-
Financial Insights
Tega Industries IPO
Tega Industries, the topmost manufacturer and distributor of special and important regular consumables for the global mining, mining and bulk handling industries, began its first public offering on December 1st till December 3rd. The IPO seems to have all the right elements for the December 13th bumper listing during the subscription period. The IPO broke the best subscription record in the Qualified Institutional Buyer (QIB) category in the last decade. On December 3rd, the last day of the subscription, QIB portion was subscribed 215.5 times. The issue oversubscribed by 219.0 times. HDFC Asset Management Company Ltd achieved the highest-ever subscription to QIB shares with an oversubscription of 192.3 times from QIB investors at the initial public offering, which began in July25 to July 27 2018. This was followed by Indigo Paints (189.6 X) and Tatva Chintan (185.2 X) in QIB portion of subscriptions. A strong response to the QIB category…
-
Financial Insights
Tech Mahindra acquires 100% stake in Activus Connect
Tech Mahindra announced 100% stake acquisition in Activus Connect, a leading provider of work at home customer experience management solutions The acquisition will bolster Tech Mahindra’s capabilities in emerging workplace solutions and strengthen end-to-end portfolio of the customer. The company will pay total consideration of up to US$62 million including earnouts.
-
Financial Insights
Swiggy will invest US$700 million in express grocery service Instamart
Food delivery platform Swiggy on Thursday said it will invest USD 700million (about Rs 5,250 crore) in its express grocery delivery service Instamart. Swiggy Instamart – launched in Gurugram and Bengaluru last year – is now available across 18 cities and handles over one million orders per week.
-
Financial Insights
Dentsu’s transformation continues in storyboard18.
The Indian division of the Dentsu Group, a Japanese advertising-centric company, was hit by a wave of high-profile exits last year as it sought to transform into an integrated business while addressing turbulence. Dentsu India’s CEO and several unit leaders have left the escape that began in January.Recently, Ashish Bhasin, CEO and Chairman of APAC, has left Dentsu International. When Storyboard 18 asked Bhasin and Dentsu International about leaving the company in September, they vehemently denied it and described the report as a rumor. According to a few sources spoken by Storyboard 18, about 50 senior and mid-career employees have left the company’s agency in the last three months.Prepandemic, Dentsu Group has employed more than 3,200 people in India. Since then, the restructuring of the entire organization of the company, which was also affected by the Covid19 crisis, has significantly reduced the workforce.
-
Financial Insights
India November factory growth hits 10-month high on strong demand: PMI
India`s production grew on the quickest tempo in 10 months in November, buoyed with the aid of using a robust pick-up in demand, however better inflationary stress left factories concerned approximately their destiny prospects. An easing of COVID-19 regulations drove call for and boosted sales, indicating the economy at the course to normalization. Compiled with the aid of using IHS Markit, the Purchasing Managers` Index rose to 57.6 in November from 55.nine in October. The analyzing became the best given that January and the 5th directly month above the 50-mark that separates boom from contraction. India imports about 30% of the average annual urea consumption of about 35 million tonnes. According to government data, urea prices in October rose 144% annually to $ 690 / ton, and DAP prices rose 84.3% to $ 682 / ton. India does not control DAP prices, but is increasing subsidies to indirectly control retail…
-
Financial Insights
IFGL Refractories: Proxy play on increased steel production
Results in line with Street expectations-Capex at Vizag completed and expecting slow and steady ramp-up in production-Almost 20 percent of the market capitalization in cash and cash equivalent-Investors with a medium-term view can accumulate stock at current levels IFGL Refractories (IFGL; CMP: INR 301; Market Capitalization: INR 1,085 Cr. ) is special refractories manufacturer in the iron and steel industry. Other than India, it is across the USA, the UK and Europe through its 100% subsidiaries.
-
Financial Insights
LIC gets RBI’s acknowledgment to increase stake in Kotak Mahindra Bank to 9.99%
The Reserve Bank of India (RBI) has approved the state-owned insurance giant India Life Insurance Company (LIC) to increase its stake in private lender Kotak Mahindra Bank to 9.99%. Life insurance companies currently owns 4.96% of private lenders.
-
Financial Insights
Parag Agrawal of Indian origin replaces Jack Dorsey as Twitter CEO
Twitter Inc’ Jack Dorsey, co-founder and CEO of the company, has resigned giving up the position to Parag Agrawal, the company’s chief technology officer. Dorsey will remain on the board of social media companies until the end of his term in 2022, but the move will come into effect soon, Twitter said in a statement on Monday.
-
Financial Insights
Buzzing Stocks | IRCTC, Go Fashion, IRB Infra and others in today’s news.
