Breaking News

  • The government on Thursday reduced the basic customs duty on crude palm oil to 27.5%, a move that would increase availability of the commodity in the domestic market. The Central Board of Indirect Taxes and Customs (CBIC) in a notification said the basic customs duty (BCD) rate on crude palm oil has been revised to 27.5% with effect from November 27. 27-NOV-20
  • The government has extended the levy of anti-dumping duty on imports of fully drawn or fully oriented yarn, spin drawn yarn or flat yarn of polyester, coming from China and Thailand, till December 31, 2020 27-NOV-20
  • Tube Investments of India has agreed to private placement of shares worth Rs 350 crore via preferential allotment to Azim Premji Trust (Rs 200 crore) and two schemes of SBI Mutual Fund (Rs 150 crore combined) 27-NOV-20
  • Petroleum and Natural Gas Regulatory Board (PNGRB) has notified regulations for unified gas transmission tariff structure. Tariffs will be applicable based on two zone structure related to distance from source of gas 27-NOV-20
  • The NHAI has formed a three-member dispute resolution board for projects wherein contractors can go within 90 days of a potential dispute arising and get a verdict immediately. Additionally, NHAI will soon begin a drive to settle with its contractors all existing disputes amicably (worth ~Rs 70000 crore and stuck at various levels of arbitrations for years) within weeks, through payout of ~Rs 20000 crore 27-NOV-20
  • HDFC Bank has collaborated with ICCI (Inventivepreneur Chamber of Commerce and Industries) to support SMEs and start-ups. ICCI will engage, enrol various start-ups for various HDFC Bank facilities and will also evaluate and recommend potential SMEs/start-ups for investments. HDFC Bank may offer bank accounts and key business support functions such as tax, advisory, etc 27-NOV-20
  • Keki Mistry has opined that NPAs in real estate will inch up in the short-term before settling 27-NOV-20
  • Hong Kong-based SC Lowy has told the committee of creditors and the RBI-appointed administrator of DHFL that it would not pursue the transaction and sought a refund of Rs 100 crore, the bid bond guarantee it had submitted earlier 27-NOV-20
  • AU Small Finance Bank has made strategic investment of Rs 7.70 crore in NPCI wherein 61320 equity shares at a book value of Rs 1256 per share are allocated to the bank constituting around 0.44% shareholding of NPCI 27-NOV-20
  • As per media sources, Cyient COO for aerospace, defence & transportation has indicated that clients are deferring IT budgets for next year due to the uncertain demand environment 27-NOV-20
  • L&T Construction has secured a large contract (ranging between Rs 2500 and Rs 5000 crore) to construct India longest road bridge (~19 km) across the Brahmaputra river connecting Dhubri in Assam to Phulbari in Meghalaya 26-NOV-20
  • Astral Poly plans to enter into manufacturing plastic water storage tanks with a total investment of Rs 75 crore. The company is also looking to acquire asset of Maharashtra based Shree Prabhu Petrochemicals Pvt Ltd for a consideration of ~ Rs 51 croreq 26-NOV-20
  • DHFL committee of creditors (CoC) is seeking fresh bids from all four bidders. As per media sources, Piramal is expected to make a revised offer for the entire book from only retail book earlier 26-NOV-20
  • Lupin has launched the generic version of Astellas Pharma Prograf Capsules (Tacrolimus Capsules USP) in the US. It is used together with other medicine to prevent the body from rejecting a heart, liver, or kidney transplant. As per IQVAI, annual estimated sales of this drug is ~US$303 million 26-NOV-20
  • Alembic Pharma JV Aleor Dermaceuticals has received tentative USFDA approval for AbbVie AndroGel 1.62% (Testosterone Gel). It is used for hormone replacement in men who are unable to produce enough testosterone. As per IQVAI, annual estimated sales of this drug is ~US$107 million 26-NOV-20
  • HDFC Life Insurance and HDFC Ergo Health Insurance have partnered to launch a product that aims to provide a complete financial protection package in the current Covid-19 pandemic. Called Click 2 Protect Corona Kavach, the policy will provide all the benefits and features of Click 2 Protect 3D Plus and Corona Kavach 26-NOV-20
