03/01/2023,Morning Updates, Corporate Action, Bulk Deals

Morning Updates

Stocks in focus

India raises windfall tax on crude oil

According to Business Standard, India has raised windfall tax on petroleum, crude oil and aviation turbine fuel, according to a government order dated Jan. 2. It raised windfall tax on crude oil to Rs 2,100 ($25.38) per tonne from Rs 1,700 ($20.55), effective Tuesday, the order said.The federal government also raised export tax on diesel to Rs 7.5 per litre from Rs 5, while raising the windfall tax on ATF to Rs 4.5 per litre from Rs 1.5, the document showed. Reliance Industries, ONGC will be in focus

Rs 211-cr insolvency case against Zee Ent

According to Business Standard, an operational creditor has filed a Rs 211-crore insolvency case against Zee Entertainment Enterprises (Zee), the media company disclosed to the stock exchanges on Monday. “A petition has been filed under Section 9 of the Insolvency and Bankruptcy Code by the Indian Performing Right Society, an Operational Creditor, before NCLT for initiation of Corporate Insolvency Resolution Process against the Company,” Zee said. The company said it would be filing its reply rejecting the claim on the ground that there was a pre-existing dispute between the parties on the claimed amount.

M&M Finance Q3FY23 Business Update

According to Business Standard, the non-bank finance company disbursed loans worth approximately Rs 4,650 crore in December 2022, delivering a 67 per cent year-on-year (YoY) growth. The Q3 disbursements at approximately Rs 14,450 crore registered a growth of 80 per cent YoY, while YTD disbursement (Rs 35,750 crore) registered a YoY growth of 95 per cent. The Collection Efficiency (CE) was at 98 per cent for December 2022.

Refrigerator prices may rise up to 5%

According to Business Standard, prices of refrigerators are likely to increase by up to 5 per cent as the revised norms of the Bureau of Energy Efficiency (BEE) have become applicable from January 1 this year. According to manufacturers like Godrej Appliances, Haier and Panasonic, implementation of the new norms may put an additional burden of 2-5 per cent on consumers, depending on the models. Besides tightening the labelling, the new norms also mandate separate star labelling for freezers and refrigerator provisioning units (storage part) of the frost-free models.

High level exits at Zomato

According to Mint, Zomato co-founder and chief technology officer Gunjan Patidar resigned from his position on Monday, in the fourth senior-level exit at the food delivery platform since November. Patidar, one of the first employees at Zomato, leaves after over a decade at the Gurugram-based company. He built the “core tech systems” for the company, and also set up a tech leadership team at Zomato during his tenure, the company said in an exchange filing.


Dabur acquires majority stake in Badshah Masala

According to Mint, in accordance with the share purchase and shareholders agreement, the firm has stated today that it has acquired a majority stake of 51% of the equity shares of Badshah Masala. Dabur has acquired 51% equity shareholding of Badshah from its shareholders upon fulfilment of terms and conditions as per SPA and SNA and the said transaction has been completed on 2nd January 2023. Consequent to the above transaction, Badshah Masala Private Limited has become a subsidiary of Dabur India Limited w.e.f. today i.e. 2nd January 2023.

Bharat Forge acquires SEZ unit of Indo Shell Mould

According to Mint, Bharat Forge’s step-down subsidiary JS Auto Cast Foundry will acquire the SEZ unit of Indo Shell Mould Ltd located at SIPCOT, Erode in Tamil Nadu, the company said without revealing the amount for which the deal was concluded. The Bharat Forge statement said JS Auto Cast Foundry India has entered into a business transfer agreement with Indo Shell Mould Ltd for the purpose. The SEZ Unit with a capacity of 42,000 MTPA, supplies fully machined critical castings to marquee customers in the automotive industry and will operate as the third manufacturing unit of JS Auto, taking its total capacity to 1,42,000 MTPA.

NMDC hikes iron ore prices

According to Mint, NMDC on Monday announced it has hiked the prices of iron ore lumps by Rs 200 to Rs 4,300 per tonne. The country’s largest iron ore miner has also increased rates of iron ore fines by Rs 500 to Rs 3,410 per tonne, NMDC said in a regulatory filing. The prices are effective January 1, and exclude royalty, district mineral fund (DMF), National Mineral Exploration Trust (DMET), cess, forest permit fee and other taxes, NMDC said.

