Page 36 - Stock Markets

Whirlpool sells 24% stake in India unit for $468 mn, now holds 51%

Whirlpool conducted the sale through its subsidiary in Mauritius, reducing its stake in the entity from 75% to 51%

Mutual fund folios continue upward trajectory; adds 4.7 mn accounts in Jan

Mutual fund industry has seen an uptick in folios, with the addition of 46.7 lakh investors' accounts in January, fuelled by increasing awareness about the financial instrument and ease of transactions through digitisation. Over the past year, average folio additions were 22.3 lakh per month and the latest figure was more than double this level. With this addition, mutual fund folios of the industry stood a shade away of 17 crore at 16.96 crore currently, a surge of 19 per cent from 14.28 crore registered a year earlier, latest data with the Association of Mutual Funds in India (AMFI) showed. On a month-on-month basis, the industry has seen a growth close to 3 per cent in folio numbers from 16.49 crore recorded in December 2023. Folios are numbers designated to individual investor accounts. An investor can have multiple folios. WhiteOak Mutual Fund Chief Business Officer Prateek Pant said that factors such as high levels of digital literacy, rising disposable incomes, and increase

Tolins Tyres files draft papers with Sebi to raise Rs 230 cr through IPO

Tolins Tyres Ltd has filed preliminary papers with capital markets regulator Sebi to raise Rs 230 crore through an initial public offering (IPO). The Kerala-based company's initial share-sale is a combination of fresh issue of equity shares worth Rs 200 crore and an offer-for-sale (OFS) of equity shares to the tune of Rs 30 crore, according to the draft red herring prospectus (DRHP) filed on Friday. Promoters -- Kalamparambil Varkey Tolin and Jerin Tolin-- will offload shares worth Rs 15 crore each through the OFS route. They own 83.31 per cent stake in the company at present. The company may consider raising Rs 25 crore in a Pre-IPO placement round. If such placement is undertaken, the fresh issue size will be reduced. Of the Rs 200 crore IPO proceeds, Rs 75 crore will be used to augment long-term working capital requirements of the company and Rs 62.55 crore for payment of debt. Further, Rs 24.36 crore will be used for investment in the company's subsidiary, Tolin Rubbers Privat

GPT Healthcare's IPO to open on February 22, PE firm BanyanTree to exit

The Initial Public Offering (IPO) GPT Healthcare Ltd, which operates and manages mid-sized multi-specialty hospitals under the ILS Hospitals brand, is set to open on February 22. The initial-share-sale is scheduled to conclude on February 26. The bidding for anchor investors will open for a day on February 21, according to the Red Herring Prospectus (RHP). The IPO is a combination of a fresh issue of equity shares aggregating to Rs 40 crore, and an Offer For Sale (OFS) of up to 2.6 crore equity shares by private equity firm BanyanTree Growth Capital II. BanyanTree, which holds 2.6 crore shares or 32.64 per cent stake in Kolkata-based GPT Healthcare, is divesting its entire shareholding in the company. Proceeds from the fresh issue will be used for payment of debt and general corporate purposes. GPT Healthcare, which started with an eight-bed hospital in Kolkata in 2000, operates four full-service multi-specialty hospitals, with a total capacity of 561 beds. The company competes

EPACK Durable Q3 results: Net profit at Rs 4.83 cr, revenue at Rs 279 cr

EPACK Durable Ltd on Thursday reported Rs 4.83 crore consolidated net profit for the third quarter ended December 2023. The company had posted a net loss of Rs 6.30 crore during the October-December quarter a year ago, EPACK Durable said in a regulatory filing. Its revenue from operations was Rs 279.05 during the quarter under review. In the year-ago period, the company's revenue from operations stood at Rs 275.61 crore. This is the first quarterly result of the Noida-based original design manufacturer (ODM) after its listing on January 30, 2024. Its total expenses were Rs 273.92 crore in the December quarter. Shares of EPACK Durable Ltd on Thursday settled at Rs 186.30 on the BSE, up 2.59 per cent.

Anil Agarwal's Vedanta Resources sells stake worth Rs 1,737 crore

Finsider International, part of billionaire Anil Agarwal-led Vedanta Resources, sold more than 65.5 million Vedanta Ltd shares at 265.14 rupees each, the data showed

Largecap heavy funds back in reckoning as smallcap fever recedes

In a first in 17 months, largecap, flexicap funds outpace smallcap schemes in terms of flows

NSE, BSE to hold trading session on March 2 to assess mkt infrastructure

Session to assess the preparedness for any unforeseen event, test transition to disaster recovery site

Mutual Fund investors' grievances decline to 485 in first half of FY24

Mutual funds industry body Amfi on Wednesday said that the number of complaints received from investors and distributors was 485 for the half-year ended September 30, 2023, a decline of 21 per cent from the year-ago period. The consistently low complaint numbers highlight the mutual fund industry's continuous efforts to elevate service quality and transparency. In the first half of the fiscal year 2023-24, a total of 485 complaints were received, which was way lower than 619 complaints received in the same period of preceding fiscal, Association of Mutual Funds in India (Amfi) said in a statement. For the same period, the net assets under management increased from Rs 41.62 lakh crore in April 2023 to Rs 46.58 lakh crore at the end of September 2023 driven by a strong equity market, steady interest rates, and robust economic growth. "While the industry is growing at a fast clip, the data suggests that complaints against the MF industry are low," the industry body noted. Of these 48

