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June 28, 2024

News Headlines from Business News Agencies:
Business Standard
Sembcorp files case against Siemens Gamesa over unsettled arbitration
Hyundai to pay $40mn fee to banks advising on India IPO, 2nd biggest payday
India Energy Storage Week to witness Rs 2,000 cr investment announcements
Spectrum auction ends on Day 2 with total Rs 11,340 cr bids, officials say
Vodafone Idea in talks with Samsung to expand 4G, 5G with vRAN solutions
FY25 GDP growth may come close to 7.5%: NCAER's Monthly Economic Review
Budget should raise basic exemption to Rs 3.5 lakh under new tax regime: EY
India must add 1.7-3.6 GW data centre capacity to its 2028 target: Report
Bombay HC directs Subhash Chandra to furnish documents sought by Sebi
Govt to form Mediation Council to streamline business dispute resolution
Indian diaspora breaks record with $107 billion remittance surge in FY24
CDSCO says 52 medicines, including Paracetamol, failed quality check in May
Economic Times
Farm loan waivers to negatively impact banks' asset quality: Macquarie
Global tyre makers accelerate make-in-India plans, buoyed by govt's PLI scheme
Odisha govt planning to ban liquor like Gujarat and Bihar, says minister
SBI General Insurance appoints Naveen Chandra Jha as MD & CEO
Matter Motors raises Rs 82 crore from Japan Airlines & TransLink Innovation Fund
Inox Green Energy Services gets board approval to raise Rs 1,050 crore
Groww Mutual Fund files draft document with Sebi for Nifty EV & New Age Automotive FOF
SBI raises Rs 10,000 cr via bonds to fund infra projects
Juniper Green Energy secures renewable PPAs in Gujarat, Rajasthan
FHRAI seeks infra status for hotels, convention centres in pre-Budget meet
Titan Eye+ to resume expansion strategy amid growing eyewear market
Mint
Bharti Airtel acquires 97 MHz spectrum for ₹6,857 crore at auction
AM Naik steps down as Chairman of LTIMindtree; SN Subrahmanyan to succeed
Centre plans to restructure drug pricing committee
Relief for Byju's as France-based Teleperformance withdraws bankruptcy plea
BHP says carbon offsets remain an option on road to reducing emissions
ISRO arm NSIL signs $18-mn deal with Australia for commercial satellite launch
Kogta Financial raises $148 million from Ontario Teachers’ Pension Plan
Jubilant Ingrevia appoints Varun Gupta As CFO of the company
FMCG firms will strategically boost ad spends as demand stabilizes
Route Mobile owner Proximus Opal eyes Nasdaq listing
Tata Electronics signs tech pact with US chip firm for Dholera fabrication plant
News Headlines from Business News Agencies:
Business Standard
Govt to give 5-yr extension for export credit scheme amid economic slowdown
Realtors expand portfolios, boost investments on strong demand in FY25
Govt securities to be included in JP Morgan Bond Index from June 28
Crude prices may remain higher at $85-100 in short term: S&P Global
CtrlS to invest Rs 2,200 crore in Kolkata data centre campus in phases
EU top court rejects drugmaker Servier appeal against EU antitrust fine
UP govt builds 4.8 MT of fertiliser inventory; to cover 84% of demand
Industrial sector in Rajasthan fears output slump after power cut order
H&M sinks on doubts about margin target, June sale drop due to bad weather
Truecaller, HDFC ERGO tie up for insurance product to safeguard subscribers
GST suppliers giving discounts must ensure undertaking from client: CBIC
Tata Group retains top spot as India's most valuable brand at $28.6 billion
Economic Times
Dialog acquires 100% in Airtel Lanka via share swap deal
India to enter into bilateral Rupee swap agreements with SAARC countries: RBI
RBI cautions against surge in private credit between corporates and non-banks
Fintech lenders have high delinquency levels in small value loans says RBI
US sanctions Boeing for sharing information about 737 Max 9 investigation
Delta Exchange launches India platform for crypto futures & options trading
London PE Finnest takes majority stake in cloud kitchen firm Kitchens@ with $160 million investment
Cooper Corp, Sinfonia Tech join hands to introduce LPG gensets in India, Japan, ASEAN countries
Emkay Investment Managers launches Emkay Capital Builder Fund AIF
Indian banks' gross NPA ratio at multi-year low of 2.8%, net NPA down to 0.6% in FY24: RBI Fin Stability Report
Serentica seeks partners for supply of 800 MWh battery energy storage systems
