IEX: UTTAR PRADESH INDUSTRY CAN NOW PROCURE POWER AT ATTRACTIVE PRICES THROUGH THE POWER EXCHANGES
Hindustan Zinc Drops After Delaying Dividend Meet; Vedanta Falls
· Shares of Vedanta and its Hindustan Zinc unit plunge after the latter defers a scheduled meeting where it was expected to consider an interim dividend for the current fiscal year that began in April. Vedanta shares fell 10% lower and shares of Hindustan Zinc decline 4%.
· Hindustan Zinc’s board was scheduled to meet today to mull a dividend payout. Vedanta directly owns a 65% stake in Hindustan Zinc.
· Separately, CNBC-TV18 reports that India’s Madras High Court has issued a notice to Vedanta related to remediation of contaminated sites within its copper smelter in southern Indian city of Tuticorin. The company has been given five weeks to respond to notice and the case has been listed for hearing next month
· Shares of Vedanta and its Hindustan Zinc unit plunge after the latter defers a scheduled meeting where it was expected to consider an interim dividend for the current fiscal year that began in April. Vedanta shares fell 10% lower and shares of Hindustan Zinc decline 4%.
· Hindustan Zinc’s board was scheduled to meet today to mull a dividend payout. Vedanta directly owns a 65% stake in Hindustan Zinc.
· Separately, CNBC-TV18 reports that India’s Madras High Court has issued a notice to Vedanta related to remediation of contaminated sites within its copper smelter in southern Indian city of Tuticorin. The company has been given five weeks to respond to notice and the case has been listed for hearing next month
Forward as received
*Madras HC Issues Notice To Vedanta On Remediation Of Contaminated Sites Within Its Copper Smelter In Tuticorin after Tuticorin-based social activist Fathima Babu filed a PIL. Co is given five weeks to respond to notice, matter listed for late September*
*Madras HC Issues Notice To Vedanta On Remediation Of Contaminated Sites Within Its Copper Smelter In Tuticorin after Tuticorin-based social activist Fathima Babu filed a PIL. Co is given five weeks to respond to notice, matter listed for late September*
Tomorrow's price range of BCG in NSE and BSE after the bonus shares adjustment.
Government announces tax refunds rates for 8,555 tariff lines under RoDTEP export-promotion scheme
https://www.moneycontrol.com/news/business/economy/government-announces-tax-refunds-rates-for-8555-tariff-lines-under-rodtep-export-promotion-scheme-7350491.html
Download moneycontrol app: http://m.moneycontrol.com/mom
https://www.moneycontrol.com/news/business/economy/government-announces-tax-refunds-rates-for-8555-tariff-lines-under-rodtep-export-promotion-scheme-7350491.html
Download moneycontrol app: http://m.moneycontrol.com/mom
*Canara Bank - QIP Launched*
Key Deal Specs
Ticker: NSE: CANBK; BSE: 532483; Bloomberg: CBK IN Equity / ISIN: INE476A01014
*Indicative Issue Size: Base deal of US$ 201.65 Mn (approx. INR 15,000 Mn) with an option to upsize to US$ 134.43 Mn (approx. INR 10,000 Mn)*
*Indicative Price : INR 149.36 per share*
SEBI Floor Price: INR 155.58 per Equity Share
Last Closing Price: INR 152.65/- per share on NSE as on August 17, 2021
*Implied Discount: ~2.15% to the last closing price*
Deal Type: 144 A
Key Timelines
Launch of Transaction: 17, August 2021 (T Date) (T Date)
Receipt of EOIs (Issuer retains the option to early close) – 18, August 2021 (By 9.00am IST)
*Receive filled-in application form along with pay-in of subscription money: 23, August 2021 (By 1:00 pm IST) (T+3)*
Key Deal Specs
Ticker: NSE: CANBK; BSE: 532483; Bloomberg: CBK IN Equity / ISIN: INE476A01014
*Indicative Issue Size: Base deal of US$ 201.65 Mn (approx. INR 15,000 Mn) with an option to upsize to US$ 134.43 Mn (approx. INR 10,000 Mn)*
*Indicative Price : INR 149.36 per share*
SEBI Floor Price: INR 155.58 per Equity Share
Last Closing Price: INR 152.65/- per share on NSE as on August 17, 2021
*Implied Discount: ~2.15% to the last closing price*
Deal Type: 144 A
Key Timelines
Launch of Transaction: 17, August 2021 (T Date) (T Date)
Receipt of EOIs (Issuer retains the option to early close) – 18, August 2021 (By 9.00am IST)
*Receive filled-in application form along with pay-in of subscription money: 23, August 2021 (By 1:00 pm IST) (T+3)*
India is expected to withdraw sugar export subsidies from the new season beginning October as a sharp rise in global prices makes it easier for Indian mills to sell the sweetener on the world market, a top government official said on Tuesday.
"The government is not considering any subsidy at the moment for next year," Sudhanshu Pandey, the most senior civil servant at the Ministry of Consumer Affairs, Food and Public Distribution, told Reuters in an interview.
