Market Walk

Vodafone Idea opted for a 4-year moratorium on payment of Rs 8,837 cr in AGR dues– Market update

Hero Motocorp, India’s largest 2-wheeler manufacturer, plans to hike the retail prices of its motorcycles and scooters by up to Rs 3,000

Hero Motocorp, India’s largest 2-wheeler manufacturer, plans to hike the retail prices of its motorcycles and scooters by up to Rs3,000. This is likely to be effective from 01st July 2022. The auto sector has been badly hit by the spike in the cost of key inputs like steel, aluminum, plastics, etc and this price hike will help to partially offset the impact of the cost inflation. The precise price increase would differ from model to model. Hero Moto offers a range of models with a price range extending from Rs51,450 to Rs1.32 lakhs.

IIFL Finance, the NBFC arm of the IIFL Group, plans to raise debt capital to the tune of Rs5,000 crore via the issue of bonds through a public issue

IIFL Finance, the NBFC arm of the IIFL Group, plans to raise debt capital to the tune of Rs5,000 crore via the issue of bonds through a public issue. This is still subject to statutory approvals. The sum of Rs5,000 crore would be raised in one or more tranches via issuance of redeemable non-convertible debentures. IIFL Finance offers home loans, gold loans, and business loans; with a focus on LAP financing, MSME funding, microfinance, and developer and construction finance. IIFL Finance has 3,119 branches across 500 cities.

Vodafone Idea opted for a 4-year moratorium on payment of Rs 8,837 crore in AGR dues

Vodafone Idea opted for a 4-year moratorium on payment of Rs8,837 crore in AGR dues. The company also has the option to convert interest on deferred amounts into equity to the government. The government is already set to own 33% of Vodafone Idea in lieu of interest on dues with an NPV of Rs16,000 crore. They have to decide on the conversion of the interest on AGR into equity within 90 days. Telecom operators owe Rs1.65 trillion as adjusted gross revenues (AGR) share to the government up to the fiscal year 2018-19.

The Maran family-owned Sun TV Network touched its 52-week low of Rs 402.55

The Maran family-owned Sun TV Network touched its 52-week low of Rs 402.55 and has erased all its gains recorded after the conclusion of the IPL rights for the 2023-27 period. Apart from a host of regional language channels, Sun TV group also owns the SunRisers Hyderabad cricket franchise in the IPL as well as the Digital OTT Platform Sun NXT. IPL PAT is likely to rise from Rs73 crore in FY22 to Rs300 crore in FY24. However, markets are worried about the strategy for the digital OTT platform and plan for the cash pile.

The biggest loser in the Russian cheap oil story may be Iraq as Russian oil steadily flows into Asia at much lower costs

The biggest loser in the Russian cheap oil story may be Iraq as Russian oil steadily flows into Asia at much lower costs. India and China were the major buyers of Iraq’s Basrah Medium or Basrah Heavy crude, but the demand has tepid in the current Asia trading cycle since cheaper Russian oil is being preferred. Iraq is also considering offering discounts to its major customers. However, the case is not the same for all OPEC members as cargoes of Abu Dhabi Murban oil, which yields more diesel, traded at an $11/bbl premium.

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