Stocks in the News Highlights (08-July-2021)
1) Coforge Ltd, erstwhile NIIT Technologies, its board has approved plans to raise up to Rs 375 crore through various instruments. The board has approved subject to applicable laws and receipt of shareholders and other necessary approvals the fresh issuance of equity shares by the company for the purpose of capital raising, including by way of a depository receipts issue or a Qualified Institutions Placement (QIP) or any other mode, subject to a limit of an amount not exceeding Rs 375 crore.
2) Dixon Technologies will invest Rs 200-250 crore to start telecom equipment manufacturing in partnership with Bharti Enterprises under the production incentive-linked (PLI) scheme. Dixon has applied for the scheme through its subsidiary which will form a joint venture with Bharti Enterprises to start production of customer-provided equipment (CPE) through their manufacturing unit in Punjab.
3) Tata Consultancy Services (TCS) has entered into a strategic partnership with India’s premier OTT streaming platform, SonyLIV, to help create an innovative business model enabled by digital technologies, enhance customer experience. TCS will help enhance its core OTT platform to leverage AI and machine learning to provide personalized experiences to subscribers across devices.
4) Tech Mahindra has partnered with StaTwig, a Singapore and Hyderabad-based digital supply chain solution provider, to implement vaccine traceability platform "VaccineLedger" globally.
(VaccineLedger is an open source platform designed to perform end-to-end traceability at vial level for vaccines in the global supply chain. It prevents the need of replacing the existing system, therefore, removing the barriers of adoption. It can easily integrate with existing systems and show immediate results in the countries where it is deployed.)
5) The Department of Telecommunications (DoT) has refused to renew Reliance Communications' (RCom) telecom licence unless it clears its statutory dues of Rs 26,000 crore. If the bankrupt telco fails to do so it will be forced to surrender its spectrum and its asset sale plan under the insolvency process will get derailed.
6) Securities Appellate Tribunal (SAT) has given Franklin Templeton mutual fund relief from the SEBI order that barred Franklin AMC from launching new debt funds for the next 2 years among other measures. This was a punitive action taken against the AMC in response to the shutting down of 6 debt funds by Franklin in April 2020. SAT has stayed that order and asked Franklin to put Rs 250 crore in an escrow account.
7) Finance Minister Nirmala Sitharaman press conference:
a) Rs 1.1 lakh crore loan guarantee scheme for COVID-19 affected sectors.
b) Guarantee cover for expansion and new projects related to health/medical infra to be given.
c) The interest rate on loans from banks capped at MCLR plus 2%.
d) Credit guarantee scheme to facilitate loans to 25 lakh persons through microfinance banks.
e) The first 5 lakh visas to tourists will be free of cost.
f) Atmanirbhar Bharat Rozgar Yojna extended till March 31, 2022.
g) Record procurement of 432.48 lakh crore MT of wheat in the rabi marketing season so far against 389.92 lakh MT done in the previous financial year.
h) PM Garib Kalyan Ann Yojna extended till November 2022.
i) The North Eastern Regional Agricultural Marketing Corporation will get Rs 77.45 crore for restructuring from the government.
j) Proposed to provide additional corpus to National Export Insurance Account (NEIA) over 5 years to allow it to underwrite additional Rs 33,000 crore of project exports. Rs 88,000 crore to boost export insurance cover.
8) Krishna Institute of Medical Sciences (KIMS) listed in Secondary market 0n 27th June
The shares of KIMS listed at Rs 1,009.00 per share on the NSE which is a 22.30% premium from the issue price of Rs ₹825 per share. KIMS listed at 1,008.90 on the BSE, a 22.30% premium.
KIMS IPO was subscribed 3.86 times. The stock price closed at Rs. 996.90 and was up by 20.84%.
9) The shares of Dodla Dairy listed (on 27th June) at Rs 528 per share on the BSE which is a 23.36% premium to the issue price of Rs 428 per share.
Dodla Dairy listed at Rs 550 on the NSE, a 28.5% premium. The Dodla Dairy IPO was subscribed 45.62 times. The stock price closed at Rs. 609.90 and was up by 42.50%.
