Indian Equity Benchmark Indices seen slightly correction this week although reached all-time high four consecutive weeks.
The NIFTY settled the week at 17532 by down at 1.8%, after five weeks of gains while SENSEX settled at 58,776 . The broader markets relatively outperformed the benchmark as Nifty midcap and small cap gained ~0.7%, each.
PSU Banks, Metals, Pharma and Auto indices rose the most, while IT, FMCG and Bank indices fell the most.
1) Reliance Industries Ltd. is in talks to buy a stake in Indian mobile content provider Glance InMobi Pte. RIL is considering investing about US$ 300mn in the unicorn backed by Google.
Reliance Capital’s meeting of the board of directors will now be held on October 11 2021. It was earlier scheduled to be held on September 28 2021.
Reliance Industries Ltd announced that Saudi Aramco Chairman Yasir Al-Rumayyan met all regulatory criteria for his appointment as an independent director, pending shareholder approval on the decision. The appointment of Yasir Al-Rumayya has taken effect from July 19, 2021 for a term of 3 years.
2) Whirlpool of India Ltd. announced that it has entered into a share purchase agreement with Elica S.p.A to acquire an additional stake in Elica PB India. Elica PB India will become a majority-owned subsidiary of Whirlpool India. Whirlpool India owns a 49% stake in the Elica PB India Private Limited and will acquire an additional ~38% equity interest for US$ 57mn to bring its total equity ownership to ~87%. Whirlpool India initially acquired a 49% equity interest in Elica PB India in 2018.
3) Sun Pharmaceutical announced the launch of a new formulation in cough management - Chericof 12 in India. Chericof 12 is the first prescription cough syrup in India that gives relief for up to 12 hours.
4) EaseMyTrip, India’s second largest online travel platform, inked a US$ 10 million agreement with InterGlobe Technology Quotient (ITQ) to provide seamless access to ITQ’s travel commerce platform – Travelport (1G).
5) TCS has bagged a five-year IT transformation contract from NORD/LB, a leading German commercial bank that is targeting a new business model by 2024 with a more agile operating model.
TCS has been selected as a strategic partner by Apoteket, a Sweden based pharmaceutical retailer, to accelerate its digital transformation and growth.
Tata Consultancy Services (TCS), has partnered with Multi Commodity Exchange India Ltd (MCX), as the technology solution provider for MCX’s growth.
6) HDFC announced plans to raise up to Rs 6,000 crore via the issue of secured redeemable non-convertible debentures (NCDs) on a private placement basis. HDFC Bank has raised Rs 5,000 crores by issuing bonds on a private placement basis.
After the embargo on HDFC Bank was lifted last month, the bank has issued over 4 lakh credit cards, a media report mentioned.
7) Airtel: CRISIL Ratings has upgraded its long-term ratings on the bank facilities and debt program of Bharti Airtel to ‘CRISIL AA+/Stable' from 'CRISIL AA/Stable.'
8) Hero MotoCorp has announced that it has revised the prices of its products in the Indian market and made it costlier. The latest prices have already come into effect starting from September 20.
9) Piramal Enterprises has approved the allotment of 4,000 NCDs aggregating to Rs 400 crores on a private placement basis.
Piramal Enterprises has formally acquired DHFL by making the cash payment of Rs 14,700 crore to creditors as per the resolution plan. The deal is for a total consideration of Rs 34,250 crore.
10) Marico Ltd. has launched a new Chyawanprash range under its contemporary ayurvedic brand Saffola Immuniveda. This is the company’s second product in the segment, commanded by its arch-rival Dabur. It had last year entered the Chyawanprash segment with the launch of Saffola Arogyam Chyawan Amrut Awaleha.
11) Godrej Consumer Products Ltd., (GCPL) launched a paper-based mosquito repellent—Goodknight Jumbo Fast Card priced at Rs15 for 10 cards. Close to 50% mosquito repellents used in India are in the form of burning coils or cubes.
12) Bharat Petroleum Corporation Ltd (BPCL) plans to invest over Rs 1 lakh crore over the next five years in raising petrochemical production capacity, gas business, clean fuel and augmenting marketing infrastructure.
13) Bharti Airtel’s direct-to-home (DTH) arm plans to stop imports of high-definition set top boxes (STBs) by the end of this year, having started domestic manufacturing of the devices in Noida in partnership with Skyworth Electronics.
Airtel will invest Rs 5,000 crore over the next 3-4 years in its newly-launched data center business, ‘Nxtra by Airtel’, to triple capacity.
14) Reserve Bank of India (RBI) imposed a monetary penalty of Rs 2 crore on RBL Bank for contravention of former's directions on Reserve Bank of India (Interest Rate on Deposits) Directions, 2016 and non-compliance with provisions of clause (b) of sub-section (2) of section 10A of the Banking Regulation Act, 1949, RBI said in a release.
RBI decided to take out Indian Overseas Bank from the Prompt Corrective Action Framework subject to certain conditions and continuous monitoring.
15) Commerce Minister Piyush Goyal announced in a press conference today that the union cabinet has given its approval to ECGC (Export Credit Guarantee Corporation of India) Ltd to be listed through an IPO. He also added that the government will invest Rs 4400 crores in ECGC for 5 years to support exporters and banks.
