Important news updates for this week.
MUFG plans to acquire stake in Yes bank:
Mitsubishi UFJ Financial Group [ MUFG] is a Japan based finance company. It is planning to acquire majority stake in Yes bank. This provides an opportunity for big investors [in Yes bank] like Sbi, to exit. The rival bidders for MUFG were Sumitomo Mitsui Banking Corp [SMBC] and Emirates NBD. But they both withdrew their bids in order to satisfy the threshold limit of 26% stake laid by the RBI. Further MUFG have stated that they are positive about the finance sector in India.
Hyundai IPO:
Hyundai Motors plans to raise Rs. 27,856 crores through ipo. The ipo will be open from October 15 to 17. The bidding price range is fixed as Rs. 1865 to Rs. 1960 per share, and the lot size is fixed as 7 shares per lot. But this ipo is entirely an offer for sale.
Mankind Pharma secures CCI approval to acquire BSV:
The Competition Commission of India [CCI] has approved the Mankind Pharma's Rs 13,630 crores acquisition of Bharath Serums and Vaccines [BSV]. This acquisition is expected to improve Mankind's position in Indian women health and fertility drug market.
Stock splits next week :
1. Harshil Agro Tech:
On October 7th, Harshil Agro Tech has informed the Exchange about the revision of record date for the stock split. The new record date will be October 17th, 2024. The stock will split into 10 shares of face value of Rs1 per share. But if you wish to participate in this, then you must be holding the shares atleast 2 days before the record date.
2.Abans Enterprises and Credent Global Finance:
The stock of these companies will split in 1:5 ratio, and the record date will be 15th October.
3. Pondy Oxides and Chemicals ltd.:
The shares of this company will split in 1:2 ratio and the record date will be October 16th.
Interim dividend:
- TCS has announced an interim dividend of Rs 10 per share. The record date will be October 18th.
- Anand Rathi has announced an interim dividend of Rs 7 per share and the record date will be October 18th.
- NRB Bearings has announced an interim dividend of Rs 2.50 per share and the record date will be October 16th.
Ubs- Idfc:
UBS has bought Rs 88 crores worth shares from IDFC Limited, on 9th October, through open market transactions. The buy price was around Rs. 107 per share. This purchase was before the record date on October 10th. So they seem to participate in the arbitrage of IDFC and IDFC First bank.
Star health data leak:
Star Health is one of the leading health insurance companies in India. Recently, the company has said that they received a ransom demand of $68,000 from a cyber hacker. The issue had started when a news report about cyber attack against the company's database published. According to the news report, last month some cyber hackers used Telegram bot and some websites to leak the data of the customers' medical claims and other sensitive data, including tax details.
After this incident the company's share tanked about 11%. The company has taken legal action and also initiated an internal investigation.
New investment by Exide Industries:
Exide Industries has invested Rs 100 crores in its subsidiary Exide Energy Solutions Ltd.[EESL] to fund a greenfield lithium ion battery plant in Bengaluru. EESL is a wholly-owned subsidiary of Exide Industries. The investment is aimed to speed up the construction of greenfield facility in Bengaluru. This company will focus on manufacturing and sale of lithium ion battery cells, modules, and packs.
RBI- MPC :
RBI has kept the interest rates unchanged. Further it has maintained the inflation forecast to be 4.5%.
INR currency:
INR reached an all time low of 84. This was due to increase in crude price, and also because heavy selling by FIIs from Indian markets.
Nifty :
Nifty was almost flat at 25,000 levels, slightly above and below. Only because of DII buying, the markets are able to sustain this levels. DIIs probably must have spent around Rs 50,000 to 70,000 crores in this week alone. Even after this DIIs would have cash reserves of about 1 lakh crores. The IPOs this month could again wipe some around 30,000 crores, but again we donot know how much would DIIs invest, this also can reduce the cash reserves with DIIs. At this month end some people would discontinue their SIPs, and some would start a new SIPs. So we cannot exactly predict whether the market would crash immediately. The present scenario indicates that, the markets would probably be flat for upcoming few days. Even if any countries involved in war, make an attack would have a small impact in the markets. The FIIs are selling Indian sticks and purchasing Chinese. It must be mainly because of the latest incentives for manufacturing sector announced in China.
Gold:
Gold remained volatile this week. The prices of gold would rise as and when the geopolitical tensions escalate and also when the Central Bank cuts the interest rates. Market experts suggest to accumulate gold at the current price levels, as in long term they expect the prices to rise. The best way to invest in gold is by investing in Sovereign Gold Bonds and for your pleasure you can also buy as 22k [916 hallmark] gold coins from reputed sellers.
Conclusion:
That's all for the week which I thought as important. All the stocks which are discussed above are not a stock recommendation. I request readers to consult a SEBI registered advisor or do your own research before investing in any stocks or other assets.
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