Go Fashion India: The company will make a debut on the Bombay Stock Exchange and National Stock Exchange on November 30. The issue price has been fixed at INR 690 per share. IRCTC: The online bus ticketing platform red Bus announced foray into rail ticketing with the launch of red Rail, a rail ticket booking service in collaboration with IRCTC (Indian Railway Catering and Tourism Corp) as their authorized partner. IRB Infra: The company has entered into share subscription agreement between itself , GIC and promoter group companies, to make preferential allotment up to INR 2,166 crore at INR 211.79 per share to General Insurance company. CL Educate: The company’s third property, owned by one of its wholly owned subsidiaries in Faridabad, was sold for Rs 3.24 Cr. More properties will be sold in the next 3 to 4 quarters. Kwality: The company posted a loss of INR 6.94 Cr.…
-
Financial Insights
HCL Tech’s low ratings and good outlook attract investors, but at risk.
HCL Technologies is at the forefront of rising IT stocks on Monday, November 29th, with stocks up about 2%. Shares are the cheapest of the four largest IT companies, following this year’s NSE Nifty IT Index. HCL Tech is trading at 20 times the estimated revenue for FY2023, compared to 25-29 times the valuation of Wipro, Infosys and Tata Consultancy Services. Shares underperformed as HCL lags behind peer earnings growth in the last two quarters.
-
Financial Insights
Hero MotoCorp said Rajnish Kumar, the former chairman of the State Bank of India (SBI), has been appointed to the company’s board of directors as an independent non-executive director.
Kumar completed 3 year term as Chairman of SBI in October 2020. He is credited with successfully leading banks and engaging in key technology transformations over the most difficult times. During his tenure, the bank developed YONO, a digital platform established by SBI as a world leader in technology and innovation adoption. Hero MotoCorp has 11 board members now including 25% women, thereby clearly exhibiting the company’s focus on diversity & inclusion, which will significantly enhance the company’s performance, the two-wheeler maker said in a statement. Hero MotoCorp is the world’s largest manufacturer of motorcycles and scooters. On a consolidated basis, Hero MotoCorp’s net profit dropped by 22.4% to Rs 747.79 crore on a 9.9% decline in net sales to Rs 8,538.85 crore in Q2 September 2021 over Q2 September 2020. The scrip fell 1.71% to currently trade at Rs 2486.20 on the BSE.
-
Financial Insights
Adani, Tata Power, ReNew Benefit: Solar PLI spending has increased to an initial spending of Rs 19,500.
Solar PLI Outlay will likely to be hiked to Rs 19500 Cr. Total 15 Co.’s will get incentives offered under the PLI scheme for solar manufacturing as scope of scheme is set to widen. Current Solar manufacturing is 13000 MW and sectors dependent on imports for inputs is 80%. Solar manufacturing commitment is expected to increase to 54809 MW if additional funding is provided.
-
Financial Insights
Omicron variant detected in more countries as scientists race to find solutions
The World Health Organization (WHO) found that Omicrons, first discovered in southern Africa, are more contagious than other forms. He said it is not yet clear if it is high or if it causes a more serious illness. As per the data, hospitalization rates are rising in South Africa, which may be due to an increase in the total number of infected people, not a specific infection.
-
Financial Insights
Amazon writes to Future Retail’s independent directors alleging ‘financial irregularities’
Amazon has written to the independent directors of Future Retail Ltd (FRL) alleging “significant financial irregularities”, and said this warrants a “thorough and independent examination” of relevant facts and related party transactions between FRL and other Future Group entities. FRL, however, has asserted that the US e-commerce major has no locus to address the letter, and that Amazon’s communication is “nothing but an after-thought and a counterblast” to a showcause notice by the Competition Commission of India (CCI).
-
Financial Insights
Wipro’s Azim Premji shows interest in investing in Jharkhand
Wipro’s founder chairman Azim Premji evinced interest in investing in Jharkhand during a video conference with Chief Minister Hemant Soren, state government said. The state government quoting Premji said that the Azim Premji Foundation and Wipro want to work in coordination with the state government in the field of quality higher education and health. “Chief Minister Shri Hemant Soren today had a positive discussion on many developmental issues of the state through video conferencing with Wipro Founder Shri Azim Premji. During the talks, Premji told the Chief Minister that Jharkhand would become an important state for Azim Premji Foundation and Wipro…(Premji) expressed his desire to invest in Jharkhand,” a statement from the state government said. Wipro’s Azim Premji donated Rs 9,713 crore or Rs 27 crore a day to retain his top position among Indian philanthropists according to the India Philanthropy List 2021.
