Indian Stock Market News 3rd September 2024
E-commerce giant Meesho has announced adding power structure to its leadership team with Mohit Rajani joining the company as Chief Product Officer. Rajani comes armed with years of experience previously handled at Meta, Google, and Carta, and will now oversee product management, design, and analytics teams at Meesho.
We are thrilled to have Rajani on board, Vidit Aatrey, Founder and CEO of Meesho, says in an official press release. Aatrey went on to say that Rajani’s appointment would be helpful for driving product innovation, enriching customer experience, and leading the vision toward building a world-class product organization. This comes on the heels of Meesho’s recent move to strengthen its board by appointing four independent directors, including some renowned industry veterans like Kalpana Morparia, Hari S Bhartia, Surojit Chatterjee, and Rohit Bhagat.
The strategic hiring of Rajani indicates that Meesho is committed to extending the portfolio of its product offerings and continuing to be competitive in the fast-changing e-commerce environment.
Daikin Industries Ltd., the world’s largest maker of air conditioners, is getting ready to increase its production in India, where rising temperatures are boosting demand for cooling. The Japanese multinational signed a memorandum of understanding to buy an additional 33 acres of land to build a new plant near its existing facility in southern India.
The India CEO, Kanwal Jeet Jawa, pointed to the strong potential of the Indian market, with 93% of the population still sans air conditioners. That’s huge catch-up growth left, and Daikin has already started reaping its benefits, as reflected in the massive increase in sales. Daikin sold about 700,000 units in the first quarter of this year in India, a growth of 40% over the same quarter last year in local currency terms.
Daikin’s plan is in good time, with India projected to be the world’s second-biggest air conditioner market by 2036, next only to China. While seeking to double its sales in India by 2025 over 2021, the company has plans to ramp up production to support the export to 100 countries across Africa, the Middle East, and South America by March 2026.
Jawa said the company has a very optimistic future in India, while it increases its production capabilities to meet both domestic demand and exports. It operates three plants in India and expects the residential air-conditioning market to more than triple to about 30 million units by 2030.
Demand orders for more than ₹73 crore have been served on debt-laden telecom operator Vodafone Idea Ltd by different Goods and Services Tax offices. These orders entail tax dues, penalties, and interest, imposed upon it for alleged short payment of taxes and excessive availing of ITC.
The maximum fine of ₹ 33.44 crore was imposed by the Kolkata GST office on 01-09-2024. Similarly, the Noida GST office imposed a fine of ₹ 26.89 crore for allegedly availing excess ITC and short payment of tax for the financial year 2019-20. Other fines were imposed by GST offices in Patna, Chandigarh, Andhra Pradesh, Odisha, and Himachal Pradesh.
In turn, Vodafone Idea informed that it disagreed with the orders, thus it would pursue appropriate actions against each of them to have them set aside or modified. The company has already been beset by financial troubles, which will only increase with these more demands in addition.
The regulatory filing by VIL said it disagreed with the GST orders while stating that the company will pursue its legal remedies to contest the demands. Indeed, while the telecom industry is under much regulation in India, this Vodafone Idea case underlines the broader financial fight of the sector.
Sterlite Technologies Ltd, the leading broadband technology company, has agreed to pay $467,400, or around ₹4 crores, to the Data Management Centre as part of a settlement agreement in an effort to dispose of the dispute. This comes after DMC had filed a claim for damages of $2.7 million, or around ₹23 crore, before the Singapore International Arbitration Centre.
The dispute arose over contentions that STL had breached an agreement with DMC and was responsible for delays and other problems. Subject to the terms of the settlement agreement, STL has not admitted liability to the claims and all claims between the parties are fully and finally compromised.
The deal will allow STL to move forward, devoid of any spillover in the courtroom from continuous litigation, and put its focus on core business and growth strategies in the broadband technology space.
