The Nifty futures contract traded on the Singapore Exchange indicates a negative start to domestic equities. The contract was trading at 18,599, down 65 points or 0.35% from the previous close.
Adani Group: Adani Group is set to raise $3.5 billion through an equity share sale to institutional investors in the comeback strategy. While boards of Adani Enterprises Ltd and electricity transmission company Adani Transmission Ltd have already approved raising up to Rs 21,000 crore through share sales to qualified institutional investors, the board of Adani Green Energy Ltd is likely to do so for raising up to $1 billion in the next couple of weeks, according to news agency PTI.
Tata Consultancy Services: K. Krithivasan, who was unveiled as the chief executive officer-designate for Tata Consultancy Services (TCS) on 16 March, will on Thursday assume full-time charge of India’s largest information technology (IT) services firm by market cap. Industry experts and observers said the stepping down of erstwhile chief, Rajesh Gopinathan, isn’t expected to pose any uncertainty for the company, for which Krithivasan is the fifth CEO in its 55-year history. Krithivasan, who has been at TCS for over 34 years now, will be the oldest CEO appointed so far.
SAIL: The government has appointed Amarendu Prakash as the Chairman of SAIL.
Coal India: The Central government is planning to sell up to a 3% stake in Coal India Ltd through an offer for sale (OFS). The Union Ministry of Coal on Wednesday informed the exchanges that the floor price for the OFS would be Rs 225 per share. At that floor price, the overall offer size adds up to over Rs 4,100 crore. The exchange filing showed that the offer consist of up to 92,440,924 equity shares or 1.5% shares and in case of oversubscription, another 1.5% stake would be put on the block.
Kotak Bank: Over 6.5 lakh eligible participating policyholders would get a bonus of Rs 840 crore from Kotak Mahindra Life Insurance Company Limited (Kotak Life) for the fiscal year 2023. This is a 24% increase above the bonus announced for FY 2022. This year is the 22nd year in a row that policyholders have received bonuses under a practice that began in 2002. Kotak Mahindra Bank Limited (Kotak) wholly owns Kotak Mahindra Life Insurance Company Limited (Kotak Life).
Welspun Corp: Welspun Corp Ltd (WCL) posted an 8.90 per cent decline in its consolidated net profit to Rs 240.08 crore for the January-March quarter, hit by higher expenses. It had clocked a net profit of Rs 263.56 crore during the January-March quarter of the preceding financial year (FY) 2021-22. The company’s total income rose to Rs 4,132.38 crore, from Rs 2,413.48 crore in the year-ago quarter. Its expenses rose to Rs 3,835.55 crore from Rs 2,033.16 crore in the January-March period of FY22.
Patanjali Foods: Patanjali Foods Ltd, formerly known as Ruchi Soya Industries Ltd, Wednesday said its promoters plan to sell shares to institutional investors in June through Qualified Institutions Placement (QIP) and Offer for Sale (OFS) for dilution of a 6% stake to meet minimum public shareholding norms of 25%. At present the public shareholding in Patanjali Foods stands at 19.18%, which needs to be increased to a minimum of 25% to meet the minimum public shareholding norms.
MOIL: CBI on Wednesday filed a case against a senior official of the central public sector unit MOIL Ltd and several other individuals for alleged fraud to the tune of Rs 1.35 crore. Sachin Gajallewar, Chief Manager (Finance) of MOIL Ltd, and the others were booked under relevant sections of the IPC and the Prevention of Corruption Act, said the central agency. The action was based on a complaint filed by Pradeep Kamle, Chief Vigilance Officer (CVO) of MOIL Ltd in Nagpur.
NRB Bearings: During Q4FY23, the company recorded consolidated revenue from operations of Rs 312.44 Cr up by 22.74% YoY from Rs 254.54 Cr in Q4FY22. Its net income stood at Rs 315.21 Cr compared to Rs 260.76 Cr in the year-ago quarter. NRB Bearings said its consolidated net profit reached Rs. 33.34 Cr during the quarter ended March 2023 up by 96.46% YoY from Rs. 16.97 Cr recorded during the quarter ended March 2022.
Lupin: Drug maker Lupin on Wednesday said it has received approval from the US health regulator to market a generic medication which is used to treat primary biliary cholangitis. The company has received approval from the US Food and Drug Administration (USFDA) for Obeticholic Acid tablets (5 mg and 10 mg), the Mumbai-based drug maker said in a statement. The company’s product is a generic equivalent of Intercept Pharmaceuticals, Inc’s Ocaliva tablets, it added.
Coffee Day Enterprises: The National Financial Reporting Authority (NFRA) has imposed a ban and penalties totalling Rs 1.10 crore on three entities, including two auditors, for alleged professional lapses in the auditing of Giri Vidhyuth (India) Ltd, a subsidiary of Coffee Day Enterprises Ltd, for 2019-20. The case pertains to a diversion of funds worth Rs 3,535 crore from seven subsidiary companies of Coffee Day Enterprises to Mysore Amalgamated Coffee Estate Ltd (MACEL). MACEL is a subsidiary of listed entity of Coffee Day Enterprises.
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