- RITES Ltd: The board of RITES Limited has announced buyback of shares of up to Rs257cr. The board of directors approved "buyback of 96,98,113 equity shares of face value of Rs 10 each at Rs 265 per share, translating into the total buyback amount not exceeding Rs 257cr", the company said in a statement. The company was listed in July 2018, and at present 72.02 per cent shares are held by the Government of India and the balance is with the public and financial institutions. The company said the board has fixed September 30, 2020 as record date for the purpose of ascertaining the eligibility of shareholders for the buyback.
- GE Power India Ltd: The Competition Commission of India (CCI) approved acquisition of sole control over Bombardier Transportation’s (Bombardier Transport) by Alstom S.A. (Alstom), and acquisition of approximately 18% and 3% share capital of Alstom S.A. by Caisse de dépôt et placement du Québec (CDPQ) and Bombardier Inc (Bombardier) respectively, under Section 31(1) of the Competition Act, 2002, on Saturday.
- Essel Propack Ltd: The world’s biggest alternative asset manager Blackstone on Friday sold a large chunk of shares, representing almost a quarter of the total shareholding, in packaging firm Essel Propack Ltd through block trades, to various institutional investors. The trade fetched Blackstone approximately Rs1,861.5cr or $252mn.The shares were bought by a clutch of institutional investors such as Axis MF, IDFC MF, Aditya Birla Sun Life MF, Nomura, Franklin Templeton MF, DSP MF, Government Pension Fund Global and Neuberger Berman.
- MRPL: Mangalore Refinery and Petrochemicals Limited (MRPL) on Friday said it has received shareholders' nod to raise up to Rs5,000cr through debentures. The shareholders approved raising funds through issue of unsecured non-convertible debentures (NCDs)/ Bonds, through a special resolution.
- Future Enterprises Ltd: The company said it had defaulted on debt repayment towards commercial paper. The company is unable to service its obligations in respect of the payment of commercial paper after its maturity and the gross principal amount on which the default has occurred on September14, 2020, is Rs90cr, it said.
- Tata group companies- The board of Tata Sons Ltd on Friday denied allegations by the Shapoorji Pallonji (SP) Group that it deliberately kept an ‘urgent application’ to the Supreme Court on hold. The SP Group on 15 Sep slapped a notice for damages against the board members of Tata Sons, for blocking Mistry family’s fund raising against the shares of Tata Sons.
- United Spirits Ltd: The company on Friday announced the appointment of Pradeep Jain as its chief financial officer effective 1st October. Sanjeev Churiwala, executive director and current CFO, is set to assume a larger role as regional finance director-APAC within Diageo group that sells top-selling alcohol brands including Smirnoff Vodka and Johnnie Walker scotch whisky.
- Bank of India Ltd: The lender said it has received shareholders’ nod for raising up to Rs 8,000cr through various modes, including issue of equity shares. Shareholders approved the fundraising plan at the extra-ordinary general meeting (EGM) held on Saturday (September 19, 2020), BOI said in a statement to the stock exchanges.
- Chemcon Chemicals IPO: The initial public offer (IPO) of Chemcon Speciality Chemicals opens on Monday and the manufacturer of speciality chemicals has fixed the price band at Rs338-340 per share for its initial share sale. The issue closes on September 23. Link Intime India Pvt Ltd is the registrar of the IPO while Intensive Fiscal Services and Ambit Capital are the book running lead managers to the issue. The IPO of Chemcon Speciality Chemicals comprises fresh issuance of equity shares aggregating up to Rs165cr and an offer for sale of up to 45 lakh equity scrips by promoters.
- CAMS IPO: Warburg Pincus-backed Computer Age Management Services (CAMS) public issue will open for subscription on September 21 and close on September 23. The IPO consists an offer for sale of up to 1,82,46,600 equity shares by NSE Investments, the subsidiary of National Stock Exchange. The offer would constitute at least 37.40% of post-offer paid-up equity share capital. Minimum bid lot is 12 equity shares and in multiples of 12 equity shares thereafter. The IPO price band has been fixed at Rs 1,229–1,230 per equity share. Shares are expected to list on the BSE on October 1.
Let us look at the developments which took place on the global front
U.S. stocks closed lower on Friday amid uncertainty about a fresh round of fiscal stimulus from Washington, concerns about tensions between the U.S. and China, and worries about the sluggish economic recovery. The Dow Jones Industrial Average closed at 27,657.42, down 244.56 points or 0.9%. The S&P 500 index shed 37.54 points, or 1.1%, to close at 3,319.47. The Nasdaq Composite Index fell 116.99 points, 1.1%, to close at 10,793.28.
Investors continue to look for progress on fiscal stimulus talks in Washington which is crucial to propel economic recovery from the coronavirus pandemic. Investors were also anxious over the Federal Reserve’s policy read which indicated that the economic recovery could be a long one and that it did not expect to lift interest rates for at least another 3-4 years.