project at its commercial vehicle manufacturing facility in Maharashtra. The project will generate 17.5 million units of electricity per annum mitigating over 12,400 tonnes of Co2 per annum.

Tata Consultancy Services: TCS has announced a multi-year partnership with Lantmännen Ekonomisk Förening (Lantmännen), an agriculture and bio-energy company, to modernize its IT infrastructure. TCS will help enhance Lantmännen's digital workplace to support flexible working arrangements and upgrade its global service desk to provide round-the-clock, multi-language support.

Jio Financial Services Ltd: JSFL, the non-banking financial unit of Reliance, will be removed from Nifty50 and other indices on September 7. At the AGM, Reliance Industries announced that JFSL would expand into the insurance sector, offering life, general, and health insurance products.

Zee Entertainment: IDBI Bank has appealed against the NCLT's approval of the Zee Entertainment and Culver Max Entertainment merger, which is set to create the largest media company in India.

Source: Livemint.com

💸 Tickertape Daily - 5th September 2023 💸

State Bank of India: SBICAP Securities Ltd., the broking arm of State Bank of India, has named Suresh Shukla as its Chief Business Officer. Shukla, formerly associated with Kotak Securities Ltd., will contribute strategically to the firm’s growth as stock broking and deal-making activities regain momentum in the secondary market.

Bharti Airtel: Will purchase 23,000 MWh of renewable energy by the March quarter of this fiscal for its data centre firm Nxtra. As part of its commitment to reducing its carbon footprint, Airtel will acquire stakes in the renewable energy project companies established by Continuum Green India Pvt Ltd and Vibrant Energy Holdings Pte. Ltd. to power six of Nxtra's Edge data centre facility.

BHEL: Has bagged an order from NHPC for its 2,880 MW Dibang multipurpose project in Arunachal Pradesh. The order for the electro-mechanical (E&M) work for the project has been bagged against stiff competition under international competitive bidding. BHEL's scope in the contract includes design, engineering, manufacture, supply, erection and commissioning of the E&M package.

IDBI Bank: The government has invited bids to engage an asset valuer for the strategic disinvestment of IDBI Bank. The government and the LIC are selling about 61% stake in IDBI Bank and multiple expressions of interest (EoI) for the same have been received. The Department of Investment & Public Asset Management (DIPAM), on behalf of the government and LIC, on Monday floated a request for proposal (RFP).

Cipla: Cipla South Africa, a wholly-owned subsidiary of the Mumbai-based drug major, has inked a binding term sheet with Actor Holdings (Pty) Ltd to acquire 100 per cent of its issued ordinary shares. This development underpins Cipla’s commitment to its over-the-counter (OTC) business and supports its journey to be a leading healthcare player in South Africa.

InterGlobe Aviation: IndiGo Airlines' board has given the green light to purchase 10 additional A320 NEO family aircraft from Airbus, in addition to their existing order for 300 such aircraft. The initial order, placed in 2019, was valued at around $33 billion at list prices. Delays in receiving these aircraft were caused by problems with Pratt & Whitney engines.

Source: Livemint.com

💸 Tickertape Daily - 4th September 2023 💸

Reliance Industries: Reliance Retail Ventures is in advanced talks with global investors to raise around $2.5 billion by the end of September, ahead of a potential stock market listing. The fundraising of $2.5 billion is part of a combined $3.5 billion target the firm has set, a part of which - $1 billion - came from Qatar Investment Authority (QIA).

ONGC: The government has cut the windfall profit tax on crude oil produced in the country while the levy on exports of diesel and ATF has been hiked. The tax levied in the form of special additional excise duty or SAED, on domestically produced crude oil was reduced to ₹6,700 per tonne from ₹7,100 a tonne, export of diesel was increased to ₹6 per litre from ₹5.50 a litre and jet fuel or ATF to ₹4 per litre from ₹2.

Coal India: reported a 13.2% rise in its coal production last month at 52.3 million tonne (MT) on a year-on-year basis. In August 2022, the public sector major produced 46.2 MT. So far in the current financial year (FY24), Coal India has produced 281.5 MT of the mineral, registering an 11% growth compared to the same period last fiscal.

