Global Markets: Asian shares hit two-week high on Fed pause bets, China boost

Asian equities rose on Wednesday and the dollar wobbled as weak U.S. labour data bolstered bets that the Federal Reserve was likely done with its interest rate hikes, while beaten-down China stocks rose for a third straight day. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.86% to a two-week top and is on a three-day winning streak. The index though is down 6% in August and set for its worst monthly performance since February.

Japan’s Nikkei was up 0.5%, while the Australia’s S&P/ASX 200 index rose 0.64%. China shares have gained this week following the announcement of measures to lift investor confidence, including halving the stock trading stamp duty, loosening margin loan rules, and putting the brakes on new listings.

Investors’ focus will be on PMI data from China later this week that will highlight the state of the economy. Overnight, Wall Street ended sharply higher, while Treasury yields slid to three-week lows after data showed U.S. job openings dropped to the lowest level in nearly 2-1/2 years in July, signalling easing labour market pressures.

“‘Bad news is good news,’ as the data supported bets for a sooner end of the Fed’s hiking cycle despite the recent hawkish rhetoric of Fed Chair Powell,” Tina Teng, markets analyst at CMC Markets, said in a note.

With the Fed highlighting that the interest rate path will be heavily dependent on data, traders are tweaking their bets based on the latest indicators. Markets are pricing in an 89% chance of the Fed standing pat at its meeting next month, the CME FedWatch tool showed, and are now pricing in a 50% chance of another pause at the November meeting compared with a 38% chance a day earlier.

A much clearer economic picture will likely be revealed later in the week when U.S. payrolls and personal consumption expenditure reports are due.

U.S. Treasury yields were stable in Asian hours. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was up 1.3 basis points at 4.903%, easing away from the three week low of 4.871% it touched on Tuesday.

The drop in yields put pressure on a buoyant dollar. Against a basket of currencies, the dollar inched up 0.029% to 103.58 after slipping nearly 0.4% on Tuesday.The yen weakened 0.15% to 146.09 per dollar and remained at levels that led to intervention in the currency market last year by Japanese authorities.

The Australian dollar fell 0.32% to $0.646 after data showed Australian consumer price inflation slowed to a 17-month low in July, signalling that interest rates might not have to rise again.

U.S. crude rose 0.32% to $81.42 per barrel and Brent was at $85.69, up 0.23%. Both benchmarks rallied more than a dollar a barrel on Tuesday on a soft dollar.Traders will be closely watching cocoa prices on Wednesday after the London cocoa futures on ICE rose to a 46-year high on Tuesday, buoyed by tightening supplies.

Top cryptocurrency bitcoin eased a bit in early Asian hours to trade at $27,554 after rising 7% on Tuesday. A federal appeals court ruled on Tuesday that the U.S. securities regulator was wrong to reject an application from Grayscale Investments to create a spot bitcoin exchange-traded fund.

Telcos may file review plea in SC on licence fee issue

Telecom operators who have been hit by an adverse judicial pronouncement relating to treatment of licence fee as capex instead of revenue expenditure, are likely to file a review petition in the Supreme Court. This will be on on the lines of the adjusted gross revenue (AGR) matter, where also they were hit by a adverse ruling in October, 2019.

They are also likely to seek clarity from the apex court whether the applicability of this order will be on retrospective basis (1999 onwards) or on the renewed licence period. A clarity is required here because some analysts feel that since the SC has given a view on the principle behind the taxation it should apply retrospectively.

For operators, which have completed the initial 20 years of the licence, the past tax shortfall would likely pertain only to the difference in payment timing and change in tax rate. However, there could be a significant impact of tax shortfall if the telecom operator concerned is still to complete the initial 20-year licence period or for the period after licence renewal, analysts at Kotak Institutional Equities.

Operators like Reliance Jio and Bharti Airtel would have to pay about Rs 15,000 crore in taxes, according to industry estimates. For Bharti Airtel, the amount (excluding the penalty) is expected to be Rs 6,000 crore for 2020-2023 period, whereas the same for Jio is expected to be Rs 8,500 crore from 2017-2023 period, according to estimates by Kotak Institutional Equities.

Currently, telecom operators treat licence fees as an expense also called revenue expenditure, which in a way lowers the net income and therefore lowers taxation amount. However, after the judgment, the licence fee would have to be treated as a capital expense, with a provision for amortisation of

the licence fee over the licence period.

