1. AGR Verdict postponed again

The Supreme Court (SC) of India has again postponed the verdict on payment of Adjusted Gross Revenue (AGR) dues by Telecom companies. No order was passed on the matter of staggered payment of dues. The court also asked the government to formulate a plan for recovery of dues from bankrupt operators which include Reliance Communications, Videocon Ltd and Aircel Group.

Read more here.

2. Equity Mutual Funds see first net outflow in 4 years in July

Equity mutual funds witnessed net outflow of cash worth Rs 2,480.35 crore, as investors in need of cash booked their profits. It is the first net outflow in the last 4 years. Also, this is the 4th straight month of fall in inflow of cash to equity funds. Debt mutual fund schemes, however, exceeded expectations with net inflows in excess of Rs 10,000 crore for the month. 

Read more here.

3. Patanjali eyeing IPL 2020 title sponsor spot

Yoga Guru Baba Ram Dev’s Patanjali Ayurveda is considering bidding for title sponsorship of IPL 2020. Earlier, phone maker Vivo had pulled out of the slot of title sponsor due to operational difficulties and rising Indo-China tensions. Season 15 of the Indian Premier League is scheduled to start on 19th November. Matches will be played in different grounds over at the United Arab Emirates (UAE) as India is struggling to control the COVID-19 pandemic.

Read more here.

4. Reliance Aramco Deal still in the horizon

In an unexpected development, Saudi Aramco publicly announced that it is still looking to close the $15 Billion deal with Mukesh Ambani’s Reliance Industries. Aramco is eyeing a 20% stake in Reliance’s refining and petrochemicals business. Mukesh Ambani, Chairman and MD of Reliance, had said during the AGM that the deal has faced delays due to the pandemic after which share prices tanked 9% intraday.

Read more here.

5. The Ban on 101 Defence Items will Lead us to $5 Trillion Economy : Bharat Forge Chairman & MD

Mr Baba Kalyana, Chairman and Managing Director of Pune-based forging company Bharat Forge, welcomed Defence Minister Rajnath Singh’s announcement of banning the import of 101 defence items. Kalyani said as a result of the move, the domestic sector will grow, leading to getting India closer to achieving a $5 trillion economy. 

“This strategic step will propel the Atmanirbhar Bharat narrative”, he added.

Meanwhile, on the account of this news, following stocks benefited today:

Bharat Forge, up 3.13% to Rs 420.55.

BHEL, up 3.12% to Rs 36.35.

L&T, up 4.84% to Rs 959.95

HAL, up 8.06% to Rs 1,026

Read More here.

6. ICICI Bank launches Rs 15,000 crores Share Sale

ICICI Bank on Monday said it has launched an institutional share sale offering that will see the bank raise as much as ₹15,000 crores (approximately $2 billion). It has launched its qualified institutional placement (QIP), setting the floor price at Rs 351.36 per equity share.

Read more here.

7. Hinduja Leyland Finance to raise $100 Million

Hinduja Leyland Finance Ltd (HLFL), the financing arm of commercial vehicle maker Ashok Leyland, is in talks with potential investors to raise up to $100 million in primary equity. The company extends loans for commercial vehicles, as well as three-wheelers, two-wheelers, tractors and construction equipment. HLFL plans to come out with an initial public offering (IPO) in the near to medium term.  Hinduja group entities held 93.08% in HLFL with Ashok Leyland the primary shareholder with a 61.83% stake.

The reason for fundraising through an IPO is mostly due to the fact that most of the auto manufacturers and NBFCs are under a great deal of stress due to the coronavirus outbreak.

Read more here.

8. Blackstone set to acquire Rs 12,745 crore of Prestige assets

US private equity player Blackstone might purchase Prestige Group’s rental income assets for over $1.7 billion (Rs 12,745 crore). If this goes through then, it will be the largest real estate buyout in India. Blackstone’s acquisition will include Prestige Group’s nine operational malls, and under-construction properties in south Indian cities such as Bengaluru, Chennai and Mysore.

Prestige will use proceeds from the transaction to clear its debt and as equity capital for growth. Blackstone will acquire 100 per cent control of around 20 million square feet of commercial space, including 16 million sq ft of ready and completely leased assets.

Read more here.

9. Titan Q1 Results – Rs 270 crores loss compared to Rs 371 crores profit last year

Titan has reported a 170% fall in profits and 60% fall in revenue, as their outlets remained shut due to the COVID-19 lockdown. The figures are significantly worse than analysts’ expectations. Deep diving to understand more, there has been a 56% decline in jewellery revenue whereas the decline in watches and eyewear categories revenue are nearly 90%, hurting the company more.

Meanwhile, Titan closed 1.5% up today. 

Read more here.

10. Bank of Baroda Q1 Results – Rs 864 crores loss compared to Rs 710 crores profit last year

While most of the PSU banks have been coming out with better-than-expected-results, Bank of Baroda has posted a huge loss. A deeper analysis shows that the dip in profit can be attributed mainly to nearly 70% increased provisions. Also, analysis shows that the Net Interest Income, Other Income and Total Advances have grown well with time. Also, Net NPA has come down considerably to 2.83% from 3.95% last year.

Read more here.

11. Ujjivan Finance Q1 Results, net profits fall 6.2% YoY

Ujjivan Finance Ltd, whose subsidiaries include Ujjivan Small Finance Bank, reported a net profit of Rs 77.88 crore, down 6.2% year-on-year. The Company said that it has adequate liquidity and resources to service its obligations in the near future. It blamed the pandemic induced lockdown and consequent provisions for bad loans as the reason for the reduced numbers.

Read more here.

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At the recent United Nations Climate Change Conference at Glasgow (COP26), India pledged to achieve net-zero carbon emissions by 2070. The Centre has committed to installing a non-fossil fuel electricity generation capacity of 500 gigawatts (GW) and sourcing 50% of India’s energy requirement from renewable sources by 2030. The government also aims to reduce 1 […]

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