DO READ:
🎯PNB earnings were extremely poor with a Core loss of 1900 cr
▪️High trading gains of ~1000 cr and recovery of 3020 cr from Bhushan Power were the key earnings drivers.
▪️Recovery from Bhushan has been netted off against provisions.
▪️Excluding trading gains, Bhushan recovery and Interest reversal, the bank has made a loss of 1900 cr at the pre-tax level.
➡️Yes, PNB has reported a Core loss of 1900 cr for Q4FY21
🎯PNB earnings were extremely poor with a Core loss of 1900 cr
▪️High trading gains of ~1000 cr and recovery of 3020 cr from Bhushan Power were the key earnings drivers.
▪️Recovery from Bhushan has been netted off against provisions.
▪️Excluding trading gains, Bhushan recovery and Interest reversal, the bank has made a loss of 1900 cr at the pre-tax level.
➡️Yes, PNB has reported a Core loss of 1900 cr for Q4FY21
🎯Burmans a step closer to becoming Promoter. Religare allots 16627077 shares in name of Milky Investments and VIC Enterprises ( Dabur group companies).
TP➡️250/300.
Care Health valuation 15000 Cr. High profile investors participating in Fund raising. After debt restructuring is formally approved and put in place, Mohit Burman ( already major shareholder) can assume Promoter mantle
https://m.economictimes.com/markets/expert-view/we-are-gearing-up-for-religare-2-0-rashmi-saluja/articleshow/83235164.cms
TP➡️250/300.
Care Health valuation 15000 Cr. High profile investors participating in Fund raising. After debt restructuring is formally approved and put in place, Mohit Burman ( already major shareholder) can assume Promoter mantle
https://m.economictimes.com/markets/expert-view/we-are-gearing-up-for-religare-2-0-rashmi-saluja/articleshow/83235164.cms
The Economic Times
We are gearing up for Religare 2.0: Rashmi Saluja
“We are positive that the Religare restructuring process will go through .”
ALERT
RAIN is nearing breakout levels with yearly high closing price. Buy/accumulate for a target of Rs.250.
Disclosure: I own the company's shares.
RAIN is nearing breakout levels with yearly high closing price. Buy/accumulate for a target of Rs.250.
Disclosure: I own the company's shares.
*Brokerage Updates on PNB so far*
Jefferies has UNDERPERFORM rating with TP 33
Kotak has REDUCE rating with TP 36
JP Morgan has UNDERWEIGHT rating with TP 37
Credit Suisse has UNDERPERFORM rating with TP 38
Elara Capital has SELL rating with TP 38
*More downgrades likely*
Jefferies has UNDERPERFORM rating with TP 33
Kotak has REDUCE rating with TP 36
JP Morgan has UNDERWEIGHT rating with TP 37
Credit Suisse has UNDERPERFORM rating with TP 38
Elara Capital has SELL rating with TP 38
*More downgrades likely*
🇮🇳 *RAIN INDUSTRIES*: _*In MSCI smallcap*_
_Buying has already started and following FPCs already buying continuously_
▫️Emerging Markets Small Capitalisation Equity Index
▫️Ishares India SC Mauritius Co
▫️PIMCO Equity Series Pimco Rae Fund Emerging
▫️Emerging Markets Small Capitalisation Equity Index
▫️IShares Core MDCI UCITS ETF
▫️Northern Trust Collective Emerging Markets Small
▫️State Street Global Smallcap Equity Ex-US
▫️College Retirement Equities Fund
▫️Integrated Core Strategies Asia PTE Ltd
_Buying has already started and following FPCs already buying continuously_
▫️Emerging Markets Small Capitalisation Equity Index
▫️Ishares India SC Mauritius Co
▫️PIMCO Equity Series Pimco Rae Fund Emerging
▫️Emerging Markets Small Capitalisation Equity Index
▫️IShares Core MDCI UCITS ETF
▫️Northern Trust Collective Emerging Markets Small
