Indian Markets shown positive sign this week showing all time highs as NIFTY crossed 16000 mark while SENSEX crossed 54000.
Pharma and Realty Stocks were down today.
1) Sun Pharma has entered a licensing and supply pact with Cassiopea SpA, an Italian specialty drugmaker, to market the acne cream Winlevi in the USA and Canada.
2) HCL Tech has been selected as a launch partner for Microsoft’s ‘Microsoft cloud for Financial Services'.
HCL’s subsidiary - HCL America Inc - has earned the 2021 Great Place to Work Certification.
HCL Tech has been recognized by Gartner as a leader in its 2021 Magic Quadrant for Public Cloud IT Transformation Services.
3) IndusInd Bank’s board gave the nod to raise up to Rs. 30,000 crores through a mix of debt and equity.
4) ONGC startup fund has invested in a seed round of Pepfuels - a startup focused on door-step fuel delivery space.
5) Axis Bank has bought a 5.5% stake in financial technology firm IBBIC Private Ltd.
6) Biocon Biologics, a subsidiary of Biocon, announced that it has been granted an exclusive license by Adagio Therapeutics, a US-based biotechnology company, to manufacture and commercialize an antibody treatment based on ADG20 for India and select emerging markets.
7) ICICI Lombard announced a partnership with SVAAS Wellness, a wholly-owned subsidiary of Dr. Reddy’s, for a cashless outpatient offering in India.
8) Finance Cabinet clears Bank deposits insurance bill
Each depositor's bank deposits will now be insured up to Rs 5 lakh in each account he or she holds.
Earlier deposits of up to only Rs 1 lakh were insured.
This was announced by finance minister Nirmala Sitharaman on 4th August 2021.
An amendment to the Deposit Insurance Credit Guarantee Corporation (DICGC) Bill 2021 has been cleared to increase the deposit insurance amount. This, the finance minister said, will cover 98.3% of all deposit accounts and 50.9% of the deposit value.
As per the deposit insurance scheme, each bank depositor is insured up to a maximum of Rs 5 lakhs for both principal and interest amount held. If a bank goes into liquidation and is unable to pay you for your deposit, this deposit insurance is liable to cover your deposits up to the said limit. This has become even more important in the wake of multiple banks failing to pay their depositors, PMC Bank issue being one of the recent examples.
9) State Bank of India: SBI announced the addition of a new feature called ‘SIM binding’ to Yono Lite App for making banking safer for its customers.
10) NTPC has offered to sell power to corporates and industrial consumers on an open-access basis. Traditionally, NTPC supplies electricity directly to electricity distribution companies (discoms).
11) Cipla: Around 150 patients at Manipal Hospitals were administered the Cipla and Roche COVID-19 antibody cocktail.
12) Adani Enterprises has been allotted over 34,000 sq metre land in Noida for setting up “one of the largest data centres across the country”, Adani Group announced.
13) Kotak Mahindra Bank announced the launch of emergency personal loans exclusively for the treatment of Covid-19. Under the offer, borrowers can avail loans of Rs 1 lakh - 5 lakh, at an interest rate starting at 10% per annum.
14) IPO Corner
a) Glenmark Life Sciences was subscribed 44.17 times at the end of day 3 of bidding. The IPO received bids for 66.32 crore shares against an offer of 1.5 crore shares.
On 6th August, the shares of Glenmark Life Sciences listed at Rs 751.1 per share on the BSE, a 4.32% premium over its issue price of Rs 720. On NSE, it is listed at Rs 750 per share, up 4.17%.
The IPO was open for subscription between July 27 and 29, 2021.
b) Rolex Rings IPO was subscribed 130.43 times at the end of day 3 of bidding. The IPO received bids for 74.15 crore shares against an offer of 56 lakh shares.
c) Devyani International IPO was subscribed 116.70 times at 6:32 PM of Day 3 of bidding.
The IPO received bids for 1,313 crore shares against an offer of 11.25 crore shares.
d) Krsnaa Diagnostics IPO was subscribed 85.71 times at 6:32 PM of Day 3 of bidding.
The IPO received bids for 60 crore shares against an offer of 71 lakh shares.
e) Exxaro Tiles Limited IPO was subscribed 22.65 times at 6:32 PM of Day 3 of bidding.
The IPO received bids for 25.93 crore shares against an offer of 1.14 crore shares.
f) Windlas Biotech IPO was subscribed 22.44 times at 6:32 PM of Day 3 of bidding.
The IPO received bids for 13.74 crore shares against an offer of 61 lakh shares.
15) India extends ban on International flights
The Director General of Civil Aviation (DGCA) has extended the ban on international flights till August 31. The ban was supposed to end on July 31.