Mint
SEBI mandates NRI corpus contribution below 25% in new registration rule for FPI
Govt sanctions ₹700 crore for setting up pharma and med tech centres
India's Q1 housing sales rise 5% annually to 1.2 lakh units; demand dips 8%
Brigade Enterprises launches residential project in Bengaluru
Goldman Sachs deploys its first generative AI tool across the firm
Bain Capital-backed Emcure Pharma to float IPO on July 3
Promoters go on an encashment spree, raise ₹62,000 cr via stake sales in 2024
Tariff hikes next on agenda for telcos after auctions
MapmyIndia aims for ₹1,000 cr of revenue by FY27 but faces speed bumps galore
Yes Bank fires 500 staff, undertaking reconstruction, says report
Nvidia AGM: Shareholders approve CEO Jensen Huang's $34 million pay package
India Daybook – Stocks in News
Brigade Enterprises: Company launches 6-tower residential project in Yelahanka, Bengaluru. (Positive)
Jubilant Ingrevia: Company successfully receives establishment inspection report (EIR) from USFDA concluded with zero 483 inspectional observation. (Positive)
INFOSYS: QORUS and Infosys Finacle Collaborate To Recognize Banking Innovation Initiatives Worldwide (Positive)
Navkar Corporation: JSW Infra’s arm JSW Port Logistics to acquire majority stake of Navkar Corporation (Positive)
Bajaj Auto: Company starts production at first overseas manufacturing plant in Brazil, even as exports slumped. (Positive)
Ambuja Cements: Adani Group firm Ambuja Cements said its board of directors approved the merger with Adani Cementation Ltd with the company. (Positive)
TVS Motor: Company incorporates wholly-owned subsidiary in Dubai, UAE. (Positive)
Sahmi Hotels: GTI Capital Alpha likely to sell 3% stake in Samhi Hotels via block deals, sources (Positive)
BHEL: Company has bagged the Rs 13,300 crore order to set up a 1600 MW thermal power plant in Koderma in Jharkhand from Damodar Valley Corporation (DVC). (Positive)
Bharti Airtel: Company’s Nxtra has joined the RE100 initiative led by Climate Group in partnership with CDP. (Positive)
Tega Industries: Company unit entered into contract as consortium member with NMDC Ltd. (Positive)
Reliance Ind: Jio announces an increase in tariffs in the range of 12-25% (Positive)
Swan Energy: Company Says Pre - Payment of Rupees 300 Cr Debt for Its Floating Storage and Regasification Unit (Fsru) Project. (Positive)
HCL tech: Company announced 0.46% of equity at discount of 2.75% to closing price (Neutral)
RBL Bank: Board approves fund raising up to ₹3,500 crore via QIPs in one or more tranches via debt securities (Neutral)
AU Small Finance Bank: To raise funds up to ₹5,000 crore via QIP & other modes. (Neutral)
Ambuja Cements: Board approves merger of Adani Cementation with the company. (Neutral)
Raymond: Re-appoints Gautam Hari Singhania as MD of the company (Neutral)
AU Small Finance: Board will consider the proposal of raising funds by issue of equity shares. (Neutral)
BPCL: NCLT approves BPCL's subsidiary's offer for acquisition of Videocon Energy Brazil for up to $270 million (Neutral)
Sagar Cements: Company re-appoints S Anand Reddy as Managing Director & S Sreekanth Reddy as Joint Managing Director of the Company for a period of three (3) years. (Neutral)
NBCC: Company Approved Appointment of Saleem Ahmad as Chief Financial Officer. (Neutral)
Polycab: Promoters to sell upto 2.04% stake via block deal (Neutral)
Vedanta: Company raises Rs 2,500 crore via NCDs (Neutral)
Yes Bank: Executes one-time-settlement in one of its stressed loan exposures. (Neutral)
Wipo: Company units Designit North America and Wipro Design it Services complete merger effective July 1. (Neutral)
RVNL: Company incorporates subsidiary RVNL Middle East Contracting in Dubai (Neutral)
IPCA Lab: EU Court upholds Rs 126 crore fine imposed on IPCA Labs' subsidiary, Unichem Laboratories. (Neutral)
Asian Paints: Company’s Singapore unit completes acquisition of 23.4% stake in Egypt's SCIB Chemicals for Rs 34 crore. (Neutral)
India Cement: UltraTech Cement bought 7.05 cr shares at Rs 267.74/sh (Neutral)
Mahindra Lifespace: Board Meeting On July 24 To Consider Q1 Results. (Neutral)
Jefferies On RIL
Buy Call, Target Raised To Rs 3,580
Jio Has Raised Tariffs By 13-25%
Cut Jio's FY25-27 Est By Up To 3%
Expect Jio To Deliver 18/26% Revenue/PAT CAGR Over FY24-27
Tweak RIL's FY25/26 EBITDA By 0-1% To Incorporate Jio's Nos
MS on RIL
Overweight Call, Target Rs 3,046
