‘Rules disregarded’ in listing of sensitive cases in SC — lawyer Dushyant Dave writes to CJI
Dave says the cases include ‘matters involving human rights, freedom of speech, democracy, and functioning of statutory and constitutional institutions’. Letter written Wednesday. Key Points
ThePrintKirloskar Bros discloses family settlement deed
Kirloskar Brothers has become the first company to disclose its promoters' entire ‘deed for family settlement (DFS) according to new regulations by India's Securities and Exchange Board. The agreement deals with the distribution of assets, transfer of shares, ownership of entities and execution of the deed, among other factors. Key Points
Economic TimesSebi proposes to tweak 'unpublished price sensitive information' definition to bring uniformity
Sebi is proposing to tweak the definition of unpublished price sensitive information (UPSI) to bring regulatory certainty and uniformity in compliance for the listed companies in respect of the identification of certain events as UPSI. The proposal came after the regulator noticed that judgment exercised by the listed entities in terms of the categorising announcement as UPSI and consequent compliance with the spirit of the law, are not found to be adequate . In its consultation paper, Sebi suggested that the current Key Points
Economic TimesSebi extends timeline for mandatory verification of market rumours by listed entities
Sebi had in March this year approved a proposal to verify market rumours to strengthen corporate governance and disclosure framework. The move was based on the recommendations made in three consultation papers released by SEBI between November 2022 and February 2023. Prior to this, listed entities had it upon themselves to verify and respond to market rumours. Key Points
Economic Timeslisted REITs have failed to sparkle
REITs are vehicles that own and operate income-producing properties mainly office spaces and commercial real estate. Investors, who put money in REIT units, get dividends in addition to the capital appreciation in listed units. Unitholders hold REITs for a mix of dividends and capital appreciation. Key Points
Economic Times/cloudfront-us-east-2.images.arcpublishing.com/reuters/MY5WHAR35RM5RP2ILCJJ7KV3FM.jpg)
Indian court dismisses appeal by Zee chairman, CEO over market regulator ban
An Indian tribunal on Monday dismissed an appeal from former Zee Group Chairman Subhash Chandra and Zee Entertainment (ZEE.NS) Chief Executive Punit Goenka over a ban on the duo by India markets regulator from holding board positions in publicly listed companies. Key Points
ReutersTailwinds of festive season and cricket world cup: 5 QSR stocks with upside potential of up to 27%
Junk food is bad for health, but having it once in a while is ok. Similarly, having some exposure to the companies which are selling them also may not be bad for one's portfolio, From having only two listed companies, Jubilant and Westlife, the OSR space saw many other players getting listed on the bourse in the last three years. After initial euphoria in which they got very high valuation, these stocks have not been in the limelight for some time. Partially because of valuations being high, but also because of the fact the churn in the shareholding which is held by private equity players is still in process of taking place. Will these stocks make a comeback in this festive season? Key Points
Economic TimesDisappointing debutants! 10 of 11 recent IPOs trade below issue price
The IPO of Inox Green Energy Services was subscribed 1.55 times and shares got listed at 7% below the issue price. Dharmaj Crop Guard, on the other hand, made a strong debut on the exchange as its shares were listed at 12% premium. Key Points
Economic TimesSebi board approves easing additional disclosure norms for FPIs
The relaxations in certain disclosure norms are aimed at ease of doing business. Further, the market regulator has also approved a Beta version of optional T+0 settlement, for a limited set of 25 scrips, and with a limited set of brokers. The optional settlement will be rolled out from March 28. Key Points
Economic TimesPetitions against UAPA & PMLA, Umar Khalid bail plea — speculation over 'wrong' listing of cases in SC
In February 2018, SC made the assignment of cases and the roster for judges public. However, controversy has broken out over the listing of cases several times over the past month. Key Points
ThePrint
Play on faster economic growth; 5 logistics companies with an upside potential of upto 24%
There are many facts about the logistics industry which might surprise many. Just to mention a few, a metal major has such a large fleet of owned trucks that the unit itself can be listed as a separate company and probably would figure in top 5 logistic companies. Second, in logistics, the major share is with the unorganized sector. Third right from a company which restructured its operations by selling some parts of business and then taking over another company to get into micro delivery space. To a company which increased its fleet size dramatically in the post covid era to cater to increased economic activity for auto and metal space. The whole logistics sector has seen a major shake up in the last few years. Key Points
Economic TimesDelisting NCDs: Is the Indian debt capital market prepared?
