Top Market Highlights Of The Day – Dec 3rd 2021

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RCap referred to NCLT, Reliance Power defaults

Just a day after Reliance Capital was referred to the NCLT, another ADAG group company, Reliance Power, defaulted on interest payments to DBS Bank and IDBI Bank. The amounts were just about Rs.1 crore. Even Yes Bank has a rather large exposure to Reliance Power. The total outstanding borrowings of Reliance Power stand at Rs.1,194 crore, including accrued interest on loans. Reliance Power has power projects based on coal, gas and renewable energy, with capacity of close to 5,945 MW. Its debt is rated “D”.

Paytm Just Got Its First ‘Buy’ Rating After IPO Flop

In the midst of all the gyrations in price and the spate of price downgrades, it looks like Paytm finally has a buy call. The positive view from Dolat has a price target of Rs.2,500 on Paytm estimating the company to turn profitable by Mar-26. According to Dolat, as Paytm transitions from being a seller of services to a manufacturer, the strong growth in number of users will have an exponential value. Many brokers like Macquarie and JM Financial are still negative on Paytm with target price for the stock closer to Rs.1,200.

HUL becomes coal-free across its operations

Hindustan Unilever has totally eliminated use of coal across operations and substituted it with green alternatives like biomass and biodiesel. HUL has collaborated with biomass suppliers and local farmers to ensure sustainable continuous supply of green fuels. The move will also translate into savings for HUL, so it is going to value accretive too. HUL had already embarked on its zero-coal goal way back in the year 2016 itself. Managing Director, Sanjiv Mehta has underlined the importance of green accountability.

Dish TV stock was locked in 5% upper circuit

Dish TV stock was locked in 5% upper circuit after reports of Bharti Airtel making a bid to buy a majority stake in Dish TV. The combination would give Airtel a 50% market share in the DTH business. However, there has been no affirmation from either parties. Apparently, EY has already submitted the due diligence report on Dish TV financials to Bharti Airtel on 26-October. Currently, Tata Sky is the largest DTH player in the Indian market with 33% market share. Yes Bank holds 25.63% stake in Dish TV by invocation of pledge.

Ola Cabs plans to come out with its IPO

Ola Cabs plans to come out with its IPO in the first half of 2022. Ola is currently in the midst of creating its Super App that will go beyond cab hailing and include personal finance and micro insurance. Incidentally, Ola is backed by Softbank of Japan. India has raised close to Rs.120,000 crore this year via IPOs and the spate of successful digital IPOs have paved the way for Ola. It plans to raise nearly $1 billion or Rs.7,500 crore via IPO route. Ola has mega EV plans with its electric scooters getting up to 1 million reservations.

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