Stock Market LIVE Updates: Asian markets track US markets fall; GIFT Nifty trades flat

The growth momentum of the Indian economy from the first half of the current financial year is seen continuing into the second half, according to the Reserve Bank of India’s (RBI) monthly bulletin.

“The Indian economy continues to sustain the momentum achieved in the first half of 2023-24, going by high frequency indicators. Expectations of a fresh round of capex by the corporate sector is likely to fuel the next leg of growth,” the central bank’s monthly State of the Economy article, released on February 20, said. Read More

The NSE has added Balrampur Chini Mills, GMR Airports Infrastructure, GNFC, and RBL Bank to the F&O ban list for February 21, while retaining Bandhan Bank, Biocon, Canara Bank, Hindustan Copper, India Cements, Indus Towers, National Aluminium Company, SAIL and Zee Entertainment Enterprises to the said list. Aditya Birla Fashion & Retail, and Ashok Leyland were removed from the said list.

Foreign institutional investors (FIIs) net sold shares worth Rs 1,335.51 crore, while domestic institutional investors (DIIs) purchased Rs 1,491.33 crore worth of stocks on February 20, provisional data from the NSE showed.

Pharma company Sun Pharma announced that it will acquire a 16.33 percent stake in Michigan-based Surgimatix Inc for $3.05 million by the end of this month subject to fulfilment of some conditions.

The drugmaker made the disclosure on February 20 through a disclosure to the exchanges.

Surgimatix is engaged in developing a proprietary soft tissue fixation device for laparoscopic hernia repair and other minimally invasive surgeries.

The company is yet to commence its commercial operation.

The market capitalisation of Sun Pharmaceutical Industries (Sun Pharma) surpassed the Rs 3 lakh crore mark in December 2023. Read More

Novelis Inc, a wholly-owned subsidiary of Hindalco, on February 20 announced that it has submitted a draft registration statement with the US Securities and Exchange Commission (SEC) about its proposed initial public offering (IPO) of its common shares.

The common shares are expected to be offered by Novelis’ sole shareholder (a wholly-owned subsidiary of Hindalco Industries Limited). Novelis will not receive any proceeds from the sale of common shares by its sole shareholder.

Novelis, a leading sustainable aluminium solutions provider and the world leader in aluminium rolling and recycling, expects to complete the public offering after the SEC completes its review process, subject to market and other conditions. Read More

Yum Restaurants India is likely to sell its entire 4.4 percent stake in quick service restaurant firm Devyani International through a block deal to raise Rs 814.8 crore, CNBC-TV18 reported on February 20 quoting sources.

Floor price is likely fixed at Rs 153.5 per share, a 7.6 percent discount to Devyani International’s closing price on Tuesday.

As of December 30, Yum Restaurants India held 5 crore shares in Devyani International. Yum Restaurants India had bought a 4.41 percent stake in Devyani International in September 2021 after which it had maintained its stake in the company.

Apart from Yum Restaurants India, Sabre Investment Consultants holds a 1.01 percent stake in the company. And Dunearn Investments (Mauritius) PTE Limited has a 2.94 percent stake in Devyani International. Read More

Wipro announced an expanded collaboration with Intel Foundry to accelerate chip design innovation. As the key Design Services and Alliance Partner, Wipro will work with Intel Foundry to accelerate the development of Intel’s most advanced process nodes, including the Intel18A process node.

PSU lender Union Bank of India on Tuesday announced a Rs 3,000-crore qualified institutional placement (QIP) at a floor price of Rs 142.78 per share.

“We wish to inform you that the Committee of Directors for Raising Capital Funds (“Committee”) has at its meeting held today i.e. February 20, 2024 approved the raising of funds for an amount not exceeding Rs 3,000 Crore through issue of equity shares through Qualified Institutions Placement subject to the requisite regulatory /statutory approvals,” said the bank in a stock exchange filing.

The floor price is at a marginal premium when compared to the closing price of Union Bank of India’s scrip on BSE on Tuesday at Rs 141.2. The bank also announced the opening of the issue on February 20. Read More

More than eight years after picking up a majority stake in Avendus Capital, US private equity major KKR has revived the process to exit the leading home grown financial services firm and roped in a sell side advisor, multiple industry sources privy to the development told Moneycontrol.

“KKR has been invested for a very long time in Avendus Capital and feels the timing and environment is right now to explore a complete exit. They have engaged investment bank Nomura recently to sell their controlling stake in the firm,” said one of the persons above.

In November 2015, KKR picked up a controlling stake in Avendus Capital from existing investors. According to media reports, the investment giant paid around $115-$120 million for a 58 percent stake, implying a valuation of around $206 million for the entire firm back then.

According to Acuite Ratings & Research, KKR held around 63 percent stake in Avendus Capital as on March 31, 2023. Read More

Zee Entertainment Enterprises Ltd on Tuesday clarified that the talk of renewed talks with Sony to revive the scrapped merger deal is incorrect and that the company is “not involved in any negotiations”.

Earlier on Tuesday, The Economic Times reported, quoting sources, that ZEEL had re-engaged with Sony Corp to revive the $10-billion merger in a last-ditch effort.

“We would like to clarify that the Company has not been involved in any negotiations,” said Zee Entertainment in a stock exchange filing about a news report on the supposed revival of talks with Sony.

“We wish to clarify that the Company is not aware of any information that has not been announced to the exchanges which could explain the movement in the trading,” said Zee. Read More

The dollar fell broadly on Wednesday as it tracked a global decline in bond yields, while sterling struggled to retain gains following dovish comments from Bank of England (BoE) Governor Andrew Bailey on the central bank’s rate outlook.

The greenback slipped below 150 yen in early Asia trade and last bought 149.93 yen, giving the Japanese currency some breathing space having been pinned near a three-month low in previous sessions.