  • Most public sectors banks across India are expected to go on strike today impacting the business operations at branches. Digital functions will not be impacted 26-NOV-20
  • State Bank of India and Mercedes-Benz India have entered into a retail marketing tie-up to access HNI customer?s base. Both companies will promote the partnership over online and offline channels 26-NOV-20
  • Petronet LNG is expecting a 30-40% increase in capacity utilisation of its Kochi LNG terminal in the next two to three months as Gail Kochi-Mangalore pipeline work is completed 26-NOV-20
  • Gem Equity has acquired ~0.6% stake in PVR via bulk deal at a price of Rs 1315.1/share 26-NOV-20
  • The board of Union Bank of India has approved raising of equity capital up to Rs 6800 crore during the current fiscal by way of various modes such as public issue and/or rights Issue and/or private placements, including qualified institutions placement and/or preferential allotment to the Government of lndia 26-NOV-20
  • Majesco has fixed Friday, December 25, 2020 as record date for ascertaining eligibility of shareholders for payment of interim dividend for FY21, to be declared by the Board of Directors of the company 26-NOV-20
  • As per media reports, State Bank of India (SBI) economic research unit has warned that that some banks are extending long-term loans to corporate entities below bond market rates, even repo rate, that could be a result of excess liquidity in the system 26-NOV-20
  • Amid the impending impact of Cyclone Nivar in and around Chennai, as a precautionary move, media reports indicate that production has been halted for a day or two at companies such as Eicher Motors temporarily. In our coverage universe, Ashok Leyland and Apollo Tyres are also present in the state 26-NOV-20
  • Media reports say that Tata Motors would be launching its new seven seater SUV, the Gravitas (on existing Harrier Platform), early next year at the ~Rs 15 lakh/unit mark. It will compete with the MG Hector Plus and the next gen Mahindra XUV 500 among others 26-NOV-20
  • As per media sources, IT start-up Shipsy has raised US$6 million (~Rs 44 crore) from Sequoia Capital India Surge and Info Edge 26-NOV-20
  • L&T construction has secured large contract (ranging between Rs 2500 to Rs 5000 crore) to construct India longest road bridge (~19 KM) across river Brahmaputra connecting Dhubri in Assam to Phulbari in Meghalaya. 25-NOV-20
  • Majesco has fixed Friday, 25 December 2020 as record date for ascertaining eligibility of shareholders for payment of interim dividend for financial year 2020-21, to be declared by the Board of Directors of the Company. 25-NOV-20
  • As per media reports, the Department for Promotion of Industry and Internal Trade is fine-tuning a discussion paper on implementing a national retail policy 25-NOV-20
  • Maruti Suzuki has further launched its subscription based model of car ownership (Maruti Suzuki Subscribe) to four more cities in India viz. Mumbai, Chennai, Ahmedabad and Gandhinagar. MSIL has partnered with Orix Corporation for this offering. The models available for subscription are: Swift, Dzire, Vitara Brezza, Ertiga, Baleno, Ciaz and XL6 25-NOV-20
  • JSW Steel has entered into a legally binding share purchase agreement to acquire one or more tranches, 1,32,37,227 equity shares of Rs 10 each, representing 26.45% of the issued and paid-up share capital of JSW Vallabh Tinplate Pvt Ltd from the existing third-party shareholders of JSW Vallabh Tinplate Pvt Ltd. 25-NOV-20
  • Trai has fined telecom operators for allowing cybercriminals to issue fake SMSes to dupe digital payment users. It has fined BSNL ~Rs 30 crore, Airtel ~ Rs 1.3 crore, and Vodafone Idea ~Rs 1.8 crore 25-NOV-20
  • XacBank, a leading universal bank in Mongolia, has selected Infosys Finacle?s core banking, treasury and corporate banking solution suites to power XacBank?s digital transformation 25-NOV-20