▫️State Street Global Smallcap Equity Ex-US
▫️College Retirement Equities Fund
▫️Integrated Core Strategies Asia PTE Ltd
HIDDEN GEM:
*DO READ: Must portfolio buy*
*Prolife industries: CMP:Target: ₹200 (6 to 12 months)*
Only NSE ( 3000 shares Lot size)
Most undervalued dyes and pigment company
*Company trading at just 5-6 forward PE vs peers trading at PE of 30+😱😵*
✅Company has *doubled capacities* and has started reaping its benefits from H2
✅ Promoter is a technocrat
✅ *Dyes prices have sky rocketed from Q3 onwards (sustainable and not just pent up)*
✅ Outlook for dyes and pigments very bright (high growth sector)
*Fundamentals:*♠️
• Highest half yearly sales for H1: ₹33 Cr
• H1FY21 EPS: ₹6.6🔥 (including Q1 of lockdown😮) vs FULL YEAR FY20 EPS: ₹9.9
• *Q3 and Q4 for dyes and pigments sector has been 🚀🚀. Company can report EPS of even ₹8 for H2*
• FY22 estimated EPS: ₹18 (conservative)
Peers sudarshan chemicals trading at PE of 33 and bodal chemicals trading at PE of 30. Looking at company performance, promoter integrity and capacity expansion, company deserves PE of at least 12 which brings us to a target of 200
*DO READ: Must portfolio buy*
*Prolife industries: CMP:Target: ₹200 (6 to 12 months)*
Only NSE ( 3000 shares Lot size)
Most undervalued dyes and pigment company
*Company trading at just 5-6 forward PE vs peers trading at PE of 30+😱😵*
✅Company has *doubled capacities* and has started reaping its benefits from H2
✅ Promoter is a technocrat
✅ *Dyes prices have sky rocketed from Q3 onwards (sustainable and not just pent up)*
✅ Outlook for dyes and pigments very bright (high growth sector)
*Fundamentals:*♠️
• Highest half yearly sales for H1: ₹33 Cr
• H1FY21 EPS: ₹6.6🔥 (including Q1 of lockdown😮) vs FULL YEAR FY20 EPS: ₹9.9
• *Q3 and Q4 for dyes and pigments sector has been 🚀🚀. Company can report EPS of even ₹8 for H2*
• FY22 estimated EPS: ₹18 (conservative)
Peers sudarshan chemicals trading at PE of 33 and bodal chemicals trading at PE of 30. Looking at company performance, promoter integrity and capacity expansion, company deserves PE of at least 12 which brings us to a target of 200
*Jindal Polyfilms - _BUY TP ₹1575_*
Equity - 44cr
*ROE of more than 35%*
ROCE of 33%
Book Value - ₹ 603
*Conservative FY22 Estimates*
▫️Revenue - 4925cr
▫️PAT - 985cr
▫️EPS - ₹225
*Co is trading at just 3.5x Forward P/E*
*FY21 Highlights*
▪️Revenue - 4082cr
▪️PAT - 791cr
▪️EPS - ₹181
▫️Operating margins have increased sharply to 27% vs 18% (+900 bps YoY)
▫️Co has Reduced Debt significantly during FY21
▫️Co has posted profit growth of 19% CAGR over last 5 years which will improve further, given the demand for its products.
▪️ *Co operates in the booming Packaging Films industry and is the largest player. FY22 and FY23 will be the best ever in cos history.*
▪️ *Co is trading extremely cheap at Forward P/E of just 3.5x even on conservative estimates.*
▪️ *Even if it manages to get a modest P/E of 7, stock price will easily cross _₹1575_ on a conservative basis.*
Equity - 44cr
*ROE of more than 35%*
ROCE of 33%
Book Value - ₹ 603
*Conservative FY22 Estimates*
▫️Revenue - 4925cr
▫️PAT - 985cr
▫️EPS - ₹225
*Co is trading at just 3.5x Forward P/E*
*FY21 Highlights*
▪️Revenue - 4082cr
▪️PAT - 791cr
▪️EPS - ₹181
▫️Operating margins have increased sharply to 27% vs 18% (+900 bps YoY)
▫️Co has Reduced Debt significantly during FY21
▫️Co has posted profit growth of 19% CAGR over last 5 years which will improve further, given the demand for its products.