Tata Motors: posted a 3.5% decline in PV sales. Tata Motors Limited sales in the domestic & international market for August 2023 stood at 78,010 vehicles, compared to 78,843 units during August 2022. Domestic sales of MH & ICV in August 2023, including trucks and buses, stood at 13,306 units. Total sales for MH & ICV Domestic & International Business in August 2023, including trucks and buses, stood at 13,816 units.

Infosys: said it has completed the acquisition of Danske Bank's IT centre in India. Danske Bank chose Infosys as a strategic partner to drive digital transformation initiatives with speed and scale. Danske Bank's IT centre in the country employs over 1,400 professionals.

Kotak Mahindra Bank: Uday Kotak on 1st September announced to step down as MD and CEO of Kotak Mahindra Bank passing the baton to Joint MD Dipak Gupta. He will carry out the duties of the MD and CEO until 31 December, which is subject to the approval of the RBI and the members of the bank. Uday will continue as a non-executive director of the bank.

Source: Livemint.com

💸 Tickertape Daily - 1st September 2023 💸

Aditya Birla Fashion and Retail: Plans to raise ₹750 crore on or after September 4 through debt bonds. The company will raise funds on a private placement basis. In a separate filing, the company said that it has completed the acquisition of a 29 per cent stake in TCNS Clothing Co Limited pursuant to the open offer. The 29 per cent stake is estimated to be over ₹941 crore.

Jet Airways: Jalan Kalrock Consortium (JCK) said it has deposited ₹100 crore in Jet Airways in less than 48 hours of the NCLAT allowing implementation of the revival plans. With this, JKC has now invested ₹250 crore in Jet Airways and is required to fund the remaining ₹100 crores by September 30, 2023, to take control of the airline.

Zee Entertainment: The National Company Law Appellate Tribunal (NCLAT) issued notice to Zee Entertainment Enterprises Ltd (ZEEL) on a plea by IDBI Bank requesting the initiation of insolvency proceedings against the company. IDBI’s plea is after the bank is unable to recover unpaid dues of around ₹150 crore. The NCLAT will now hear this matter on 11 October.

Central Bank of India: has raised ₹1,500 crore by issuing Basel-III compliant Tier-II bonds on a private placement basis. The base size for the bond sale was ₹500 crore, while the greenshoe option stood at ₹1,000 crore. The issue just managed to scrape through as the bank received bids for ₹1,516 crore from investors and it accepted bids for ₹1,500 crore.

Five Star Business Finance: Private equity investors are considering the possibility of selling approximately 8.8% of their stake in Five Star Business Finance through block deals. Matrix Partners, TPG Asia, and Norwest Ventures are among the potential entities looking to divest some of their holdings. The floor price is expected to be set at ₹724 per share which is at a discount of approximately 6.25%.

ONGC: Fitch Ratings gave a stamp of approval to Oil and Natural Gas Corporation Limited by keeping its rating at 'BBB-' with a stable outlook. This rating shows that ONGC is considered to have a moderate level of creditworthiness.

Source: Livemint.com

💸 Tickertape Daily - 31st August 2023 💸

Rail Vikas Nigam: A government-owned railway enterprise, has secured the position of the lowest bidder (L1) for projects valued at ₹256.2 crore, as awarded by the Maharashtra Metro Rail Corporation. These designated projects are slated for completion within a timeframe of 30 months.

Aeroflex Industries: The manufacturer of metallic flexible flow solution products is set to make its stock market debut today. The IPO received a strong investor response during its subscription period and raised ₹351 crore in its initial share sale from August 22 to August 24. The current trends in the grey market indicate a strong listing on BSE and NSE.

Sula Vineyards: Verlinvest Asia Pte is planning to divest 12.56% of its ownership in Sula Vineyards. The divestment is anticipated to be valued at ₹539.2 crore and will likely occur through a block deal. The expected starting price for the block deal is projected to be ₹473 per share. Verlinvest Asia Pte is set to release these shares at a per-share price range falling between ₹473 and ₹508.7.

