Business news Oct 23 highlights: AT&T exceeds wireless subscriber estimates on demand for pricey unlimited plans

Driven by sustained demand and growing awareness of health and wellness, India's leading diagnostics company by revenue reported a higher-than-expected second-quarter profit on Wednesday. The company's consolidated net profit climbed 18% year over year to 1.29 billion rupees ($15.4 million), increasing for the sixth consecutive quarter, surpassing analysts' estimates of 1.26 billion rupees, as compiled by LSEG.

"The Board of Directors of Hindustan Unilever Limited at the meeting held today, announced its decision to separate the Ice Cream business. The Board had constituted a committee of Independent Directors of the Company

('Independent Committee') to evaluate the way forward for the Business. The Board’s decision to separate is in line with the recommendation made by the Independent Committee following a comprehensive review of the Business," Hindustan Unilever said in a press statement.  (Read More)

Hindustan Unilever Board decides to separate its ice cream business, reports CNBC-TV18

• AT&T gained more wireless subscribers than expected in the third quarter, driven by the steady adoption of its higher-tier unlimited plans that come with perks including increased hotspot data.
• The U.S. telecom firm said on Wednesday it had added 403,000 net monthly bill-paying wireless phone subscribers in the July-September period, above Visible Alpha estimates of 393,430 additions.
• Premium plans have helped AT&T stay competitive in the saturating U.S. telecom market where rivals Verizon and T-Mobile are bundling their offerings with streaming services such as Netflix and Max to attract customers. (Reuters)

• The US Federal Reserve Board received 11 complaints against individuals alleging sexual harassment between 2020 and 2023 and disciplined nine staff members as a result, firing four of them, according to a document the central bank released to Reuters last month.
• The disclosure, first reported by Reuters, provides rare insight into how the central bank has handled sexual harassment cases that have not resulted in formal complaints which agencies are legally obliged to disclose under federal discrimination laws. (Reuters)

• SEBI chairperson Madhabi Puri Buch is scheduled to appear before the Parliament's Public Accounts Committee on Thursday in what may turn out to be a stormy meeting following a senior BJP member's accusation that political motivations are guiding the actions of the panel's chairman and Congress MP K C Venugopal.
• The meeting's agenda includes oral evidence of representatives of the finance ministry and the Securities and Exchange Board of India (SEBI) as part of the committee's decision to go for the "performance review of regulatory bodies established by Act of Parliament". (Read More)

Ahead of the IPO, Deepak Builders & Engineers had raised Rs 78.01 crore from anchor investors

• The National Company Law Tribunal appointed an IRP to initiate insolvency proceedings against Spaze Towers Private Limited in the petition filed by a group of aggrieved homebuyers in July 2021 for project Spaze Arrow which was a commercial project in Sector 78.
• The project was launched in 2012. It is alleged that the builder stated construction without all permissions and despite a closure order of the pollution board in 2014, continued his illegal construction and extorted money from the innocent public, even after the pollution board sealed the project in January 2017.

While Fedex Securities Pvt Ltd is the book running lead manager for the Deepak Builders & Engineers IPO, the Kfin Technologies Limited is the registrar of the public issue.

• The price band for the Deepak Builders & Engineers IPO is set at Rs 192 to Rs 203 per share, with a minimum application lot size of 73 shares. Retail investors need to invest a minimum of Rs 14,819.
• For small Non-Institutional Investors (sNII), the minimum investment is 14 lots (1,022 shares), amounting to Rs 207,466, while for large Non-Institutional Investors (bNII), the minimum is 68 lots (4,964 shares), requiring an investment of Rs 1,007,692.

The Deepak Builders & Engineers IPO opened for subscription on October 21, 2024, and will close today, October 23, 2024. The allotment of shares is expected to be finalized on Thursday, October 24, 2024. The company is set to list on the BSE and NSE, with the tentative listing date scheduled for Monday, October 28, 2024.

The Deepak Builders & Engineers IPO is a book-built issue totaling Rs 260.04 crore. It includes a fresh issue of 1.07 crore shares, amounting to Rs 217.21 crore, and an offer for sale of 0.21 crore shares, aggregating to Rs 42.83 crore.

