- Reliance Industries Ltd: The conglomerate’s subsidiary Reliance Retail Ventures Limited (RRVL) has acquired a majority stake in online furniture startup Urban Ladder Home Decor Solutions Pvt Ltd. The company has bought 96% holding in Urban Ladder's equity share capital for a cash consideration of Rs182.12cr. RRVL also has further option of buying the balance stake, which will take its shareholding to 100%.
- Dewan Housing Finance Ltd: An unexpected last-minute bid by the Adani group during the Diwali weekend for the entire assets of DHFL has angered the Piramal group, which has threatened to exit the race if the former’s bid is accepted. Piramal raised its objection before DHFL’s committee of creditors (CoC) a day after Adani Enterprises Ltd (AEL) told the committee of Adani’s intent to bid for the whole portfolio, which, if accepted, would put others in the fray, including SC Lowy, Oaktree Capital and Piramal, out of the race. Adani had earlier bid only for the wholesale book, but has now pipped Oaktree and Piramal by bidding higher than them. In the revised bids submitted earlier, Piramal had bid Rs25,000cr for DHFL’s retail books, while Oaktree had bid Rs31,000cr for the entire company. Adani had bid around Rs3,000cr for the wholesale/slum redevelopment authority books. However, later Adani decided to bid Rs250cr more than Oaktree for the entire company.
- Bharat Petroleum Corporation Ltd: The Indian government has received a "sufficient and good response" regarding the privatization of the state refiner and will not extend the deadline for private firms submitting initial bids, media reports suggested citing unnamed sources. The government had extended the deadline for bids for BPCL, one of India's most profitable state-owned companies, as the pandemic delayed the process that was initially expected to be completed by October. The deadline to submit bids to buy the government's entire stake in BPCL is Nov. 16. Reliance Industries as well as prominent companies like Saudi Aramco, BP and Total did not make a bid
- Modern Steels Ltd: Arjas Steel has acquired steel, auto components and heat treatment businesses of Chandigarh-based Modern Steels Ltd, on Monday. The company did not disclose any financial details related to the deal.
- Tata Steel Ltd: The company on Friday reported 59.55% yoy decline in its consolidated net profit at Rs1,635cr for the second quarter ended September 30, 2020. The country's largest steel manufacturer had posted consolidated net profit of Rs4,043cr in the year ago period and net loss of Rs4,609cr in June quarter of the current fiscal. Consolidated revenue of the Tata Group company rose by 59.69% to Rs37,154cr in Q2 FY21.
- Ruchi Soya Ltd: Edible oil firm Ruchi Soya, which is owned by Patanjali Ayurved, will launch a follow-on public offer (FPO) next year to bring down promoters' shareholding in the company, said baba Ramdev. Last year, Patanjali acquired Ruchi Soya, which is listed on stock exchanges, through an insolvency process for Rs4,350 crore.
- Great Eastern Shipping Ltd: The company announced that it signed a contract to buy a secondhand capesize bulk carrier. The company's current fleet stands at 46 vessels, comprising 33 tankers (11 crude carriers, 17 product tankers, 5 LPG carrier) and 13 dry bulk carriers with an average age of 12.39 years aggregating 3.70mn deadweight tonnage (dwt). The company has also contracted to buy a secondhand LR2 tanker which will be delivered in Q3 FY21.
- Oil & Natural Gas Ltd: Oil explorer ONGC reported 55% decline in standalone net profit at Rs2,878 crore for the quarter ending 30 September, 2020 as coronavirus pandemic impacted its earnings from oil and gas. The company got $41.38 for every barrel of crude oil it produced and sold in the second quarter of the current fiscal. Gas price was also down by more than one-third to $2.39 per mn British thermal unit.
- Axis Bank: The Securities Appellate Tribunal (SAT), which hears appeals in the securities matters, has rapped private sector lender Axis Bank NSE 0.46 % for contempt of court and imposed a penalty of Rs one lakh on Axis Bank. Delivering its verdict in the matter of Modex Securities where Axis Bank was the clearing member for the trades, SAT said the penalty was due to the fact that the bank sought the same relief which was once rejected by the tribunal and also did not comply with the directions mentioned in that order.
- Life Insurance Corporation IPO: The finance ministry has invited bids from actuarial firms for arriving at the embedded value of LIC ahead of its stake sale. The government plans to sell minority stake in the insurance behemoth and list it on the bourses. It has already appointed Deloitte and SBI Caps as pre-IPO transaction advisors. The last date for submission of bids is December 8.
US indices climbed on Monday after Moderna became the second US company in a week to report positive results from its COVID-19 vaccine trial, raising hopes of a quicker economic recovery from a pandemic-led recession. The Dow Jones Industrial jumped 281.10 points, or 1%, to 29,760.91. The S&P 500 rose 23 points or 0.65% to 3,608.58. The Nasdaq Composite rose 0.2% to 11,853.36.
Moderna said that its experimental vaccine was 94.5% effective at preventing COVID-19 in trial patients. An independent group of experts found signs of effectiveness after reviewing data from an ongoing 30,000-person trial, Moderna said. The company plans to apply for emergency use authorization later this month.