▪️ *Co operates in the booming Packaging Films industry and is the largest player. FY22 and FY23 will be the best ever in cos history.*
▪️ *Co is trading extremely cheap at Forward P/E of just 3.5x even on conservative estimates.*
▪️ *Even if it manages to get a modest P/E of 7, stock price will easily cross _₹1575_ on a conservative basis.*
*Pharma Twins: Buy and Hold Tight*
*1 year target returns: 50-100%*
Clinical research👨🔬and formulations 🧪 combo. Must for portfolio considering prospects of pharma sector
(Snapshots below. Detailed report soon)
_________________________________
*1. Jeevan Scientific 👨🔬(JSTL) (BSE code: 538837)*
✅ *Clinical research will witness umpteen* growth in coming time.
✅This is most undervalued stock in this segment and has already started showing *highly improved performance*
✅Other clinical research companies trading at 20-30+ PE. We *estimate JSTL to notch up EPS of ₹16 for FY22.* Even a moderate PE of 15 will get the stock to a *target of ₹240*
✅Q3 EPS: ₹3.93. *EBITDA margins at a whopping 58.25%😵😵 for the quarter*.
✅ We estimate *Q4EPS of ₹5.5*. Dividend also coming. This itself can take the stock to 150 in short term
_________________________________
*2. Parmax Pharma Ltd🧪 (BSE code: 540359)*
➡️Stock trading @ 5xFY22EEPS
⏩Smallest mcap Pharma co
✅Company is engaged in the business of formulations. *Formulations business generally have a higher margin* as against API.
✅Company under performed in the FY 2018 and 2019. However, with pharma sector on a growth path, *company's performance is already improving*.
✅Q2 and Q3 of FY21 show that company is now out of survival mode and on a *growth path*
✅ *Q3* FY21 EPS: *₹4.12*🔥 with EBITDA margins at 20.57% vs FY19 EBITDA margins of 9.26%.
*1 year target returns: 50-100%*
Clinical research👨🔬and formulations 🧪 combo. Must for portfolio considering prospects of pharma sector
(Snapshots below. Detailed report soon)
_________________________________
*1. Jeevan Scientific 👨🔬(JSTL) (BSE code: 538837)*
✅ *Clinical research will witness umpteen* growth in coming time.
✅This is most undervalued stock in this segment and has already started showing *highly improved performance*
✅Other clinical research companies trading at 20-30+ PE. We *estimate JSTL to notch up EPS of ₹16 for FY22.* Even a moderate PE of 15 will get the stock to a *target of ₹240*
✅Q3 EPS: ₹3.93. *EBITDA margins at a whopping 58.25%😵😵 for the quarter*.
✅ We estimate *Q4EPS of ₹5.5*. Dividend also coming. This itself can take the stock to 150 in short term
_________________________________
*2. Parmax Pharma Ltd🧪 (BSE code: 540359)*
➡️Stock trading @ 5xFY22EEPS
⏩Smallest mcap Pharma co
✅Company is engaged in the business of formulations. *Formulations business generally have a higher margin* as against API.
✅Company under performed in the FY 2018 and 2019. However, with pharma sector on a growth path, *company's performance is already improving*.
✅Q2 and Q3 of FY21 show that company is now out of survival mode and on a *growth path*
✅ *Q3* FY21 EPS: *₹4.12*🔥 with EBITDA margins at 20.57% vs FY19 EBITDA margins of 9.26%.
