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August 29, 2024

News Headlines from Business News Agencies:
Business Standard
Abbott India recalls Pentids antibiotic batches over packaging issues
With 1 more ship, LNG under new pacts to be imported from 2026: Gail
Centre approves expansion of Agricultural Infrastructure Fund scheme
Paytm gets govt approval for downstream investment in payments arm PPSL
Sebi cautions investors against SME companies doing price manipulation
Construction firm BCD Group appoints Ashwinder R Singh as VC, CEO
Saudi Arabia's sovereign wealth fund refinances $15 bn loan with banks
BharatPe launches UPI offering, taps into consumer payments segment
UPI transactions can touch 100 bn in next 10-15 years: Dilip Asbe
Digital transactions in India to grow threefold by 2028-29: Report
BYD eyes 50% overseas sales after it posts strong first half results
Economic Times
Tanishq and De Beers enter into long-term strategic collaboration
BharatPe taps into consumer payments segment with launch of UPI offering
Oyo clocks net profit of Rs 132 crore in Q1 of FY25
Square Yards reports 52% YoY growth in Q1 FY25, hits Rs 261 crore revenue
Palm oil dips as India import tax concerns counter weak supply outlook
India to benefit from the global gas supply glut: ICRA
Zydus Lifesciences gets USFDA nod for generic medication
Cabinet approves rolling out private FM radio for 234 uncovered new cities
Medikabazaar appoints Dinesh Lodha as new CEO amid leadership changes
RBI plans to implement uniform licensing for online and offline payment aggregators
Hyundai to double hybrid lineup; announces $3 billion buyback
Mint
Funding winter pushing fintech firms to go public very early: Nippon India CIO
CCI gives nod to ₹70,350-crore Reliance-Disney India merger
IT sector has survived many tech transitions: Kris Gopalakrishnan on AI's impact
Maruti Suzuki gears up for electric future with six new EVs by 2031: Report
Govt may relax export ban on non-basmati white rice amid surplus: Pralhad Joshi
India's renewable energy boom stunted by regulatory ambiguity over sales accords
India's solar ambitions face supply chain hurdles, investor confidence steady
Zomato launches ‘Zomato for Enterprise’ for corporate food orders
Jio Leasing Services invests ₹67.50 crore in Reliance International Leasing
Bharat Biotech launches oral cholera vaccine Hillchol amid global shortage
ICICI Prudential gets GST demand notice of ₹429 crore from Maha tax authority
India Daybook – Stocks in News
Sonata Software: Company gets multi-year, multi-million dollar IT outsourcing contract from US-based healthcare and Wellness Company (Positive)
Wipro: Company collaborates with Dell Tech to strengthen enterprise AI-ready platform. (Positive)
Transformers & Rectifiers: Company Gets Export Order of USD 14 million from Linxon Global Sweden (Positive)
Paytm: Paytm Payment Services Limited (PPSL) gets FDI approval. (Positive)
Reliance Ind: CCI Approves Combination Involving RIL, Viacom18 Media, Digital18 Media, and Star India & Star Television. (Positive)
Lemon tree hotels: Company signs a new property in Ujjain, Madhya Pradesh (Positive)
Vedanta: Company to consider third interim dividend on September 2. (Positive)
L&T: Company’s semiconductor subsidiary signs accord with C-DAC. (Positive)
Genus Power: Company wins orders worth Rs. 4,469.04 cr. (Positive)
NLC India: NLCIL signs power usage agreement to supply 200 MW of green power to Telangana state. (Positive)
Jyoti Structure: Contract worth ₹105.57 Crores for supply of towers for a 765 kV Transmission Line from a leading Private Developer. (Positive)
Global Vectra: Vijay Kedia increased stake to 4.86% from 2.92% (Positive)
DCX Systems: Company secures a purchase order of US$ 22 Mn (Positive)
VLS Finance: Company to buyback 33 lakh shares (9.48% eq) of the company for up to ₹125 cr at ₹380/sh (Positive)
Mirc Electronics: Board Meeting on Sept 2 to Consider Fund Raise via Rights Issue. (Positive)
HCL tech: Aims to increase bookings run rate to $2.3-2.5 bn from $2 bn at present (Positive)