RIL's Announced Telecom Tariff Increases In-line With Our Base Case Expectation
Monetisation Of Investments Remains In Play
Next Catalyst To Watch Will Be Startup Of New Energy Cashflow Streams By End-2024
Do Not Assume Any Further Tariff Hikes Till FY27
But Another Approx 20% Tariff Hike Next Yr Can Raise Earnings By 10-15%
CLSA on Telecom
Hike in tariffs by 13%-25%; JioPhone plans unchanged
RJio’s tariffs now at 15%-21% premiums to Bharti & VI Historically, Bharti & VI tariffs have been at c.20%-25% premiums to RJio
Key will be whether Bharti & VI lift tariffs over coming days or follow with a lag
Bernstein on Telecom
Reliance Jio - takes the lead. Announces tariff hike
Quantum & Timing largely in line with expectations
Expect Bharti A to follow and announce tariff hike for its 4g customers
Expect Bharti & VI to follow with a 20-25% hike across plans
CITI on Telecom
Jio Takes Lead On Tariff Hikes
3 +ve Implications
1) Magnitude of hike is impressive
2) Jio taking lead signals a shift in thinking from market leader & suggests peak of competitive intensity is behind us;
3) Jio taken a step towards indirectly monetising 5G
Jefferies on Telecom
Reliance Jio has raised tariffs by 13-25%
Jio's willingness to raise tariffs bodes well for Bharti/Jio's revenue/margin outlooks.
Maintain Buy on Bharti, TP Ts 1720
MS on Avenue Supermart
Overweight Call, Target Rs 5,123
Competitive Intensity In Online Grocery Space Remains Sharp
Amazon Fresh To Expand To 130 Cities From 60 Cities
For The First Time, JioMart Leads DMart Ready On Product Discounting
Big Basket Leads DMart Ready On SKU Availability
JioMart And DMart Ready Seem To Be Piloting Faster Delivery
Nomura on Cement Sector
Aggressive Expansion Targets Provide Impetus For Consolidation
Stronger Balancesheet Of Large Players Provide Impetus For Consolidation
Aggressive Expansion Targets & Stronger Balancesheet Should Result In Better Pricing Discipline
Current Dynamics Reminiscent Of FY14-17; Ambuja And Ultratech To Lead The Pack
Plant-based Acquisition To Increase Due To De Minimis Exemption Of CCI
Minimis Exemption Of CCI Enables Larger Companies To Keep Acquiring Asset
Succession Issue Provides Another Reason For Promoters To Exit A Non-stressed Business
Prefer Buys – Shree Cement, Ultratech, Ramco Cements & Nuvoco
Jefferies on SRF
Underperform Call, Target Rs 2,125
Co’s Specialty Chemicals Segment Faces Headwinds From Price Erosion In Key Products
Price Erosion In Key Products Due To Chinese Competition
Price Erosion Due To Negative Operating Leverage On Recently Commissioned Capacities
Refgas Outlook Is Muted On Persistent High US Inventories & Chinese Competition In Row
Cut FY25/26 EPS 9%/4% On Sustained Headwinds And Are 15%/14% Below Consensus
Nifty closed @24,044.5 (+175.7) and Sensex @79,243.2 (+568.9) on Thursday GIFT Nifty was trading at 24,199 (as of 7:30 a.m)
FIIs net bought equities in cash to the tune of Rs 7,658 8 cr whereas DIIs sold equities in cash worth Rs 3,605.9 cr on June 27 2024
Jio hikes tariffs by 15-25% introduces new unlimited 5G data plans
JSW Infra buys 70.4% stake in logistics firm Navkar Corp at Rs 95.61 per share
SEBI may review weekly option products to curb market speculation
Radhakishan Damani and associates sold a 22.8% stake in India Cements via block deals Ultratech buys the stake in India Cements as Adani gives chase
Govt offers 50% refund of exploration expenses in critical mineral push
RBL Bank approved raising up to Rs 3,500 cr via QIP
SEBI bans regulated entities from associating with unregistered 'Finfluencers'
Indian promoters offload stakes worth Rs 62,000 cr in H1FY24
BHEL has secured a Rs 13,300 cr order from Damodar Valley Corp to set up a 1,600 MW thermal power plant
Zee Media plans to raise Rs 200 cr through equity shares
Brigade Enterprises launched a 6 tower project in Yelahanka Bengaluru with a revenue potential of Rs 1,100 cr
Patanjali Foods received a notice from Karnataka Pollution Control Board for non compliance with water pollution regulations at its Mangalore facility
Allied Blenders IPO was subscribed 23.5 times on its final day while the QIB portion was subscribed 50.4 times
Indian ADRs: Dr Reddy’s (+4.7%), Wipro (+2.6%) and Infosys (+2.2%)
RBL Bank board approves plan to raise up to Rs 6,500 crore via equity and debt - CNBC TV18: Shares of RBL Bank Ltd ended at ₹262.55, up by ₹4.90, or 1.90% on the BSE.
