Adani Enterprises raises ₹1,250 crore via allotment of NCDs

Adani Enterprises announced on July 11 that it has raised ₹1,250 crore through the allotment of non-convertible debentures (NCDs). “We would like to inform that the company has raised Rs. 1,250 crore today i.e. 11th July, 2023 by allotment of 125,000 Secured, Unrated, Unlisted, Redeemable, Non-Convertible Debentures (“NCDs”) of the face value of ₹1,00,000/- each on private placement basis,” said the Adani Group’s flagship firm in a regulatory filing to the stoxk exchanges.

Earlier, Bloomberg reported that Gautam Adani is going to bid for the coal-fired power plants promoted by Anil Ambani that are currently under auction, quoting people aware of the matter. Adani Group may face intense competition for Vidarbha Industries Power Ltd which operates 600-megawatt generation facilities in central India, the report added. (Read More)

Happiest Minds launches ₹400 crore QIP

Happiest Minds Technologies Ltd, an IT services company, recently initiated a Qualified Institutional Placement (QIP) worth ₹400 crore, as per an anonymous source familiar with the matter.

To account for oversubscription, Happiest Minds Technologies has allocated ₹100 crore, which could potentially increase the total deal size to over ₹500 crore.

Axis Capital and ICICI Securities are managing the QIP, as mentioned by the aforementioned source who wished to remain anonymous. (Read More)

Bharti Airtel buys 20.6% stake in Lavelle Networks, total stake will reach 45.6%

Bharti Airtel, the prominent telecommunications company in India, has recently acquired an additional 20.6% stake in the SD-WAN (Software-Defined Wide Area Networking) startup, Lavelle Networks. This acquisition will result in Bharti Airtel’s total ownership of Lavelle Networks increasing to 45.6%.

The acquisition of the additional stake by Bharti Airtel will take place through multiple tranches, indicating that the transaction will be completed in stages rather than all at once. (Read More)

Bank of Baroda denies officials inflated mobile app registrations

Bank of Baroda, India’s second-largest state-owned lender, has refuted the claims made by Al Jazeera stating that its officials utilized phone numbers of unknown individuals to artificially boost registrations on its mobile banking app, bob World.

According to the report, which cited internal emails of the bank, it was alleged that bank officials linked bank accounts to unrelated mobile numbers to meet challenging onboarding targets. The bank responded by stating that branches were directed to conduct a discreet inquiry into the matter and provide recommendations on whether those mobile numbers should be disassociated from the accounts. However, Bank of Baroda has denied any involvement of its officials in such practices. (Read More)

ITC board backs reappointing Sanjiv Puri for five more years as CMD

ITC Ltd’s board has put forth a recommendation to reappoint Sanjiv Puri as the chairman and managing director for an extended period of five years, starting from July 22, 2024. Currently serving as the managing director, Puri’s present term is set to conclude on July 21, 2024.

In its annual report released on Tuesday, ITC announced that a resolution seeking Puri’s reappointment will be proposed during the company’s 112th annual general meeting scheduled for August. The decision to recommend Puri’s continuation as the chairman and managing director reflects the board’s confidence in his leadership and contribution to the company. (Read More)

Delta Corp shares in focus after GST Council clears 28% tax on online gaming

Shares of Delta Corp Ltd will garner attention on July 12 due to a recent development related to the goods and services tax (GST). During the 50th meeting of the GST council held on July 11, a decision was made to impose a 28% GST rate on the entire value of gaming, horse racing, and casinos. This decision has unfavorable implications for online gaming companies. Representatives of the GST Council stated that this amendment was made considering these activities as actionable claims.

“Will bring an amendment to GST law to include online gaming and will be taxed at 28 percent on full face value,” finance minister Nirmala Sitharaman said after the GST Council meeting. (Read More)

FIIs net buyers for 10 days in row, invests ₹1,197 crore today in Indian stocks; DIIs show dull demand

On Tuesday, Foreign institutional investors (FIIs) maintained their trend of being net buyers of Indian stocks for the tenth consecutive day. They infused a substantial amount of ₹1,197 crore into the market. Conversely, domestic institutional investors (DIIs) exhibited lackluster demand for domestic equities. Overall, the markets concluded positively, shifting attention towards the first-quarter earnings of IT firms in FY24. Key players such as TCS and HCL Tech are scheduled to release their financial results tomorrow, followed by Wipro on July 13.

According to the data from the National Stock Exchange (NSE), the cumulative value of FII purchases amounted to ₹10,839.74 crore, while the value of sales reached ₹9,642.36 crore. Consequently, Indian equities witnessed an inflow of ₹1,197.38 crore.

On the contrary, DIIs purchased equities worth ₹9,758.83 crore but divested ₹9,766.08 crore on Tuesday. Consequently, they emerged as net sellers, resulting in a modest outflow of ₹7.25 crore. (Read More)

Wall Street ends up on Tuesday ahead of CPI; JPMorgan, financial shares gain

U.S. stocks rose on Tuesday, helped by optimism ahead of key inflation reports and as JPMorgan and other financial shares gained before earnings later this week.

Investors are looking for further clues on whether price pressures are abating and if the Federal Reserve is nearing the end of its interest rate hiking cycle.

U.S. consumer price data is due on Wednesday, while a producer prices report is due on Thursday. Several Fed officials said this week the central bank would likely need to raise rates further to curb inflation but that the end of its tightening cycle was getting close.

JPMorgan Chase & Co shares advanced 1.6% after Jefferies upgraded the stock to a “buy” ahead of the bank’s quarterly results due on Friday.

The Dow Jones Industrial Average rose 317.02 points, or 0.93%, to 34,261.42, the S&P 500 gained 29.73 points, or 0.67%, to 4,439.26 and the Nasdaq Composite added 75.22 points, or 0.55%, to 13,760.70. (Reuters)