Neeraj Joshi

2024-02-23 07:00:09 Global market today Open / Comment

2024-02-23 07:00:01 Good morning Open / Comment

2024-02-22 07:14:41 Stocks to watch-

Wipro: The IT services giant on Wednesday disclosed a new deal with US chipmaker, Intel Foundry. The deal with the chip development division of Intel will see Wipro engineers work on Intel's latest '18A' chip node that will be used in cutting-edge consumer electronics devices next year onward. In an exchange filing, Wipro said the deal will cater to chip designs for clients across automotive, industrial and telecommunications verticals, and be used for "generative Al-driven designs".

Eureka Forbes: Lunolux, the promoter of Eureka Forbes, will sell up to a 12% stake in the household appliances maker for $138.6 million ( 1,148.7crore) through a block deal on Thursday, people with knowledge of the deal said. Advent International, which owns Lunolux, had bought a majority stake in Eureka Forbes from Shapoorji Pallonji Group for ₹4,400 crore in 2021. As on December 2023, it held around 72.56% stake in the company. The block deal will be offered at a floor price of 494.75 per share, a 3% discount from Wednesday's closing price of ₹510.05 on BSE.

Vedanta: The Tamil Nadu government told the Supreme Court that Vedanta's Sterlite Copper plant should not be considered a national asset or deemed necessary to reopen to fulfill the country's copper demand. The state instead pointed to Adani Group's forthcoming copper smelter plant in Gujarat as capable of fulfilling India's copper demand. The Tamil Nadu government opposed granting Vedanta any opportunity to reopen its plant in Thoothukudi, alleging that the company was a repeat offender and polluter.

Bank of Baroda: The bank on Wednesday raised 2,500 crore through its second tranche of Basel III compliant Tier 2 Bond at a coupon rate of 7.57%, surpassing market expectations of 7.63% to 7.65%. The bonds are issued for a tenor of 10 years, with the first call option after 5 years. The issue attracted an overwhelming response from the investors with total bids reaching more than six times the base issue size of ₹1,000 crore, totalling 6,237 crores, and 2.5 times the total issue size of Rs. 2,500 crore.

JSW Steel: Steel tycoon Sajjan Jindal plans to borrow $750 million for capital expenditure purposes as India's largest steel mill targets a major capacity expansion, according to people in the know. JSW Steel, part of the $23-billion JSW Group, is sounding out lenders and a mandate is likely in the coming days, the people said, asking not to be identified as the information is private. The loan's tenor and pricing will be finalized later as the deal proceeds.

Zee Entertainment Enterprises: The Securities and Exchange Board of India will question the top management of Zee, two people close to the development said. Sebi's initial findings in June last year said 200 crore from the company was diverted through related party transactions. This was contested by the father-son duo before the Securities Appellate Tribunal (SAT). However, Sebi later informed the tribunal that it was conducting a wider investigation as there were several layers to the transactions. The regulator told the tribunal it found Chandra had issued a letter of comfort for 4,210 crore in his capacity as chairman of Essel Group. Open / Comment

2024-02-22 07:14:15 Global market today Open / Comment

2024-02-22 07:14:02 Good morning Open / Comment

2024-02-21 17:07:35 Expiry Day Option Trading Karna Seekhen
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2024-02-21 07:40:20 Stocks to watch-

Hindalco Industries: The company has decided to take its US subsidiary Novelis Inc. public, 17 years after the Aditya Birla group flagship snapped up the top aluminium maker that now fetches over half of its revenue. In a surprise announcement on Tuesday, Novelis said it has submitted a confidential filing for an initial public offering (IPO) with the US Securities and Exchange Commission (SEC). The IPO will be a secondary sale of shares by Hindalco, meaning Novelis will not receive any capital as part of the offer. Hindalco owns 100% of Novelis.

Zee Entertainment Enterprises: The company on February 20 issued a clarification denying reports. of restarting discussions with the Sony group to revive their $10-billion merger deal that was scrapped on January 22. In a regulatory filing to the stock exchanges, Zee Entertainment stated that the company is not involved in any negotiations on the Sony merger deal and that reports suggesting a revival of talks are 'factually incorrect.

Devyani International: Yum Restaurants India is likely to sell its entire 4.4% stake in quick service restaurant firm Devyani International through a block deal to raise ₹814.8 crore, CNBC-TV18 reported on February 20 quoting sources. The floor price of the deal is likely fixed at ₹153.5 per share, a 7.6% discount to Devyani International's closing price on Tuesday. As of December 30, Yum Restaurants India held 5 crore shares in Devyani International. Devyani International is the largest franchisee for Yum Brands which operates KFC, Pizza Hut, and Taco Bell in India and the sole franchisee for Costa Coffee.

Union Bank of India: The public sector lender on Tuesday said the Committee of Directors for Raising Capital Funds has approved the raising of funds up to 3,000 crore via qualified institutions placement (QIP), it announced in an exchange filing. Union Bank of India said it approved the floor price of ₹142.78 per equity share for the issue and approved the opening of the issue today, i.e. February 20, 2024.