#TCIEXP: Board of Directors has granted approval to issue stand by letter of credit for an amount not exceeding USD 1.75 million, in one or more tranches, for securing the loan/credit facility to be availed by TCI Express Pte. Ltd, Wholly Owned Subsidiary of the Company.
#BHARTIARTL: Nxtra by Airtel joins RE100, commits to becoming a 100% renewable energy data center company.
Trade Setup for June 28: Nifty set for best month of 2024 after conquering 24,000 - CNBC TV18
The Nifty is up nearly 7% in the month of June, which will be the best month for the index since December last year.
Gautam Singhania reappointed as Raymond MD for 5 years - CNBC TV18
Gautam Singhania was re-appointed with a majority voting in his favour at the company's Annual General Meeting on Thursday (June 27).
Jio hikes tariffs by 12-25% effective July 3 — check new prepaid and postpaid plans here - CNBC TV18
Reliance Jio announced tariff hikes ranging from 12% to 25% on its mobile plans, marking the first increase in prices since December 2021. The revised plans include higher prices for popular data packages.
SEBI approves stricter norms for single stock F&O entry and exit - CNBC TV18
Following these changes, SEBI anticipates a net addition of five to six new stocks in the F&O category, while approximately 24 stocks may be subject to churn from the current list.
Urban Company turns profitable, on track for IPO this year: CEO Abhiraj Bhal - CNBC TV18
“The firm’s net revenue is 38% higher on a year-on-year basis, with its PBT margin at 4% for the period. We are at an annualised net revenue run-rate of ₹1,130 crore,” Bhal added.
*Today big day for indian markets**
INDIA will be added in JP morgan bond index
Means with time india will get 30 billion dollar investment
This is big development for country
*so good for banks and bonds and fiis will turn positive*
STOCKS IN ACTION 28 JUNE
Vedanta: The company raised Rs 2,500 crore via NCDs.
Reliance Industries: Jio raised tariff charges for multiple plans, which will be effective July 3.
State Bank of India: The bank raised Rs 10,000 crore via non-convertible long-term bonds.
Bharat Heavy Electricals: The company has secured a Rs 13,300 crore contract to set up a 1600
MW thermal power plant in Koderma in Jharkhand from Damodar Valley Corp.
JSW Infra: The company also received a letter of acceptance from Southern Railway for the construction of a multi-modal cargo terminal. Unit JSW Ports will acquire a 70.37% stake in Navkar Corp. at Rs 95.61 per share, which has triggered a mandatory open offer for an additional 26% stake at a price of Rs 105.32 per share.
India Cements: Radhakishan Damani and associated entities sold a 22.8% stake via open market operations.
RBL Bank: The lender approved raising up to Rs 3,500 crore via QIP or other means and up to Rs 3,000 crore via debt securities.
AU Small Finance Bank: The lender will raise up to Rs 5,000 crore via QIP or other means and up to Rs 6,000 crore via debt instruments.
Yes Bank: The lender executed a one-time settlement in one of its stressed loan exposures. Th borrower will pay $23 million as a settlement against its dues.
Brigade Enterprises: The company has launched a 6-tower residential project in Yelahanka, Bengaluru, with a revenue potential of Rs 1,100 crore.
RVNL: The company incorporated a subsidiary, RVNL Middle East Contracting, in Dubai.
Inox Wind: The company incorporated a wholly-owned subsidiary, Pokhran Wind Energy, as a special purpose vehicle to develop wind farms in India.
Wipro: Units Designit North America and Wipro Designit Services completed their merger effective July 1.
Patanjali Foods: The company received a show cause notice from the Karnataka State Pollution Control Board for non-compliance with water pollution regulations at its Mangalore unit.
Infosys: The company clarified that there is no impact on its financial activities or operations following CEO Salil Parekh's settlement order.
PCA Labs: An EU Court upheld a Rs 126 crore fine imposed on subsidiary Unichem Laboratories over a patent dispute with French company Servier. The company has already made provisions in their accounts for the fine.
Asian Paints: The Singapore unit completed the acquisition of a 23.4% stake in Egypt's SCIB
Chemicals for Rs 34 crore and now holds an 85.6% stake in SCIB.