Indian Renewable Energy Development Agency is planning to raise about ₹29,500 crore in debt and equity in the current fiscal. The agency is likely to tap the debt market for ₹25,000 crore, and the remaining ₹4,500 crore will be mobilised as equity.
Addressing the CII Financing Summit 3.0, Chairman and Managing Director of Ireda, Pradeep Kumar Das announced the financial game plan of the agency. He said a draft Green Taxonomy has been sent to the Ministry of New & Renewable Energy, which is presently under consideration.
Das explained, “Ireda has applied for government permission to allow for a natural dilution of its stake by as much as 10 per cent. This is part of the larger effort by the agency to ensure that it has adequate equity and capital adequacy commensurate with the rising loan book.
It is also considering raising funds through bonds, which would fall under Section 54EC of the Income Tax Act, although it has not yet decided on the amount to be raised. With continuous thrust given by India to renewable energy development, Ireda’s fundraising plans become all the more critical in view of the financing requirements for India’s ambitious green energy projects.
A recent study done by SEBI has shown that individual investors in IPOs have a tendency to sell off more than 50% of their shares by value within one week of listing. The study, which analyzed data from 144 IPOs listed between April 2021 and December 2023, brought into focus the short-term focus of many investors.
The findings show that the investors, especially those from Gujarat, Maharashtra, Rajasthan, and Uttar Pradesh, would tend to gain quickly from the IPOs. The disposition effect stands pretty strong, as investors tend to sell more shares with positive listing gains compared to those with losses.
Thus, the individual investors sold off 67.6% of shares by value within a week when the returns on IPOs exceeded 20%, while the NIIs sold 79.1%. However, only 23.3% sold when the return was negative.
It also outlines the speculative nature of investment in IPOs made in India, as several people invest for short-term gains rather than to hold the stocks for the long run. The study conducted by SEBI sends a very important feedback about investor behavior and may influence future regulatory decisions related to IPOs.
Bajaj Housing Finance Ltd has announced the price band for its Initial Public Offering at ₹66-₹70 per equity share. The IPO, which would open for subscription on September 9, 2024 and close on September 11, 2024, is already causing ripples in the market.
The company has reserved not more than 50% for QIBs, not less than 15% for Non-Institutional Investors, and at least 35% for retail investors. For the IPO, the lot size is 214 equity shares, and then in multiples of 214 shares thereafter.
Avinash Gorakshakar, Head-Research at Profitmart Securities said BHFL had allowed the bids up to ₹ 500 crore for the shareholder quota initially but the company has revised this and kept the maximum bidding limit at ₹ 2 lakh.
The allotment for the IPO shares is likely to be finalised on September 12, 2024, and refunds and share credit to demat accounts will take place on September 13. Bajaj Housing Finance will list its shares on BSE and NSE on September 16, 2024.
Infosys issued offer letters for over 1,000 freshers selected in the 2022 batch after a long wait of over 2.5 years. The candidates selected in 2022 will now be joining the firm as System Engineers with confirmation on October 7, 2024 as a confirmed joining date.
The move follows a series of relentless efforts by the NITES, which has been advocating for the affected candidates. According to Harpreet Singh Saluja, President of the NITES, the move was a victory for the young engineers who have been waiting in uncertainty.
But NITES, despite the agreement, warns that any breach of the assurance on Infosys’ part would be met with protests at its offices. This is not the first time NITES has taken action against Infosys. Earlier this year, NITES complained to the Ministry of Labour and Employment against Infosys for delaying the onboarding of 2,000 engineering graduates.
This month, Infosys Chief Executive Salil Parekh has also said that it will honour all offers extended to freshers, adjusting the joining dates accordingly. A good step by the company which was getting hammered for the delay in issuing these offer letters.
Bollywood star Deepika Padukone has sent her fans into another tizzy with a bold pregnancy photoshoot, full of her unique style statements. On Monday evening, Deepika took to Instagram and shared a set of ravishing pictures where she is seen flaunting her baby bump with so much elegance.
