Stocks in the News highlights (18-June-2021)
1) Gold suffered its biggest one-day percentage drop of the year on Thursday as a hawkish turn by the Federal Reserve lifted the U.S. dollar, sending prices for bullion to their lowest settlement in nearly seven weeks. August delivery, gold fell $86.60, or nearly 4.7%, to settle at $1,774.80 an ounce.
2) Oil prices toppled from their highest levels in years on Thursday, pressured by the dollar's gains. The stronger dollar makes greenback-traded commodities more expensive to holders of other currencies. Brent retreated 1.7% to $73.10 a barrel by 4:26 p.m. EDT (2026 GMT), while U.S. crude fell 1.64% to $70.76.
3) PharmEasy is in talks to buy Thyrocare for around Rs 7,000 crore: Online medical store PharmEasy is in advanced talks to acquire diagnostics services chain Thyrocare in a deal worth about Rs 7,000 crore, people with direct knowledge of the development said. Given the IPO timelines of PharmEasy’s parent company API Holdings, a deal to buy Thyrocare is likely to be announced soon. Thyrocre promoters are likely to sell a stake that is likely to trigger an open offer for shareholders of the company. The promoters held a 66.14% stake in Thyrocare as of March 31, 2021.
4) Tata Steel: LIC sold a 2.02% stake in the company via open market transaction, reducing shareholding to 6.94% from 8.96%.
5) Federal Bank board approves Rs 916 crore fund raise from IFC: Private sector Federal Bank said its board has approved issuing equity shares to World Bank arm International Finance Corporation and associates for over Rs 916.25 crore. The board also decided to raise up to Rs 4,000 crore by issuing equity shares or other instruments through various modes and Rs 8,000 crore by issuance of debt securities in Indian or foreign currency.
6) CCI clears proposed deal to acquire stake in Magma HDI General Insurance by 2 entities: The Competition Commission of India (CCI) on Thursday said it has approved the proposed acquisition of a stake in Magma HDI General Insurance Company by two entities. Under the transaction, India Advantage Fund S4 I & Dynamic India Fund S4 US I, and NHPEA Trisul Holding B.V. would acquire a stake in the general insurance company.
7) Govt slashes tariff value for edible oil import, may lead to lower domestic prices: The government has reduced the tariff value for the import of edible oil, including palm oil, by up to USD 112 per tonne, a move which experts said can lead to lower domestic prices. The Central Board of Indirect Taxes and Customs (CBIC), through a notification, has cut the tariff import value of crude palm oil by USD 86 per tonne, and of RBD and crude palmolein by USD 112 per tonne each. It also reduced the base import price of crude soyabean oil by USD 37 per tonne.
8) Infosys Finacle launches digital banking SaaS offering for urban co-op banks: Infosys Finacle, part of EdgeVerve Systems, a wholly owned subsidiary of Infosys Ltd, has launched its digital banking software-as-a-service (SaaS) to help Indian urban cooperative banks (UCBs) modernize their business and operations. The platform has already been adopted by three leading UCBs in India -- Vidya Sahakari Bank, Urban Co-operative Bank, Bareilly and Zoroastrian Cooperative Bank.
9) Wipro IT Services to issue US$ 750 million dollar denominated notes on June 23: Wipro’s step-down subsidiary, Wipro IT Services, will issue US dollar denominated notes worth $750 million on June 23. The net proceeds of the notes, which are proposed to be listed on Singapore Exchange Securities Trading Ltd, are intended to be utilised for refinancing existing debt and general corporate purposes.
10) Reliance Communications requests DoT to renew telecom licence for 20 years: The bankrupt Reliance Communications (RCom) has written to the telecom department to renew its telecom license for another 20 years, a move aimed to retain its rights over spectrum and to keep running its enterprise business. The Department of Telecommunications (DoT), in response, has asked RCom about its ownership details. The now defunct telecom company, previously owned by Anil Ambani, is currently being run by a resolution professional (RP) Deloitte as part of a bankruptcy process under the Insolvency and Bankruptcy Code (IBC).
11) Adani Group loses $9 billion in wealth in 3 days
Gautam Adani lost around $9 billion worth of wealth in a week's time. This brought down his total wealth to $67.6 billion, according to a media report.
Another media report claimed last week that the accounts of a few offshore investors, which had considerable stakes in Adani Group's companies, were blocked by NSDL.
Even though Adani group had issued a statement debunking the media reports and calling them "erroneous", the shares of almost all Adani Group companies have taken a beating.
Here's how the shares of Adani Group have performed in a week:
12) The Serum Institute of India (SII) hopes to start the clinical trials of Novavax's vaccine 'Covovax' on children in July and to launch it in India by September.
13) After Hyderabad, Dr Reddys Labs has said that it has now been successfully scaled up with the Sputnik V vaccine to other cities such as Bengaluru, Mumbai, Kolkata, Delhi, Chennai, and Kolhapur.
14) Wipro has signed a partnership with Exaware to develop advanced engineering solutions to foster innovation in the networking industry, streamline 5G technology upgrades, and open the door to future 6G compatibility.
15) Kotak Life Insurance is estimated to incur a loss of Rs 225 crores to 275 crores in the shareholders' account in the Q1FY22 due to a rise in pandemic claims and increased provisioning.
16) Coal India: To promote the discovery of alternative sources of energy, Coal India has forayed into methane extraction from coal seams in its coalfields in Jharkhand.
17) Hero Motocorp: Hero Motocorp CMO Gurindher Sandhu resigned from the company. This is the third top-level management resignation in a year.
18) Bharti Airtel said it has deployed an additional 30MHz spectrum in Jammu & Kashmir and Ladakh in the 1800 and 2300 bands to boost network capacity.
19) SBI said its central board will meet next week to consider raising additional tier 1 capital for the current fiscal.
20) JSW Steel joined India H2 Alliance. JSW Steel will bring industry majors and the government together for hydrogen commercialization in the steel and cement sectors.
21) HDFC Bank expects IT spending to rise over the next two to three years as it revamps technology platforms and boosts up its digital offerings after facing regulatory issues over multiple glitches.
22) Mutual Fund Category Performance
• Mutual funds bought equity worth Rs. 855.19 crore as against sale of Rs. 875.35 crore as on Jun 10, 2021. This led to a net sale of Rs. 20.16 crore compared with a
net sale of Rs. 207.05 crore on June 9, 2021.
• Mutual funds bought debt worth Rs. 1,282.17 crore as against sale of Rs. 541.92 crore as on Jun 10, 2021. This led to a net purchase of Rs. 740.25 crore compared
with a net purchase of Rs. 384.07 crore on June 9, 2021.
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