Raymond: The company re-appointed Gautam Hari Singhania as MD effective July 1.
KP| Green Energy: The company received a sanction letter for Rs 686 crore in credit facilities for a 200 MW solar project in Khavda. Rs 225 crore raised through a QIP earlier will be used to partially fund the project.
Piramal Enterprises: S&P Global assigned 'BB- long-term and 'B' short-term ratings and affirmed
'a'stable outlook.
TEGA INDUSTRIES: CO UNIT ENTERED INTO CONTRACT AS CONSORTIUM MEMBER WITH NMDC LTD
CONTRACT FOR DESIGN, ENGINEERING OF NEW 7 MTPA IRON ORE SCREENING & BENEFICIATION PLANT
CO SAYS TOTAL VALUE OF CONTRACT AWARDED TO CONSORTIUM IS APPROXIMATELY 8.72B RUPEES
TMML'S SHARE OF BUSINESS IN CONTRACT IS 1.20B RUPEES
CONTRACT IS REQUIRED TO BE EXECUTED OVER A PERIOD OF 26 MONTHS
JUBILANT INGREVIA: CO JUBILANT INGREVIA LIMITED SUCCESSFULLY RECEIVES ESTABLISHMENT INSPECTION REPORT (EIR) FROM USFDA CONCLUDED WITH ZERO 483 INSPECTIONAL OBSERVATIONS
REITERATES COMMITMENT TO HIGHEST STANDARDS OF QUALITY AND COMPLIANCE EXCELLENCE
EIR FOR MANUFACTURING FACILITY, UNIT -1 AT BHARUCH, GUJARAT
BHEL: Won another EPC package of Rs.13300 crs from DVC for power plant of 1.6GW
#JSWInfrastructure gets Letter of Acceptance from Southern Railway, Chennai Division for construction of multi-modal cargo terminal: Exchange filing
#Vedanta raises Rs 2,500 crore via NCDs: Exchange filing
#UpdaterServices' board approves merger of units #StanworthManagement and Tangy Supplies & Solutions with company: Exchange filing
S&P Global assigns 'BB-' long-term and 'B' short-term ratings, affirms stable outlook to #PiramalEnterprises: Exchange filing
BLOCK DEAL ALERT: HCL TECH
Undisclosed seller to sell 1.24 cr shares via block deal
Deal size at Rs 1756 cr with floor price at Rs 1415 per share (3% discount)
CITI Broker to deal
Sources to @CNBC_Awaaz
CDSL TO CONSIDER BONUS SHARE ON 02 july
SAMHI HOTELS: BLOCK DEAL ALERT - GTI CAPITAL TO SELL UPTO 1.03 CR SHARES VIA BLOCK DEALS
FLOOR PRICE AT 187 PER SHARE
DEAL SIZE WITH GREENSHOE OPTION AT 5% EQUITY || JM FIN BROKER TO DEAL - CNBC AWAAZ, CITING SOURCES
Stocks in News post Market closure
Globus Spirits Ltd :: Company Launch of Brothers & Co. Blended Whisky, GR8 Times Premium Whisky, GR8 Times Premium Green Apple Vodka, Snoski Crafted Vodka Cranberry and Snoski Crafted Vodka Orange.
Jubilant Ingrevia Limited : Company has successfully receives Establishment Inspection Report (EIR) from USFDA concluded with Zero 483 Inspectional Observations.
IndusInd Bank Limited : IndusInd Bank roots for MSME growth and success with focused banking initiatives.The Bank offers a plethora of tailored banking solutions to support the MSMEs.
Fedders Electric and Engine limited : Board meeting scheduled to be held on 02nd July 2024, to consider and approve a proposal for raising of funds .
Tega Industries Limited : Tega McNally Minerals Limited , a wholly-owned subsidiary of the Company, has entered into a contract on June 26, 2024 as a consortium member with India's largest producer of iron ore, NMDC Limited, for Design, Engineering, Manufacture, Supply, Erection, Testing and Commissioning of new 7 MTPA Iron ore Screening & Beneficiation Plant – II at Donimalai Complex, Bellary, Karnataka on Turnkey basis. Kalpataru Projects International Limited is the Consortium Leader. The Contract is required to be executed over a period of 26 months. The total value of the Contract awarded to the Consortium is approximately INR 8,716 million . TMML’s share of business in the said contract is INR 1,199 million.