10) Tata Consumer Products: Chandrasekaran said that the company is focusing on bolstering its e-commerce capabilities, and a few products have been already launched in the direct-to-consumer model. The Eight O’Clock Coffee will be launched in the D2C model next week.
11) NTPC on Sunday announced its target of a 10% reduction in net energy intensity and installing 60 gigawatts (GW) of renewable energy capacity by 2032, as part of its energy compact goals.
12) HDFC Bank has allotted 26,51,520 equity shares to the employees of the Bank under ESOP.
13) Wipro arm purchased Boeing supplier TECT Aerospace Group Holdings for $31 million.
14) After Covaxin, Covishield, and Sputnik, Moderna's Covid vaccine became the 4th vaccine to get emergency use approval in India.
This is the first vaccine in India that will be entirely manufactured internationally.
After Moderna, India is likely to close the deal with Pfizer, said the Govt.
15) Dr Reddys Labs: B Medical Systems joins hands with Dr Reddy's for a pan-India rollout of Sputnik V vaccines.
16) Bajaj Finance has developed a wallet application called Bajaj Pay and is on course to come out with an integrated payment solution for merchants.
17) HDFC Life: Standard Life, the co-promoter of HDFC Life Insurance, is selling a 3.46% stake in the company, worth around Rs 4,606 crore through a block deal.
18) Axis Bank: AWS signed a multi-year digital agreement with Axis Bank to build a portfolio of new digital financial services to bring advanced banking experiences to customers.
19) Bharti Airtel said it has added another 28.2 megahertz spectrum to boost network capacity for high-speed data services and it is even ready for 5G technology.
20) Infosys topped CRISIL’s list of most ESG compliant companies in India with a score of 79 out of 100.
21) UPL said it will set up a new global business unit in natural plant protection (NPP). NPP will act as a standalone brand, consolidating UPL's existing biosolutions portfolio, network of research and development labs, and facilities worldwide.
22) Tata Motors: The CEO Guenter Karl Butschek said that the company plans to have 10 new battery electric vehicles in its domestic product portfolio by 2025. Tata Motors-owned Jaguar Land Rover aims to be the world's most profitable luxury car manufacturer.
23) The Union Cabinet today approved the Rs 6.29 lakh crores relief package announced by FM Nirmala Sitharaman to help the revival of the economy suffering due to the pandemic.
This includes Rs 1.5 lakh crores of additional credit for small and medium businesses.
The 8 economic relief measures package includes 4 measures which are new and 1 which is based on health infrastructure.
25) Bharti Airtel: Bharti Group is going to invest an additional $500 million in OneWeb, a U.K. based satellite start-up. Bharti Group will become the biggest shareholder in OneWeb following the investment.
26) ONGC: Union petroleum minister has given a notice to ONGC to monetise its oil and gas reserves or else they will be taken away and auctioned.
27) HDFC: Housing Development Finance Corporation has acquired an 8.42% stake in Ansal Housing by invoking pledged shares of the company following loan repayment default.
28) NTPC will invest $3 billion in setting up a 7-8GW of renewable energy capacity every year.
29) Tata Motors, Indian Oil: Tata Motors said it has bagged an order for 15 hydrogen-based fuel cell buses from the Indian Oil Corporation.
30) IndusInd Bank said it has sold more than 70 lakh shares, which it acquired through invocation of pledged shares, of tea manufacturing firm McLeod Russel.
31) European countries approve Covishield for ‘Green Pass’
Austria, Germany, Slovenia, Greece, Iceland, Ireland and Spain, and Switzerland have approved the Covishield vaccine for 'Green Pass'.
Estonia has confirmed that it will recognise all vaccines authorised by the government of India for the travel of Indians to their country.
The EU Digital Certificate or ‘Green Pass’ will be mandatory to travel to European countries and will serve as a proof of vaccination.
AIIMS Director Dr Randeep Guleria said that if people are careful and India is able to vaccinate a large number of the population, the third wave of the pandemic may not even come.
32) Eicher Motors reported a 58% rise in sales of Royal Enfields to 43,048 units in June 2021. Exports, however, marginally rose to 7,233 units from 7,221 units in May.
