IndusInd Bank, Suzlon Energy, Persistent Systems, and One97 Communications (Paytm’s parent company) are under scrutiny as MSCI gears up to modify its MSCI Standard Index. Analysts are closely monitoring potential inclusions, with Nuvama Alternative & Quantitative Research predicting significant inflows into these stocks. Estimated amounts include $290 million for IndusInd Bank, $264 million for Suzlon Energy, $258 million for Persistent Systems, and $163 million for One97 Communications.
ASK Automotive IPO Listing Expected at ₹300-₹310 Amid Anticipation
ASK Automotive IPO is set to list today, with Kris Arun Kejriwal of Kejriwal Research and Investment Services projecting a listing price between ₹300 and ₹310. The issue price was ₹282, and the IPO allotment concluded on November 10, initiating the refund process for non-allotted individuals.
Grasim Industries Reports 15.31% Rise in Q2 Net Profit
Grasim Industries, the flagship of the Aditya Birla group, has announced a 15.31% year-on-year increase in consolidated net profit for the second quarter, reaching ₹1,163.75 crore. The growth is attributed to the success of its cement and financial services businesses. Consolidated revenue from operations also rose by 10% to ₹30,220.68 crore.
Adani Ports Achieves Record Half-Yearly Revenue and Cargo Volumes
Adani Ports and Special Economic Zone Ltd (APSEZ) has declared its highest-ever half-yearly revenue of ₹12,894 crore and EBITDA of ₹7,429 crore for the second quarter. The company reported a significant 48% jump in cargo volumes, reaching a historic monthly high of 37 MMT.
HCLTech Appoints Sonia Eland as Executive VP and Country Manager for Australia and New Zealand
HCLTech has appointed Sonia Eland as the executive vice president and country manager for its Australia and New Zealand operations, effective from April 1, 2024. Eland takes over from Michael Horton, who transitions into a consulting role after nearly 10 years of contributing to HCLTech’s establishment as a digital technology services partner in the region.
Federal Bank’s Fedbank Financial Services Gains SEBI Approval for IPO
Fedbank Financial Services, a subsidiary of Federal Bank, has received approval from the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The offer for sale (OFS) includes the offloading of 1.65 crore shares by Federal Bank and 5.38 crore shares by True North Fund VI LLP.
Tata Steel Announces Job Cuts at Netherlands Plant to Improve Market Conditions
Tata Steel’s Netherlands unit plans to eliminate approximately 800 jobs at its IJmuiden plant near Amsterdam to enhance market conditions and reduce costs. The decision is driven by the challenging state of the steel market, and the company aims to remain structurally competitive and profitable.
Manappuram Finance Reports 37% YoY Growth in Q2 Consolidated Net Profit
Manappuram Finance has reported a consolidated net profit of ₹560.65 crore in Q2 FY23-24, marking a substantial 37% year-on-year growth. Sequentially, the net profit increased by 12.5%, compared to ₹498.02 crore in the previous quarter.
Kalyan Jewellers Records 27.33% YoY Growth in PAT for Q2
Kalyan Jewellers has posted a 27.33% year-on-year growth in consolidated profit after tax (PAT) during the quarter ending September 30, reaching ₹134.87 crore. The company’s revenue from operations also experienced a robust 27.11% growth at ₹4,414.53 crore.
UPL Collaborates with Brazil to Convert Degraded Pastures for Agricultural Use
UPL has joined forces with Brazil to convert degraded pastures into productive land for agricultural purposes. The initiative aims to increase production, ensure food security, and combat hunger. Brazil has identified 40 million hectares of pasture land with significant potential for agricultural development out of its extensive 851 million-hectare landmass.