The companies will pick up 20 per cent each in PTC Financial Services, a non-banking finance company (NBFC). The total investments could be Rs 50-60 crore (Rs 500-600 million), including a premium of Rs 3-5 on a face value of Rs 10 a share, according to company executives.
Goldman Sachs is bullish about Indian aerospace and defence, preferring private companies over public sector units (PSUs) as the country ramps up its export target for the sector to Rs 50,000 crore by FY29 from Rs 23,600 crore last year. The American investment bank's top 'buy' recommendations include Solar Industries, Bharat Electronics, Data Patterns and PTC Industries, while Bharat Dynamics is rated 'sell'.
Defence stocks have been on a tear, with the Nifty India Defence index hitting all-time highs. Over the past week, the index jumped around 7 per cent, far outpacing the flat performance of the Nifty 50. Over the past month, its 12 per cent gain has trebled the benchmark's return.
After lagging behind the broader market over the past three and six months, defence sector stocks have regained ground, reversing their performance from the past month. Concerns about slowing order inflows, execution hurdles, supply chain disruptions, and high valuations had weighed on the sector.
There remains a debate on who said this: "When the facts change, I change my mind. What do you do, Sir?" Was it the British economist John Maynard Keynes or the American economist Paul Samuelson. Irrespective of who said it, this sentiment appears to have found resonance in ITC's boardroom in recent years.
The exchange, Indian Energy Exchange (IEX), received bids for 13,176 Mwh of power when operation commenced and the transaction took place in the price range between Rs 6.46/kwh and Rs 8.01/kwh. Power will be delivered on Saturday as IEX is trading a day ahead currently.
IndusInd Bank, Suzlon, and Paytm will remain under focus, as the stocks are pegged to get added to the MSCI global standard index. These stocks, along with six others, are seen attracting cumulative inflows of nearly $2 billion from passive funds tracking MSCI indices. Persistent Systems, APL Apollo, Polycab, Macrotech Developers, Tata Motors DVR, and Tata Communication are the other six stocks that will be added to the MSCI index, shows an analysis done by Nuvama Alternative & Quantitative Research.
IEX, promoted by Financial Technologies, will be a pan India neutral and transparent electronic demutualized exchange for efficient price discovery in the electricity market. PTC India Ltd has consented to take 26 per cent stake in IEX.
On Thursday, Adani Enterprises announced that it will not go ahead with acquiring Macquarie group's two road companies at an enterprise valuation of Rs 3,100 crore.
"Sooner or later, a greater part of our businesses will surely be taken up by the exchange, a more transparent platform," said a senior official from PTC India Ltd, the country's largest power trading company that accounts for about a quarter of the total volume of electricity traded in the country. Interestingly, PTC is one of the co-promoters of the exchange. Another major player in the power trading sector, NTPC Vidyut Vyapar Nigam Ltd, has confirmed similar apprehensions
International Finance Corporation will take up 18 per cent stake in domestic stocks and commodities brokerage firm Angel Infin Pvt Ltd for Rs 152 crore. US-based Goldman Sachs and Australia's Macquarie will pick 40 per cent stake in PTC India Financial Services Ltd, a non-banking financial arm of power trading firm PTC India Ltd, for Rs 155.74 crore (Rs 1.55 billion).
Recently, the government relaxed foreign direct investment (FDI) norms for the space sector by allowing 100 per cent FDI in manufacture of components, systems or sub-systems for satellites, ground segments, and user segments. It also permitted 74 per cent FDI in satellite manufacturing and operation as well as satellite data products and 49 per cent in development of launch vehicles and spaceports. Following this, stocks of related companies saw an uptick on the bourses.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
With the government's focus on environment-friendly fuel, Indraprastha Gas, Mahanagar Gas and Suzlon's earning prospects look bright
Embattled Adani Group on Monday said it has put on hold major equipment procurement and site construction activities for the Rs 34,900 crore petrochemical project at Mundra in Gujarat as the project has not yet tied up finances. The group's flagship Adani Enterprises Ltd (AEL) incorporated a wholly-owned subsidiary, Mundra Petrochem Ltd in 2021 for setting up a greenfield coal-to-PVC plant at Adani Ports and Special Economic Zone (APSEZ) land in the Kutch district of Gujarat. Asked by stock exchanges to comment on a PTI report on Sunday that the group has suspended work on the project, AEL said, "The financial closure of the Green PVC project of Mundra Petrochemicals Limited ( MPL) is pending with the financial institutions and it is in their active consideration."
