Stocks in the News highlights (24-June-2021)
1) India’s total FDI inflow rise by 38%
India has attracted a total foreign direct investment inflow of $6.24 billion during April 2021.
This is 38% higher as compared to an inflow of $4.53 billion in April 2020.
Mauritius stands as the top investing country with 24% of the FDI Equity inflows, followed by Singapore (21%) and Japan (11%).
Karnataka is the top recipient during April 2021 with a 31% share of the total FDI Equity inflows, followed by Maharashtra (19%) and Delhi (15%).
2) Moody’s cuts India growth forecast to 9.6% from its earlier estimate of 13.9%:
Moody's Investors Service on Wednesday slashed India's growth projection to 9.6% for 2021 calendar year, from its earlier estimate of 13.9%, and said faster vaccination progress will be paramount in restricting economic losses to June quarter.
3) Dabur India Ltd. commenced construction of its largest manufacturing facility in Madhya Pradesh. Being set up with a phased investment of around Rs 550 crore, this new unit would manufacture a range of Dabur's food products, ayurvedic medicines, and health supplements. The first phase of construction of this new facility – which has been planned under the Mega Projects Scheme of the Madhya Pradesh Government as well as the Central Government's Production-Linked Incentive (PLI) scheme – is scheduled for completion by the end of FY2021-22.
4) Heineken buys Mallya's 15% stake to take control of UBL:
Heineken, the second largest beer company in the world, increased its stake in United Breweries Ltd. (UBL) to 61.5% on Wednesday. The Dutch parent of UBL, which had 45% stake prior to today’s transaction, bought the 14.99% stake worth about Rs 5,825 Cr held by the Debt Recovery Tribunal.
5) Infosys to begin Rs 9,200 crore share buyback program from June 25, 2021: Infosys announced that its Rs 9,200 crore share buyback program will commence on June 25. The company had approved its plan to buy back shares at a maximum price of Rs 1,750 per piece during the fourth quarter results of FY21. Infosys had informed in a filing that the board had granted approval for the buyback on April 14 and the shareholders’ approval was received on June 19.
6) ED transfers money from assets of fugitives to banks
The Enforcement Directorate said that it had transferred a part of the seized assets in cases related to Vijay Mallya, Nirav Modi, and Mehul Choksi, to state-run banks and the Centre.
Of the Rs 18,170 crore worth of assets seized/attached, the ED has transferred Rs. 9,371.17 crore to the government and public sector banks.
A Debt Recovery Tribunal sold shares worth Rs. 5824.50 crore of United Breweries Ltd. on behalf of the SBI-led consortium on Wednesday.
United Breweries is owned by Vijay Mallya and has been attached by the Enforcement Directorate (ED).
7) Vodafone Idea partners Cisco for developing 5G-ready network for retail, enterprise users: Vodafone Idea (Vi) has joined hands with CIsco to automate its network to support 4G and, in the future, 5G use cases for offering enhanced user experience to its consumer, retail and enterprise customers.Vi is working with Cisco to design and build a cost-efficient network architecture to drive greater speed to market with emerging opportunities in 4G & 5G, cloud, and the Internet of Things (IoT). Under the partnership, Cisco will deploy its Ultra Packer Core to Vi’s network architecture which will enable the telco to deploy innovative new software applications and services, including voice-over-WiFi (VoWiFi).
8) Cipla received final approval from the US health regulator for Arformoterol Tartrate Inhalation Solution, used to treat conditions like chronic bronchitis and emphysema, in the US market.
9) HDFC Life announced a bonus of Rs 2,180 crore to its policyholders subscribing to participating insurance plans. Under a participating plan, a policyholder is eligible to get a share in the profits of the company in the form of a bonus.
10) Department of Telecommunications allocated the spectrum for 5G field trials to the state-owned telecom firm MTNL with C-DoT as its technology partner. Reliance Jio, Bharti Airtel and Vodafone Idea were given the spectrum in May to conduct 5G trials across select cities in India.
11) Axis Bank allotted 1.40 lakh equity shares of Rs. 2 each under ESOP.
12) Spandana Sphoorty Financial Ltd (SSFL) has raised Rs 337.5 crore through the issuance of market-linked debentures (MLD). The market-linked debentures were issued at an 11 per cent yield and will mature in 30 months
13) Asian Paints has appointed Deepak Satwalekar as chairman of the board.
14) Tata Motors is in talks with investors, including private equity funds, to raise capital for its electric vehicle business as the Tata Group company works to build a range of affordable electric cars.
15) SBI Life Insurance Company allotted 35,982 equity shares of Rs. 10 each under ESOP.
16) Telecom operator Bharti Airtel appointed Hindustan Unilever executive Amrita Padda as chief people officer with effect from October 1, 2021.
17) Jibun Bank’s flash manufacturing purchasing managers’ index (PMI) for Japan slipped from 53.0 in May to 51.5 in June amid a drop in output.
18) Germanys services, business activity rose at the quickest for more than ten years. The Purchasing Managers Index (PMI) came in at 58.1, up from 52.8 a month ago. The manufacturing PMI gained to 64.9 in June from 64.4 in the prior month.
19) U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 7.6 million barrels from the previous week.
20) Yesterday, Nifty failed to register new all time high above 15901.60 Nifty hit an high of 15862.95 and saw a profit booking throughout the day Yesterday’s Open and high of Nifty were identical, which kept a pressure on bulls throughout the session. Nifty closed near the session’s low with bearish candle on the daily chart.
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