The Securities and Exchange Board of India (Sebi) has released a consultation paper proposing a framework for delisting of Non-Convertible Debentures (NCDs) by listed entities, which includes corporates, REITs, and InvITs. The proposed regime requires unanimous consent from all NCD holders prior to delisting. The paper also raises concerns about the impact on issuers' flexibility to raise debt and potential issues with the rights of certain investors upon delisting. Clarifications are needed to exclude REITs and InvITs from the framework. The current listing regime allows exit options for issuers and investors after one year, but the paper does not provide clarity on delisting options before this period. There could be tax implications for investors if listed NCDs are delisted. Overall, while introducing a delisting mechanism for NCDs is a positive step, the proposed framework may not be suitable for the complex regulatory landscape in India. Key Points
Economic TimesZee Entertainment shares fall over 6.50 per cent
In the broader equity market, the 30-share BSE benchmark traded with a gain of 328.44 points or 0.52 per cent at 63,053.15. Key Points
FinancialexpressIPOs Next Week: 1 SME IPO to open, Protean eGov Tech, 2 other listings for primary markets; check details
IPOs Next Week: Arrowhead Seperation Engineering IPO is set to open in the upcoming week. Protean eGov Technologies and two other companies will get listed on the exchanges. Key Points
mintTata Tech among 6 IPOs where mutual funds invested in November
Aditya Birla Sun Life MF, Axis MF, DSP MF, Franklin Templeton MF, ICICI Prudential MF, Kotak MF, Nippon India MF, Motilal Oswal MF, Mirae, Sundaram, JM and SBIMF shopped for Tata Tech, a Nuvama report said. They added shares worth Rs 1,120 crore. Key Points
Economic Times
Mamearth turns 7, Ghazal Alagh shares pitch deck from 2016 that Honasa sent to VCs for raising funds
The entrepreneur took to LinkedIn to inform her followers that the personal beauty care brand Mamaearth - a part of Honasa Consumer - turned a year older on Tuesday. She also shared a few points from the first formal pitch deck. Key Points
Economic TimesMade money in small and midcaps? Book some profit and raise allocation to largecaps: Abhay Agarwal
“Among the largecaps, we have added Reliance, Kotak Bank, Dr Reddy's and Divi's. We are turning quite positive on largecap pharma segment because after years of struggle with pricing and volumes in the US markets and the struggles with US FDA, this is a sector which is now seeing good traction and is very competitive right now.” Key Points
Economic TimesUtkarsh Small Finance Bank lists at 60% premium over IPO price
Utkarsh Small Finance Bank's IPO received a large response from investors, with the issue being subscribed nearly 102 times at close. The stock was listed at Rs 40 on NSE and Rs 39.95 on BSE, 60% higher than its IPO price of Rs 25. The bank's net NPAs stood at 1.33%, 2.31%, and 0.39% for FY21, FY22, and FY23, respectively. ICICI Securities and Kotak Mahindra Capital Company acted as the book-running lead managers to the issue. Key Points
Economic TimesByju’s case holds lessons on unicorn audit quality
The accounts of this big edtech unicorn would have been under tighter regulation if it were publicly owned. Let us redefine ‘public interest’ to include other stakeholders like students. Key Points
mintNet debt of top 8 listed realty firms dip 43 pc to Rs 23,000 cr in last 3 yrs: Anarock
These developers are DLF, Macrotech Developers (Lodha brand), Godrej Properties, Prestige Estates Projects, Sobha, Brigade Enterprises, Puravankara and Mahindra Lifespace Developers Ltd. Net debt of top eight listed developers has reduced from Rs 40,500 crore in FY20 to over Rs 23,000 crore in FY23. Key Points
Economic Times
Aditya Birla Fashion upper circuit: Aditya Birla Fashion shares jump 15% on proposed demerger of Madura Fashion
Aditya Birla Fashion upper circuit: Aditya Birla Fashion and Retail Ltd. (ABFRL) said it is evaluating the vertical demerger of Madura Fashion & Lifestyle business from itself into a separate listed company. Key Points
mintListing gains hard to come by in 2024 amid small & midcap selloff
Selloff in mid-cap, small-cap stocks affected IPOs' listing gain predictability. Market volatility, stretched valuations, March decline in NSE's Mid-cap 150, Small-cap 250 indices influenced debut performances. JG Chemicals, RK Swamy, Gopal Snacks, Popular Vehicles, and Krystal Integrated closed below their IPO prices on the opening day. Key Points
Economic TimesChanges to CGST Act among 18 bills lined up for winter session
The legislative agenda for the winter session also includes bills to extend provisions of women's reservation act to J&K and Puducherry, and three bills to replace the criminal laws. As per a bulletin issued by the Lok Sabha Secretariat, the government also plans to bring a bill that seeks to increase the strength of J&K assembly from 107 to 114 seats. This move is aimed at ensuring representation for Kashmiri migrants, displaced individuals from Pakistan-occupied Kashmir and Scheduled Tribes. Key Points
Economic TimesPakistani ecommerce logistics startup Rider looking to acquire BlueEx
Pakistani ecommerce logistics startup Rider, backed by YCombinator, is looking into acquiring BlueEx (UNIV.PSX) the only listed Express Courier Logistics Company in Pakistan, it told Reuters on Thursday. Key Points
ReutersAB Capital to sell 5% stake in Aditya Birla Sun Life via OFS to comply with norms
The minimum public shareholding rule mandates all listed companies to ensure that at least 25% of their equity shares are held by non-promoters. A high promoter holding can lead to an artificial mismatch between demand and supply as fewer shares are available for the public to buy and sell. Key Points
Economic Times
Exicom Tele-Systems registers bumper listing. Book profit or hold?