  • Gail has proposed a Kondapalli-Tirupati gas pipeline of 450 km and said that potential gas demand is 4-5 mmscmd from the area 25-NOV-20
  • IOC-AGL JV will set up 70 CNG stations in its Kerala GAs along national highways by March 2021 25-NOV-20
  • As per media sources, the IT industry is seeking clarity on the issue as to whether services rendered by special economic zones (SEZ) while on work from home will be treated at par with services rendered from SEZ and be eligible for tax exemption 25-NOV-20
  • As per media sources, the business process outsourcing (BPO) industry plans to hire from smaller cities as easing of regulatory norms has made it possible to work remotely, rendering geographic restrictions redundant 25-NOV-20
  • As per media reports, D-Link is mulling plans to outsource production of its network devices designed for sale in India as well as for exports to local OEMs to benefit from the countrys production-linked incentives (PLI) scheme. If implemented, it could drastically improve the business potential for D-link India, which, so far, has been selling goods imported from its parent 25-NOV-20
  • As per media reports, IOC will build a new oil terminal at Vallur with an investment of Rs 900 crore 25-NOV-20
  • Intellect Design Arena Limited announced that Burgan Bank, a leading banking service provider to the Kuwaiti business community has successfully deployed customer-centric channel capabilities to augment and enhance its digital cash management services. 23-NOV-20
  • Mindtree announced a five-year deal with a leading wind turbine manufacturer, The Nordex Group. The Nordex Group chose Mindtree as its business transformation partner to simplify, modernize, and transform its entire IT landscape globally, while providing scalability to support the companys growth plans. 23-NOV-20
  • Technical alert : In coming week, we expect midcaps and small caps to outperform Nifty, on relative terms, while index remains on its trajectory towards 13200 by December, with elevated support base at 12500 23-NOV-20
  • RBI internal working group has released a draft reviewing ownership guidelines and corporate structure of Indian private sector banks. Key recommendations that have been suggested include raising of cap on promoters stake to 26% from 15% currently, considering NBFCs with asset size of over Rs 50000 crore and large industrial houses to apply for banking license, clarity on Non-operating financial holding company (NOFHC) structure providing exit for financials without group entities 23-NOV-20
  • Motherson Sumi conducted a virtual investor conference whereby it outlined its next five-year plan for 2020-25. The company is targeting US$36 billion in group revenues by FY25E, including 25% contribution from non-automotive space. It also aims to be highly capital efficient, with a targeted group RoCE of 40%. 23-NOV-20
  • As per media reports, in a bid to cater to the strong demand for open footwear category, Relaxo Footwears plans to set up a new manufacturing plant with capex outlay of |150 crore 23-NOV-20
  • As per media sources, Blackstone, the promoter of Mphasis, is weighing an exit and has initiated discussions with at least three global investment banks JP Morgan, Morgan Stanley and Citi for sell side advisory while KPMG has already begun vendor diligence 23-NOV-20
  • Palm oil prices have increased ~30% over the last year mainly on account of significant reduction in production in Malaysia in Last six months. Nearly 70% of palm oil in India is used by processed food, which is a bulk consumer 23-NOV-20
  • The Prime Minister has said India is planning to nearly double its oil refining capacity of ~250 MMT in the next five years 23-NOV-20
  • Majesco has announced a buyback opening date of November 27, 2020 and buyback closing date of December 11, 2020. The company had proposed a buyback of 74.7 lakh shares at Rs 845/share 23-NOV-20
  • Infosys, ATP have announced the renewal of their partnership for a further three years. The agreement will see Infosys continue as Global Technology Services Partner and Digital Innovation Partner of ATP, through 2023 23-NOV-20