The final trading day of the week could get off to a sour start for the Indian benchmark indices BSE Sensex and NSE Nifty 50. As Nifty Futures traded 50 points, or 0.26%, lower at 18925 on the Singapore Exchange, the SGX Nifty indicated that the domestic share market would have a negative opening. The Nifty gained 54 points to close at 18,812 on Thursday, while the Sensex gained 185 points to close at 63,284.
PB Fintech: According to reports, SoftBank Group intends to sell a 5% stake in PB Fintech Ltd. of India, the parent company of online insurance aggregator Policybazaar, in a block transaction. The base price for the Friday block deal might be 440 rupees per share. On Thursday, shares of PB Fintech reached a close of Rs 461. According to exchange data, SoftBank has two of its units owning more than 10% of PB Fintech.
Adani Green Energy: On Thursday, the Adani group company announced that it had raised 27,954 million Japanese Yen (roughly Rs 1,630 crore) through its affiliate Adani Solar Energy AP Six to restructure its existing debt. According to a press release from the company, MUFG Bank and Sumitomo Mitsui Banking Corporation both contributed equally to the project lending facility.
Vedanta: Vedanta, which will soon begin producing glass, semiconductors, and aluminium in India, wants to move beyond simple manufacturing and support the growth of related industries. Naveen Patnaik, the chief minister of Odisha, on Thursday laid the cornerstone for the Vedanta Aluminium Park in Jharsuguda. The business is also in discussions with the state government to establish an electronics cluster for the production of electronics like televisions, smartphones, laptops, and other products that use glass and semiconductors.
Yes Bank: The private lender announced on Thursday that the Reserve Bank of India (RBI) had awarded private equity companies Carlyle Group and Advent International conditional approval to buy 9.99% of the lender each. Verventa Holdings, a subsidiary of funds administered by Advent, and CA Basque Investments, a unit of the Carlyle Group, are the parties proposing the investment.
Reliance Capital: The liquidation value of the indebted Reliance Capital (RCap) has been estimated by two independent appraisers at Rs 13,000 crore, more than twice the amount of the binding bids the company received. The former Anil Ambani group company is evaluated at Rs 12,500 crore by Duff & Phelps as a core investment company (CIC), and at Rs 13,200 crore by RBSA.
Hero MotoCorp: In November 2022, the two-wheeler company sold 3.9 lakh units, up 12% from the same month the year before. In November 2021, the company had sold 3.49 lakh units. Hero anticipates that momentum will increase in the upcoming quarters due to positive economic indicators, such as encouraging farm activity, favourable consumer sentiments, and the impending wedding season.
Eicher Motors: The business sold 70,766 bikes in November 2022, a 37% increase over the 51,654 units sold in the same month year year. However, exports, which fell to 5,006 motorcycles, fell by 27% year over year.
SJVN: The public sector company announced that SJVN Green Energy, a subsidiary, has signed a Memorandum of Understanding with Grid Corporation of Odisha for the development of 1,000 MW hydroelectric projects and 2,000 MW solar power projects in Odisha through the incorporation of a joint venture company. The development of these projects will cost Rs 20,000 crore and is anticipated to produce 4,207 million units (MUs) in the first year and roughly 96,797 MUs overall during a 25-year timeframe.
Orchid Pharma: A qualified institutional placement (QIP) issuance to raise Rs 500 crore has been approved by the company’s board. The Dhanuka group, which acquired control of the business in 2018, is also fulfilling its mandated requirement to sell 15% share in Orchid Pharma by March 2023 via this QIP placement.