Mahabank: Our final view
Almost 100% confident that it will be 1st to be privatized. Actually potential suitors are playing games with Investors
If Mahabank stock price goes up say to 40 before privatization, then these bidders will have to shell out Rs 50 or even higher. Hence intermittently, conflicting confusing news are spread through media to keep stock price down
If you have belief in DoW, Buy Buy Buy Mahabank for maha profits
DoW had recommended Eveready at 45 and Religare at 28-30
Almost 100% confident that it will be 1st to be privatized. Actually potential suitors are playing games with Investors
If Mahabank stock price goes up say to 40 before privatization, then these bidders will have to shell out Rs 50 or even higher. Hence intermittently, conflicting confusing news are spread through media to keep stock price down
If you have belief in DoW, Buy Buy Buy Mahabank for maha profits
DoW had recommended Eveready at 45 and Religare at 28-30
PNB: Latest Technical
PNB started showing weakness from levels of Rs44 where it made a double top. It has already come down by 10 percent and can slowly come down to levels of Rs36 to 38. Aggressive traders can short with a tight stop loss of Rs43 for targets of 38 and 36.. Personal due diligence advised
Since presently under ban, delivery based selling is advised. Fundamentally stock is overvalued
PNB started showing weakness from levels of Rs44 where it made a double top. It has already come down by 10 percent and can slowly come down to levels of Rs36 to 38. Aggressive traders can short with a tight stop loss of Rs43 for targets of 38 and 36.. Personal due diligence advised
Since presently under ban, delivery based selling is advised. Fundamentally stock is overvalued
➡️MAHABANK bid should be àt 40 and above
https://www.sify.com/finance/niti-aayog-submits-privatisation-list-bank-of-maha-central-bank-top-candidates-news-news-vgdpkOcgfgich.html
https://www.sify.com/finance/niti-aayog-submits-privatisation-list-bank-of-maha-central-bank-top-candidates-news-news-vgdpkOcgfgich.html
Sify
NITI Aayog submits privatisation list, Bank of Maha, Central Bank top candidates
NITI Aayog has submitted the names of two public sector banks (PSBs) and one public sector general insurer, which can be sold off under the governments new privatisation policy, to the Core Group of Secretaries on Disinvestment.
Do not miss BUY IGPL cmp 610 Super Chart structure Short term TGT 712/834.
As per fundamentals and recent results Abv 850 closing minimum 2x Tgts
View Invalid below 540 closing. Low risk very high reward setup.
As per fundamentals and recent results Abv 850 closing minimum 2x Tgts
View Invalid below 540 closing. Low risk very high reward setup.
*Life Insurance*
*Strong performance for May month*
*Sector: Life Insurance*
*View: Positive*
The life insurance industry’s May 2021 provisional numbers came in strong for most listed private players on annualised premium equivalent (APE) basis and new business premium (NBP) basis. For private companies, APE (Calculated) for May 2021 grew by 6% (better than industry performance which saw a decline of ~27.7% in May 2021). Growth performance is indicative of continued strong growth traction, but it is also partly attributable to a lower base effect, with May 2020 impacted by the lockdown. On NBP basis, the private industry saw a healthy increase of 14.2% y-o-y for May (better than industry decline of 5.5% in May 2021).
*Sector*
*Outlook Insurance continues to be attractive:* We believe most bank-backed insurance companies have resilience. Players such as BALIC and Max Life Insurance have strong and stable bancassurance partners to add to their own distribution channel. Among listed major players, Bajaj Allianz and Max Life have been strong performers, but HDFC Life posted strongest performance, aided by a favourable business mix (lower ULIP dependency), improving prices, and resumption of bancassurance channels business.
*Our Call*
*Strong performance continues, structural growth drivers well in place:* The insurance industry has bounced back successfully from shadows of the first wave of the pandemic. We stay positive on the insurance sector, particularly for players with a favourable business mix (protection and retiral product segments) and strong distribution network (proprietary, bancassurance etc). Structural demand for insurance across mortality, morbidity, and longevity coverage remains high.
*Investment picks:* Our preferred picks are HDFC Life, ICICI Prudential, Max Financial (holding company of Max Life Insurance), and Bajaj Finserv (holding company of Bajaj Allianz Life). We believe these companies have a strong balance sheet, are well capitalised (for the long term), have healthy operating metrics, and are well placed to ride over challenges.
*Key Risks* Delayed recovery in economic growth and resurgence of COVID-19 cases, among others, may impact premium growth as well as investment income for insurance companies.
*Strong performance for May month*
*Sector: Life Insurance*
*View: Positive*
The life insurance industry’s May 2021 provisional numbers came in strong for most listed private players on annualised premium equivalent (APE) basis and new business premium (NBP) basis. For private companies, APE (Calculated) for May 2021 grew by 6% (better than industry performance which saw a decline of ~27.7% in May 2021). Growth performance is indicative of continued strong growth traction, but it is also partly attributable to a lower base effect, with May 2020 impacted by the lockdown. On NBP basis, the private industry saw a healthy increase of 14.2% y-o-y for May (better than industry decline of 5.5% in May 2021).
