INDIA SHARES PROMOTER RULES
TRAI may offer some leeway on service quality rules to telcos
The Telecom Regulatory Authority of India (TRAI) is expected to ease some of the parameters in its proposed quality of service (QoS) regulations, initially deemed too stringent by the telecom industry. This comes as TRAI emphasizes the need for telecom operators to enhance their service quality, particularly after recent tariff hikes.
Streaming giants challenge new Canadian revenue-sharing rules
Netflix, Disney, Paramount, and NBCUniversal challenge CRTC rules requiring 5% revenue be contributed to local news, Indigenous, and French content. The Motion Picture Association-Canada seeks federal court judicial review, questioning legal basis. Effective September, the regulation supports Canadian music, broadcasting, and is expected to raise C$200 million annually under Canadian federal law.
Government eases rules for global sourcing of medical gear
Pavan Choudary, chairman, Medical Technology Association of India (MTAI), termed the move a path-breaking effort by the government towards equitable policy making, spanning the crucial last mile which was uncovered so far.
Prevent mindless utilisation, promote mindful consumption: Bhupender Yadav
At the first India Climate Summit of the Times Network on Friday, Bhupender Yadav, the minister for environment, forest and climate change, pointed out carbon emission-intensive anthropocentric development, unsustainable consumption patterns, and desertification as three pressing issues that confront the world today.
Can Punjab's Shiromani Akali Dal, the second-oldest political party in India, save itself from imploding?
SAD is the oldest political party in India after the Congress. It was founded in 1920 and carries a long legacy of Sikh politics. The rise of Sukhbir in the party in the past more than a decade also saw a concurrent alienation of several top leaders who would defer to Badal Senior but not to his son. Today, Sukhbir, out of power and out of favour with the people as reflected by the Lok Sabha poll results, faces rebellion from several senior leaders.
Promoters to sell a 2.04% stake in Polycab India on Friday
The promoters owned a 65.24% stake in the company as of March 31, 2024. Shares of Polycab have rallied 28% so far this year, compared to a 10% gain in the Sensex.
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BlackRock buys 9.46 lakh shares in Titagarh Rail for 153 crore via block deal
Bulk deal data from the BSE reveals that Rashmi Chowdhary sold more than 26.93 lakh shares at Rs 1,618 each, netting approximately Rs 436 crore from the transaction. Chowdhary, a promoter of the railway sector company, owned over 1.28 crore shares, representing a 9.52% stake as of the end of March, as per the shareholding information available on the NSE.
Fairfax Group to sell a 9.72% stake in CSB Bank via block deal
FIH Mauritius Investments is likely to sell a 9.72% stake in CSB Bank on Thursday through block deals to raise about Rs 595 crore. According to the term sheet issued by the banker IIFL, FIH Mauritius is expected to sell 1.68 crore shares in the Kerala-based bank at a floor price of Rs 352.4 per share.
MapmyIndia shares fall 6% after promoter likely offloads stake
Shares of CE Info Systems-owned MapmyIndia fell by 6% to day’s low of Rs 2,271 on BSE after the company’s promoter Rakesh Verma reportedly offloaded equity stake via a block deal on Wednesday.
Have conviction in India story, want to be fully present: Zurich Insurance Group's Tulsi Naidu
Zurich Insurance Group has acquired a 70% stake in Kotak General Insurance, making it the largest foreign investment in the insurance sector and the first stake acquisition by an overseas insurer since the FDI limit was raised to 74% in 2021. The company's CEO, Tulsi Naidu, believes that owning and operating their own business is essential in a significant market like India. The company has considered investing in India for a long time, especially after the liberalisation of FDI rules.
Estonia promotes tech sharing, joint production with Indian defence companies
NATO member Estonia, known for its expertise in IT and cyber security, is seeking closer cooperation with India to jointly develop defence technology. Indian companies are invited to partner with Estonian startups and tech players to explore specific areas of interest.
BIS introduces new safety standards for EVs in India
Bureau of Indian Standards (BIS) introduces safety guidelines for electric vehicles in India, focusing on powertrain components. New rules, IS 18590: 2024 and IS 18606: 2024, aim to enhance safety in L, M, and N vehicle categories.
Vedanta promoted Hindustan Zinc's shares jump 6% on MoU with US battery maker
Hindustan Zinc's shares surged 6% after signing an MoU with AEsir Technologies, Inc. for zinc supply, a key material for next-gen batteries. AEsir specializes in zinc battery tech, part of global energy transition efforts.
Fosun to pare stake in Gland Pharma
Shanghai-based Fosun Pharmaceutical Group, the promoter of Gland Pharma, plans to sell up to a 5% stake in the company through a block deal to raise ₹1,435 crore ($172 million). This follows a successful IPO in November 2020 and is managed by UBS, as per a BSE filing. The offer price of ₹1,750 per share represents a 4.
