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☀️ Exclusive Morning Market News & Update☀️
🔹Centrum Capital: Reserve Bank of India has granted in-principle approval to Centrum Financial Services to set up a small finance bank. The in-principle approval was given after Centrum Financial Services, in partnership with Bharat Pe, submitted an expression of interest for PMC Bank. The SFB will be guided by the directions and timelines of the RBI on the amalgamation of Punjab & Maharashtra Co-Operative Bank.
🔹HDFC Bank: To buy 4.99% stake in HDFC Ergo from Housing Development Finance Corporation for Rs 1,906.43 crore. HDFC Bank to buy the 3.56 crore shares at Rs 536 per share. Transaction to be concluded on an arm's length basis as HDFC Bank is a related party for HDFC Ltd. Transaction to require regulatory approval from IRDAI
and RBI. Further the bank has recommended a dividend of Rs 6.50 per share for FY21. The record date for the same is June 30.
🔹PNB Housing Finance: SEBI has put PNB Housing Finance's preferential issue on hold. The markets regulator found that the valuation of shares undertaken by the company was "ultra vires" of Articles of Association. Preferential issue shall not be acted upon till the company undertakes the valuation of shares from an independent registered valuer, SEBI said. PNB Housing Finance said it is evaluating
further steps.
🔹Reliance Jio Infocomm Ltd. added the most active users among peers in March as it snapped two straight months of decline. Jio added 7.3 million regularly paying subscribers, according to data released by TRAI. Bharti Airtel Ltd added 4.8 million such subscribers in March against the six-month average of 4.5 million. Vodafone
Idea Ltd lost 0.4 million against an average decline of 1.4 million in the last six months.
🔹Phillips Carbon Black: Commissioned 8 MW power plant at Mundra in Gujarat.
🔹Adani Power: The Committee of Creditors of Essar Power MP Ltd, a company undergoing insolvency resolution under the Insolvency and Bankruptcy Code, has approved the resolution plan submitted by Adani Power. EPMPL owns a 1,200 MW power plant in Singrauli District, Madhya Pradesh. The closure of the transaction
will be subject to obtaining necessary approval from the NCLT and satisfaction of conditions precedent under the resolution plan.
🔹NBCC (India): Has awarded the work order for construction of residential towers and civic amenities at Karkardooma in New Delhi on TOD Norms, EPC mode to NCC Ltd at their quoted price of Rs 859.84 crore.
🔹Bharat Heavy Electricals Ltd: Crisil has downgraded the rating on the long-term bank facilities of the company from AA/Negative to AA-/Negative. The rating on the short-term facilities has been reaffirmed at A1+.
🔹ICICI Bank: S&P has reaffirmed bank’s rating at BBB- and has changed the outlook from negative to stable. According to the rating agency, ICICI Bank's capitalisation will remain strong over the next 24 months, aided by better earnings and profit from sale of stake in subsidiaries.
🔹Jammu & Kashmir Bank: Appointed Pratik Punjabi as Chief Financial Officer of the Bank for a period of three year. Punjabi to replace Rajni Saraf as CFO.
🔹Fine Organic Industries: Made an investment by way of acquisition of 22,500 ordinary shares at a par value of THB 100 per share in the new joint venture company, Fine Organic Industries (Thailand).
🔹Elgi Equipments: To sell a property of Pattons Inc, USA, a material subsidiary of the company.
🔹Earnings: Oil India, Bharat Dynamics, Info Edge (India), HBL Power Systems, Jaiprakash Associates, MM Forgings, Pearl Global Industries, Pokarna, Rico Auto Industries, SP Apparels, TCNS Clothing Co, VST Tillers Tractors
Pledge Share Details
🎯Chambal Fertilisers & Chemicals: Promoter Zuari Global revoked pledge of 3 lakh shares on June 16.
🎯JSW Holdings: Promoter Siddeshwari Tradex created a pledge of 8.75 lakh shares on June 17.
🎯Tilaknagar Industries: Promoter Amit Dahanukar revoked pledge of 15.50 lakh shares between June 11-15.
🎯Zee Learn: Promoter Essel Media Ventures invoked pledge of 1 crore shares on June 15.
🎯Zee Media Corporation: Promoter 25FPS Media invoked pledge of 1.60 crore shares on June 15.
Insider Trades
🔸Advanced Enzyme Technologies: Promoter Advanced Vital Enzymes sold 31.15 lakh shares between June 16-17.
🔸Asian Granito India: Promoter Kamleshkumar Patel sold 1.50 lakh shares on June 17.
🔸Aarti Industries: Promoter Sarla Shah sold 5,000 shares on June 14.
🔸GHCL: Promoter Ram Krishna Dalmia Foundation sold 5,000 shares on June 16.
🔸KEI Industries: Promoter Anil Gupta sold 4 lakh shares on June 16.
🔸Kabra Extrusiontechnik: Promoter Kolsite Industries bought 3,000 shares between June 15-16.#NIFTY50 #NIFTYBANK #NIFTYIT #NIFTYMEDIA #NIFTYPHARMA #FINNIFTY