The accounting change would lead to removal of licence fee from expenses and that would lead to higher operating profits. This would affect the cashflows as there will be a higher tax outgo initially. The difference between the two systems would lead to a tax shortfall for some years along with applicable penalties, analysts said.

“We note that change in treatment of licence fees paid from revenue to capital expenditure could lead to accrual of higher taxes in the initial period of the licence but potentially offset in later years

through higher depreciation and amortisation (D&A) charges,” Jefferies said in its report.

“So over a period of 20 years (the term of the licence period), it may get offset, although there could be some impact on NPV (net present value) given up-fronting of higher taxes in the initial period,” it added.

Offset against higher depreciation and amortisation charges mean that as per accounting rules, a company incurring capital expenditure on acquiring assets, etc, has to also include depreciation and amortisation value of that asset over the years in the profit and loss (P&L) statement. Therefore, in the absence of a licence fee under expenses, the tax liability impact can be net-off against the depreciation and amortisation (on licence fee) in P&L.

The Supreme Court on Monday held that the licence fee paid by them post July 1999 period should be treated as a capital expenditure and not as a revenue expenditure.

As per the National Telecom Policy 1999, telecom operators had to pay a one-time licence fee to start operations, along with a yearly licence fee based on their annual turnover. This was in contrast to the earlier policy, wherein they had to pay licence fee in one go.

Since operators usually defer the payment of licence fee or pay them in installments, the SC said the same does not change the nature of a capital expenditure into a revenue expenditure.

With its ruling, the Supreme Court overturned the Delhi High Court order of 2013 that had held that such payments should be partly treated as revenue expenditure and partly as capital expenditure – pre-1999 and post that year – which suited the operators.

International Yoga Day 2023: Glimpses of mesmerising celebrations across the globe – See photos

The ninth International Day of Yoga is being celebrated today (June 21) in India and worldwide with the theme of ‘Vasudhaiva Kutumbakam’ – which means Yoga for the welfare of all in the form of ‘One World-One Family’. The day serves as a platform to raise awareness about the numerous benefits of yoga and promote its holistic approach to mental, physical and spiritual well-being. To mark the occasion several cabinet ministers and Indian Army personnel were seen performing yoga asanas in different parts of the country today. Check out pictures of how the world is celebrating the day.

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Indian Army personnel performs Yoga at Pangong Tso Lake, situated at a height of almost 13,862 ft.(Photo Credits: ANI)

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Indian Army personnel performs Yoga at the world’s highest saltwater lake.(Photo Credits: ANI)

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Indian Army personnel performs Yoga in Rajasthan on International Day of Yoga.(Photo Credits: ANI)

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Indian Army personnel perform Yoga in Sikkim to celebrate the 9th International Day of Yoga.(Photo Credits: ANI)

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Union Defence Minister Rajnath Singh joined Indian Navy personnel to perform yoga onboard the indigenously built aircraft carrier INS Vikrant on the occasion of International Day of Yoga. (Photo Credits: Twitter)

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Nepal police personnel perform yoga during International Yoga Day celebrations at the National Police Academy in Kathmandu, Nepal.(Photo Credits: Reuters)

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People perform Yoga on the International Day of Yoga in Malaysia’s Batu Caves.(Photo Credits: Reuters)

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Army jawans practice yoga on a bridge in Jammu region. In the run up to International Yoga Day, Indian Army organised yoga sessions at multiple locations in Jammu region districts– Poonch, Rajouri, Doda, Kishtwar, Ramban, Reasi & Jammu.(Photo Credits: PTI)

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Indian High Commissioner to the UK Vikram Doraiswami led International Day of Yoga celebrations at Trafalgar Square, in London on June 20. (Photo Credits: PTI)

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Students perform yoga at a swimming pool on the eve of International Yoga Day in Jabalpur on June 20. (Photo Credits: PTI)

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Srinagar: NSG commandos of 13 Special Ranger Group perform yoga on the International Day of Yoga, at Parimahal in the backdrop of Dal Lake, in Srinaga. (PTI Photo)

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Mumbai: Passengers perform yoga in a Mumbai Metro Line 1 from Versova to Ghatkopar, on International Day of Yoga, in Mumbai. (PTI Photo)

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Ghaziabad: Students perform yoga on the International Day of Yoga, at a madrasa in Ghaziabad. (PTI Photo)

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Amritsar: Indo-Tibetan Border Police (ITBP) personnel perform yoga at Jallianwala Bagh, on International Day of Yoga, in Amritsar. (PTI Photo)

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Lahaul & Spiti: ITBP personnel perform yoga on the International Day of Yoga, at Koksar in Lahaul & Spiti district. (PTI Photo)

Rise in debt and guarantees a concern for states: Icra

Capital spending by thirteen major states will likely surge by 29% in FY24, supported by loans from the Centre, but the leverage level of the states studied indicated a worrying rise in their debt and guarantees to 30% of GSDP from 28.9% in FY23, rating agency Icra said on Tuesday.