Hindustan Aeronautics: Embraer Defense & Security is in talks with five Indian entities, including Hindustan Aeronautics Ltd (HAL) and Tata group, to manufacture defence transport aircraft in India. The company hopes to finalise and announce its partner by the end of this year. Embraer is currently visiting the facilities of these companies and evaluating the best match to add value under the Make-in-India initiative.

Spandana Sphoorty Financial: Valiant Mauritius Partners FDI, Valiant India Opportunities, Valiant Mauritius Partners and Valiant Mauritius Partners Offshore on Wednesday offloaded shares of NBFC firm Spandana Sphoorty Financial for ₹268 crore through open market transactions. According to the bulk deal data available with the BSE, they offloaded a total of 35 lakh shares of Spandana in four tranches.

LT Foods/KRBL/Chamanlal Setia Exports: The government on Wednesday has permitted exports of 1.43 lakh tonnes of non-basmati white rice to Bhutan, Mauritius, and Singapore. The exports are allowed on the basis of permission granted by the government to other countries to meet their food security needs through National Cooperative Exports Limited (NCEL).

Source: Livemint.com

💸 Tickertape Daily - 30th August 2023 💸

Maruti Suzuki India: The country's largest carmaker is looking to invest around ₹45,000 crore to double its production capacity to 40 lakh units annually in the next eight years. The company will also take up suggestions by shareholders for a stock split to its board for consideration.

Hero MotoCorp: India's largest two-wheeler maker plans to to create a portfolio of premium motorcycles and scooters in the next two years. Known for its entry-level bikes, the company is looking to introduce a new product every quarter in the next one year to ramp up its presence in the 150cc to 450cc bike segment.

Anupam Rasayan: The chemicals manufacturer is close to acquiring Austria’s ESIM Chemicals. Anupam Rasayan has signed an exclusivity agreement with ESIM Chemicals for a proposed buyout.

Union Bank of India: Asset Care and Reconstruction Enterprises (ACRE), backed Ares Management, is set to acquire a Visa Steel loan of ₹411 crore from Union Bank of India after no other bidders participated in the Swiss Challenge process.

JSW Group: is in advanced talks to acquire the Chennai factory of Ford Motor Co. which has been shut since July 2022, for its planned entry into electric-vehicle (EV) space. Spread over 350 acres, the factory has an annual production capacity of around 200,000 vehicles and 340,000 engines. The Tamil Nadu government is also keen that it finds a new owner who can restart production.

ONGC: plans to invest around ₹2 trillion towards its energy transition efforts until 2038. The company is focussing on many aspects of energy transition, including green hydrogen, offshore endeavours, and solar initiatives.

Source: Livemint.com

💸 Tickertape Daily - 29th August 2023 💸

Sun Pharmaceutical Industries: The drugmaker plans to allocate 7-8% of its current fiscal's sales towards research and development to enhance its range of products in various therapeutic categories. It witnessed robust performance across all regions in the previous fiscal, marking a growth in double digits.

Zomato: US private equity player Tiger Global, divested its residual shares in the Indian food delivery company in a transaction worth ₹11.24 billion.

NBCC: The state-owned construction firm has clinched a ₹66.3 crore contract from the Indian Medical Association (IMA). The deal encompasses the blueprint, design, and development of the IMA Indian Medical House, slated to be situated in New Delhi.

Bayer Cropsciences: The company has declared significant leadership transitions. Duraiswami Narain, who presently holds the titles of Vice Chairman, Managing Director, and CEO, will be stepping down from his role by October 31, 2023, in preparation for a new phase with Bayer US. Executive Director Simon Weibusch will be exiting his role as the Whole-time Director.

LTIMindtree: The company has tied up with CAST AI, a leading SaaS company to offer businesses average savings of over 60% on cloud expenses during the transition of legacy applications to the cloud.

