- Reliance Industries: The company announced that Singapore sovereign wealth fund GIC and global private equity firm TPG Capital would invest nearly $1bn in its retail arm, Reliance Retail Ventures (RRVL). GIC will invest Rs5,512.5cr and TPG will invest Rs1,837.5 cr in the retail arm. In a filing to the stock exchanges, Reliance said that the firms would pick 1.22% equity stake and 0.41% equity stake in RRVL respectively. RIL also said that its plans to raise about Rs 40,000cr by monetizing its fiber optic assets through an Infrastructure Investment Trust (InvIT) structure.
- Vodafone Idea: Shareholders of the company have approved a slew of proposals, including raising its borrowing limit and issuance of securities of up to Rs15,000 cr, the company said in a filing. The shareholders' nod came at the company's Annual General Meeting (AGM) held on Wednesday, where various proposals -- expected to enable the troubled telecom operator to pay statutory dues and stay afloat—were introduced.
- Hero MotoCorp: The company reported 16.9% increase in sales in September at 7,15,718 units as compared to the same period of last year. The two-wheeler maker said in order to partially offset the rising input costs and commodity prices, it has made an upward revision in the ex-showroom prices of its motorcycles and scooters by up to 2% with the exact quantum varying on the basis of the model and specific market.
- Tata Motors: The company’s domestic sales grew 37% YoY to 44,444 units in September. The company dispatched 21,199 cars last month as against 8,097 units in the year-ago period. The company’s total domestic commercial vehicle sales were at 23,245 units, down 4% YoY as light, intermediate, medium and heavy commercial vehicles (LCVs, ICVs and MHCVs) continue to witness muted demand in the market. LCVs and ICVs, and MHCV sales were at 3,339 units (down 5% YoY) and 4,606 units (down 9% YoY) respectively.
- Zydus Cadila: The drugmaker announced that it has launched generic anti-diabetic Dapagliflozin tablets across the country under the brand name 'Dapaglyn' at highly affordable price to increase patient access. In a filing to the stock exchanges, the company said it has launched its Dapagliflozin tablets in the strengths of 10 mg and 5 mg priced at Rs17 and Rs14, respectively, in India upon patent expiry of the product.
- Dr Reddy’s Laboratories: The company on Saturday said it has launched in the US market a generic version of Sapropterin Dihydrochloride tablets that are used to bring down blood phenylalanine (Phe) levels in patients. The Hyderabad-based company said its Sapropterin Dihydrochloride tablets in 100 mg strength were available in bottle count sizes of 120. Meanwhile, media reports suggest that the drugmaker has applied to the Drugs Controller General of India for permission to conduct phase-3 human clinical trials of the Russian Vaccine Sputnik V against COVID-19 in India.
- Panacea Biotech: The US Food and Drug Administration (USFDA) has issued a warning letter to Panacea Biotec for violating current good manufacturing practice norms at its Baddi plant in Himachal Pradesh. In a letter to Panacea Biotec Managing Director Rajesh Jain, the USFDA said its inspectors, from February 10-20, 2020, found significant deviations from standard manufacturing practices at company’s Baddi plant. The significant violations included company’s failure to establish laboratory controls, it added.
- ITI: The company has signed a Rs 7,796 crore contract for the Phase IV of the Army Static Switched Communication Network (ASCON) project. ASCON is Indian army’s telecom network spread across different terrains in the northern, north-eastern and western regions. The government-run ITI was part of the first three phases of ASCON project in India.
- Dhanlaxmi Bank: The lender said that the Reserve Bank of India has approved a three-member interim committee of directors, headed by G Subramonia Iyer, to run the private sector bank after the shareholders voted out its MD and CEO Sunil Gurbaxani. Shareholders of regional lender Dhanlaxmi Bank ousted its chief executive officer at its annual general meeting on Wednesday, the bank said in a filing to the stock exchanges. More than 90% of shareholders who voted opposed the appointment of Sunil Gurbaxani, who had been approved by the Reserve Bank of India in February as CEO of Dhanlaxmi for a term of three years.
- Angel Broking Ltd: The company’s Rs600cr initial public offering (IPO) will list on the bourses on Monday i.e. October 5, 2020 at 10:00 am. The public offer of the broking firm was subscribed 3.94x, receiving bids for 5.4cr equity shares as against the offer size of 1.37cr equity shares, as per data available with the stock exchanges.
Let us look at the developments which took place on the global front
U.S. stocks rebounded to ended lower Friday as investors reacted to a weaker-than-expected September jobs report and news that President Donald Trump and first lady Melania Trump had tested positive for the coronavirus. The Dow Jones Industrial Average shed 134.09 points, 0.5%, to close near 27,682.81, while the S&P 500 index lost 32.36 points, or 1%, closing at 3,348.44. The Nasdaq Composite Index slumped 251.49 points, or 2.2%, to reach 11,075.02.
The U.S. economy created 661,000 new jobs in September and the unemployment rate fell again to 7.9% to the lowest level of the pandemic. Shares also fell after President Trump announced that he tested positive for COID19.