*Sector*
*Outlook Insurance continues to be attractive:* We believe most bank-backed insurance companies have resilience. Players such as BALIC and Max Life Insurance have strong and stable bancassurance partners to add to their own distribution channel. Among listed major players, Bajaj Allianz and Max Life have been strong performers, but HDFC Life posted strongest performance, aided by a favourable business mix (lower ULIP dependency), improving prices, and resumption of bancassurance channels business.
*Our Call*
*Strong performance continues, structural growth drivers well in place:* The insurance industry has bounced back successfully from shadows of the first wave of the pandemic. We stay positive on the insurance sector, particularly for players with a favourable business mix (protection and retiral product segments) and strong distribution network (proprietary, bancassurance etc). Structural demand for insurance across mortality, morbidity, and longevity coverage remains high.
*Investment picks:* Our preferred picks are HDFC Life, ICICI Prudential, Max Financial (holding company of Max Life Insurance), and Bajaj Finserv (holding company of Bajaj Allianz Life). We believe these companies have a strong balance sheet, are well capitalised (for the long term), have healthy operating metrics, and are well placed to ride over challenges.
*Key Risks* Delayed recovery in economic growth and resurgence of COVID-19 cases, among others, may impact premium growth as well as investment income for insurance companies.
Money Market Update
The rupee ended at 72.89 against the U.S. Dollar on Tuesday as compared to Monday's closing of 72.80.
The rupee ended at 72.89 against the U.S. Dollar on Tuesday as compared to Monday's closing of 72.80.
Trading Tweaks
Ex-Date Dividend: Rallis India, Huhtamaki India
Ex-Date Rights Issue: Vikas EcoTech
Price Band Revised From 10% To 5%: Affle (India), Ashapura Minechem, Adani Total Gas, Borosil Renewables, Butterfly Gandhimathi Appliances, Indo Rama Synthetics (India), Manali Petrochemical, Praj Industries, Supreme Petrochem
Price Band Revised From 20% To 10%: Adani Power, Hinduja Global Solutions,NACL Industries, NIIT
Ex-Date Dividend: Rallis India, Huhtamaki India
Ex-Date Rights Issue: Vikas EcoTech
Price Band Revised From 10% To 5%: Affle (India), Ashapura Minechem, Adani Total Gas, Borosil Renewables, Butterfly Gandhimathi Appliances, Indo Rama Synthetics (India), Manali Petrochemical, Praj Industries, Supreme Petrochem
Price Band Revised From 20% To 10%: Adani Power, Hinduja Global Solutions,NACL Industries, NIIT
Who’s Meeting Whom
Godawari Power and Ispat: To meet Kotak Mutual Fund and IDFC Mutual Fund on June 9, and Sundaram Mutual Fund on June 11.
Somany Home Innovation: To meet Ventura Securities on June 9.
Godawari Power and Ispat: To meet Kotak Mutual Fund and IDFC Mutual Fund on June 9, and Sundaram Mutual Fund on June 11.
Somany Home Innovation: To meet Ventura Securities on June 9.
Pledge Share Details
Emami: Promoter Sneha Enclave created a pledge of 29.50 lakh shares on June 4. Promoter Sneha Gardens revoked pledge of 1.82 lakh shares on June 4.
JSW Energy: Promoter Seema Jajodia created a pledge of 4.75 lakh shares on January 18.
Mangalore Chemicals & Fertilizers: Promoter Zuari Agro Chemicals created a pledge of 12.50 lakh shares on June 4.
Emami: Promoter Sneha Enclave created a pledge of 29.50 lakh shares on June 4. Promoter Sneha Gardens revoked pledge of 1.82 lakh shares on June 4.
JSW Energy: Promoter Seema Jajodia created a pledge of 4.75 lakh shares on January 18.
Mangalore Chemicals & Fertilizers: Promoter Zuari Agro Chemicals created a pledge of 12.50 lakh shares on June 4.
