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💥 Morning Market News & Update
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🔥Indiabulls Housing Finance: SS Mundra - the former deputy governor of the Reserve Bank of India has been appointed as the Non-Executive Chairman of the company. Mundra is currently an independent director of the company. Sameer Gehlaut to relinquish the post of the company's Executive Chairman and will continue as non-executive, non-independent director. He will remain the CEO of Indiabulls Ventures.
🔥Tata Power: Board approved merger of wholly-owned arms Coastal Gujarat Power (Mundra UMPP) and Tata Power Solar System (Solar EPC business) and Af-Taab Investment with itself, along with capital reorganization after the merger. Coastal Gujarat Power to get direct support from parent company upon merger. Board also approved withdrawal of scheme of transfer of certain renewable energy undertakings from the company to its arms Tata Power Renewable Energy, Supa Windfarm, Nivade Windfarm and Tata Power Green Energy on a slump sale basis. Board will consider other alternatives for restructuring its renewable energy business. Funds in company’s general reserves are in excess of business needs of the company for the foreseeable future and will be used to reward shareholders, as stated in a press release.
🔥Affle India: To acquire 8% stake in Bobble AI, the conversation media platform offering indigenous social keyboard for Rs 19.8 crore. It also has the option to acquire incremental ownership on attainment of certain key performance targets within the next three years. The company has secured exclusive global and monetisation rights of Bobble AI's tech products for a period of five years.
🔥Coal India: Bloomberg News reports that the company is seeking 15% reduction in railway freight charges for shipments travelling between 700-1,400 kilometers, in order to make domestic supplies competitive with imports. Domestic coal is considerably cheaper than imports, but taxes and freight makes it less competitive for some customers especially in South and West India, according to the company'
🔥Apollo Hospitals: NCLT Chennai approved demerger of the front-end portion of the standalone pharmacy business of the company into its arm Apollo Pharmacies.
🔥Thermax: MD and CEO MS Unnikrishnan to retire on August 31. Ashish Bhandari will be the new MD and CEO.
🔥InterGlobe Aviation: Jwalamukhi Investment Holdings acquired 54.35 lakh shares (1.41%) at Rs 1,028 per share and Kotak Mahindra (International) sold 54.35 lakh shares (1.41%) at Rs 1,028 per share.
🔥Brigade Enterprises: Board approved raising up to Rs 500 crore via equity shares and debt. Company expects construction to resume at 100% levels by the end of the third quarter of fiscal 2021.
🔥Britannia Industries: Allotted commercial papers worth Rs 300 crore.
🔥Dixon Tech: SBI Mutual Fund reduces stake to 4.39% from 4.9% on August 11.
🔥Mahindra & Mahindra Financial Services: Rights issue was subscribed approximately 1.3 times, resulting in a demand generation of over Rs 4,000 crore. as compared to a target of Rs 3,088.8 crore.
🔥Indostar Capital Finance: Board approved raising Rs 1,000 crore via issue of NCDs in various tranches.
🔥Nifty Earnings Today: GAIL, Hero MotoCorp, BPCL, Grasim, Eicher Motors, Tata Steel
🔥Non-Nifty Earnings Today: APL Apollo, Balkrishna Industries, City Union Bank, DCM Shriram, Engineers India, Godrej Industries, Kaveri Seed, Minda Corp, PFC, Praj Industries, Redington India, Prestige Estates, Safari Industries, Shankara Building Products, Sharda Cropchem, Shriram Transport Finance, Trent, Venky's #NIFTY50#NIFTYBANK