More shares belonging to companies of the embattled Adani Group have been pledged as security for loans taken by the group's flagship firm, a trustee said. SBICap Trustee in notices to stock exchanges said that a further 0.99 per cent shares in Adani Green Energy Ltd were pledged "for the benefits of the lenders" of Adani Enterprises Ltd. An additional 0.76 per cent shares in Adani Transmission Ltd were also pledged to banks, the trustee said. SBICap, which is a unit of State Bank of India (SBI), however did not give details of the loans taken by Adani Enterprises for which the pledge was created.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Billionaire Gautam Adani-led promoter group has paid off all of the $2.15 billion loans taken pledging their shares in the conglomerate, and only debt at operating company level remains, Adani Group said seeking to assure investors of its ability to repay debt. Adani Group in a statement termed reports of the group not completing repayment of $2.15 billion share-backed debt "baseless and deliberately mischievous." "Adani has completed full prepayment of margin linked share-backed financing aggregating to $2.15 billion (as was announced on March 12) and all corresponding shares pledged for those facilities have been released," it said.
The Street was hoping that investors will lap up shares of high-dividend companies on optimism that their payouts will increase further, thanks to the 20 per cent tax saving. However, the trade failed to materialise as wealthy investors stayed away fearing high tax outgo, and experts raised doubts on whether companies would actually increase cash dole outs.
Indian Energy Exchange has joined world's leading power exchanges like Powernext (France), EEX (Germany, Northern Europe), PJM (USA), JEPX (Japan and Norway's Nordpool which is the largest power exchange in the world). IEX, India's first power exchange got its approval from CERC on August 31, 2007. It is promoted by Financial Technologies Ltd & PTC financial services, a wholly owned subsidiary of PTC India Ltd. Joseph Massey, Deputy MD of MCX, is in charge of the exchange.
Ajit Mishra, vice president, research, Religare Broking, answers your stockmarket queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Gautam Adani was the world's third and Asia's richest man a month back but a damning report by a US firm triggered a massive sell-off in shares of his apples-to-airport group, plunging his own wealth by $80 billion and the tycoon slipping to No.30 on the world billionaire index. Adani's sprawling conglomerate, which spans from sea ports to airports, edible oil and commodities, energy, cement and data centres, is under attack by US short-seller Hindenburg Research, which successfully deflated electric-vehicle maker Nikola Motors in 2020. Hindenburg, which held short positions in unidentified shares of Adani Group firms through its US-traded debt and offshore derivatives, on January 24 accused the conglomerate of "brazen stock manipulation and accounting fraud" and using a number of offshore shell companies to inflate stock prices.
Real test of the rally in this segment will be the upcoming result season.
Power Trading Corporation will enter the capital market next month with its initial public offer to enhance capital by Rs 58.5 crore (Rs 585 million).
Eight-time World champion Pankaj Advani continued his fine run to enter the pre-quarter-finals of the third European Players Tour Championship (PTC) of the season, the Bluebell Wood Open, being held at Doncaster Dome, in Sheffield.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
'NSE has thousands of employees. It is their institution. So it's a dear family.' 'One should not hurt the morale of these people.'
Rate-sensitive sectors like banks, auto and realty witnessed strong buying demand in trades today
India's leading cueists, Pankaj Advani and Aditya Mehta, bowed out of the third European Players Tour Championship (PTC) of the season -- the Bluebell Wood Open -- after suffering defeats in their respective round matches at the Doncaster Dome in Sheffield.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
There is more than what meets the eye to the wealth accumulated by Punjab Deputy Chief Minister Sukhbir Singh Badal.
Ajit Mishra, vice president, Research, Religare Broking, answers your stock market queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries:
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