Bharat Petroleum Corporation Limited : The National Company Law Tribunal, Mumbai on 26.06.2024 has passed an order approving the offer submitted by BPRL Ventures B.V for the acquisition of entire stake held by Videocon Energy Brazil Limited in IBV Brazil Petroleo Limitada for a consideration of up to USD 270 Million, in the Corporate Insolvency Resolution Process (CIRP) of VOVL Ltd.
DCM Shriram Ltd : The Company has commissioned its captive 120 MW state-of-the-art Power Plant at its Chemical complex in Jhagadia, Bharuch Dist. Gujarat .This project will help in driving cost efficiencies at Bharuch Complex.
Nibe Limited : The Company has recognised by iDEX Innovation for defence excellence award in iDEX DISC X - Indian Coast Guard for Ch No 19 - Interconnected Wearable Safety Bands.
Adani Enterprises Limited : Adani Cementation Limited a wholly owned subsidiary of the Company approved a proposed Scheme of Amalgamation of ACL with Ambuja Cements Limited. In view of the same, ACL and a step-down subsidiary Adani Cement Industries Limited shall cease to be subsidiaries of the Company upon the proposed Scheme being effective.
CASPIAN CORPORATE SERVICES LIMITED : Board meeting to be held on 03rd Day of July, 2024 to consider & approve Issue of Bonus shares to the equity shareholders of the Company.
Sun Pharmaceutical Industries Limited : Company has received an order passed by statutory authority .Penalty of Rs.39,35,52,263 on the tax demanded.
Wipro Limited : The merger of Designit North America, Inc with Wipro Designit Services is completed and is effective from July 1, 2024.
CFF Fluid Control Limited : Company has received the Contract for Procurement of Spare P75 Project from Material Organisation, Mumbai totalling to approx. Rs. 09.58 Crores.
AU SMALL FINANCE BANK LIMITED : Board approved Raising of funds by issue of equity shares for an aggregate amount not exceeding Rs. 5,000 Crore & Borrowing/raising of funds for an amount not exceeding Rs. 6,000 Crore in one or more tranches.
BRIGADE ENTERPRISES LTD : Brigade Group Launches Brigade Insignia in North Bengaluru with a Revenue Potential of Rs. 1100 Cr.
Rail Vikas Nigam Limited : Company has incorporated Subsidiary Company RVNL MIDDLE EAST CONTRACTING L.L.C in DUBAI.
Ipca Laboratories Limited : Court of Justice of the EU’ has upheld the fine of Euro 13.96 million imposed by the ‘General Court of the EU’ collectively on Unichem Laboratories Limited and Unichem’s wholly owned subsidiary viz., Niche Generics Ltd with respect to patent dispute settlement agreement done by them for Perindopril drug matter with the innovator French Company Servier group.
ASIAN PAINTS LIMITED : The aforesaid acquisition of the stake in SCIB and all the customary formalities relating to the said acquisition have been completed. APIPL now holds 85.6% stake in SCIB.
RELIANCE INDUSTRIES LTD. : Reliance Jio Info comm Limited, a subsidiary of the Company JIO INTRODUCES NEW UNLIMITED PLANS.
PI Industries Limited : The Company has got incorporated a wholly-owned subsidiary in the name and style of PI INDUSTRIES MANAGEMENT CONSULTANCIES LLC’ in the Emirate of Dubai, United Arab Emirates.
Navkar Corporation Limited : Board has approved Share Purchase Agreement entered between the Company, sellers forming part of the promoter/promoter group of the Company, and acquirers for sale of 10,59,19,675 equity shares of the Company of Face Value of Rs. 10/- each, aggregating to 70.37% of the share capital of the Company.
AVG LOGISTICS LIMITED :Odisha Government has allotted a land parcel admeasuring 4 acres in Khurdha, Bhubaneswar, Odisha to AVG Logistics Limited
SEPC Limited : Board has approved the Letter of offer for the proposed Rights Issue .
Uno Minda Limited : Company has issued the unlisted Commercial Paper of Rs. 100 Crore with allotment date 27 June, 2024 and due for maturity on 23 September, 2024.
Chandrima Mercantiles Limited : Board approved for Raising of Funds.
JSW Infrastructure Limited : The Company its wholly owned subsidiary JSW Port Logistics Private Limited has agreed to acquire 70.37% Shareholding held by Promoters and Promoter Group in Navkar Corporation Limited . Necessary definitive agreements have been signed between the parties.
India Shelter : CARE Ratings Limited has upgraded the Credit Rating of the Long Term Bank Facilities of the Company
EFC Limited: the Board of Directors of the company at their meeting held on 27 June, 2024 has approved inter-alia, the execution of the Share Subscription Agreement (“SSA”) with relevant parties in connection with the Company’s proposed acquisition of 51% stake in ‘Bigbox Ventures Private Limited’.