The photoshoot, which went viral in no time, features Deepika in everything-from flared denim jeans paired with a casually stylish open-knitted sweater to a sleek black open blazer matching loose pants. In another look, she opted for ethereal elegance with see-through, flowy dresses oozing every bit of chic and refined vibes.
In some of those snaps, she is accompanied by her husband, actor Ranveer Singh. Deepika’s maternity fashion has been hugely appreciated for its perfect blend of minimalism and trendiness. Be it her bold approach- her pregnancy style has set new trends and is highly relatable to fans and fashion lovers.
Patna: Bihar’s Health Department issued an advisory to all district administrations and hospitals for more awareness and prevention measures regarding the Monkeypox virus. An advisory was issued amid concerns over the spread of the viral disease, reported among several countries.
Patna district administration, as a precautionary measure, has asked the civil surgeon to set up a health desk at Jay Prakash Narayan International Airport in Patna. It would keep a close watch on every coming passenger with greater surveillance of visitors coming from other countries.
Patna District Magistrate Chandrashekhar Singh said though no case has been reported in Bihar yet, the health department was not taking any chances. The health desk at the airport is likely to start functioning within 24 hours and the officials will keep a close watch on the travel history of the arriving passengers.
The inland navigation authorities have also been instructed to provide vigil on the international travelers coming by ships. It has also advised the Hospitals and Health Centres to keep beds in reserve for isolating any patient testing positive for Monkeypox and inform the authorities immediately.
A recent study by researchers in NTU Singapore has found that survivors of dengue fever are at 55 percent greater risk for heart complications compared to those who recovered from COVID-19. The research, published in the Journal of Travel Medicine, underlined the potential long-term health risks associated with dengue, a disease endemic in India.
In the new research, the researchers followed 11,707 people with dengue and 1,248,326 patients with COVID-19 between July 2021 and October 2022. The study found that survivors of dengue were more likely to develop irregular heartbeats, heart disease, and blood clots in the year following an infection.
These findings also underline the severity of dengue and a need for greater awareness and precautionary measures. Much attention has been given lately to the long-term effects of COVID-19; this study puts a light on perhaps an equally dangerous effect of dengue on the heart.
A recent study has found large barriers in disabled, transgender, and gender-diverse communities in accessing COVID-19 vaccination in India. In this study by Sharin D’souza and colleagues of the Initiative for Health Equity, Advocacy and Research-Bhopal Hub, Sangath, Bhopal, conducted and published on Science Direct, light was thrown upon deep-seated inequalities within the health system.
The communication gap, issues regarding vaccine registration, transportation problems, and lack of infrastructure were identified as barriers in this study. Such challenges have been the reasons for the lower vaccination rates among these marginalized groups compared to the general population.
This is despite the fact that India mounted a large COVID-19 vaccination operation, with as of May 2021, only 5.22% of transgender and gender-diverse populations receiving vaccination compared to 11.7% of the general population. Vaccination among persons with disabilities stood at a low 0.03 percent as of November 2021 amid frantic calls for targeted interventions to be scaled up to improve vaccine access and uptake among these groups.
Punjabi singer AP Dhillon has assured his fans of his safety after a gun firing incident has been reported outside his house in Vancouver, Canada. The incident happened on Tuesday. This incident is allegedly linked to the notorious Lawrence Bishnoi gang, wherein jailed gangster Rohit Godara has claimed the responsibility of the attack.
In an Instagram story, he wrote, “I’m safe. My people are safe. Thank you to everyone who reached out,” over worries of his followers. The incident has sent shockwaves, meanwhile, within the Punjabi community, with the Bishnoi gang reportedly involved in illegal activities both within India and overseas.
The incident has also brought into focus the issue of security concerns faced by celebrities of Indian origin living abroad, especially those with high public profiles. However, Dhillon’s statement partially assuaged feelings, but the situation is still grim as police continued investigations into the shooting.
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Source: Google
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