KEC International: Company bags ₹1,171 crore transmission and distribution orders in Middle East (Positive)
Nalco: Company joint venture KABIL signs MoU with Oil India for mineral exploration. (Positive)
Macrotech Developers: Company said it's planning to acquire 100% equity stakes in two companies. (Positive)
Godfrey Phillips: Samir Modi emphasizes protecting shareholder value over familial disputes, open to business sale. (Neutral)
Goa carbon: Company announced temporary shutdown of bilaspur and paradeep units for modificational works (Neutral)
Varun Beverages: Company Acquired 10.91% Stake in Huoban Energy 11 by Investing Rs 29 million. (Neutral)
HPCL: Company Issue of Non-convertible Debentures on Private Placement Basis for Rs 25 billion (Neutral)
Power Grid Corp: Company acquired BHADLA-III power transmission ltd, deal for Rs 64.2 million, entity being acquired belongs to power transmission industry. (Neutral)
Varroc Engineering: Company appoints Dr Karl-Heinz Glander as the head of research and development for business, before joining varroc (Neutral)
Wipro: Company signed agreement to subscribe for equity share capital in Huoban energy 11, Company completed its subscription in equity share capital of HEPL. (Neutral)
IndiGo: Gangwal selling up to $804 million stake in IndiGo via block, floor price Rs 4593 per share (Neutral)
PB Fintech: Tencent likely to sell 97 lakh shares (2.1% stake) worth ₹1,610 cr, floor price Rs 1660.2 per share (Neutral)
Tata Steel: Company acquired shares worth Rs 2,347.81 cr in t steel holdings PTE, post this acquisition, TSHP will continue to be a wholly owned subsidiary of the company. (Neutral)
Adani Group: Set to invest Rs 3,500 crore in two major projects in Madhya Pradesh. (Neutral)
IREDA: CMD Pradip Kumar Das says that the company is looking at various fundraising options, including OFS or QIP. (Neutral)
SBI: Bank raises Rs 7,500 crore via 15-year tier-II bond. (Neutral)
PDSL: Company successfully raises up to Rs 430 crore via QIP. (Neutral)
Piramal Enterprises: Board Meeting On Sept 2 to Consider Issue of Non-convertible Debenture Worth Upto 1 Bln Rupees (Neutral)
HPCL: Company says Issue of Non-convertible Debentures on Private Placement Basis for 25b Rupees (Neutral)
Vodafone Idea, Bharti Airtel: AGR Dues Case: Supreme Court to take up curative plea on August 30. (Neutral)
PTC Industries: Company approves floor price for QIP at Rs13894.42/share. (Neutral)
Welspun Living: Company is set to see a block deal where the promoter plans to sell up to 4.6% of the company’s stake and raise $106 million (Neutral)
Reliance Ind: AGM to start at 2pm today. (Neutral)
VST Tillers: Board recommends final dividend of Rs 20/share. (Neutral)
Max Estates: Board to meet on August 31 to approve raising up to Rs 150 crore (Neutral)
Shriram Fin Shriram Capital appoints Subhasri as its MD and CEO (Neutral)
MTNL: Union Bank freezes MTNL's accounts over non-payment of dues. (Negative)
Citi on Voda Idea
Buy Call, Target Rs 22
SC Finally Agrees To Hear Voda Idea’s AGR Curative Petition
See SC’s Move As A Material Development As Matter Has Been Long Pending
A Favourable Outcome Could Significantly Reduce Co’s AGR Debt Burden
Potential Benefit Est At Rs 4-5/Sh Or Even Higher (>25% Benefit On Current Stock Price)
Current Base Case Target Of `22 Does Not Factor In Any Reduction In Co’s AGR Dues
The Developments With Voda Idea Could Also Indirectly Benefit Indus Towers Too
Any Relief Would Benefit Bharti Airtel Too, Though Its Salience Is Far More Limited
UBS on Power Financiers
Initiate Buy Call On PFC, Target Rs 670/Sh
Initiate Buy Call On REC, Target Rs 720/Sh
Strong Growth Underpinned By Shift To Renewables And Infrastructure
Key Growth Support From Energy Transition And Infrastructure Financing
Stress Dynamics Different From Previous Cycle
Jefferies on Paytm
Hold Call, Target Rs 420
Co Received Approval From FinMin For Downstream Invst In Payment Gateway Biz
If Granted From RBI, CO Will Be Able To Onboard New Online Merchants
Immediate Business Impact Could Be Marginal
See Diminishing Regulatory Concerns As A Positive
