- Future group: Arbitration proceedings between Amazon and Future Group for its deal with Reliance Industries is expected to start in November. The proceedings in Singapore could go on for at least 9-12 months. Amazon has sent intimation notices alleging Future Group's compliance issue to Singapore International Arbitration Centre (SIAC), Future Group, its investors and shareholders. A company spokesperson said that Future did not seek required consent for the transaction and no consent was given by Amazon, media reports suggested. The Seattle-based giant is enforcing contractual obligations citing a non-compete agreement with Kishore Biyani's group and has sent them a legal notice.
- Indiabulls Housing Finance: The company said it has sold its additional stake in OakNorth Bank for Rs441cr. The sale proceeds will be accretive to the regulatory net worth and the CRAR (Capital to Risk-weighted Assets Ratio) of the company, it said. With the latest stake sale, the company has raised a total of Rs2,273cr as fresh equity in the month of September and October 2020.
- Vedanta: The company in a filing to the stock exchanges on Friday said that its delisting offer is deemed to have failed as per terms of delisting regulations; 125.47cr shares were validly tendered by public shareholders, the company said in the stock filing. Vedanta promoters required 134.1 crore shares to successfully delist from the exchanges. Vedanta will have to return all the shares accepted in the offer in the next 2-3 business days as the delisting has failed. There are two options left either the promoters pay shareholders by October 23 or the Promoters announce counter offer by October 13.
- Glenmark Pharma: The drugmaker in a filing to the stock exchanges said the addition of antiviral Umifenovir did not demonstrate any significant clinical benefit over Favipiravir alone in moderate COVID-19 patients. The clinical study evaluated the possible superiority of the combination's efficacy against Favipiravir monotherapy. This was the second clinical study after the successful Favipiravir monotherapy trial earlier this year that led the company to receiving the Emergency Use Authorisation for Favipiravir.
- Shilpa Medicare: Thr drugmaker announced that its Jadcherla facility in Telangana received a warning letter on 9 October 2020 from the US drug regulator. The company said that it will be engaging with the agency and is fully committed in resolving this issue at the earliest. The firm added that it is committed in maintaining the highest standards of compliances and quality manufacturing across all its facilities. The Jadcherla facility is designed for contract manufacturing and dosage developments of potent products (including oncology products) for various regulatory markets.
- Sandhar Technologies: The company has agreed to sell its entire shareholding in INDO Toolings to JBM Auto. Subsequently, JBM Auto's stake in INDO Toolings will increase to 100% of the paid-up equity share capital. INDO Toolings is engaged in manufacturing automotive tools and dies at Indore, Madhya Pradesh. It is a 50:50 joint venture company of JBM Auto and Sandhar Technologies. JBM Auto will purchase 2 lakh equity shares, or 50% equity, of INDO Toolings at Rs14.65 each, aggregating to Rs 29.30 lakh.
- Federal-Mogul Goetze (India): Promoter entity IEH FMGI Holdings LLC proposed to sell up to 1,21,45,391 equity shares (representing 21.83 percent of the paid-up equity) via offer for sale on October 12-13. The floor price has been fixed at Rs 342 per share.
- Oil and Natural Gas Corporation: State-owned Oil and Natural Gas Corp (ONGC) is likely to look at merging its two oil refining subsidiaries, Hindustan Petroleum Corp Ltd (HPCL) and Mangalore Refinery and Petrochemicals Ltd (MRPL), post-June 2021. ONGC, India's biggest oil and gas producer, in 2018 completed the acquisition of HPCL for Rs 36,915 crore. After this takeover, it has two refining subsidiaries -- HPCL and MRPL.
- Mazagon Dock Shipbuilders: Mazagon Dock Shipbuilders Rs444cr initial public offering (IPO) will list on the bourses on Monday i.e. October 12, 2020 at 10:00 am. The IPO was subscribed more than 157 times, receiving bids for 481.65 crore shares as against the issue size of 3.06 crore, NSE data showed. The company offered the shares through a book-building issue, in the price band of Rs135-145 per share.
- UTI AMC IPO: UTI Asset Management Company (AMC) shares will debut on stock exchanges on Monday October 12, 2020. UTI AMC, garnered 2.31 times subscription for its IPO, that was priced between Rs552-Rs 554. Mutual funds accounted for 67% of the investments made by anchor investors. Of the Rs644.64cr anchor book, Rs435cr was invested by mutual funds.
Let us look at the developments which took place on the global front
U.S. stocks ended higher on Friday as investors remained optimistic over another round of fiscal stimulus from Congress eventually. The Dow Jones Industrial Average rose 161.39 points, or 0.6%, to close at 28,586.90, while the S&P 500 added 30.30 points, or 0.9%, to 3,477.13. The Nasdaq Composite gained 158.96 points, or 1.4%, to end at 11,579.94.
Investors remained optimistic about another fiscal stimulus package being passed by Congress eventually and stocks advanced late in the week, encouraged by continued talks between House Democrats and the Trump administration.