Furthermore, this IPO will help create 59 lakh new jobs including 2.6 lakh in the formal sector.
ECGC was established by the Government of India under Companies Act in 1957 to promote exports by providing credit insurance services to exporters against non-payment risks by the overseas buyers due to commercial and political reasons.
16) Wipro, Infosys: The Securities and Exchanges Board of India (SEBI) has banned an Infosys and a Wipro employee from trading on the exchanges for insider trading in Infosys.
17) Canara Bank: CRISIL Ratings has upgraded Canara Bank’s Tier I Bonds (under Basel III) to 'CRISIL AA+/Stable' from 'CRISIL AA/Stable'.
18) BPCL is planning to add 1,000 electric vehicles (EV) charging stations in the "short term".
19) HCL Tech has signed a multi-year strategic partnership with Proximus Group, one of Belgium’s leading digital services and communications solutions providers, to transform its data center business and create a robust digital foundation.
HCL Technologies launched a 5G Open Radio Access Network (O-RAN) lab in India that will enable global telecom industry players to transition to a 5G network.
20) L&T: Several media reports have stated that Larsen & Toubro is in talks to merge its thermal power business with the Indian unit of Singapore-based Sembcorp Industries Ltd.
Larsen & Toubro Infotech Ltd (LTI) has inked a strategic partnership with eClinicalHealth Ltd to accelerate digital innovation in R&D Clinical Trials Management process for patient centric drug development.
21) Britannia Industries has collaborated with the global IT and professional services company Accenture to accelerate its digital transformation across multiple retail channels.
22) Japan's former Foreign Minister Fumio Kishida is set to become the next prime minister of Japan, replacing Yoshihide Suga.
23) The Indian government has exempted customs duty on COVID-19 vaccines till December 31, 2021.
24) BharatPe co-founder Shashvat Nakrani has become the youngest self-made individual to feature in this year's Hurun India Rich List.
25) Vedantu has become the latest unicorn startup in India after raising $100 million in a Series E funding round.
26) Standard Life Investments Ltd will sell up to 5% of its stake in HDFC Asset Management Co Ltd, through a block deal for US$ 411 million or Rs 3,042 crore.
27) American private equity major KKR is selling a 6.5% stake in Max Healthcare Institute Ltd, worth US$ 300 million or Rs 2,220 crore, in a block trade. KKR affiliate Kayak investments Holdings Pte Ltd is selling 63.47 million shares or 6.57% of Max Healthcare at an indicative price range of Rs 350-369 per share.
28) Dish TV has got a breather, as the Registrar of Companies has granted the company an extension of two months to call an Annual General Meeting (AGM) from the due date by which it ought to have been held.
29) Crisil has upgraded Bharti Airtel Ltd's long term rating to AA+, with business outlook being stable, citing continued improvement in the company's operating metrics.
30) Gujarat Gas Ltd has won a legal battle in the Supreme Court to secure distribution rights for outer Ahmedabad region. The case was fought against Adani Gas over the right for authorized distribution of gas in Ahmedabad Rural.
31) Adani Wilmar is launching the Fortune Mart stores on a franchise model. It has opened 12 Fortune Mart stores across states including Rajasthan, UP, Gujarat, MP, Maharashtra and West Bengal.
32) Mahindra & Mahindra Ltd. is weighing options to raise funds for its Automobili Pininfarina unit as it seeks to bring a delayed US$ 2.2 million electric hypercar into production, people with knowledge of the matter said.
33) Lupin announced the launch of Droxidopa Capsules, 100 mg, 200 mg, and 300 mg, having received an approval from the US FDA. The product is manufactured at Lupin's facility in Nagpur, India.
34) Bajaj Auto and the promoters of KTM have finalized a share swap deal which would lead to Bajaj holding a stake in a KTM group company.
35) Tech Mahindra has partnered with the Cybersecurity Centre of Excellence, part of the Data Security Council of India (CCoE-DSCI) to drive a cybersecurity innovation ecosystem in India.
36) ITC: INOX has partnered with ITC for its in-cinema food and beverage offering.
37) Tata Steel: TSGH Singapore, a 100% indirect subsidiary of Tata Steel, reached an agreement with TopTip Holdings to divest its entire equity stake in NatSteel Holdings for an equity value of $172 million.
38) The Defence Acquisition Council (DAC) has cleared acquisition proposals for three armed forces worth around Rs 13,165 crore. Of the total acquisition proposals of Indian Army, Navy and Air Force, 87% of them will be produced in India.
39) Veritas Funds Plc on behalf of Veritas Asian Fund acquired 52 lakh shares in the company at Rs 350 per share, SBI Mutual Fund bought 4,28,57,000 shares at same price, and HDFC Mutual Fund purchased 57 lakh shares.
40) The Securities Exchange Board of India (SEBI) has established electronic gold and silver ETFs, two new investment vehicles. Sebi has created a framework wherein gold will be transacted in the form of 'Electronic Gold Receipt' (EGR) at stock exchanges. Silver ETFs have been approved by the market regulator. It will follow the same regulatory framework as existing gold ETFs. As a result, fund companies will be able to sell silver ETFs in the near future.
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