• Qualified Institutional Buyers (QIBs) - 1.85 times
• Non-Institutional Investors(NIIS) - 56.80 times
• Retail Individual Investors (RIIs) - 30.85 times
• Total - 28.12 times

Analysts are rushing to recommend investors buy shares of Hyundai Motor India Ltd., a much-needed show of support after the stock’s disappointing trading debut Tuesday. The local unit of the Korean automaker now has a total of six positive recommendations, from Nomura Holdings Inc. and Macquarie Group Ltd. along with local brokers including Motilal Oswal Securities Ltd. It’s received just one sell-equivalent rating so far, from Emkay Global Financial Services Ltd., and no holds. (Bloomberg)

• India will retain curbs on investment from nations with which it shares a land border, the finance minister said days after the South Asian country struck a pact with China on patrolling their disputed Himalayan frontier.
• The deal paves the way to end a four-year military stand-off and improve political and business ties between the Asian giants strained since a deadly border clash in 2020 that slowed exchanges of capital, technology and talent.
• "I cannot blindly receive foreign direct investment (FDI) because I want money for investment, forgetful or unmindful of where it is coming from," Nirmala Sitharaman told a gathering at the Wharton business school in the United States on Tuesday. (Reuters)

KPI Tech Board has approved raising up to Rs 2,880 crore via issue of equity shares or other securities

• Finance ministry will take a view on scrapping windfall tax on local crude oil output, Tarun Kapoor, advisor to Prime Minister Narendra Modi, said on Wednesday.
• The imposition of windfall tax on crude oil has no relevance now, he said, as global oil prices have softened sharply compared to 2022, when the tax was first levied.
• "Finance ministry will take a view ...I think petroleum ministry has already written to them," Kapoor told reporters on the sidelines of an event. (Read More)

Goldman Sachs Group Inc. tactically lowered Indian equities to neutral from overweight as slowing economic growth dents the outlook for corporate earnings. “While we believe the structural positive case for India remains intact, economic growth is cyclically slowing down across many pockets,” strategists including Sunil Koul wrote in a note on Tuesday. Worsening earnings sentiment, an accelerating pace of earnings-per-share cuts and a weak start to the September-quarter results season indicate an impact on profits, they added. (Bloomberg)

• The verdict by the apex court is a huge setback for the embattled edtech company. Now, the insolvency proceedings of Byju's will continue.
• The top court in its judgment says that the NCLAT didn't provide adequate reasons. (Read More)

Insolvency proceedings against Byju's commenced on June 16, 2024, when the National Company Law Tribunal (NCLT) in Bengaluru ordered the initiation of corporate insolvency resolution. This action was triggered by Byju's default on a Rs 158.9 crore payment related to a sponsorship deal with the BCCI. As part of the NCLT's decision, Byju's board was suspended, and an interim resolution professional was appointed to oversee the company’s financial obligations.

In a major setback for Byju's, the Supreme Court has set aside Rs 158-crore Byju's-BCCI settlement to close CIRP proceedings. "Recourse to Rule 11 of the NCLAT rules cannot be used for invoking inherent powers to end the CIRP .....the correct course would have been to stay the COC , we allow the present," says CJI DY Chandrachud

• Qualified Institutional Buyers (QIBs) - 2.02 times
• Non Institutional Investors(NIIS) - 36.56 times
• Retail Individual Investors (RIIs) - 7.55 times
• Employee Reserved - 3.59 times
• Total - 12.05 times

• Food delivery platform Zomato has increased platform fee to Rs 10 from Rs 7 ahead of the festive season.
• “This fee helps us pay our bills to keep Zomato running. To maintain services during festive season, it has increased slightly,” stated a notification on the app. (Read More)

As per decision in BN Balsara, CJI says the meaning of 'Intoxicating Liquor' has been expanded beyond the alcoholic beverages. Justice BV Nagarathna has dissented in the verdict

"The industrial alcohol under Entry 8 List II cannot be taken over by the Parliament under Entry 52 List I," says Chief Justice DY Chandarchud

The 9-Judge Constitution Bench has given verdict on the issue of whether 'denatured spirit or industrial alcohol' can be brought within the meaning of 'intoxicating liquor' under State legislation's law-making powers. The top court rules that the State Governments have power to regulate and tax 'denatured spirit or industrial alcohol' (Read More)

As per the latest data, Waaree Energies' market capitalisation stands at Rs 42939.36 crore

Jio Financial Services Ltd., controlled by billionaire Mukesh Ambani, has held talks with Allianz SE to set up an insurance partnership in India as the German firm seeks to scrap two existing joint ventures in the country, according to people familiar with the matter. Allianz and Jio Financial are looking to establish a general insurance and a life insurance company in the South Asian nation, the people said, asking not to be identified as the information isn’t public. The discussions are in early stages and both parties may decide not to proceed with the plan, the people said. (Bloomberg)

Lakshya Powertech shares listed on the NSE SME platform with 90 percent premium at Rs 342 per share against the issue price of Rs 180. The SME IPO comprised only fresh issue by the firm, thus the entire issue proceeds will be received by the company. It had an issue size of Rs 49.91 crore with a lot size of 800 shares. The maiden share sale by the company had a price band of Rs 171 - 181 per share. (Read More)

Waaree Energies Limited saw a 70% increase in revenue and a 155% rise in profit after tax (PAT) between the financial years ending March 31, 2024, and March 31, 2023.

