Market Walk

Top Highlights Of The Day – OCT 27 2021

PolicyBazaar parent’s IPO to open on 1st Nov

PB Fintech, the company that owns and operates the Policybazaar brand, will open its IPO on 01-Nov and close on 03-Nov. The demat credits are expected by 12-Nov after which it will list. Th price band for the issue has been fixed in the range of Rs.940-980 per share. A total of 6.07 crore shares will be issued raising Rs.5,951 crore at the upper end of the price band. This will comprise of fresh issue of Rs.3,910 crore and an OFS of Rs.2,041 crore. The big seller is SVF Python Fund, which will sell shares worth Rs.1,875 crore.

Good News For Zee

There has been some good news for Zee as it got a temporary reprieve in the EGM case. The Bombay High Court has restrained Zee from holding the EGM called for by Invesco Fund, the largest investor in Zee with a 17.88% stake. Invesco had asked for the EGM to vote on the removal of Mr. Punit Goenka as well as to nominate six of its nominees to the board. The High Court noted that if a shareholder resolution is bound to cause a company to run aground, there was no logical reason to allow such a resolution to be debated.

Top 5 IT Added 1.70 Employees in the 9 months to Sep-21

India’s five largest IT services companies viz. TCS, Infosys, HCL Tech, Wipro and TECHM, added a combined 1.70 lakh employees in the 9 months to Sep-21. This was due to strong demand as well as rising attrition. This is the first credible hint of a turnaround in orders and jobs post the pandemic. During the recent Sep-21 quarter, companies like Infosys, Wipro and Tech Mahindra reported attrition in excess of 20%. In the Sep-21 quarter alone, the IT majors added 70,000 workers. Most have revised fresher hiring target higher.

Siddhartha Lal’s reappointment as Eicher Motors MD

Eicher Motors has finally got the nod from shareholders for re-appointment of Siddharth Lal as the MD for a period of 5 years at the revised remuneration. The reappointment proposal was cleared by 93.8% of the votes while the proposal for enhanced remuneration was cleared with 98.6% votes. In August AGM, the proposal to hike remuneration of Lal was struck down under pressure from institutional investors. This time the two proposals were split into 2 resolutions. Remuneration is now capped at 1.5% of profits.

Indian Hotels Hopes To Wipe Out Debt

Indian Hotels, owner of the Taj Brand of hotels, plans to pay off all its debt by April 2023. The overall debt of Indian Hotels touched a record high of Rs.3,612 crore. To bankroll this debt reduction, Indian Hotels will raise Rs.2,000 crore via rights issue and also raise Rs.2,000 crore through a QIP placement. Once this is completed, Indian Hotels also plans to reduce debt in subsidiaries like Ginger Hotels and in its foreign subsidiaries. IHCL’s revenue recovery was better than expected as revenues rose 184% yoy post-COVID.

NJ Mutual Fund Raises Rupees 5200 Crore In NFO Balanced Advantage Fund

The latest entrant into the Indian mutual fund segment, NJ India Mutual Fund, collected a commendable Rs.5,200 crore in its debut fund. Riding on the SBI MF wave, NJ India MF also made its debut with the NFO of Balanced Advantage Fund. This is record collection in any maiden launch in Indian MF history. NJ aims to offer a complete platter of passive schemes. SBI MF had earlier collected a record Rs.14,500 crore in its Balanced Advantage Fund NFO. NJ is a distributor that integrated forward into mutual fund origination.

IRB Infra To Raise Rs.5,347 crore By Preferential Allotment

IRB Infra will raise Rs.5,347 crore, marking the largest equity fund raise by an Indian road developer. IRB will do a preferential allotment to Ferrovial of Spain and GIC of Singapore. Ferrovial, through its unit, will invest Rs.3,180 crore and GIC of Singapore will infuse Rs.2,167 crore. IRB has fixed the issue price for the preferential allotment at Rs.211.79 per share. Out of Rs.5,347 crore raised, IRB will allocate Rs.3,250 crore to debt reduction, Rs.1,479 crore for current projects and Rs.600 crore for general corporate purposes.

Fino Payments Bank IPO To open on Oct 29

Fino Payments Bank has set the price band for its Rs.1,200 crore IPO. The issue, which will be open from 29-Oct to 02-Nov has been priced in the band of Rs.560-577. The IPO will comprise Rs.300 crore fresh issue and Rs.900 crore via OFS. The bank will use the fresh funds to boost its Tier-1 capital. Fino PayTech holds 100% stake in Fino Payments Bank, but the stake will fall to 70% post the IPO. At the upper end of the price band, Fino Payments Bank will have a market cap of Rs.4,800 crore. Revenues are fee based.

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