Business Bulletin Weekly 03 July 2023
Adani Total Gas to invest 18,000-20,000 cr in India in 8-10 yrs
Adani Total Gas, a joint venture of Adani Group and France's Total Energies, will invest €18,000-20,000 crore in India in the next 8 to 10 years to expand infrastructure for retailing CNG and piped gas, said CFO Parag Parikh. The firm is going to build 1,800 CNG stations in the next 7 to 10 years. The firm had invested ₹1,150 crore in FY23.
Over 91% of the cash generated returned to shareholders
TCS CEO Over 91% of the cash generated by Tata Consultancy Services (TCS) has been returned to its shareholders, CEO Krithi Krithivasan said. In the past five years, TCS paid 1.75 lakh crore in regular dividends, special dividends and buybacks, including taxes. This amounts to an average payout ratio of 98.2%, Krithivasan said. TCS's total dividend for the full year was 115/share.
Sensex and Nifty open at new all-time highs benchmark indices
Sensex and Nifty opened at fresh all-time highs on Friday. Sensex jumped over 300 points to reach a new high of 64,311, whereas the Nifty surged about 100 points to a record high of 19,082. Power Grid Corporation, Asian Paints, Infosys, and HDFC Bank were among the major gainers. Bajaj Auto, HDFC Life, Apollo Hospitals, and Eicher Motors were among the losers.
The Pharma sector is where the auto was 18 months back: Kotak AMC
MD Kotak Mahindra Asset Management Company's MD Nilesh Shah said the pharmaceutical sector is where the auto sector was 18 months back. It's an under-owned sector, he said. However, he added that things are slowly turning around. Noting that generic pricing is rising and the US inventory levels are depleted, Shah claimed the pharma sector should do well in the coming days.
Govt hikes interest rates on some Small Savings Schemes, shares list
The government on Friday hiked the interest rates on some Small Savings Schemes for the July-September quarter. Five Year Recurring Deposit will fetch 6.5% instead of the existing 6.2%. Two Year Time Deposit will fetch 7.0% from the existing 6.9%. Meanwhile, One Year Time Deposit will fetch 6.9% instead of 6.8%.
Vedanta was fined *30 lakhs for violating listing, and disclosure norms
SEBI fined Vedanta 30 lakh for violating listing and disclosure norms. Vedanta made misrepresentations about its entry into the semiconductor business, which had a significant impact on its share price, SEBI said. Vedanta issued a press release in September 2022 about signing MoUs for setting up semiconductor and display fab units. Vedanta claimed it was inadvertent when NSE sought clarifications.
SEBI halves IPO listing time to 3 days
The SEBI has said it will reduce the listing timeline after an initial public offering (IPO) to three days after the closure of the issue from the present six days. The revised timeline shall be made applicable in two phases - voluntary for all public issues opening on or after September 1 and mandatory on or after December 1, 2023
Apple becomes the world's 1st company to close with a $3 trillion value
Apple has become the world's first company to close a trading day with a $3 trillion market value. The company first hit the $3 trillion milestone in January last year but failed to close at that level. On Friday, shares of the world's most valuable company jumped 2.3% to $193.97, taking its market capitalisation to $3.05 trillion
What will the merged HDFC-HDFC Bank entity look like?
HDFC and HDFC Bank will merge today to create the world's fourth most valuable bank. The combined entity will have a market value of 14.6 lakh crore and a combined asset base of ₹18 lakh crore. The combined shares of HDFC twins will have the highest weighting of 14% on indices. The entity will have 1,77,239 employees and 8,344 branches.