Sebi cautions investors against unregistered cos promising assured returns

Capital markets regulator Sebi on Tuesday cautioned investors against placing money with unregistered entities promising assured or exceptionally high returns on investments. While investing in the securities market, investors have been asked to conduct due diligence, verify the registration status of any entity claiming to be a Sebi-registered intermediary, and also verify enforcement action taken by the regulator against any entity. "Investors should be cautious of any entity that promises assured or exceptionally high returns. The principle of 'higher returns come with higher risks of losing your money altogether' holds true in the securities market," Sebi said in a statement. It further said that investments offering high returns usually involve high risk, including fraud risk, and there can be no guarantees of assured returns in the securities market. This cautionary statement came after the Securities and Exchange Board of India (Sebi) observed a rising trend of unscrupulous

Sensex ends choppy session 483 pts up; banks, IT stocks rally, metals slide

Stock market updates on February 13, 2024: In the broader markets, indices swung between zones with the BSE MidCap and SmallCap indices, eventually, closing 0.6% and 0.18% up, respectively

Strong revenue growth, margin expansion ahead for retail major Trent

The stock markets' enthusiastic response to the results has driven the share up by 25 per cent in just two sessions

Sebi mulls relaxation in timelines for FPIs' material change disclosures

Capital markets regulator Sebi on Wednesday came out with a proposal to relax timelines for disclosure of material changes by Foreign Portfolio Investors (FPIs). The regulator also suggested a framework for providing flexibility to FPIs in dealing with their securities after expiry of their registration. In its consultation paper, Sebi proposed categorising material changes notified by FPIs into two groups to set timelines for reporting such changes. Type I includes changes that require FPIs to seek fresh registration, or which affect any privileges or exemption available to such foreign investors and Type II includes all other material changes. The regulator has proposed that FPIs should report Type I changes within seven working days and provide supporting documents within 30 days and Type II changes require notification and supporting documents within 30 days. At present, FPIs get time up to seven working days to submit information to it with regard to any material change in it

Govt eyes deal with EU countries that could draw $100 billion investment

If finalised, it would mark the first time an investment commitment of this nature is secured by India as part of a free trade agreement

Investors subscribe Park Hotels IPO 59.66 times on final day of bidding

The initial share sale of Apeejay Surrendra Park Hotels, which runs hotels under the 'The Park' brand, got subscribed 59.66 times on the final day of bidding on Wednesday. The Rs 920 crore IPO received bids for 2,07,38,23,392 shares against 3,47,61,903 shares on offer, as per NSE data. The quota for Qualified Institutional Buyers (QIBs) garnered 75.14 times subscription while the portion for non-institutional investors subscribed 52.41 times. The category for retail individual investors (RIIs) received 30.35 times the subscription. The initial share sale of Apeejay Surrendra Park Hotels was fully subscribed on the first day of bidding on Monday. The Initial Public Offer (IPO) has a fresh issue of up to Rs 600 crore and an offer for sale of up to Rs 320 crore. The IPO had a price range of Rs 147-155 a share. Proceeds from the fresh issue would be utilised towards payment of debt and for general corporate purposes. Apeejay Surrendra Park Hotels Ltd mobilised Rs 409.5 crore from an

Garuda Construction and Engineering files IPO draft papers to raise funds

Garuda Construction and Engineering Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering. With this, the total number of draft offer documents filed by the companies has reached 10 in this year so far. The proposed IPO is a combination of a fresh issue of 1.83 crore equity shares and an Offer For Sale of 95 lakh equity shares by promoter PKH Ventures Ltd, according to the Draft Red Herring Prospectus (DRHP) uploaded on Sebi's website on Wednesday. Proceeds from the fresh issue will be used to support the working capital requirement of the Mumbai-based company and for general corporate purposes, including unidentified inorganic acquisition. PKH Ventures currently holds 77.07 per cent stake in Garuda Construction and Engineering. Garuda Construction and Engineering is involved in several projects for residential, commercial, residential-cum-commercial, hospitality, infrastructure and industrial projects. According to

Stocks to Watch today, Feb 7: Nykaa, ONGC, UPL, Britannia, Biocon, Paytm

Stocks to Watch on Wednesday, February 7, 2024: The parent company of Nykaa nearly doubled its consolidated net profit to Rs 16.2 crore during Q3FY24

Absence of surprises in Budget: Mkts flat as investors look for triggers

The Sensex ended the session at 71,645, a decline of 107 points or 0.2 per cent, while the Nifty50 index fell 17 points, or 0.08 per cent, to end 21,709

UPS to cut 12,000 jobs, shares drop nearly 6% in premarket trading

UPS slid before the opening bell on Tuesday as the package delivery company announced that it's eliminating approximately 12,000 jobs and looking at strategic options for its Coyote truck load brokerage business. Last year union members at UPS voted to approve a tentative contract agreement, putting a final seal on contentious labor negotiations that threatened to disrupt package deliveries for millions of businesses and households nationwide. On a conference call on Tuesday morning, CEO Carol Tome said that by reducing the company's headcount UPS will realise USD 1 billion in cost savings. We are going to fit our organisation to our strategy and align our resources against what's wildly important, Tome said. She also announced that this year UPS is returning to a policy of having its employees back in the office five days a week. United Parcel Service Inc. anticipates 2024 revenue in a range of approximately USD 92 billion to USD 94.5 billion. Analysts surveyed by FactSet predic

Republic Day 2024: Indian stock market to remain closed on January 26

The markets will also remain closed for the next two days on account of weekend holidays. This means the trading will resume on Monday, January 29