Exhicon Event Media Solutions Limited : the Board of Directors of the Company in its meeting held today has considered and approved the acquisition of 76% Equity Stake of Green Branch Contracting & Land Scaping LLC and has also signed the Share Purchase Agreement for the said acquisition.
Vedanta: The company raised Rs 2,500 crore via NCDs.
Reliance Industries: Jio raised tariff charges for multiple plans, which will be effective July 3.
State Bank of India: The bank raised Rs 10,000 crore via non-convertible long-term bonds
Bharat Heavy Electricals: The company has secured a Rs 13,300 crore contract to set up a 1600 MW thermal power plant in Koderma in Jharkhand from Damodar Valley Corp
India Cements: Radhakishan Damani and associated entities sold a 22.8% stake via open market operations.
RBL Bank: The lender approved raising up to Rs 3,500 crore via QIP or other means and up to Rs 3,000 crore via debt securities
Yes Bank: The lender executed a one-time settlement in one of its stressed loan exposures. The borrower will pay $23 million as a settlement against its dues
Inox Wind: The company incorporated a wholly-owned subsidiary, Pokhran Wind Energy, as a special purpose vehicle to develop wind farms in India
Patanjali Foods: The company received a show cause notice from the Karnataka State Pollution Control Board for non-compliance with water pollution regulations at its Mangalore unit.
Infosys: The company clarified that there is no impact on its financial activities or operations following CEO Salil Parekh's settlement order.
PCA Labs: An EU Court upheld a Rs 126 crore fine imposed on subsidiary Unichem Laboratories over a patent dispute with French company Servier. The company has already made provisions in their accounts for the fine
Raymond: The company re-appointed Gautam Hari Singhania as MD effective July 1.
KPI Green Energy: The company received a sanction letter for Rs 686 crore in credit facilities for a 200 MW solar project in Khavda. Rs 225 crore raised through a QIP earlier will be used to partially fund the project.
Piramal Enterprises: S&P Global assigned 'BB-' long-term and 'B' short-term ratings and affirmed 'a'stable outlook
Stocks under F&O ban List for 28/06/2024: NILL.
Key support and resistance levels on the Nifty for 28/06/2024:
Support levels for Nifty is placed at 23,871, followed by 23,674, and 23,590.
Resistance levels to watch out for are 24,087, followed by 24,153, and 24,261.
UBS ON TARIFF HIKE |
• Price increases are in-line to slightly above consensus, but this also means a key catalyst has played out
• Expect Airtel and Vodafone Idea to follow soon
• Believe the estimates effectively build 20-25% price increase over FY25-26.
• Will also closely monitor whether consumers downgrade their plans
JPMORGAN ON TARIFF HIKE |
• 20% tariff hike by Jio is a tad lower than our expectations of 25%
• 5G unlimited sees even higher increase; Subscriber churn can be expected
• Jio taking tariff hike shows the intent that its focus has shifted from share gains to monetization
• JioPhone tariffs unchanged is key negative for Bharti Airtel and Vodafone Idea
• Jio could continue to gain 2G share from BHARTI/IDEA
• If BHARTI/IDEA take hikes only in 4G prepaid and postpaid and not in 2G then the ARPU impact will be much lower at 14%/11% vs 20% at Jio
INVESTEC ON ULTRATECH BUYING STAKE IN INDIA CEMENT |
• The new Thalaiva in South?
Assuming controlling stake of India Cement, capacity share could increase to 18% from 11% for UltraTech in South
• Help secure presence in Telangana vs. no presence earlier
BOFA ON ULTRATECH BUYING STAKE IN INDIA CEMENT |
• Financial investment in India Cements could aid share prospects in South
• Gives Ultratech a higher probability of eventually gaining majority stake in it
Infosys - Pennsylvania Department of Revenue imposed tax penalty of $7.5 Lacs
Wockhardt Press Conference tomorrow for update on WCK 5222
AVG Logistics: Allotment Of Land Parcel To The Company By Odisha Government In Khurdha Odisha
NCLT approves #BPCL subsidiary's offer for acquisition of Videocon Energy's stake in JV IBV Brazil Petroleo for up to $270 million
Gold falls Rs 120; silver remains flat at Rs 90,600 per kg
According to HDFC Securities, gold prices in the national capital dropped by Rs 120 to Rs 72,180 per 10 grams on Thursday, following weak trends in global markets. In the previous session, the precious metal had closed at Rs 72,300 per 10 grams.
Meanwhile, silver prices remained unchanged at Rs 90,600 per kg.