The stock was listed at Rs 264 on BSE, a premium of 86 per cent over its issue price of Rs 142 apiece. Similarly, the stock was listed at a premium of 86.62 per cent on the given issue price at Rs 265 on the NSE. Key Points
India TodayIndia overtakes Hong Kong as world’s fourth-largest stock market
The relentless rally in Indian stocks has coincided with a historic slump in Hong Kong, where some of Chinas most influential and innovative firms are listed. Beijings stringent anti-Covid-19 curbs, regulatory crackdowns on corporations, a property-sector crisis and geopolitical tensions with the West have all combined to erode Chinas appeal as the worlds growth engine. Key Points
Economic TimesIndia Shelter Finance shares list at 25% premium over IPO price
The shares of India Shelter Finance listed at Rs 618 apiece on the stock exchanges, marking a 25 per cent premium over the issue price of Rs 493. The strong listing was in line with what analysts and experts had predicted earlier. Key Points
India TodayCJI refuses to defer hearing on bail plea of Satyendar Jain listed before another SC bench
Chief Justice of India, D Y Chandrachud, rejected a plea to adjourn the bail hearing of AAP leader Satyendar Kumar Jain in a money laundering case. Senior advocate Abhishek Singhvi sought deferment, citing a change in the bench. Jain is on interim bail for health reasons, extended from May 26. The case is set for a hearing before Justice Trivedi and Justice Sharma. Key Points
Economic TimesSonalis Consumer Products SME IPO listing: Stock lists at a premium on BSE SME
Sonalis Consumer Products Ltd: The stock was listed at ₹38 per share, 26.67 percent higher than the issue price on the BSE SME exchange. Key Points
mint
In a first, BSE-listed companies’ market cap hits $5 trillion mark
The combined market capitalisation of BSE-listed companies hit the $5-trillion milestone for the first time on Tuesday. At the close of trade, the total... Key Points
The Tribune IndiaIndian equity market enters coveted USD 4-trillion m-cap club for first time ever
New Delhi, Nov 29 (PTI) The combined market valuation of all listed companies on the leading stock exchange BSE reached the USD 4-trillion milestone for the first time ever on Wednesday. The 30-share BSE Sensex climbed 305.44 points to 66,479.64 in early trade after beginning the day on a positive note. Thanks to the optimism […] Key Points
ThePrintVedanta Biz Restructuring: Vedanta to demerge biz into six listed entities; check shareholder pattern, other details
Vedanta Demerger: The demerger of the metals-to-mining conglomerate is planned to be a vertical split. Shareholders of Vedanta will get one share each of the five newly listed entities for every one share of the currently listed entity they own. Key Points
mintWhy should you invest in REITs and InvITs? Feroze Azeez explains
Real Estate Investment Trusts (REITs) are pooled vehicles that invest in real estate; they offer retail investors the opportunity to invest in commercial property, which is generally beyond their reach. As such, it offers a degree of regular income and tax efficiency as it operates in the lowest tax bracket. However, investors should note that a recent tax change may impact returns, resulting in a higher tax liability. Infrastructure Investment Trusts (InvITS) are more complicated than REITs. Key Points
Economic TimesYou can pay 10% tax on returns from this debt investment vs 30% on debt mutual funds, bank FDs
The taxation rules for debt mutual funds have changed from April 1, 2023. Most of the common debt investment options are taxed at the income tax slabs applicable to their income. However, LTCG on this debt investment option is still taxed at 10%. Read on to know which debt investment is this. Key Points
Economic Times
Allied Blenders and Distillers shares list at 14% premium over issue price
Allied Blenders, post IPO debut, saw a 14% premium. The company holds 8% IMFL market share in India. Revenue grew by 9% and profit after tax by 50%. Facing financial volatility, it expanded the product portfolio with a strong brand presence. Key Points
Economic TimesJG Chemicals made stock market debut with over 5% discount
New Delhi [India], March 13 (ANI): The shares of JG Chemicals made a disappointing debut on the stock exchanges on Wednesday as it listed with an over 5 per cent discount over its issue price. The shares were listed at Rs 209 as against its issue price of Rs 221. Show Full Article The Rs […] Key Points
ThePrintPre-IPO party: Tiger Pacific Capital latest to pour into Bira 91 Keg
Tiger Pacific Capital acquires 4% of B9 Beverages for $25 million, strengthening its capital base. The acquisition includes strategic partners and blue chip financial sponsors across geographies. Ankur Jain plans to raise $50 million for pre-IPO companies and listed securities. Key Points