Icra has projected the combined capital spending of these major states– Andhra Pradesh, Gujarat, Haryana, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh and West Bengal—to be Rs 6.2 trillion in FY24 from Rs 4.8 trillion in FY23. Their FY24 capex Budget Estimate is Rs 6.7 trillion.

With revenues likely to trail the budgeted targets, the revenue and fiscal deficits of the sample set are estimated at Rs 2.1 trillion and Rs 8.3 trillion, respectively, in FY24, exceeding the budgeted of Rs 1.4 trillion and Rs 7.7 trillion, respectively. So, the aggregate fiscal deficit in FY24 is projected to widen to 3.4% of GSDP from the budgeted 3.1% and 2.6% in FY23. The revenue deficit could widen to 0.9% of GSDP from FY24BE of 0.6% and 0.5% in FY23.

Fiscal deficit of AP, MP, Rajasthan, TN, UP and WB is forecast at 3.5-4.2% of GSDP in FY2024; Gujarat and Maharashtra below 3% of GSDP.

“In a discomfiting trend, the combined leverage (debt+ guarantees) level of the sample is expected to increase to 30% of the GSDP in FY24 from 28.9% of the GSDP in FY23, with continuing variation across the states,” Nayar said.

ICRA projects several states in the sample to have adequate funds for completing 90-100% of their budgeted capex in FY2024, while a few states may have to compress their spending by a sizeable extent such as Punjab. Notably, some states’ net borrowing ceiling (NBC) for FY2024 would be adjusted by the Centre on account of the incremental off-budget borrowings, which they had raised in FY22.

Additionally, Icra projected the grants from the Centre to the states in FY24 to decline sharply from the year-ago level, mainly on account of the discontinuation of the GST compensation grants and because of the tapering nature of the Finance Commission-recommended grants. Therefore, ICRA estimated total grants to the 13 states at Rs 3.2 trillion in FY24, nearly two-thirds of the budgeted amount and the lowest since FY20.

The agency has estimated gross state government securities issuance by states at Rs 9.5 trillion in FY24, up 25% on year.

PM Modi’s US Visit In Pictures | Grand welcome at White House, intimate dinner, gifts and many more

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US President Joe Biden and First Lady Jill Biden on Thursday (June 22) welcomed Prime Minister Narendra Modi at the White House for the State dinner. Amongst the US officials who arrived at the White House for the State Dinner was the US Secretary of Commerce Gina Raimondo, US Secretary of State, Antony Blinken, and US Ambassador to India, Eric Garcetti. Big names in the tech world, film and fashion industry, as well as billionaire industrialists, were among those invited to the State Dinner. PM Modi is visiting the US from June 21-24 at the invitation of President Joe Biden and the First Lady. Here’s a glimpse of the prime minister’s US visit which is filled with grand welcomes, state and private dinners and gifts:

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US President Joe Biden and India’s Prime Minister Narendra Modi toast during an official state dinner at the White House.(Photo Credits: Reuters)

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US President Joe Biden, first lady Jill Biden, and India’s Prime Minister Narendra Modi walk in front of the Grand Staircase of the White House before an official state dinner.(Photo Credits: Reuters)

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President Joe Biden and first lady Jill Biden welcome India’s Prime Minister Narendra Modi as he arrives for a State Dinner on the North Portico of the White House in Washington.(Photo Credits: AP)

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Vice President Kamala Harris talking with guests before President Joe Biden offers a toast during a State Dinner for PM Modi at the White House. (Photo Credits: AP)

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Indian billionaire Mukesh Ambani and his wife Nita Ambani pose wiith Google CEO Sundar Pichai and his wife Anjali Pichai at the State Dinner hosted by President Biden for PM Modi at the White House.(Photo Credits: ANI)

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Indian billionaire businessman Anand Mahindra, Chairman of Mahindra Group and Microsoft CEO Satya Nadella along with his wife Anu Nadella arrived for the State Dinner with President Joe Biden and PM Narendra Modi at the White House.(Photo Credits: Reuters)