Reliance Industries, Tata Power, Adani Power, Vedanta: The government will invite private firms to invest about $26 billion in the nuclear energy sector to increase the amount of electricity from sources that don't produce carbon dioxide emissions, a report by news agency Reuters said. The government is in talks with at least five private firms including Reliance Industries, Tata Power, Adani Power and Vedanta to invest around 44,000 crore each, the report said. The Department of Atomic Energy and state-run Nuclear Power Corp of India Ltd (NPCIL) have held multiple rounds of discussions with the private companies in the past year on the investment plan.

JSW Steel, Tata Steel, ACC, JK Cement: These are among the 27 companies that have submitted bids for coal mines under the latest round of coal mine auctions which included the ninth round and the second attempt for seventh round. A total of 27 mines were on offer in the ninth round, while bids were received only for 13 mines, according to a statement from the union ministry of coal. Among the companies, Rungta Sons submitted the highest number of bids, with bids for five mines, followed by JSW Steel and JK Cement which have submitted bids for four mines each. Tata Steel has bid for two mines, while ACC has placed bids for one mine.

Power Finance Corp.: The state-run company on Tuesday signed a memorandum of understanding (MoU) with the Goa government to fund the state's green energy ambitions through a blended finance facility. Under the MoU, PFC will provide financial support for Goa's pivota climate-related projects. These include initiatives in renewable energy, green hydrogen, electric vehicles, converting waste to wealth, and nature-based solutions, all contributing to an energy transition. Open / Comment

2024-02-21 07:39:45 Good morning Open / Comment

2024-02-20 16:55:46 Health insurance scams jaan aap chauk jayege
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2024-02-20 05:55:04 Stocks to watch-

JSW Steel: The steelmaker is in talks to pick up a 20% stake in Australia's Blackwater coal mine from Whitehaven Coal for around $1 billion, said two people aware of the discussions. The companies are yet to decide on the final valuation. If the parties reach an agreement, the deal is expected to close by the end of this financial year, the people said.

Whirlpool of India: The white goods manufacturer's promoter, Whirlpool Mauritius Ltd, will sell 24% stake worth $451 million (₹3,745 crore) in the company through a block deal on Tuesday, as per a term sheet reviewed by Mint. The liquidity from the stake sale will help the American multinational company pare its debt and deleverage its balance sheet. The block deal will be offered at a floor price of ₹1,230 per share, representing a 7.6% discount from Monday's closing price of ₹1,331.20 on the NSE.

SpiceJet: The Supreme Court on Monday slammed SpiceJet for failing to clear its dues to Credit Suisse, ordering the low-cost airline to pay up by 15 March and asked its chairman Ajay Singh to appear before it a week after making the payment. The apex court took critical note of reports indicating that Spice Jet, in collaboration with Busy Bee Aviation, had submitted a bid to acquire. bankrupt airline Go First. The court directed SpiceJet to pay $1.25 million to Credit Suisse, after the investment bank informed the Supreme Court that it was to receive $15 million from SpiceJet by 15 February, but had received only $13.75 million.

Coal India: The state-run coal miner will bid for three blocks in critical minerals auctions conducted by the country's mines ministry in February, Chairman and Managing Director PM Prasad told analysts in a post-earnings conference call on Monday. India launched the first part of its critical minerals auction - expected to raise an estimated 450 billion rupees ($5.42 billion) overall - in November last year in a bid to drive its clean energy push.

Hindalco Industries: The aluminium major is putting a major thrust into its sustainability projects as the company expects to realize the first phase of its interim green house gas (GHG) reduction target a couple of years before 2030, said Satish Pai, managing director of the company. Hindalco Industries, through the successful completion of phase one of the pumped hydro project, plans to achieve 30% of its energy mix from renewable sources by 2030. The company plans to become net neutral on carbon by 2050.

IREDA & PNB: In an attempt to boost India's clean energy ambitions, the Indian Renewable Energy Development Agency (IREDA) and Punjab National Bank (PNB) have signed a Memorandum of Understanding (MoU) to collaborate on financing renewable energy projects across the country, on February 19, 2024. This partnership is aimed at streamlining and accelerating access to finance for developers in this critical sector, according to an exchange filing.

Titagarh Rail Systems: The company is on track to start supplying driverless train sets for Bengaluru Metro's Yellow Line (RV Road to Bommasandra) from April, a senior official of the company told Moneycontrol on condition of anonymity. He added that Titagarh Rail Systems will supply two train sets of six coaches each every month to Bengaluru Metro Rail Corp (BMRCL) from April. BMRCL has imported the first two sets of six-car trains (12 coaches) from China, while the remaining 204 coaches will be manufactured by Titagarh Rail in India.

HDFC Bank: The recent merger of HDFC Bank and HDFC Ltd has brought forward the loan growth of the combined entity, triggering the need for the private bank to raise funds, said MD and CEO Sashidhar Jagdishan. "There is a need to mobilise sustainable deposits in order to replace the maturing bonds," Jagdishan said at an investor conference hosted by Goldman Sachs on February 19. The bank's deposit growth will not match loan growth overnight but will rather follow a glide path, he said. Open / Comment