Waaree Energies' product portfolio largely comprises of PV modules such as Monocrystalline modules, building-integrated photovoltaic (BIPV) modules, TopCon modules include flexible bifacial modules (Mono PERC), Multicrystalline modules

Founded in December 1990, Waaree Energies Limited is an Indian manufacturer of solar PV modules, with a total installed capacity of 12 GW.

Waaree Energies IPO Anchor bid date was October 18, 2024. In the pre-IPO round, Waaree Energies IPO raised Rs 1,276.93 crore from anchor investors.

Hitesh Chimanlal Doshi, Viren Chimanlal Doshi, Pankaj Chimanlal Doshi and Waaree Sustainable Finance Private Limited are the company's promoters.

Moneycontrol Pro is driven by a team of expert research analysts who cover more than 270 major Indian companies across 25 sectors, offering valuable insights to help investors make informed decisions about Indian stocks. (Read More)

Moneycontrol Pro, a subscription service from Network18's Moneycontrol, has exceeded 1 million paying subscribers, cementing its position as India’s largest news subscription platform and placing it among the top 15 globally. To commemorate this achievement, Network18 Group Managing Director Rahul Joshi and NSE CEO Ashish Chauhan rang the opening bell today.

Link Intime India Private Ltd has been appointed as the registrar for the issue.

IIFL Securities Ltd, Axis Capital Limited, Nomura Financial Advisory and Securities (India) Pvt Ltd, Jefferies India Private Limited, Intensive Fiscal Services Private Limited, SBI Capital Markets Limited and ITI Capital Ltd are the book-running lead managers for the Waaree Energies IPO.

The Waaree Energies IPO has a price band of Rs 1,427 to Rs 1,503 per share, with a minimum application lot size of 9 shares. Retail investors need to invest a minimum of Rs 13,527. For small Non-Institutional Investors (sNII), the minimum investment is 15 lots (135 shares), amounting to Rs 202,905, while for large Non-Institutional Investors (bNII), the minimum is 74 lots (666 shares), requiring an investment of Rs 1,000,998.

Brokerages such as Anand Rathi Research, Reliance Securities, Geojit, Swastika Investmart, and InCred Equities maintain a positive outlook on the Waaree Energies IPO.

Waaree Energies shares are expected to make their market debut on Monday, October 28, 2024, with listings on both the BSE and NSE.

The three-day subscription period for the Waaree Energies IPO will conclude tomorrow, October 23, 2024. The basis of allotment for the shares is expected to be finalized on Thursday, October 24, 2024, with the shares set to be credited to investors' demat accounts on Friday, October 25, 2024.

The Waaree Energies IPO consists of a fresh issue of 23,952,095 shares, along with an offer for sale, where promoters and shareholders are selling up to 4,800,000 shares, each with a face value of Rs 10. The price band for the public issue is set between Rs 1,427 and Rs 1,503 per share, with a lot size of 9 shares. Investors can place bids for a minimum of 9 shares, and in multiples thereafter.

Despite the ongoing IPO, Waaree Energies' unlisted shares continue to maintain a strong premium in the grey market, signaling positive market sentiment toward the offering. According to sources monitoring grey market trends, as of 11:40 AM on Tuesday, October 22, 2024, Waaree Energies' shares were trading at a premium of ₹1,500 compared to the IPO’s upper price band of ₹1,503, reflecting a grey market premium (GMP) of 99.80%.

Non-Institutional Investors (NIIs) have shown the most significant interest in the Waaree Energies IPO, with a subscription rate of 13.34 times. Retail investors followed, subscribing 4.57 times the shares available to them. In contrast, the quota reserved for Qualified Institutional Buyers (QIBs) has seen bids for only 5,26,113 shares out of the 58,37,757 shares allocated, resulting in a subscription rate of just 0.09 times.

Day 3 of subscription of Waaree Energies IPO begins today. On the second day of its initial public offering (IPO), Waaree Energies continues to receive strong interest from investors. As of 11:27 AM on Tuesday, the IPO has been oversubscribed 5.22 times, with bids placed for 10,80,25,128 shares against the 2,10,79,384 shares available for public subscription. The IPO, which opened yesterday, has been met with an enthusiastic response, according to NSE data.

Hello and welcome to our live coverage of top business news today. We will be tracking the GMP and subscription status of Waaree Energies IPO and Supreme Court's verdict on plea challenging Byju's-BCCI settlement that will be pronounced today and much more.