Stocks in the News highlights (23-June-2021)
1) Bitcoin broke below the $30,000 threshold for the first time since January on Tuesday, adding to a price drop that has wiped out more than $1.3 trillion in market value for the broader crypto complex since a peak in May. Bitcoin was trading around $32,400 late afternoon Tuesday.
2) Engineering exports record high growth across markets, categories in May 2021: US and UAE were the top two destinations for shipments of engineering goods from India. The share of engineering goods in total merchandise exports rose to 25.44% in May from 24.83% in April and 25.36% in March.
3) Hero MotoCorp Ltd – country’s largest two-wheeler manufacturer – on Tuesday announced decision to increase prices of its motorcycles and scooters by up to ₹3000 as a result of sustained increase in prices of commodities like steel, copper and others. The announcement of Hero comes a day after Maruti Suzuki India Ltd, country’s largest car maker, decided to increase prices of its vehicles from July.
4) Govt seeks to appoint advisors to assist IDBI Bank privatisation: The government has sought bids to appoint transaction advisor and legal advisor to assist it for the strategic divestment and transfer of management control in IDBI Bank. The appointment of intermediaries would help in taking the privatisation process of the lender forward as the government aims to close the transaction in this fiscal. The government plans to sell its 45.48 per cent shareholding in the lender. Life Insurance Corporation of India (LIC), which owns 49.24 per cent, will also offload its stake to transfer management control to the new buyer.
5) Auto components maker Minda Industries on Tuesday said it will acquire 51 per cent stake in Uzbekistan-based automotive lighting manufacture UZ Chasys for around ₹58 crore. UzChasys specialises in manufacturing automobile headlights and lamps. It is a leading supplier to original equipment manufacturers (OEMs) in Uzbekistan and has significant exports as well.
National Company Law Tribunal’s (NCLT) Mumbai bench has approved the resolution plan submitted by Murari Lal Jalan and Kalrock Capital.
Creditors to the company had approved the plan last year in October.
Murari Lal Jalan is a Dubai-based businessman and Kalrock is a London-based financial advisory and alternative asset manager.
Jet Airways has almost 21,000 creditors seeking claims of around $6 billion
7) Bharti Airtel and TCS announced a strategic partnership for implementing 5G network solutions for India.
8) Titan expects its jewelry business to recover slowly unlike a V-shaped recovery last year due to the larger impact of the second wave.
9) Dr. Reddy's Laboratories on Tuesday announced the launch of Icosapent Ethyl Capsules, used to reduce triglyceride (TG) levels in adult patients, in the US market.
10) Sun Pharmaceutical on Tuesday said it along with one of its subsidiaries have reached an agreement with Celgene Corporation to resolve patent litigation regarding submission of an Abbreviated New Drug Application (ANDA) for a generic version of Revlimid in the US.
11) Reliance: Mukesh Ambani told the Qatar Economic Forum that he plans to transform each of the units under his refining-to-retail conglomerate as Reliance Industries aims for net-zero carbon emissions by 2035.
12) Kochi Refinery, the largest asset of BPCL, is set to complete a Rs 6,000-crore propylene derivatives petrochemical complex by this month-end helping India save over Rs 4,000 crores in foreign exchange annually.
13) State Bank of India on Monday said that its board has approved raising capital by way of issuance of Basel III compliant debt up to ₹14,000 core.
14) Grasim Premium Fabric has ceased to be a wholly-owned subsidiary of Grasim Industries without being wound up.
16) Export-Import Bank of India plans to raise funds selling commercial papers maturing in six months at a coupon of 3.76% and has received commitments worth around Rs. 2000 crore.
17) 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 Jun 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 Jun 9, 2021.
18) RBI conducted the auction of State Development Loans for 10 State Governments/UT for an aggregate amount of Rs. 19,100 crore, which was oversubscribed. Maharashtra has accepted an additional amount of Rs. 500 crore in the 10 year Security. Cut-off yield stood in the range of 6.83% to 7.13%.
- "The big money is not in the buying or selling, but in the waiting." - Charlie Munger
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