IndiGo promoter sells about 2% share
After the share sale, the Rahul Bhatia owned company will continue to remain IndiGo’s largest shareholder with around 35.7% stake in the company.
N Chandrababu Naidu's family's wealth surges Rs 1,225 crore as Heritage Foods shares double in 12 days
Chandrababu Naidu's family's wealth surges with Heritage Foods shares rising over 105%. Naidu's party, Telugu Desam Party, wins big in Andhra Pradesh elections.
Sebi's rumour verification rule and its implications
A new Sebi rule requires top listed companies to confirm, deny, or clarify market rumours reported in mainstream media, focusing on material impacts on share prices.
Over 40 pc ads in Cricket World Cup 2023 promoted smokeless tobacco brands: Study
According to the study conducted by a group of experts from the Indian Council of Medical Research (ICMR) and Vital Strategies, of the total 41.3 per cent surrogate advertisements of smokeless tobacco (SLT) brands, 39.9 per cent were telecast during India's matches and 37.8 per cent during matches featuring one or both teams from South Asia (Afghanistan, Bangladesh, Pakistan and Sri Lanka).
IRB Holding sells Rs 1,444.8 cr worth IRB Infrastructure shares
In a separate deal, Nomura India Investment Fund bought shares of IRB Infrastructure Developers worth 256.59 crore on BSE. Shares of IRB Infrastructure Developers slumped 9.9% to close at 65.5 on Thursday.
IRB Infra promoters likely to sell 4% to raise Rs 1,512 crore
The sellers have put up 240 million shares for sale with a floor price ranging from ₹63 to ₹72.7 per share. This represents a 13% discount on the lower range compared to the closing price on Wednesday.
Timken promoter sells Rs 1,956-crore stake
Government of Singapore, Monetary Authority of Singapore, HDFC Life, UTI MF and Nippon India MF were among some of the buyers. Shares of Timken India rose 2.78% to close at 4,062.80 on Tuesday. In last one month, the company’s shares gained 28.15% against an up-move of 1.94% in BSE 500 Index.
Grasim promotor Birla Group hikes stake by 4.09% to 23.18% in company
There has been no change in the promoter/promoter group's total holding in the company, which remains at 43.06%. Shares of Grasim Industries closed at Rs 2,435.10 on the NSE on Tuesday, rising by Rs 44.45 or 1.86%. A part of the Aditya Birla Group, Grasim reported a 39% increase in its consolidated net profit for the quarter ended March 2024, excluding exceptional items. The net profit rose to Rs 1,908 crore, compared to Rs 1,369 crore in the same quarter last year.
Timken India shares jump 8% after Rs 1,800 crore block deal
On Tuesday, Timken India, a bearings manufacturer, saw a significant surge of 7.5% to reach a high of Rs 4,250 on the BSE, attributed to a substantial block deal valued at approximately Rs 1,800 crore, involving the exchange of 6.65% of equity shares.
Foreign promoters likely to sell 6.6% stake in Timken India
BofA Securities India’ term sheet revealed that the floor price has been fixed at Rs 3,550 apiece — a 10.2% discount to Monday's closing price of Rs 3,956. The sale at the floor price could fetch the parent company around Rs 1,775 crore or $213 million.
Granules promoter Chigurupati sells stake
About 75 lakh shares worth 303.81 crore were sold at 405.08 apiece and were bought by 8 funds at 405-405.1. Axis MF, Massachusetts Institute of Technology and Fidelity Funds' India Focus Fund were the top buyers.
SpiceJet to seek Rs 450 cr refund from erstwhile promoter Maran following Delhi HC ruling
SpiceJet plans to reclaim Rs 450 crore from former promoter Kalanithi Maran and KAL Airways, following a Delhi High Court division bench ruling in its favor. The airline previously paid Rs 730 crore to Maran, including principal and interest. The decision overturns a previous order and highlights unresolved legal issues.
Sebi amends rule to facilitate ease of doing biz for cos planning IPOs
Rules mandate at least 20% of promoters’ shares to be locked in for a certain period of time post-listing after an IPO. This relaxation will help new-age technology companies as founders’ shareholding comes down usually after an IPO. Non-promoter shareholders excluding individuals holding more than 5% of the post-offer equity share capital can contribute towards the shortfall, Sebi said.
Sebi amends rule to facilitate ease of doing biz for cos planning IPOs
Companies promoted by entrepreneurs often have several rounds of funding prior to listing their equity shares on the stock exchanges. In such situations, the promoters' holding may fall short of the minimum promoter contribution i.e., 20 per cent of the post-offer equity share capital.
Trai to tighten rules to check pesky communication
The Telecom Regulatory Authority of India (Trai) plans to strengthen regulations and increase penalties to combat pesky communications affecting mobile phone users. Trai will issue a consultation paper to tighten rules and prevent misuse of the system, according to chairman Anil Kumar Lahoti. The government has allocated a new 160 numbering series for service and transactional calls, distinguishing them from promotional calls using the 140 series.
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