Report of NSDL freezing accounts of FPIs are erroneous: Adani Group

In a filing to the stock exchanges, the Adani Group clarified that reports of the National Securities Depository Ltd (NSDL) freezing the accounts of three foreign portfolio investors (FPIs) are “blatantly erroneous”. They stated that the report was meant to deliberately mislead the investing community. Earlier today, the Economic Times had reported that NSDL froze the accounts of Mauritius-based Albula Investment Fund, Cresta Fund, and APMS Investment Fund due to ‘insufficient disclosure of information regarding beneficial ownership’. These foreign funds reportedly hold shares worth Rs 43,500 crore in four listed companies of the Adani Group.

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Coal India Q4 Results: Net profit falls 1% YoY to Rs 4,587 crore

Coal India Limited (CIL) reported a 1.1% YoY decline in consolidated net profit to Rs 4,586.78 crore for the quarter ended March (Q4). Net profit has increased by 48.66% when compared to the previous quarter. Its revenue from operations fell 4.2% YoY to Rs 24,510.80 crore during the same period. CIL’s total production fell 4.8% YoY to Rs 203.42 million tonnes (MT) in Q4. Net profit for the financial year 2020-21 (FY21) declined by 24% YoY to Rs 12,699.89 crore. CIL’s board has recommended a final dividend of Rs 3.5 per share.

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WPI inflation hits record high of 12.94% in May

Inflation, as measured by the Wholesale Price Index (WPI), hit an all-time high of 12.94% in May 2021, compared to the corresponding month last year. This is mainly due to rising crude oil prices and higher costs of manufactured products. WPI stood at 10.97% in April. The inflation of primary articles stood at 9.61% year-on-year (YoY) in May, against 10.16% in April. Prices of food articles stood at 4.31% YoY in May, compared with 4.92% in April. Fuel and power inflation rose to 37.6% YoY during May, against an increase of 20.94% in April.

Meanwhile, inflation based on Consumer Price Index (CPI) rose to 6.3% in May, compared to 4.32% in April.

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Amara Raja Batteries to diversify into emerging energy opportunities

Amara Raja Batteries Ltd (ARBL) has announced plans to invest an estimated $1 billion (~Rs 7,320 crore) over the next 5-10 years to expand into new sectors and enter new geographies. The company has decided to invest in green technologies, including lithium-ion batteries, to capitalise on fast-evolving trends in the energy and mobility sectors. The government’s Rs 18,000 crore PLI scheme for advanced chemistry cells provides ARBL a push towards building a domestic supply chain for lithium to serve the fast-growing electric vehicle (EV) and energy sectors.

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Indian Overseas Bank Q4 Results: Net profit jumps 2-fold to Rs 350 crore

Indian Overseas Bank (IOB) reported an over two-fold YoY jump in consolidated net profit to Rs 349.77 crore for the quarter ended March (Q4). Net profit has increased by 64.31% when compared to the previous quarter. Its total income rose 10.75% YoY to Rs 6,073.80 crore during the same period. The gross non-performing assets ratio fell to 11.69% in Q4 FY21, compared to 14.78% in the year-ago period (Q4 FY20). Net profit for the financial year 2020-21 (FY21) jumped 109.75% YoY to Rs 831.47 crore. IOB’s board has approved a proposal to raise up to Rs 1,000 crore by issuing bonds.

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Natco Pharma’s partner gets USFDA approval for anti-cancer drug

Breckenridge Pharmaceutical Inc., a marketing partner of Natco Pharma, has received approval from the US Food and Drug Administration (USFDA) for Carfilzomib vials. The drug is used to treat multiple myeloma (cancer that forms in a type of white blood cell known as plasma cell). According to industry sales data, the generic version of the drug had annual US sales of $696 million (~Rs 5,096 crore) for the twelve months ended December 2020.

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Tata Motors to raise up to Rs 500 crore via NCDs

The Board of Directors of Tata Motors has approved a proposal to raise up to Rs 500 crore through the issue of securities on a private placement basis. The company will issue 5,000 rated, listed, unsecured, redeemable, non-convertible debentures (NCDs) of the face value of Rs 10 lakh each. The automaker did not share details on how it plans to use the capital.  

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Greenply Q4 Results: Net profit at Rs 28.63 crore

Greenply Industries Ltd reported a consolidated net profit of Rs 28.63 crore for the quarter ended March (Q4 FY21). It had reported a net loss of Rs 21.49 crore in the corresponding quarter last year (Q4 FY21). Its revenue from operations rose 15% YoY to Rs 396.70 crore in Q4 FY21. Net profit for the financial year ended March 31, 2021 (FY21) increased by 28.91% YoY to Rs 60.91 crore. The company’s board has recommended a final dividend of Rs 0.4 per share.

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Kajaria Ceramics Q4 Results: Net profit jumps 169% YoY to Rs 131 crore

Kajaria Ceramics reported a 168.7% YoY jump in consolidated net profit to Rs 131.17 crore for the quarter ended March (Q4). Its revenue from operations rose 46.08% YoY to Rs 952.51 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) increased by 21.83% YoY to Rs 308.90 crore. The company’s board approved the expansion of a manufacturing facility at Gailpur (Rajasthan) for ceramic floor tiles. Kajaria Ceramics is the largest manufacturer of ceramic/vitrified tiles in India and the eighth largest in the world.

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IPO Updates:

Shyam Metalics

The Rs 909-crore initial public offering (IPO) of Shyam Metalics and Energy Ltd was subscribed 1.23 times on the first day of bidding. The portion reserved for retail investors was subscribed 2.19 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 70% and that of employees 27%. You can learn more about the IPO here.

Sona BLW Precision Forgings

The Rs 5,550-crore initial public offering (IPO) of Sona BLW Precision Forgings Ltd was subscribed 11% on the first day of bidding. The portion reserved for retail investors was subscribed 51%. The portion set aside for non-institutional investors (NIIs) saw a subscription of 1% and that of qualified institutional buyers (QIBs) 2%.

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