Adani group is completely exiting Adani Wilmar Ltd by selling its 43.94% stake. A 31.06% stake will be sold to Wilmar International, raising Rs 12,314 crore, and 13% through the open market. The proceeds, exceeding $2 billion, will boost Adani Enterprises' core infrastructure businesses. This move follows legal challenges faced by founder Gautam Adani in a bribery case.
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China's manufacturing activity expanded for the third month in a row in December, with the PMI reaching 50.1. This growth comes amid efforts to combat a property market crisis, weak consumption, and high government debt. However, experts believe more fiscal stimulus is necessary for full economic recovery. The non-manufacturing PMI also showed improvement, rising to 52.2.
Lenskart chose Telangana over Karnataka for its new eyewear manufacturing facility. Karnataka's industries minister defended the state's decision not to match excessive incentive demands, citing responsible use of taxpayer funds. Lenskart praised Telangana's swift execution and ease of doing business, contrasting it with Karnataka's recent struggles to attract major manufacturing projects.
Denta Water and Infra Solutions' IPO received an overwhelming response on its second day, securing 50.63 times subscription. With a price band of Rs 279-294 per share, the issue aims to raise Rs 220.5 crore, primarily for working capital. The company, a key player in water EPC services, will list its shares on BSE and NSE.
The Reserve Bank of India (RBI) fined Citibank NA, JM Financial, and Asirvad Micro Finance for regulatory non-compliance. Citibank was penalized Rs 39 lakh for credit data breaches, JM Financial fined Rs 1.5 lakh for non-disclosure of interest rate rationale, and Asirvad Micro Finance fined Rs 6.2 lakh for failing to report borrower income and other omissions.
IndusInd Bank shares dropped 27% to Rs 656, erasing Rs 19,000 crore in market value due to a Rs 2,100 crore derivatives accounting discrepancy. The bank's net worth decreased by 2.4%. Concerns about governance and risk management led to investor worry, affecting other small private banks like Bandhan Bank and RBL.
FSSAI has instructed Patanjali Foods to recall a batch of red chilli powder for regulatory non-compliance regarding contaminants and toxins. Despite this, Patanjali Foods reported a 21% rise in net profit for the September quarter and is planning to establish an oil palm mill in Mizoram.
Stock market today: The NSE Nifty 50 declined 0.04% to 24,610.05 points, whilst the BSE Sensex remained unchanged at 81,510.05. Following three consecutive weeks of gains until Friday, the Nifty 50 has maintained a tight trading range of under 170 points.
JSW Energy will acquire the green energy business of O2 Power for Rs 12,468 crore in an all-cash deal, enhancing its portfolio with 4.7 GW of renewable projects. The acquisition coincides with JSW's mission to achieve 20 GW generation capacity by 2030 and is expected to complete by May 26.
The RBI has announced the final redemption price for the Sovereign Gold Bond (SGB) 2016-17 Series IV at Rs 8,634 per gram. Issued in March 2017 at Rs 2,943 per gram, investors earned a 193% return over eight years, excluding interest. SGBs provide capital appreciation, tax exemptions, and periodic interest, making them an attractive investment option.
LTIMindtree's CEO designate, Venu Lambu, met with over 50 senior leaders in Mumbai, amid the departure of two senior executives. Lambu emphasized a focus on growth and AI strategy. Current CEO, Debashis Chatterjee, is assisting with the transition and plans joint client visits with Lambu in the US and Europe.