The Indian Stock Market witnessed flat movements in the fourth week of March with Sensex moving -301.60 (-0.52%) in the last five trading sessions and closing at 57,362.20 points on Friday. NSE benchmark index Nifty50 also moved sluggishly –180.65 (-1.04%) and ended at 17,153.00 points last week.
Market events last week included Anil Ambani resigning as CEO from RCom and RInfra, Vodafone Idea board approving fundraise, Akasa airlines expected dates, Veranda learnings IPO launching next week, and more.
Mcap of 7 of top-10 valued firms tumble over Rs 1.14 lakh cr
The combined market valuation of seven of the top-10 valued firms tumbled Rs 1,14,201.53 crore last week, dragged down by Hindustan Unilever and HDFC twins.
Last week, the BSE benchmark index declined 501.73 points or 0.86 per cent. While HDFC Bank, ICICI Bank, Hindustan Unilever Limited, State Bank of India, Bajaj Finance, HDFC and Bharti Airtel were among the laggards from the top-10 pack, Reliance Industries Limited, Tata Consultancy Services and Infosys were the three gainers.
Vodafone Idea shareholders approve Rs 14,500 cr fundraise proposal
Shareholders of Vodafone Idea have approved a proposal to raise Rs 14,500 crore, the debt-ridden telecom operator said in a filing on Saturday.
Shareholders approved the proposal at the extraordinary general meeting held on Saturday, the filing said.
Vodafone Idea (VIL) had placed special resolution of issue of equity shares worth Rs 4,500 crore to the group firms of promoters Vodafone and Aditya Birla Group for transaction at the EGM.
Akasa Air to launch operations from June, expects fleet size at 72 in 5 years- CEO Dube
Rakesh Jhunjhunwala-backed airline Akasa Air is all set to roll out its commercial operation from June, its CEO Vinay Dube has said here.
Speaking at an interactive session on the sidelines of Wings India 2022, Dube on Friday said the airline hopes to have a fleet of 72 aircraft in the next five years.
Anil Ambani resigns as director of RPower, RInfra
Reliance Group Chairman Anil Ambani on Friday resigned as director of Reliance Power and Reliance Infrastructure, following markets regulator SEBI order restraining him from associating with any listed company.
“Anil D Ambani, non-executive director, steps down from the board of Reliance Power in compliance of SEBI (Securities and Exchange Board of India) interim order,” Reliance Power said in a BSE filing.
Sugar exports may rise 7% to 75 lakh tonnes in 2021–22
India’s sugar export is estimated to rise by 7 per cent to 75 lakh tonnes in 2021–22 marketing year ending September, the government said in the Rajya Sabha on Friday.
In a written reply to the Rajya Sabha, Minister of State for Food and Consumer Affairs Sadhvi Niranjan Jyoti said: “As a result of various measures taken by the central government, export of sugar from the country has considerably increased in the past five years.” The minister informed that exports are expected at 75 lakh tonnes in 2021–22 season (October-September) as against 70 lakh tonnes in the previous year.
Airtel prepays Rs 8,815 cr towards deferred liabilities for 2015 spectrum
Telecom operator Bharti Airtel on Friday said it has paid Rs 8,815 crore to the government towards part prepayment of deferred liabilities pertaining to spectrum acquired in the 2015 auction. The prepayment is for instalments due in FY2027 and FY2028, the Sunil Mittal-led telco said in a statement.
“Airtel prepays Rs 8,815 crore to clear deferred liabilities for spectrum acquired in 2015,” the company said.
SEBI refuses to disclose NSE inspection reports under RTI
The Securities and Exchange Board of India has refused to disclose under the RTI Act its inspection reports since 2013 related to functioning of the National Stock Exchange which is mired in controversy resulting from the market regulator’s damning report on alleged irregularities in the functioning of the bourse’s former chiefs.
Denying the information, SEBI responded to RTI activist Subhash Agrawal that the information sought by him pertains to its internal functioning, and disclosure of which may hamper decision making in its supervisory and regulatory role.
Veranda Learning Solutions IPO to open on March 29; fixes price band of Rs 130-Rs 137 per equity share
Veranda Learning Solutions on Thursday said it has fixed price band of Rs 130–137 per equity share of face value of Rs 10 each for its forthcoming initial public offering scheduled to begin from March 29.
The offer consists of equity shares of face value of Rs 10 each of the issuer aggregating up to Rs 2,000 million (Rs 200 crore).