Scheduled international passenger flights were suspended in India on March 23, 2020.
The restriction doesn't apply to international all-cargo operations and flights specifically approved by DGCA.
16) TVS Motor Company: Venu Srinivasan, chairman of TVS Motor, mentioned at the AGM that the company is planning to launch products in the mid- to-premium segment to achieve volume growth.
17) PM Modi launched e-RUPI, a digital payment solution on August 2.
e-RUPI can be used to pay for Covid vaccination programs and other direct benefit transfer schemes.
e-RUPI would be shared with the beneficiaries for a specific purpose by organizations or a government via SMS or QR code.
Subsidies under welfare schemes, Pradhan Mantri Jan Arogya Yojana, schemes under Ayushman Bharat, or any other scheme where an organization/government and a direct beneficiary is involved can make use of e-RUPI.
The users of e-RUPI will be able to redeem the voucher without a card, digital payments app, or internet banking access, at the merchants accepting e-RUPI.
18) Reliance Retail is looking to buy Subway’s India franchise for $200-250 million.
Reliance Industries slipped 59 places to rank 155th on the 2021 Fortune Global 500 list.
19) Coal India Ltd registered a 30.7% growth in fuel supplies to the power sector at 166.3 million tonnes during the April-July period.
20) Tata Motors has entered the list of top 10 cars sold in the country for the first time in recent months after Nexon SUV recorded over 10,000 unit sales last month.
Tata Motors has tied up with Sundaram Finance to roll out finance offers for its passenger vehicle customers.
21) Wipro announced it has earned the Kubernetes on Microsoft Azure advanced specialization.
22) Maruti Suzuki: Owing to a semiconductor shortage, Suzuki Motors Gujarat (SMG) will shut production for three consecutive Saturdays this month.
23) Britannia Industries mentioned it will gradually undertake a price hike of its products to offset a sharp rise in cost.
24) VI Stock fell deep as Chairman Resigns:
Kumar Mangalam Birla, chairman of Vodafone Idea (Vi), stepped down as the chairman of the company.
His request to step down was accepted by the board of Vi on Wednesday.
Post his exit, the share price was down 0.83% to Rs 5.95 per share. In the last one week, the share price fell 28.74%. Vi owes more than Rs 58,000 crores of AGR dues.
Last week Birla offered to give away his stake to a government, a company, or any entity that considered Vi worth enough to keep it operational.
In his letter to the government, Birla highlighted that investors were unwilling to invest due to a lack of clarity in the AGR issue.
[AGR stands for annual gross revenue and as the name suggests, telecom operators are required to share a percentage of their AGR as spectrum license fee and spectrum usage charges. The dispute between the department of telecom and the telecom companies was mainly on the definition of AGR.]
25) Titan’s watch brand, Sonata, has launched its new sub-brand ‘Epic by Sonata' in partnership with Flipkart.
26) Dr. Reddy’s Laboratories mentioned it has entered into a definitive agreement to sell its U.S. and Canada territory rights for Elyxyb 25 mg/mL- used for the acute treatment of migraine attacks- to BioDelivery Sciences International Inc (BDSI).
27) ITC, Britannia: ITC has ended a nearly 10-month long legal feud with Britannia by changing the packaging of its digestive biscuits brands ‘Sunfeast Farmlite 5-Seed Digestive’ and ‘Sunfeast Farmlite Veda Digestive’.
28) BPCL: Bharat Petroleum Corporation announced that BPCL ESPS Trust has completed the third tranche of the transfer of 3,65,36,052 equity shares of Rs 10 each on 03 August 2021 to those employees who had exercised their options.
29) RBI maintains repo rate at 4%
The Reserve Bank of India left the repo rate unchanged at 4% in its monetary policy committee (MPC) meeting on August 6, 2021. The MPC has maintained an accommodative stance.
Taking into account rising input prices, supply-side pressures coupled with weak demand, RBI is expecting an inflation rate of 5.7% through the current financial year.
RBI expects the real GDP at 9.5% for this financial year.
30) Adani Power’s proposal to delist its shares is reportedly being examined by SEBI.
31) Mutual Fund Category Performance
• Mutual funds bought equity worth Rs. 9046.56 crore as against sale of Rs. 8046.15 crore as on Jul 29, 2021. This led to a net purchase of Rs. 1000.41 crore compared with a net purchase of Rs. 1158.41 crore on Jul 28, 2021.
• Mutual funds bought debt worth Rs. 7731.83 crore as against sale of Rs. 7482.78 crore as on Jul 29, 2021. This led to a net purchase of Rs. 249.05 crore compared with a net purchase of Rs. 1339.58 crore on Jul 28, 2021.
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