33) Ashok Leyland reported overall sales of 6,448 units in June 2021 which is an increase of 102% over May.
34) India's manufacturing activity contracted in June for the first time in 11 months.
Purchasing managers’ index (PMI) for the manufacturing sector dropped to 48.1 in June from 50.8 in May. A level above 50 is considered expansion while below 50 is considered contraction in economic activity. Market experts believe that the second wave forced producers to reduce factory output because of lower consumer demand.
35) SBI has allocated Rs 62 crore to PM CARES Fund on its foundation day to support the fight against the pandemic.
36) Mahindra & Mahindra on Thursday reported total tractor sales of 48,222 units in June, recovering from the disruptions induced by the second wave of the pandemic. The company had sold a total of 36,544 tractors in June 2020.
37) JSW Steel is planning to invest another Rs 25,115 crore by 2024-25 to ramp up its capacity to 37.5 million tonne per annum.
38) Indian Oil’s board has given Stage - 1 approval for the implementation of India's first-ever Styrene Monomer Project with a capacity of 387 thousand metric tonnes per annum at an estimated cost of Rs. 4,495 crore, at the Panipat Refinery & Petrochemical Complex.
39) Tata Steel: Ratan Tata made an appearance in the company’s AGM and appreciated the management. Tata Steel aims at further reducing debt this financial year.
40) TCS: Tata Consultancy Services has expanded its strategic partnership with Royal London, the largest mutual life insurance, pensions and investment company in the UK.
41) Adani Ports and SEZ aims to double its EBITDA earnings and yearly cargo output by 2025, look for investment opportunities in ASEAN countries and enhance its logistics business.
42) India records highest-ever exports in a quarter
Exports during the June quarter this year jumped to $95 billion due to healthy growth in sectors, including engineering, rice, oil meals, and marine products.
This is 85% higher than that of the same period last year where the exports were at $51 billion.
This could also be due to a low-base effect. Nation-wide lockdown and a shutdown of the global economy led to minimal activity and lower exports in 2020.
Exports in June 2021 were $32 billion.
The merchandise exports were $82 billion during the April to June quarter of 2018-19 and $90 billion during the January to March quarter of 2020-21.
Commerce and Industry Minister Piyush Goyal said that the ministry will try its best to work with all stakeholders to achieve the goal of $400 billion in exports in the fiscal year.
43) Pregnant women can now get vaccinated against the virus
The Union Health Ministry has said that pregnant women are now eligible to take any vaccine authorized by the Government of India. They can register themselves on Cowin or take a walk-in registration.
Zydus Cadila said it has sought the DCGI's nod for emergency use authorization of its three-dose COVID-19 vaccine ‘ZyCoV-D’. The company conducted clinical trials of ZyCoV-D at over 50 centers in India, making it the largest such trial in the country. The volunteers included around 1,000 teenagers aged 12-18.
44) Titan onboarded Ashok Sonthalia as Chief Financial Officer and Swadesh Behera as Chief People Officer.
45) Bharti Airtel: Sunil Mittal said that the telecom sector is under great stress and requires an increase in tariffs.
56) IndusInd Bank announced that it has partnered with TPCODL - a joint venture between TATA Power and the Government of Odisha to introduce a fully digital network for facilitating electricity bill payments across 300 semi-urban and rural regions in the state.
57) The National Housing Bank has imposed a monetary penalty on HDFC of ₹4.75 lakh for non-compliance with certain provisions.
58) SBI will auction two non-performing accounts (NPAs) next month to recover dues of over Rs 313 crore, according to a notice by the lender.
59) Kotak Mahindra: The company’s subsidiary Kotak Securities entered into an agreement with Kredent InfoEdge Private Limited (KIPL), for an investment of Rs 10 crore for a 9.96 percent in the total share capital of KIPL.
60) M&M: The company has inked a solar power delivery agreement with ReNew Sunlight Energy. M&M has also signed a share subscription and shareholders' agreement with RSEPL and ReNew Green Energy Solutions under which it will subscribe to 1,60,74,000 shares, buying a 31.2% stake in RSEPL.
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