Inflation remains a concern for the central banks as they keep tightening their monetary policy stoking fears of recession among investors. RBI raised the repo rates by 50 bps on Friday.
Prosus terminates PayU’s acquisition of BillDesk
Prosus NV has cancelled a $4.7 billion deal to buy Indian payments firm BillDesk after conditions on the deal were not met. The deal had received approval by the Competition Commission of India (CCI) last month, though ‘certain conditions precedent’ weren’t met by the deadline at the end of last month, Prosus said in a statement on Monday.
On 31 August 2021, Naspers announced that an agreement had been reached between PayU Payments Private Limited (PayU), a subsidiary of Prosus N.V. (Prosus), and the shareholders of the Indian digital payments provider BillDesk to acquire BillDesk for $4.7 billion. BillDesk, founded in 2000, is a leading payment businesses in the country. (Read More)
Metal index among laggards today, sheds more than 1%
This underdog sector could deliver multibagger stocks in the long-term
We’re talking about India’s print media sector.
Overview of India’s print media industry
The IBEF report on media and entertainment (M&E) industry describes the sector as a sunrise sector where India has an advantage.
The report states the industry is on the cusp of a strong phase of growth, backed by rising consumer demand and improving advertising revenue. Ad revenues make for about three-fourth to the total revenue of print media companies.
The M&E industry is broadly categorised by various segment including television, print media, digital advertising, cinema, and the OTT and gaming industries. (Read More)
India’s Reliance seeks repeat of phone success with $184 laptop-sources
Reliance Jio will soon launch a laptop priced at just 15,000 rupees ($184) – one of the cheapest on offer in India, aiming to replicate the success of its low-cost phone, said two sources with direct knowledge of the matter.
Indian billionaire Mukesh Ambani’s Reliance is known for disrupting businesses with cut-throat price offerings. Jio, its telecoms unit, has been credited with upending the world’s no. 2 mobile market with cheap 4G data plans and free voice services in 2016. Last year, it followed that up with its 4G JioPhone that costs $81.
The laptop, to be called JioBook and which will be embedded with a 4G sim card, will be available to customers such as schools and government institutes from this month while a consumer launch is anticipated within the next three months, the sources said. As with the JioPhone, a 5G-enabled version is set to follow. (Reuters)
Prateek Agrawal joins Motilal Oswal Asset Management as executive director
Motilal Oswal Asset Management on Monday announced that it has appointed Prateek Agrawal as its executive director.
At Motilal Oswal AMC, Prateek will lead business and investment Strategy. Prateek is Bachelor of Engineering from NIT Rourkela and PGDM in Finance & Marketing from XIM-Bhubaneshwar. (Read More)
Noon Update: Sensex sheds 250 points and Nifty around 60 points. FMCG and Auto remain under pressure.
Nykaa bonus shares’ issue announced in 1:5 ratio. Check record date
Nykaa on Monday announced that its board at its meet held today has approved the issuance of bonus equity shares of the company in the ratio of 1:5 i.e., the company will issue bonus of 5 shares for every 1 share held as on the record date. Nykaa shares were trading over 7% higher on the BSE at ₹1,366 apiece.
Further, the company has fixed Thursday, November 03, 2022, as the record date for the purpose of determining members eligible for Bonus equity shares. The estimated date by which such bonus shares would be credited/dispatched would be within two months from the date of board approval i.e., on or before December 02, 2022. (Read More)
Bajaj Auto reports 2 pc dip in total sales in September
Bajaj Auto on Monday reported 2% dip in total sales at 3,94,747 units for September 2022 as compared to the year-ago period.
In September last year, the company clocked sales of 4,02,021 vehicles.
Total two-wheeler sales last month declined 4% to 3,48,355 units from 3,61,036 units in the same month last year, the company said in a regulatory filing.
However, total commercial vehicle sales during the month under review went up 13% to 46,392 units as against 40,985 vehicles in September 2021. (PTI)
Govt to approach capital market this month to raise ₹2,500 cr for three road projects
The government will approach the capital market this month to raise around ₹2,500 crore to fund three road projects, a senior official said on Monday.
The money will be raised through Infrastructure Investment Trusts (InvITs), the government official added.
“We will be approaching the capital market this month to raise around ₹2,500 crore for the three road projects,” he told PTI on the condition of anonymity.
Infrastructure Investment Trusts (InvITs) are instruments on the pattern of mutual funds, designed to pool money from investors and invest in assets that will provide cash flows over a period of time. (PTI)
Suzlon Energy to continue with rights issue opening next week
Suzlon Energy on Monday said it will continue with its ₹1,200 crore rights issue opening October 11, after the demise of its founder and CMD Tulsi Tanti.
The company informed the bourses that its promoters have reconfirmed their participation in the rights issue.
“In continuation to the announcement dated 2nd October 2022 (about the demise of Tanti), promoters and promoter group have reconfirmed their participation in the proposed rights issue and have expressed their intention to subscribe to the full extent of their rights entitlement,” the regulatory filing stated.
Accordingly, the company will continue to follow the schedule for the proposed rights issue set out in its letter of offer(LOF) dated September 28, 2022. (PTI)
Zydus Lifesciences gets USFDA nod for generic drug
Zydus Lifesciences on Monday said it has received the USFDA’s final nod to market its generic version of Mirabegron extended-release tablets used to treat overactive bladder, with 180 days of shared generic drug exclusivity.
The final approval granted by the US Food and Drug Administration (USFDA) to the company’s US arm Zydus Pharmaceuticals Inc is for the tablets of strengths 25 mg and 50 mg, it said in a regulatory filing.
Zydus was one of the first applicants to submit a substantially complete ANDA (abbreviated new drugs application) with a paragraph IV certification for Mirabegron extended-release tablets, 25 mg and 50 mg and is therefore eligible for 180 days of shared generic drug exclusivity for the drug, it added. (PTI)
India factory growth cools to 3-month low in September: PMI
India’s factory growth dipped to a three-month low in September but output still remained solid despite global headwinds, a private survey showed. The Manufacturing Purchasing Managers’ Index, compiled by S&P Global, fell to 55.1 in September from 56.2 in August, lower than 55.8 predicted by economists in a Reuters poll but the pace of growth was still solid. (Read More)
Bank index under pressure, sheds 1% with most stocks in red.
Covid-19 update: India logs 3,011 cases, 28 deaths in a day
India sees a slight drop in infections with 3,011 Covid cases reported in the last 24 hours, according to the Union Health Ministry data updated on Monday. This drop in cases comes after the country reported 3,375 yesterday.
As per the ministry, active cases in the country has now declined to 36,126 from the earlier 37,444. A decline of 1,318 cases has been recorded in the active COVID-19 caseload in a span of 24 hours. (Read More)
Hindalco share under pressure today, sheds 2%
Axis Securities Pick of the Week – NOCIL Ltd – BUY with TP at ₹275
NOCIL Ltd. Is engaged in manufacturing of rubber chemicals which are used by the tyre industry and other rubber processing industries. Company is the Largest Rubber Chemicals Manufacturer in India with the State of the Art Technology for the manufacture of rubber chemicals. NOCILs brands PILFLEX®…
Read More: Stock Market LIVE: Sensex sheds 300 pts, Nifty around 17k; Metal, Bank, FMCG lag