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PM Narendra Modi addressed a joint meeting of the US Congress in the House Chamber of the Capitol in Washington.(Photo Credits: Reuters)

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Prime Minister Narendra Modi addressed a joint meeting of Congress at the Capitol in Washington.(Photo Credits: AP)

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PM Narendra Modi attended a joint press conference with US President Joe Biden at the White House on Thursday.(Photo Credits: Reuters)

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PM Narendra Modi addressed the people during the State Arrival Ceremony on the South Lawn of the White House on Thursday.(Photo Credits: PTI)

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PM Narendra Modi with President Joe Biden as they watch the United States Army Old Guard Fife and Drum Corps during a State Arrival Ceremony on the South Lawn of the White House Thursday.(Photo Credits: AP)

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Niagara Falls bathed in the colours of Indian natonal flag amidst a fireworks, welcoming Prime Minister Narendra Modi during his State Visit to USA.(Photo Credits: PTI)

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Empire State Building lit up in the colours of the Indian national flag, during the State Visit of Indian Prime Minister Narendra Modi to USA.(Photo Credits: PTI)

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UJoe and Jill Biden hosted PM Modi for an intimate dinner at the White House, signalling the warm friendship between the two countries.(Photo Credits: AP)

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Modi was received by the president and the first lady, and before entering the building, they posed for photos and were seen chatting. The camaraderie between leaders was visible as they seen laughing and engaged in conversation.(Photo Credits: AP)

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National Security Advisor Ajit Doval and his US counterpart Jake Sullivan are also attending the dinner, which featured the President’s favourite foods- pasta and ice cream.(Photo Credits: AP)

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At the intimate dinner, the trio enjoyed a musical tribute to the regions of India, performed by youth dancers from Studio Dhoom, a DMV-based Indian dance studio that helps connect a new generation to the vibrant culture of Indian dance.(Photo Credits: PTI)

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As PM Modi is a vegetarian, Jill Biden asked Chef Nina Curtis — who specialises in plant-based cuisine — to work with the White House staff and create a stunning vegetarian menu for the Indian Prime Minister. Guests also had the option to add fish to their main course.(Photo Credits: AP)

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Every element of the dinner and decor has been chosen to make each guest’s experience personal and warm, according to the statement by the White House.(Photo Credits: AP)

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PM Modi gifted a handcrafted sandalwood box with ‘das danam’ to US President Joe Biden and a lab-grown green diamond to First Lady Jill Biden. The special sandalwood box presented to Biden has been handcrafted by a master craftsman from Jaipur, Rajasthan. The box contains a silver idol of Lord Ganesha, a diya (oil lamp) and copper plate which occupies a sacred space in every Hindu household.(Photo Credits: PTI)

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PM Modi gifted a copy of the first edition print of this book, ‘The Ten Principal Upanishads’ published by M/s Faber and Faber Ltd of London and printed at the University Press Glasgow to US President Joe Biden.(Photo Credits: PTI)

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US President Joe Biden meets with India’s Prime Minister Narendra Modi in the Oval Office at the White House in Washington.(Photo Credits: Reuters)

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First lady Jill Biden and India’s Prime Minister Narendra Modi visit the National Science Foundation in Alexandria on Wednesday.(Photo Credits: AP)

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Participants took part in the 9th International Day of Yoga event with India’s Prime Minister Narendra Modi at United Nations headquarters in New York City.(Photo Credits: Reuters)

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PM Modi addressed the 9th International Day of Yoga celebrations at the UN headquarters, in New York.(Photo Credits: PTI)

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Prime Minister Narendra Modi meets with the Indian diaspora upon arrival in Washington DC on Wednesday.(Photo Credits: PTI)

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PM Modi received a rousing welcome at the Hotel Intercontinental Willard in Washington DC. The Indian diaspora greeted him as chants of ‘Vande Mataram’ reverberated in the area.(Photo Credits: PTI)

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PM Narendra Modi being welcomed upon his arrival at the Joint Base Andrews airport in Washington on Wednesday.(Photo Credits: PTI)

Jio Financial Services could exit NSE indices next week

Jio Financial Services’ (JFS) temporary inclusion in the BSE indices came to an end on Friday, with the stock removed from the Sensex and other BSE indices before start of trade.

