Stocks in the News highlights (11-June-2021)
1) Tata Motors: Tata Motors began its 5 day-long meetings with prominent investors around the world. The notable names are Rakesh Jhunjhunwala’s Rare Enterprises, Blackrock Investment, Abu Dhabi Investment Authority, Franklin Templeton Investments, JP Morgan Asset Management, and others.
2) Coal India: Coal India and Gujarat Urja Vikash Nigam signed a power purchasing agreement for the supply of solar power to Gujarat. The agreement is worth Rs. 442 crores.
3) Tata Consumer: The Tata Group firm has entered the premium roast and ground coffee segment with the launch of 'Sonnets By Tata Coffee'.
4) Larsen: L&T has bagged multiple projects in recent days. The water and effluent treatment business got a deal in Karnataka, the heavy civil infrastructure business will be doing a project for BARC and the building and factories business has got multiple sports infra projects in Orissa.
5) Wipro: Wipro reappointed two of its independent board of directors, Patrick J Ennis and Patrick Dupuis.
6) ITC: After a spectacular increase in revenue from the cigarette business ITC now plans to boost its FMCG business by strategic mergers and acquisitions.
The National Company Law Tribunal has approved the Piramal Group's resolution plan for DHFL.
Piramal Group has also stated that they have necessary approvals from the RBI and Competition Commission of India (CCI).
However, a final judgment from the National Company Law Appellate Tribunal is pending.
The story goes back to November 2019 when DHFL became the first financial institution in India to be referred to NCLT by the RBI. This was after DHFL defaulted on loans worth around Rs 91,000 crores to various lenders.
After a prolonged bidding war, the Piramal Group emerged as the winning bidder to take over the firm. Piramal Group offered the highest upfront cash recovery. Oaktree and Adani Capital were the other bidders.
8) The Income Tax Department (ITD) launched a new website on Monday for filing income tax returns (ITR).
9) Indian Oil: Indian Oil Corporation Ltd inked pacts with the Gujarat government for implementing projects worth Rs 24,000 crores.
10) Tata Steel: Tata Steel Mining, a wholly-owned subsidiary of Tata Steel, emerged as the highest bidder for acquiring Rohit Ferro-Tech through an insolvency-driven process.
11) Infosys: Infosys has collaborated with Archrock to integrate digital technologies and mobile tools for its field service technicians. Archrock is a provider of natural gas compression services in the US.
12) BPCL: BPCL is setting up a 50,000 metric tonne per annum super absorbent polymer plant at the Kochi Refinery, the technology for which was developed in-house.
13) Axis Bank: Axis Bank allotted 1.17 lakh shares on June 7, 2021, under its ESOP Scheme. The paid-up share capital of the Bank will accordingly increase from Rs. 612.98 crores to Rs. 613 crores.
14) SEBI takes action against Franklin Templeton MF:
SEBI has barred the Franklin Templeton AMC from launching new debt funds for the next 2 years.
This is in response to the unexpected shutting down of 6 Franklin India debt funds which left many investors without the option to exit the funds back in April 2020.
Franklin had announced overnight that it was shutting down the said funds due to a liquidity crunch.
15) Power Grid: Power Grid has fully commissioned India's first Voltage Source Convertor (VSC) based HVDC (high voltage direct current) electricity transmission system.
16) AMFI May Report:
Inflows into equity mutual funds jumped to Rs 10,082.98 crores in May 2021 from Rs 3,437.37 crores in April.
Debt mutual funds saw an outflow of Rs 44,512.04 crores. In April, debt funds had witnessed inflows worth more than Rs 1 lakh crores.
Around 12 new schemes were launched in May, most of which were exchange-traded funds (ETFs).
Monthly SIP contributions rose to Rs 8,818.9 crores from Rs 8,590.89 crores.
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