Economic TimesReady for re-rating once again? 4 stocks from textile sector with upside potential of up to 24%
In past 3 years, a host of sectors have been making a comeback. There are two kinds of comebacks, first is in terms of macro structure of the business witnessing an improvement and hence the bottomline showing an improvement and second is in the stock price performance. Both are very different and that's the most important needed to be taken into account. In last 8-9 years, there has been a policy-level effort to revive sectors like textiles for two reasons. First, it is a labor-intensive sector and impacts a large number of people. Second, there was an opportunity to cut imports and push exports. All the policy efforts were having a moderate impact but then came Covid and China plus one came into the picture, changing the whole picture externally. Internally, help came in the form of the PLI scheme which helped some companies reduce cost of capital and resources for expanding. This list is drawn from Stock Reports Plus, powered by Refinitiv, with over 4,000 listed stocks along with detailed company analysis focusing on five key components - earnings, fundamentals, relative valuation, risk and price momentum. Key Points
Economic TimesBenefiting from higher GDP growth: 5 logistics companies with upside potential of up to 45%
The whole logistics sector has seen a major shake-up in the last few years, right from tech aggregators who came into the scene with a promise to disrupt, challenges that Covid brought on the table to a phase where oil prices become a pain point for margins. After all the challenges, the sector has emerged stronger as some companies restructured their operations to stay profitable. There are many facts about the logistics industry which might surprise many. Just to mention a few, a metal major has such a large fleet of owned trucks that the unit itself can be listed as a separate company and probably would figure in the top 5 logistic companies. Last year at one point of time, the market cap of one single company was higher than the market cap of all the private sector companies put together and interestingly that company was in the red. Key Points
Economic Times
Time to be contrarian? These 6 bank stocks can give over 18% returns
While the bank nifty might be facing pressure in today’s trading session, it is because of the three private banks with high weightage in the indices witnessing selling pressure.For contrarian and short term traders there might be an opportunity given the fact that it has been witnessed that such moves are followed by short covering sooner or later. But again this probably is trade for high risk traders or investors who have the ability to take a stand against market narrative. Check out Stock Reports Plus, powered by Refinitiv, for price targets of over 4,000 listed stocks along with detailed company analysis focusing on five key components - earnings, fundamentals, relative valuation, risk and price momentum to generate standardized scores. SR+ Reports is a complimentary offering to ETPrime members. Key Points
Economic TimesMaxposure shares debut with 339% premium on NSE SME platform
Maxposure shares debut on NSE SME platform with a premium of 339.4% after a successful IPO. The IPO, consisting of a fresh equity sale of 61.4 lakh shares, received over 900 times subscription. The stock listed at Rs 145 on NSE, compared with an offer price of Rs 33. The strong buzz was reflected in the grey market premium as well, with investors willing to pay a GMP of Rs 70. The net proceeds from the IPO will be used for various purposes including funding expenses, working capital requirements, and debt repayment. Key Points
Economic TimesMuthoot Microfin share price drops further after discount listing. Good opportunity to buy?
Analysts said a series of NBFCs getting listed in the last few months and a wave of other IPOs led to a divergence of focus from Muthoot. Furthermore, the company is more focused on the Southern region and valuation is on par with other listed NBFCs, which might be a reason for the tepid debut on the bourses. Key Points
Economic TimesIPO count rises in 2023, but amount lags
India Business News: In 2023, 58 IPOs were listed, raising nearly Rs 49,500 crore. The absence of mega-issues made it the fourth-highest grosser in the past 10 years. Inve Key Points
Times Of IndiaUS Visa Bulletin for January 2024: Indians in Green Card queue advance; Check your status
To file an EB adjustment application in January 2024, foreign nationals must possess a priority date earlier than the listed date for their preference category and country. For categories with specific dates listed, only applicants with a priority date earlier than the specified date may submit their applications. Key Points
Economic Times