Earlier slated to be removed three days after listing, the same was deferred on account of the stock hitting the lower circuit of 5% for three consecutive sessions. The selling pressure was largely on account of index funds trying to sell the stock.

On Friday, the stock was locked in the upper 5% circuit, closing at Rs 245.30.

Nuvama expects a smooth removal from Nifty indices once the stock is out of the T-to-T segment. JFS was included in the trade-for-trade segment for the first 10 days of listing until September 4. The outflow could amount to approximately 105 million shares, according to Abhilash Pagaria, head of Nuvama Alternative & Quantitative Research.

However, with the stock hitting the upper circuit of 5% on the NSE, removal will not take place before September 6. At the same time, the global MSCI and FTSE retain JFS in the indices, with no impact on inflow or outflow.

According to the methodology followed by Asia Index, re-inclusion of the JFS stock in the benchmark Sensex would depend on fulfilment of certain criteria and its float-adjusted market capitalisation.

According to the eligibility criteria, stocks must have been listed for at least six months, have traded on every trading day on the BSE, and also have a derivative contract.

Eligible stocks are ranked based on their average six-month float-adjusted market capitalisation and average six-month total market capitalisation.

Next, they are sorted according to the annualised traded value.

Those with a cumulative annualised traded value above 98% are excluded, with the remainder sorted by average six-month float-adjusted m-cap. Those with a weight of less than 0.5% are excluded.

The others are then ranked on their average six-month float-adjusted m-cap, and selected for index inclusion.

“Besides fulfilling the index criteria, JFS will need to have some operational history and profitability before its re-inclusion is taken up for review by the exchanges,” said Deepak Jasani, head of retail research at HDFC Securities.

Index constituents are weighted based on their float-adjusted market capitalisation.

As of Friday, JFS commanded Rs 1.55 trillion in market cap, with the free-float m-cap at Rs 82,598 crore, according to BSE data.

Buzzing stocks to watch today: Lupin, OMCs, Maruti Suzuki, HeroMotoCorp, Zomato, Central Bank of India

Here is a quick look at some of the top buzzing stocks to watch in trade today –

Lupin: Lupin Pharma’s wholly-owned subsidiary in Canada announced the launch of Propranolol LA (long-acting) capsules, 60 mg, 80 mg, 120 mg and 160 mg, in Canada. Propranolol LA is a generic equivalent of Inderal LA, it provides an effective treatment solution since the discontinuation of Inderal LA for patients and healthcare practitioners.

OMCs: The government cut the price of cooking gas for households on Tuesday by about 18% to rein in inflation. It reduced the price by 200 rupees on a 14.2-kilogram cooking gas cylinder sold to 330 million households. The decision will impact about 100 million low-income families.

Hero MotoCorp: Focus on this two-wheeler maker will continue after it rolled out the aggressively priced Karizma XMR 210 at Rs 1.7 lakh.

Zomato: This counter continues to be in focus on the buzz about further stake offloading. According to recent media reports another key investor may offload a sizeable chunk.

Shriram Housing: The company is partnering with IFC for affordable green lending. IFC will be offering training and capacity building for the housing finance company’s teams on the principles and applications of the EDGE software, standards and certification system.

Central Bank of India:The bank has entered into a strategic co-lending partnership with Samunnati Financial Intermediation & Services to offer Agriculture and MSME Loans at competitive rate. The participation by both the entities in this co-Lending arrangement will result in greater expansion of portfolio by Central Bank of India and . Samunnati Financial Intermediation & Services.

SEBI bans Shankar Sharma, others from offloading Brightcom Group shares; stock extends losses, falls 5%

Brightcom Group shares extended their rout, hitting its 5% lower circuit in trade for the second consecutive session after SEBI banned seasoned investor Shankar Sharma, and 23 other individuals, from selling or offloading Brightcom Group shares they possess, either directly or indirectly on beliefs of manipulation.

Additionally, the capital markets regulator released an interim order against Brightcom, prohibiting the chairman & CEO Suresh Kumar Reddy and the CFO, Narayan Raju from serving as a director or any key managerial role in any publicly-listed company or its subsidiaries. “Mr M Suresh Kumar Reddy is hereby restrained from buying, selling or dealing in securities either directly or indirectly, in any manner whatsoever until further orders,” said the SEBI order.