Insider Trades
Asian Granito India: Promoters (Bhagubhai Patel, Hinaben Patel, Dimpalben Patel, Bhogibhai Patel, Hiraben Patel, Bhogibhai Patel and Rameshbhai Patel) sold 10.60 lakh shares between June 3-7.
Deepak Fertilisers & Petrochemicals Corporation: Promoter Robust Marketing Services bought 16,000 shares on June 3.
Godrej Agrovet: Promoter Godrej Industries bought 22,896 shares between June 2-3.
Ultramarine & Pigments: Promoters (S Narayan, Sridhar Sundararajan and Jayalakshmi Venkataraman) sold 19,100 shares on June 7.
Asian Granito India: Promoters (Bhagubhai Patel, Hinaben Patel, Dimpalben Patel, Bhogibhai Patel, Hiraben Patel, Bhogibhai Patel and Rameshbhai Patel) sold 10.60 lakh shares between June 3-7.
Deepak Fertilisers & Petrochemicals Corporation: Promoter Robust Marketing Services bought 16,000 shares on June 3.
Godrej Agrovet: Promoter Godrej Industries bought 22,896 shares between June 2-3.
Ultramarine & Pigments: Promoters (S Narayan, Sridhar Sundararajan and Jayalakshmi Venkataraman) sold 19,100 shares on June 7.
Stocks To Watch
Glenmark Pharmaceuticals: Interim data from Post Marketing Surveillance study on Favipiravir (FabiFlu) supports its safety and effectiveness in real world settings with no new safety signals or concerns in Covid-19 patients.
Videocon Industries: Mumbai bench of the NCLT has approved Twin Star Technologies’ resolution plan for Videocon Industries Ltd. The approval comes with certain riders, one of them being that the dissenting creditors will have to be paid upfront. Twin Star Technologies is offering Rs 2,962 crore against Videocon’s overall debt of around Rs 46,000 crore.
Religare Enterprises: To raise Rs 570 crore from a clutch of 17 investors. The company will issue up to 5,41,56,761 shares at an issue price of Rs 105.25 per share to existing shareholders like Burman family and Ares SSG Capital and new investors. Fund raised to be primarily used as growth capital investment in subsidiary companies. Religare Enterprises is holding company for four subsidiary businesses including SME financing, health insurance, retail broking and affordable housing finance.
Tata Power: Competition Commission of India has approved the acquisition of 51% of the equity share capital in the three electricity supply companies of Orissa, viz. Western Electricity Supply Company, Southern Electricity Supply Company and Central Electricity Supply Company, by the Tata Power Company.
Mphasis: Competition Commission of India has approved the acquisition of the company by BCP Topco, GIC Investor & ADIA Investors.
Welspun Corp: Received multiple orders of approximately 164 KMT valuing close to Rs 1,725 crore. These include reinstatement of an offshore sour pipes supply contract (270 km / 87 KMT) in Australia for the Barossa Offshore Development Project. The company’s order book now stands at 525 KMT valued at approximately Rs 4,800 crore, after considering execution up to May 2021.
Tata Motors: Incorporated a wholly owned subsidiary called TML CV Mobility Solutions. The subsidiary will deal in sale and repair of electric vehicles, fuel cell buses and all types of commercial vehicles.
Adani Enterprises: Incorporated a wholly owned subsidiary called Mundra Windtech. The subsidiary will manufacture wind turbine generators and other auxiliaries.
Bandhan Bank: Reserve Bank of India has approved re-appointment of Chandra Shekhar Ghosh as MD and CEO of the bank, for a period of three years, with effect from July 10.
INOX Leisure: Approved opening of QIP on June 8. The floor price of Rs 315.25 per equity share is at a discount of 5.62% to Tuesday’s closing price. The board will meet on June 11 to determine the QIP issue price.
Shriram Transport Finance Company: Securities Issuance Committee to consider and determine the QIP issue price on June 11.
Thangamayil Jewellery: Showrooms and offices in Tamil Nadu to remain closed till June 14 as the state government has extended the Covid lockdown.
Earnings: Gail (India), Bata India, Bajaj Healthcare, Star Cement, Digispice Technologies, Indian Metals & Ferro Alloys, Indraprastha Medical Corp., Dhanvarsha Finvest, TeamLease Services
Glenmark Pharmaceuticals: Interim data from Post Marketing Surveillance study on Favipiravir (FabiFlu) supports its safety and effectiveness in real world settings with no new safety signals or concerns in Covid-19 patients.