SEBI approves new rules to regulate finfluencers
SEBI registered advisors will not be able to enter into agreements with any finfluencers
*WHAT HAPPENED OVERNIGHT*
-> SPX +0.09%, Nasdaq +0.30%
-> Dollar Index -0.15% to 105.89
-> UST 10y yield -5 bps to 4.28%
-> 1st US presidential debate this morning
-> Oil up 1.4% to $86.41/bbl
-> In data, US core PCE is later tonight
Jefferies on RIL
Buy, TP Raised to Rs 3580
Jio raised tariffs by 13-25%.
Expect to deliver 18/26% rev/PAT CAGR over FY24-27E
MS on RIL
OW, TP Rs 3046
Announced telecom tariff hike
Monetisation of investments remains in play & next catalyst will be startup of new energy cashflow
JEFFERIES ON SRF |
• Maintain Underperform; Hike target price to Rs 2,125 from Rs 2,085
• Chinese crop protection exports remain elevated
• Challenges continue in specialty chemicals
• Price erosion in key products; Ref gas faces a challenging FY25
• Fluoropolymers to ramp up gradually; Headwinds persist in Packaging Films
INCRED ON AUTOMOTIVE ER&D |
• Tata Tech - Initiate Reduce with target price of Rs 797
• Tata Elxsi - Initiate Reduce with target price of Rs 6,064
• Automotive sector at the crossroads of contrasting opportunities
• Automakers reconsidering the viability of alternate technologies
• Protectionism, pricing pressure and growth moderation
• Put together, it could moderate spending intensity or delay decisions
EMKAY ON MAN INDUSTRIES |
• Initiate Buy with target price of Rs 500
• Taking the next leap - Two exciting projects
• Gaining market share from a growing pie
• Building blocks to growth, cash generation, and returns
•Transition phase from 'potential' to 'delivery' offers positioning opportunity
• Risk/Reward proposition favorably placed
CITI ON NUVAMA WEALTH |
• Maintain Buy with target price of Rs 6,000
• Opening Upside 90-Day Catalyst Watch
• Catalyst: New flows+capital market buoyancy+cost improvement
Jefferies on RIL
Buy, TP Raised to Rs 3580
Jio raised tariffs by 13-25%.
Expect to deliver 18/26% rev/PAT CAGR over FY24-27E
MS on RIL
OW, TP Rs 3046
Announced telecom tariff hike
Monetisation of investments remains in play & next catalyst will be startup of new energy cashflow
CLSA on Telecom
Hike in tariffs by 13%-25%; JioPhone plans unchanged
RJio’s tariffs now at 15%-21% premiums to Bharti & VI Historically, Bharti & VI tariffs have been at c.20%-25% premiums to RJio
Key will be whether Bharti & VI lift tariffs over coming days or follow with a lag
#IndiGo offers alternate flight options and full refunds for those affected with flight cancellations at T1 in Delhi Airport
#CNBCTV18Market | Morgan Stanley expects telecom sector companies like #BhartiAirtel and others to announce price hike for 4G subscribers soon
Bernstein on Telecom
Reliance Jio - takes the lead. Announces tariff hike
Quantum & Timing largely in line with expectations
Expect Bharti A to follow and announce tariff hike for its 4g customers
Expect Bharti & VI to follow with a 20-25% hike across plans
#CNBCTV18Market | Jefferies maintains a buy call on Bharti Airtel. Says Reliance Jio has raised tariffs by 13-25%, adding the initiative to raise tariffs reflects rising focus on monetisation
#CNBCTV18Market | Nomura says current dynamics reminiscent of FY14-17; Ambuja and UltraTech to lead the pack in the cement sector
Defence stocks in focus after extension in customs duty exemption on imports of some parts - CNBC TV18
Rajnath Singh, India's Defence Minister, earlier this month is now targeting India's defence exports to ₹50,000 crore by 2028-2029.
#CNBCTV18Market | Morgan Stanley maintains an overweight call on Avenue Supermarts. Says competitive intensity in online grocery space remains sharp, adding that for the first time, JioMart leads DMart Ready on product discounting
CITI on Telecom
Jio Takes Lead On Tariff Hikes
3 +ve Implications
1) Magnitude of hike is impressive
2) Jio taking lead signals a shift in thinking from market leader & suggests peak of competitive intensity is behind us;
3) Jio taken a step towards indirectly monetising 5G
SG Mart: Ashish Kacholia Sir bought 9,10,000 share @440 worth 40.04 crore
F&O Stocks:
Possible Inclusions - Zomato & Jio Fin
Possible Exclusions- LTIM, Divislab
Polycab India: Big Block of 3,376,548 shares at 6709.35 worth 2265.44 crore rupees

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