About the SEBI order

SEBI added that it found that the group carried out certain manipulations in its preferential allotments. India’s market regulator said on Tuesday that Brightcom attempted to “cover-up its misdeeds” by submitting forged and fabricated bank statements, which also raised doubts about the authenticity of the company’s historical financial disclosures. The regulator further noted that the digital marketing company claimed to have advanced loans worth Rs 824 crore to its subsidiaries. However, only Rs 350.75 crore was transferred to the firms and the rest of the funds was supposedly siphoned off.

Brightcom set up an internal team to review its options, adding in a statement that it was consulting legal experts and evaluating potential courses of action. But it did not address any of SEBI’s allegations and did not immediately respond to Reuters’ requests for comment. SEBI has previously raised concerns over Brightcom overstating profits. It fined the company and five promoters in June over disclosure and code of conduct violations.

Pyramid Technoplast shares climb nearly 13 pc in debut trade

Shares of packaging company Pyramid Technoplast Ltd on Tuesday made its market debut with a premium of nearly 13 per cent against the issue price of Rs 166.

The stock began the trade at Rs 185, up 11.44 per cent from the issue price on the BSE. It further jumped 13.25 per cent to Rs 188.

The Initial Public Offer (IPO) of Pyramid Technoplast had received 18.29 times subscription last week.

The Rs 153 crore IPO had a price range at Rs 151-166 a share.

Pyramid Technoplast is a drum manufacturing company that offers a comprehensive range of packaging solutions. The industrial packaging company is engaged in the business of manufacturing polymer-based molded products (polymer drums) mainly used by chemical, agrochemical, speciality chemical and pharmaceutical companies for their packaging requirements.

Stocks To Watch: Adani Enterprises, Power Finance, L&T, Glenmark Pharma, Ambuja Cements, Tata Power, RITES

Stocks in focus: GIFT Nifty was 0.03% lower during Tuesday’s early trading session at 19,382, indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex. Domestic benchmarks NSE Nifty 50 and BSE Sensex broke their two-day slide on Monday. Sensex rose by 0.41% to 65,216.09, and Nifty 50 increased by 83 points, settling nearly at 19,400 at 19,393.6.

“A rebound in the global market after a significant correction prompted buying in domestic equities, particularly within the IT sector. However, the potential for volatility to linger in the near term remains due to the increasing dollar index and elevated US bond yields, fuelled by concerns about rate hikes. Investors are keenly observing the commentary from the Fed chair during its forthcoming summer conference for interest rate insights. Meanwhile, Asian markets displayed a mixed performance, reacting to the smaller-than-anticipated rate cut initiated by the Chinese central bank,” said Vinod Nair, Head of Research at Geojit Financial Services.

Power Finance

State-owned Power Finance Corporation has secured a loan of 1.85 billion Japanese yen (about Rs 105 crore) from JBIC financing.The funds will be used to finance a 11.5 MW waste-to-energy project of KPC Gas Power Corporation in Karnataka.

L&T

Larsen & Toubro’s energy hydrocarbon business has bagged a significant contract from the Saipem & Clough JV (SCJV), Australia for fabrication and supply of process and pipe rack modules for a 2.3 MMTPA urea plant for Perdaman Chemicals and Fertilisers Pty.

Union Bank of India

The board of Union Bank of India has greenlit the raising of up to Rs 5,000 crore via Qualified Institutions Placement. They have established a base price of Rs 91.10 per share for the issue, which commenced on 21 August.

Tata Power

Tata Power Renewable Energy signed a power purchase agreement for a 9MWp solar plant at the Tata Motors Pantnagar plant in Uttarakhand, which will be the largest in a campus solar facility in the state.

Ambuja Cements, Sanghi Industries

The Adani group’s Ambuja Cements will begin its open offer to purchase 26% equity from the public shareholders of Gujarat’s cement manufacturer, Sanghi Industries, starting September 29.

Glenmark Pharmaceuticals

Glenmark Pharmaceuticals entered into an agreement with the U.S. Department of Justice, Antitrust Division (DOJ) in order to resolve all of its court proceedings with the DOJ involving historical pricing practices by former employees relating to the generic drug pravastatin between 2013 and 2015. Glenmark entered into a three-year Deferred Prosecution Agreement, and if it adheres to the terms of the agreement, including the payment of $30 million, payable in six instalments, the DOJ will dismiss the pending superseding Indictment.

RITES

RITES signed a memorandum of understanding (MoU) with NHPC, a hydropower generating company under the Ministry of Power, to collaborate on comprehensive consultancy services for Rail Infrastructure facilities for NHPC’s hydropower projects.

(With agency inputs.)