Videocon Industries: Mumbai bench of the NCLT has approved Twin Star Technologies’ resolution plan for Videocon Industries Ltd. The approval comes with certain riders, one of them being that the dissenting creditors will have to be paid upfront. Twin Star Technologies is offering Rs 2,962 crore against Videocon’s overall debt of around Rs 46,000 crore.
Religare Enterprises: To raise Rs 570 crore from a clutch of 17 investors. The company will issue up to 5,41,56,761 shares at an issue price of Rs 105.25 per share to existing shareholders like Burman family and Ares SSG Capital and new investors. Fund raised to be primarily used as growth capital investment in subsidiary companies. Religare Enterprises is holding company for four subsidiary businesses including SME financing, health insurance, retail broking and affordable housing finance.
Tata Power: Competition Commission of India has approved the acquisition of 51% of the equity share capital in the three electricity supply companies of Orissa, viz. Western Electricity Supply Company, Southern Electricity Supply Company and Central Electricity Supply Company, by the Tata Power Company.
Mphasis: Competition Commission of India has approved the acquisition of the company by BCP Topco, GIC Investor & ADIA Investors.
Welspun Corp: Received multiple orders of approximately 164 KMT valuing close to Rs 1,725 crore. These include reinstatement of an offshore sour pipes supply contract (270 km / 87 KMT) in Australia for the Barossa Offshore Development Project. The company’s order book now stands at 525 KMT valued at approximately Rs 4,800 crore, after considering execution up to May 2021.
Tata Motors: Incorporated a wholly owned subsidiary called TML CV Mobility Solutions. The subsidiary will deal in sale and repair of electric vehicles, fuel cell buses and all types of commercial vehicles.
Adani Enterprises: Incorporated a wholly owned subsidiary called Mundra Windtech. The subsidiary will manufacture wind turbine generators and other auxiliaries.
Bandhan Bank: Reserve Bank of India has approved re-appointment of Chandra Shekhar Ghosh as MD and CEO of the bank, for a period of three years, with effect from July 10.
INOX Leisure: Approved opening of QIP on June 8. The floor price of Rs 315.25 per equity share is at a discount of 5.62% to Tuesday’s closing price. The board will meet on June 11 to determine the QIP issue price.
Shriram Transport Finance Company: Securities Issuance Committee to consider and determine the QIP issue price on June 11.
Thangamayil Jewellery: Showrooms and offices in Tamil Nadu to remain closed till June 14 as the state government has extended the Covid lockdown.
Earnings: Gail (India), Bata India, Bajaj Healthcare, Star Cement, Digispice Technologies, Indian Metals & Ferro Alloys, Indraprastha Medical Corp., Dhanvarsha Finvest, TeamLease Services
World Markets
Dow - 30
Nasdaq + 43
Dax - 37
Nikkei - 69
Hangseng - 25
Sgxnifty - 7 (15757)
Brent Crude 72.34
Dow Fut - 5
Dollar Index 90.09
Dow - 30
Nasdaq + 43
Dax - 37
Nikkei - 69
Hangseng - 25
Sgxnifty - 7 (15757)
Brent Crude 72.34
Dow Fut - 5
Dollar Index 90.09
Coal India Ltd (CIL) has sanctioned a historical mandate that would make it possible to re-sell coal procured via its auction schemes for export purposes.
Carrying out an amendment in Clause 11.1 of the spot auction document, the company has allowed use of coal for exports which was earlier limited for use only within the country.
However, it has been clarified that the onus of complying with any government guidelines regarding coal exports would lie solely with the buyer/exporter.
The provision would be applicable for coal procured via spot and special spot e-auction windows. Positive
Carrying out an amendment in Clause 11.1 of the spot auction document, the company has allowed use of coal for exports which was earlier limited for use only within the country.
However, it has been clarified that the onus of complying with any government guidelines regarding coal exports would lie solely with the buyer/exporter.
The provision would be applicable for coal procured via spot and special spot e-auction windows. Positive