Hindustan Zinc Q3 Business Update

According to Mint, Vedanta group firm Hindustan Zinc on Monday said its mined metal output registered a marginal rise of one per cent to 2,54,000 tonnes in the third quarter of the current fiscal. The company’s mined metal production was 2,52,000 tonnes in the year-ago period. In a statement, the company said that the mined metal production stood at 254kt in the third quarter of the current fiscal “driven by higher ore production and marginally down QoQ (Quarter-on-Quarter) due to overall mined metal grades.”

Self-regulatory bodies for online gaming cos

According to Economic Times, India has proposed self-regulatory bodies for online gaming companies operating in the country. The proposal came after a recommendation by a government panel on creating a regulatory body to classify online games as based on skill or chance, introduce rules to block prohibited formats and take a stricter stance on online gambling. Nazara Technologies in focus

Bulk Deals and insider Trades

Insider Trade

• Acquisition*
  *Brett Enterprises Pvt. Ltd. Promoter Group Acquisition 4000 shares of Vaibhav Global Ltd on 30-Dec-22

*Puthan N C Menon Promoter Acquisition 18000 shares of Sobha Limited on 30-Dec-22

*Promoter Group Acquisition 1145000 shares of Bajaj Finserv Ltd.

*Promoter Groupr Acquisition 10310 shares of G N A Axles Ltd

Disposal
*Rishab Family Trust Rajivnayan Bajaj Promoter Group Disposal 1145000 shares of Bajaj Finserv Ltd.

Pledge
*SURAJ FINVEST PRIVATE LIMITED Promoter Group Pledge 90000 shares of Emami Ltd.-$ on 29-Dec-22

*Siddeshwari Tradex Private Limited Promoter Group Pledge 2100000 shares of Jindal Steel & Power Ltd. on 30-Dec-22

Revoke
*ZUARI AGRO CHEMICALS LIMITED Promoter Revoke 2000000 shares of Mangalore Chemicals & Fertilizers Ltd. on 29-Dec-22

Dividend Update
*Shriram Transport Finance Company Ltd. Interim Dividend – Rs. – 15.0000 Ex Date 03-Jan-2023

Corporate Action

Dividend

03-Jan-23
SHRIRAMFIN: Interim Dividend – Rs. – 15.00

11-Jan-23
WELENT: Special Dividend – Rs. – 7.50

IPO
Sah Polymers: Open: 30-Dec-22; Close: 04-Jan-23

Buyback
Jagran Prakashan: Ex-Date: 06-Jan-23
Softsol India: Ex-Date: 13-Jan-23
Dhanuka Agritech: Open: 26-Dec-22; Close: 06-Jan-23

Bonus
GM Polyplast: Bonus Issue 6:1; Ex-Date: 04-Jan-23
SecUR Credentials: Bonus Issue 3:1; Ex-Date: 04-Jan-23
Rama Steel Tubes: Bonus Issue 4:1; Ex-Date: 06-Jan-23
Globe Commercials: Bonus Issue 1:1; Ex-Date: 06-Jan-23
KPI Green Energy: Bonus Issue 1:1; Ex-Date: 18-Jan-23

Stock Split
Supreme Petrochem: Stock Split From Rs. 4/- to Rs. 2/-; Ex-Date: 06-Jan-23
Rajnish Wellness: Stock Split From Rs. 2/- to Rs. 1/-; Ex-Date: 10-Jan-23
Vishnu Chemicals: Stock Split From Rs. 10/- to Rs. 2/-; Ex-Date: 13-Jan-23

Rights Issue
Family Care Hospitals: Ex-Date: 03-Jan-23
Vaxfab Enterprises: Ex-Date: 03-Jan-23
Indowind Energy: Ex-Date: 13-Jan-23
Hatsun Agro Products: Open: 19-Dec-22; Close: 09-Jan-23
RSWM Ltd: Open: 23-Dec-22; Close: 06-Jan-23
Anjani Portland Cement: Open: 30-Dec-22; Close: 19-Jan-23
Indowind Energy: Open: 27-Jan-23; Close: 10-Feb-23

Amalgamation
Pioneer Distilleries: Ex-Date: 06-Jan-23