?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