Oil and Natural Gas Corp: The state-owned oil major is in talks with global entities including Malaysia’s Gentari to form a joint venture in energy storage. ONGC would look at both battery storage and pump storage projects (PSP).

Source: Livemint.com

💸 Tickertape Daily - 28th August 2023 💸

Adani Enterprises - A single market participant took a derivatives position worth an estimated ₹600 crore in Adani Enterprises Ltd (AEL) just days before India’s markets regulator submitted its status report on the Adani probe to the Supreme Court. While it’s unknown whether the position is a hedge or a punt, market experts said such positions are normally taken in anticipation of a sharp price move based on an event.

IDFC First Bank - has won the title sponsorship rights for all BCCI matches for domestic and international cricket for the next three years for ₹4.2 crore per match. The base price was kept at ₹2.4 crore per match. The only other bidder was OTT service SonyLIV, which bid for ₹2.7 crore per match.

JSW Steel - is planning to pick up a 20% to 40% stake in Elk Valley Resources Ltd — a metallurgical coal unit of Teck Resources. JSW along with some Japanese and South Korean mills is mulling to buy a stake in the coal unit and the combined offer may be worth $8 billion. The deal is likely to get inked within a month.

Suzlon Energy - Renewable energy solutions provider Suzlon Group on Friday announced that it has bagged a large order for a 201.6 MW wind energy project from Teq Green Power XI, a part of O2 Power. It will supply wind turbines and execute the project including erection and commissioning along with operation and maintenance services post-commissioning.

Tata Motors - has pledged to transform its facilities into net-zero greenhouse gas emissions sites by 2045, and it is actively pursuing various technologies to accomplish this goal. The organisation, valued at USD 37 billion and holding a prominent position in the commercial vehicle sector within the country, will persist in committing an annual investment of more than ₹2,000 crore in its commercial vehicle business.

HAL/L&T - Industry major Larsen & Toubro and Hindustan Aeronautics are firms that may bid in efforts to privatise its small satellite launch vehicle (SSLV). Developed by the Indian Space Research Organisation (ISRO), the SSLV is a low-cost means to launch satellites weighing up to 500 kgs into low-earth orbit. It serves a booming market to launch clusters of satellites for communications and data that SpaceX and rivals compete in.

Source: Livemint.com

💸 Tickertape Daily - 25th August 2023 💸

Infosys: IT major Infosys announced a three-year partnership with tennis star Rafael Nadal. Globally acknowledged as one of the legends in sports. "Nadal is a perfect embodiment of what it takes individuals or business leaders to evolve and continually navigate their next," the company said in a statement.

Zee Entertainment: As Zee Entertainment Enterprises Ltd (ZEEL) founder Subhash Chandra and his son Punit Goenka await a clean chit from the market regulator over financial irregularities in the media house, the company itself is entangled in a series of legal disputes, including tax claims. The filings showed that Zee is dealing with at least a dozen lawsuits, involving cases filed by the Income Tax department, the Commissioner of Service Tax, the Director General of GST Intelligence, and several lenders.

One97 Communications: The parent company of Paytm, One97 Communications, promoter Antfin is expected to conduct a block deal today. They plan to sell approximately 3.6% of their stake, equivalent to around 2.3 crore shares. The proposed floor price is anticipated to be set at a discount of ₹880.10 per share, representing a reduction of 2.7% from the closing price recorded on August 24.

Adani Group: Adani Group said cash and profit generated from its infrastructure business can cover all the debt maturing each year in the coming decade, as billionaire Gautam Adani tries to restore investor confidence days before India’s market regulator is due to submit findings from a probe into the group’s alleged wrongdoings. In a credit report released Thursday, the conglomerate said its cash flow generated from business operations and balances stood at ₹77,890 crore by the end of March. That provides enough liquidity for the company to cover debts that will mature within a year.

Reliance Industries/EIH: Reliance Industries announced that it has entered into an understanding with The Oberoi Hotels and Resorts to jointly manage three properties across India and the UK. These include the upcoming Anant Vilas Hotel in Mumbai’s Bandra Kurla Complex (BKC), the iconic Stoke Park in the UK, and another planned project in Gujarat.