Post RBI Approval, Key Pending Issue Is NPCI Approval For New User Onboarding
MS on Paytm
Equal-Weight Call, Target Rs 500
Co Receives Govt Approval For Past Downstream Invst In Its Fully Owned Arm
Believe It Reduces Regulatory Overhang Incrementally
Will Track The RBI’s Response To Next Steps
MS on HCLTech
Overweight Call, Target Rs 1,705
Management Sounded A Bit Optimistic On The Near-term
Management Sounded A Bit Optimistic In The Financial Services Vertical
Medium-term Outlook For The Industry Is Positive
Co Has Balanced Portfolio And Strong Focus On Driving Wallet Share Gains
Jefferies on HCLTech
Hold Call, Target Rs 1,630
Co Articulated Medium-term Strategy, Aim Is To Deliver Ind Leading Organic Growth
Double-digit Growth In Medium-term Is Expected
Co Views GenAI As Growth And Margin Lever
HCLTech Expects Mid-single Digit Growth In Software As It Focuses On India/Africa
HSBC on Credit Cards
Credit Card Spending Growth Increased To 19% YoY In July 2024
Industry’s Net Credit Card Issuance, Ex-One-Off, Recovered
Spend Market Share Improved For ICICI Bank, Axis Bank
Market Share Lost By SBICard & HDFC Bank
HDFC Bank Card Issuance Was Strong
Citi on Aptus Value Hsg
Buy Call, Target Rs 358
Co Expanding Footprints In Maharashtra And Odisha
Will Add 20 Branches, Primarily In Andhra Pradesh, Telangana In FY25
Management Is Confident Of Sustaining 28-30% AUM Growth
Improved Login Productivity & Vintage Productivity To Further Support Growth
Retention Bonus, Disbursements Linked Incentives To Help Contain Attrition
Annual Outing Program And Referral Incentives To Help Contain Attrition
10-15 bps NIM Pressure Expected Due To Increase In Funding Cost For NBFCs
Citi on Au Small Bk
Neutral Call, Target Rs 684
Retains Credit Cost Guidance At 110-120 bps For FY25
Retains Credit Cost Guidance Despite Higher Industry-Wide MFI Concerns
Confident It Can Double Advances Over 3 Years
Deposits Do Not Act As Constraint To Growth
Deposits Challenge Is Raising Quality Of Deposits At A Cost
Lower NIM Contraction Are Upside Levers With Credit Cost Surprises A Downside Risk
CLSA on Adani Ports
Outperform Call, Target Rs 1,764
Core Ports Growing Traffic 3x Remains A Good Way To Play Indian Economy
Reduced Dollar Debt & Maturity Profile Should Make It A Play On Rupee Depreciation
Its M&A Strategy Looks To Have Paid Off
Gangavaram, Krishnapatnum & Karaikal Clocking FY24 EBITDA Margin Above Mundra
Nifty closed @25,052.35 (+34.6) and Sensex @81,786 (+73.80) on Wednesday GIFT Nifty was trading at 25,007 (as of 7:34 am)
FIIs net sold equities in cash to the tune of Rs 1,347 cr whereas DIIs bought equities in cash worth Rs. 439 cr on August 28 2024
L&T Finance expects a decent uptick in automobile demand during the festive season on the back ofgood monsoon and is hopeful of a reasonable improvement in the microfinance segment in 2HFY25
CCI gives nod to $8.5 bn Disney Reliance media assets merger deal
Sebi proposed an overhaul of investment banking norms amid boom in the equity capital market (ECM) the new suggestions mandate increasing the net worth requirement 10 x to Rs 50 crore from Rs. 5 crore.
The government issued a notification allowing a lower public float of 10% for companies listing on IFSC bourses a move aimed at wooing firms to list there
Co founder Rakesh Gangwal is likely to divest about 3.8% stake in InterGlobe Aviation (IndiGo airline) for about Rs 7,100 crore via bulk deals
One 97 Communications announced that its wholly owned subsidiary Paytm Payments Services Ltd will resubmit its payment aggregator license after receiving nod from the Government of India
Indian fintechs revenue is expected to reach $190 bn by 2030 accounting for over 20% of all banking revenues, according to a report by consulting firm Boston Consulting Group
Vedanta announced yesterday that its board of directors will meet on Sept 2 to consider and potentially approve the third interim dividend for FY25
Tata Steel has acquired a stake worth Rs 2,348 cr in T Steel Holdings
Indian ADRs: Wipro (+2.9%), Infosys (+0.9%) and Dr Reddy’s Labs (+0.9%)

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