Tata-Mistry feud may return as Shapoorji Pallonji plans Rs 6,600-crore debentures: Report
The promoters of Shapoorji Pallonji (SP) Group are planning to raise Rs 6,600 crore by selling debentures to investors, according to a news report. This will be secured against shares of Tata Sons, it said, citing filings with the Registrar of Companies by Sterling Investment Corporation, a Mistry family entity, on September 25.
According to the report, legal experts call the planned move “potentially controversial” as Tata Sons has objected to similar moves by the Mistrys in the past. The Mistry family owns an 18 percent stake in Tata Sons, the holding company of the Tata Group.
Small & Midcap Mantra | This Cloud Communication Platform Provider Zooms Almost 500% In Past Year, Can Touch Rs 2,500 In 6 Months
The stock has benefitted from digitalisation during the pandemic and has scope to advance further as the company expands globally.
Market update at 11 AM: Sensex is down 32.74 points or 0.06% at 59266.58, and the Nifty shed 2.50 points or 0.01% at 17688.80. ONGC, Bharti Airtel and Indian OIl Corporation are the top gainers while Cipla, Shree Cements and Sun Pharma are the top drags.
Among the sectors, S&P BSE Oil and Gas along with power index gained over 2 percent while realty and pharma are under pressure.
HDFC Bank Q2 retail loans up 13% YoY
Retail loans of private sector lender HDFC Bank grew around 13 percent in Q2FY22, when compared with September 30, 2020.
Retail loans rose 5.5 percent from June 30, 2021, the bank said in a BSE filing.
India September services PMI was at 55.2 against 56.7 and Composite PMI was at 55.3 versus 55.4, MoM.
BSE Realty index shed 1 percent dragged by the Sobha, Godrej Properties, Indiabulls Real Estate
JSPL Q2 business updates:
Jindal Steel & Power (JSPL) has reported robust growth in sales and production in Q2FY22. Company’s steel sales volume surged 32% Q-o-Q and 10% Y-o-Y to hit a record of 2.13 million tonnes during the quarter.
The steel production also increased to 1.93 million tonnes in Q2FY22, posting a modest growth of 5% Y-o-Y.
Jindal Steel & Power was quoting at Rs 418.85, up Rs 0.45, or 0.11 percent on the BSE.
Rail Vikas Nigam enters into MoU with Tata Steel
Rail Vikas Nigam Limited (RVNL) has entered into an Memorandum of Understanding (MoU) with Tata Steel in connection with implementation of infrastructure projects either on nomination basis as a deposit work or through the special purpose vehicle (SPV) route subject to bankability of the SPV project, execution of definitive agreement and management approval.
Rail Vikas Nigam was quoting at Rs 31.05, up Rs 0.85, or 2.81 percent on the BSE.
Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors:
Rupee to open around 74.63 as Asian currencies fall and oil rises to beyond USD 81 on account of supply constraints. The Dow fell overnight on inflation concerns, rising oil and gas prices and rising yields took a toll on the tech stocks.
The dollar index however was below 94. The SGX nifty was down 150 points on risk off sentiments after yesterday’s rise. The range for rupee will be 74.30 to 74.80 as RBI is expected to curb the fall. As rupee has crossed 74.50 importers need to cover imports at all dips.
Rupee Opens:
Indian rupee opened weak against the US dollar on October 5. The rupee slipped 32 paise at 74.63 per dollar against previous close of 74.31.
Market at 10 AMBenchmark indices were trading lower in the volatile session with Nifty around 17650.The Sensex was down 127.04 points or 0.21% at 59172.28, and the Nifty was down 29.10 points or 0.16% at 17662.20. About 1742 shares have advanced, 970 shares declined, and 124 shares are unchanged.
Mahanagar Gas hikes CNG, PNG prices by Rs 2 each
Following the steep 62 percent hike in prices of domestically produced gas announced by the Centre last week, Mahanagar Gas on Monday increased the retail price of compressed natural gas (CNG) and piped natural gas (PNG) by Rs 2 each with immediate effect.
Mahanagar Gas was quoting at Rs 1,093, up Rs 2.00, or 0.18 percent on the BSE.