Max Financial Services: Max Ventures Investment Holdings, one of the promoters of Max Financial Services, offloaded a 3.6 per cent stake in the company for ₹1,091 crore through open market transactions. Prudential MF, Kotak MF, HDFC Standard Life Insurance, Morgan Stanley Asia Singapore and International Monetary Fund among others were the buyers of the shares of MFSL on both BSE and NSE.

Source: Livemint.com

💸 Tickertape Daily - 24th August 2023 💸

Tata Communications - announced the opening of its cloud-based, worldwide 5G Roaming Laboratory (Lab). This will allow Mobile Network Operators (MNOs) to test 5G standalone network use cases before rolling out the service to their customers.

Oriana Power - has won a contract worth ₹138 crore from Bharat Coking Coal Limited (BCCL) to set up a 20MW AC ground-mounted solar photovoltaic power plant at Dugdha washery area, Dhanbad, Jharkhand. The EPC phase is slated for completion within 12 months. This comprehensive contract encompasses a spectrum of activities ranging from design and procurement of solar equipment to construction, integration with the transmission network, and a steadfast five-year operation and maintenance commitment.

Muthoot Finance - Muthoot Fincorp Ltd (MFL), the flagship company of Muthoot Pappachan Group said its new digital financial platform Muthoot Fincorp One will introduce insurance, personal loans, two-wheeler, and housing loans in six months. Muthoot Fincorp One has reported over 20,000 daily transactions and over 200,000 app downloads. It plans to introduce these new products to reach 80,000 daily transactions and a million app downloads.

TVS Motors - maker of the iQube electric scooter is launching its first born-electric two-wheeler, a crossover between a motorcycle and a scooter which is aimed at young customers in the premium-end of the Indian and international electric two-wheeler markets. The launch of TVS X will be followed by the introduction of the latest generation of iQube EV, electric three-wheeler cargo and electric bicycle space.

GAIL India - State-owned Gail India plans a capital expenditure of ₹30,000 crore, mainly in pipelines, petrochemical projects and city gas distribution, over the next three years. The company's total capital expenditure for FY23 was ₹10,000 crore.

Reliance Industries - Sovereign wealth fund Qatar Investment Authority (QIA) has agreed to invest ₹8,278 crore ($1 billion) into Reliance Retail Ventures Ltd (RRVL) after it raised ₹47,265 crore in 2021. QIA’s investment values RRVL at ₹8.28 trillion or $100 billion, twice its ₹4.21 trillion valuation in 2021. QIA’s investment will translate into a 0.99% stake in RRVL on a fully diluted basis.

Source: Livemint.com

💸 Tickertape Daily - 23rd August 2023 💸

Piramal Enterprises - The company said the board has approved the public issuance of non-convertible debentures (NCDs) for up to ₹3,000 crore which will take place in one or more tranches.

BEML - The state-owned entity has bagged an order worth ₹101 crore from the Ministry of Defence for the supply of command post vehicles to the Indian Army.

Vodafone Idea - Debt-ridden telecom services provider Vodafone Idea plans to clear about ₹2,400 crore worth of dues to the government by September. It recently cleared dues of licence fees and spectrum usage charges of about ₹450 crores for the March quarter of 2022-23. It was required to pay around ₹770 crores by July and ₹1,680 crores as the first instalment for the spectrum it purchased in auctions held last year.

TVS Supply Chain Solutions - The TVS Mobility Group company will make its debut on the BSE and NSE on 23 August at an issue price of ₹197 per share.

Hindalco Industries - Is planning to invest about ₹2,000 crore to bring new extrusion and fabrication technologies to India which are critical to build Vande Bharat trains in the country and another ₹2,000 crore to establish a first-of-its-kind copper and e-waste recycling facility.

Adani Energy - The BSE and NSE have imposed a fine of ₹2.24 lakh each on the company for non-compliance with the requirements pertaining to the composition of the Board, including failure to appoint a woman director.