"Under current circumstances, as we see the scenario, there appears to be no need to have the support of the subsidy. If exports can happen on their own, then it's also better for the global market that no subsidy is provided," he said.
*At Current price of Raw sugar of 20 cent /lb or white sugar at $498/MT export without subsidy is viable as such removal of subsidy neutral for companies.*
*International prices are likely to remain firm as sugar year 2021-22 is likely to see 1mnT lower global production as compared to demand*
"The government is not considering any subsidy at the moment for next year," Sudhanshu Pandey, the most senior civil servant at the Ministry of Consumer Affairs, Food and Public Distribution, told Reuters in an interview.
"Under current circumstances, as we see the scenario, there appears to be no need to have the support of the subsidy. If exports can happen on their own, then it's also better for the global market that no subsidy is provided," he said.
*At Current price of Raw sugar of 20 cent /lb or white sugar at $498/MT export without subsidy is viable as such removal of subsidy neutral for companies.*
*International prices are likely to remain firm as sugar year 2021-22 is likely to see 1mnT lower global production as compared to demand*
Bulk Deal as on 17-08-21
Astron Paper
+ 3 Lk @ 65 Harshal Bharat Oswal
+ 3 Lk @ 65 Mahesh Bharat Oswal
+ 3 Lk @ 65 Tushar Bharat Oswal
Aym Syntex
+ 4.70 Lk @ 86.38 Mandawewala Enterprise Ltd
+ 5 Lk @ 86.33 Rrm Family Trust
- 9.70 Lk @ 86.36 Sanaya Tea Pvt Ltd
Greenply Industries
+ 1.15 Crore @ 182.94 Showan Investment
Pvt Ltd
- 1.15 Crors @ 182.94 SM Management Pvt Ltd
Poonawalla Fincorp
- 1.32 Crore @ 180.27 Leapfrog Financial Inclusion India
Astron Paper
+ 3 Lk @ 65 Harshal Bharat Oswal
+ 3 Lk @ 65 Mahesh Bharat Oswal
+ 3 Lk @ 65 Tushar Bharat Oswal
Aym Syntex
+ 4.70 Lk @ 86.38 Mandawewala Enterprise Ltd
+ 5 Lk @ 86.33 Rrm Family Trust
- 9.70 Lk @ 86.36 Sanaya Tea Pvt Ltd
Greenply Industries
+ 1.15 Crore @ 182.94 Showan Investment
Pvt Ltd
- 1.15 Crors @ 182.94 SM Management Pvt Ltd
Poonawalla Fincorp
- 1.32 Crore @ 180.27 Leapfrog Financial Inclusion India
Warburg-Backed MedPlus Seeks SEBI Nod For Rs 1,640 Crore-IPO, Bloomberg Reports
MedPlus Health Services Ltd. has sought the markets regulator’s nod to raise as much as Rs 1,639 crore through an initial public offering, Bloomberg reported. The Hyderabad-based pharmacy chain seeks to raise as much as Rs 600 crore by selling new shares, while its shareholders plan to pare up to Rs 1,039 crore worth of shares, Bloomberg reported citing the company’s draft red herring prospectus filed with the Securities and Exchange Board of India.
The selling shareholders include Lone Furrow Investments Pvt., Premji Invest’s PI Opportunities Fund, and Natco Pharma. In May, Bloomberg had reported that the company was working with Nomura Holdings Inc., Edelweiss Financial Services Ltd. and Axis Capital Ltd. on the potential offering.
The listing could also value the Warburg Pincus-backed startup at about $1 billion (about Rs 7,450 crore). MedPlus, founded in 2006 by Wharton graduate Madhukar Gangadi, runs more than 2,000 pharmacies and general stores across India, as well as an e-commerce unit — MedPlusMart.
It also runs a diagnostics service, an optical lens store and business-to-business medical supplies, according to its website.
MedPlus Health Services Ltd. has sought the markets regulator’s nod to raise as much as Rs 1,639 crore through an initial public offering, Bloomberg reported. The Hyderabad-based pharmacy chain seeks to raise as much as Rs 600 crore by selling new shares, while its shareholders plan to pare up to Rs 1,039 crore worth of shares, Bloomberg reported citing the company’s draft red herring prospectus filed with the Securities and Exchange Board of India.
The selling shareholders include Lone Furrow Investments Pvt., Premji Invest’s PI Opportunities Fund, and Natco Pharma. In May, Bloomberg had reported that the company was working with Nomura Holdings Inc., Edelweiss Financial Services Ltd. and Axis Capital Ltd. on the potential offering.
The listing could also value the Warburg Pincus-backed startup at about $1 billion (about Rs 7,450 crore). MedPlus, founded in 2006 by Wharton graduate Madhukar Gangadi, runs more than 2,000 pharmacies and general stores across India, as well as an e-commerce unit — MedPlusMart.
It also runs a diagnostics service, an optical lens store and business-to-business medical supplies, according to its website.