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☀️ Exclusive Morning Market News & Update☀️
🔹Grasim: Announces foray into the paints business. Board approves investment of up to Rs 5,000 crore over the next three years, primarily towards capex. Entry in the paints sector will add size, scale, diversity and stability to cash flows of the existing business portfolio of the company. The company believes the sector will
be value accretive to shareholders. To hold board meeting on January 28 to consider the issue of Non-Convertible Debentures on a private placement basis, in one or more tranches.
🔹Tata Motors: Has hiked prices of its passenger vehicle range with effect from January 22. The company increased prices upto Rs 26,000, depending on the variant. To offer protection from the price increase to customers who have booked passenger vehicles on or before January 21.
🔹Apollo Hospitals: Raises Rs 1,167 crore through the QIP issue. Allots 46.59 lakh shares of face value of Rs 5 each at an issue price of Rs 2,511 per equity share. Goldman Sachs Singapore, BNP Paribas Funds India, BNP Paribas Arbitrage, HSBC Indian Equity fund among others were some of the institutional buyers.
🔹Adani Green Energy: Enters into securities purchase agreement to acquire 20 MW operating solar assets of Hindustan Powerprojects worth Rs 133 crore. The assets are located in Uttar Pradesh. The company post the acquisition will have operating renewable capacity of 3,145 MW.
🔹Cadila Healthcare: Zydus Cadila gets final approval from the U.S. FDA for Liothyronine Sodium tablets. The drug will be manufactured at the group's formulations manufacturing facility at the SEZ, Ahmedabad.
🔹Tata Power: Wholly-owned subsidiary gets EPC order worth Rs 1,200 crore from NTPC to set up a 320 MW ground-mounted solar PV project. Commercial operation date for the project is set for May 2022. With this addition, the order pipeline of Tata Power Solar stands approximately at 4 GWp with an approximate value of Rs 12,000 crore.
🔹Antony Waste Handling Cell: Economic activity witnessed in the regions serviced has witnessed an improvement during Q3FY21. Operating revenue has shown a growth of around 11% year-on-year. Total tonnage handled by the Collection and Transportation business saw a growth of 8% year-on-year. Total waste processed by the company has improved 11% during the quarter as compared to last year.
🔹Piramal Enterprises: Has received a letter of intent from DHFL's creditors. Piramal Capital & Housing Finance declared the successful resolution applicant in DHFL's insolvency proceedings. Piramal Capital & Housing Finance is a wholly owned subsidiary of Piramal Emterprises. Majority of the committee of creditors had voted in favour of Piramal Group's plan on January 15.
🔹Tejas Networks: Vijay Kedia acquired 3.20 lakh shares (0.35%) through the open market. Increases his stake in the company to 5.39% from 5.04% earlier.
🔹Atul: To consider proposal for buyback of equity shares at its board meeting on January 29, 2021.
🔹United Spirits: Enters into a definitive agreement to sell its entire shareholding in its non-operative subsidiary Tern Distilleries for a consideration of Rs 30 crore.
🔹Embassy Office Parks REIT: Board approves the scheme of arrangement between Embassy Office Ventures and Vikas Telecom. The proposed scheme shall enable a simplified holding and management structure for Embassy REIT assets and create value for Embassy REIT and its unitholders. This will fall under the ambit of a related party transaction and upon being effective, Vikas Telecom will become a 100% directly-held special purpose vehicle of Embassy Office Parks REIT.
🔹Future Retail: Due to continued negative impact of Covid-19 and consequent restricted business operations, the liquidity position has been affected, causing the company to miss the service of the payment of interest due on U.S. Dollar notes due on January 22, 2021. The company has proposed to make the payment of interest within 30 days from the interest due date.
🔹Federal-Mogul Goetze: IEH FMGI Holdings LLC, one of the members of the company's promoter group plans to sell 1.15 crore shares through an Offer for Sale. The number of shares amount to 20.68% of the total paid-up equity share capital of the company. The floor price of Rs 305 per share is the same at which the stock closed on Friday. The OFS opens for non-retail investors on January 25 and for retail investors on January 27. Based on the shareholding pattern of the company as on December 31, 2020, IEH FMGI Holdings LLC held 20.68% in the company.
🔹Punjab National Bank: Has issued and allotted additional tier-1 bonds (Basel-III compliant) worth Rs 495 crore at a coupon of 8.6% per annum on a private placement basis.
🔹Aster DM Healthcare: Has entered into a share subscription agreement to invest in 15.98% of equity share capital of Alfaone Medicals. The company will acquire 2,28,572 shares of face value of Rs 10 each aggregating to total investment of Rs 22.85 lakh.
🔹Kewal Kiran Clothing: Has declared a 2nd interim dividend of Rs 8 per share for FY21. The date of payment for the dividend will be February 16, 2021.
🔹ISGEC Heavy Engineering: Has received an order for Wet Flue Gas Desulphurisation System Package for the 2x660 MW Khurja Thermal Power Project in Uttar Pradesh from L&T MHI Power Boilers. The company has also bagged an order for DeNOx (Combustion Modifications) Package for the 2x77 MW & 1x80 MW Wall Fired Boilers at Gummidipoondi, Tamil Nadu from OPG Power Generation. This project is aimed at reducing NOx in order to make the plant compliant with the recent NOx emission norms.
🔹IFB Industries: Made a pre-payment of $4 million out of the ECB loan of $20 million taken from Standard Chartered Bank. The loan was taken for the company's Home Appliance Division.
🔹Thyrocare Technologies: A meeting of Board of Directors is scheduled on January 30 to consider and decide on payment of 2nd Interim Dividend, if any, for the financial year 2020-21.
🔹Nifty Earnings: Kotak Mahindra Bank, L&T
🔹Non-Nifty Earnings: Aarti Drugs, APL Apollo Tubes, Astec Lifesciences, Can Fin Homes, Chennai Petro, ICICI Securities, Mahindra Holidays, Navin Fluorine, RPG Life, Sharda Cropchem, UCO Bank#NIFTY50 #NIFTYBANK