Source: Livemint.com

💸 Tickertape Daily - 22nd August 2023 💸

Adani Enterprises - Kempas Trade and Investment Ltd., a promoter of Adani Group, has increased its stake in Adani Enterprises by 2.22%. The purchase could be worth ₹6,348.12 crores according to the volume-weighted average price. With this, Kempas Trade and Investment’s promoter stake in Adani Enterprises has risen to 69.87% from 67.65%.

Poonawalla Housing Finance - Care Ratings has downgraded the rating of Poonawalla Housing Finance by three notches from Care AAA to Care AA- on long-term bank facilities, and non-convertible debentures. In a report issued on 18 August, Care Ratings said the rating downgrade has been due to “disassociation with Cyrus Poonawalla Group post the sale of 99% stake in the housing finance company to private equity player TPG’s affiliate Perseus."

One97 Communications - The parent of fintech giant Paytm plans to invest in Al to build an Artificial General Intelligence software stack, founder and chief executive Vijay Shekhar Sharma said in its annual report. He added that India can expect 500 million payment consumers and 100 million merchants in the near future.

Union Bank of India - The lender on Monday said it will raise up to ₹5,000 crore through the issue of equity shares through qualified institutional placement approved by a Committee of Directors on Raising Capital Funds. The floor price of the issue is ₹91.10 per equity share, while the date of opening of the issue is Monday.

Jet Airways - The National Company Law Appellate Tribunal (NCLAT) on Monday reserved its order in a plea by Jalan-Kalrock Consortium who is to pay ₹350 crore to the lenders of Jet Airways by 31 August, seeking more time to make payments. An NCLAT bench said it will pass the order next Monday and has granted three days time to the parties to file their written submissions.

Welspun Enterprises - The infrastructure development arm of Welspun World has completed the acquisition of a 50.10% stake in EPC firm Michigan Engineers (MEPL), from existing shareholders for ₹137.07 crore. With this, MEPL is now a subsidiary of Welspun Enterprises and will help expand the company's expansion in the water and tunnelling solutions segment in India.

Source: Livemint.com

💸 Tickertape Daily - 21st August 2023 💸

IDBI Bank - The government's stake sale in IDBI Bank, expected to generate over ₹15,000 crores, is unlikely to occur this fiscal year, posing a challenge to achieving the ₹51,000 crore disinvestment target. The plan involved initiating financial bids by December and completing the transaction in the fourth quarter.

Jio Financial Services - Reliance's demerged subsidiary, Jio Financial Services, is set to list on Indian stock exchanges with an initial share price of ₹261.85 after a July auction. Market observers estimate a grey market premium of ₹50-₹54, indicating a market cap exceeding ₹2 lakh crore, and predict the listing price to range between ₹315 and ₹325.

Axis Bank - The Competition Commission of India has fined Axis Bank ₹40 lakhs for failing to inform the regulator about its acquisition of a 9.91% stake in CSC e-Governance completed in November 2020. The bank neglected the notification requirement, leading to the penalty imposed by the fair trade regulator.

Adani Ports - GQG Partners increased its stake in Adani Ports to 5.03% by purchasing 2.2 million shares, shortly after acquiring an 8.1% stake in Adani Power. This development followed the resignation of Deloitte as the company's auditor, while Adani's promoters also sold shares worth over ₹8,700 crore in separate deals.

Titan - Titan Company has raised its shareholding in CaratLane Trading to 98.28% from 71.09%, spending ₹4,621 crore on the additional stake. Titan initially acquired a 62% stake in CaratLane in 2016 for ₹357.24 crore, making it a subsidiary, and subsequently increased its ownership of the omnichannel jewellery retailer.

Ashok Leyland - Auto manufacturer Ashok Leyland will provide a corporate guarantee of ₹870 crore to cover lending facilities for its UK-based subsidiaries, Optare Plc. UK and Switch Mobility Limited, UK. The company emphasised that this transaction, conducted solely for lending coverage, has no interest from promoters or related entities.

Source: Livemint.com