Zomato co-founder Gaurav Gupta has exited the company just two months post the IPO.
* Market Outlook
Indian markets are likely to open on a flat to positive note despite weak global cues tracking data that showed inflation cooling in the US, in turn, raising fresh questions on when the US central bank will begin tapering its asset purchase.
* Markets Yesterday
• Domestic markets ended marginally higher on the back of gains in BFSI, auto and IT stocks that were partially offset by losses in metal stocks amid mixed global cues and release of retail and wholesale inflation data.
• US markets ended lower amid release of inflation data.
* Key Developments
• The Shree Cement board has approved the setting up of an integrated cement plant of 3.5 MT (3.8MT clinker capacity) in Rajasthan along with 106 MW solar power plant to meet the captive power requirement. The total capex would be | 4000 crore including | 500 crore for power. The cement capacity is likely to get commissioned by March 2024 while the solar power plant is expected to get commissioned by September 2022. Further, the company's wholly owned subsidiary, Shree Cement East Pvt Ltd, will set up a clinker grinding unit of 3 MT in Purulia district, West Bengal. The unit will cost it | 750 crore.
• IDFC Ltd, the holding company of IDFC First Bank, management came in for sharp critique from investors over long delays in divestment of stake in assets, including the bank and mutual funds. There was also no clarity on meeting timelines for the merger of some entities. In a conference call with investors, Chairman Vinod Rai said the management has engaged the advisor on divestment, with the objective of maximising value for shareholders.
• According to Financial Express, production of domestic natural gas increased 19.2% YoY to 2898 mmscm i n August mainly due to higher production from privately operated fields.
• HCL Technologies and Hancom Inc., one of the leading South Korean software companies, have signed a strategic partnership to share advanced software technology solutions and establish a mutual bridgehead for overseas expansion. The two companies also plan to cooperate on global market expansion, which includes Hancom’s entry into Southeast Asian countries such as Taiwan, Vietnam and Bangladesh, Middle Eastern countries along with HCL’s business expansion into the South Korean market.
• Laurus Labs has announced the agreement to accelerate the development, commercialisation and registration of the best in class second and third line HIV treatment, darunavir boosted with ritonavir (DRV/r) for children in LMIC countries based on an agreement with Unitaid and the Clinton Health Access Initiative (CHAI).
• Punjab National Bank is looking to sell its entire stake in Canara HSBC OBC Life Insurance (CHOICE) and has invited bids for the appointment of a legal advisor for the proposed transaction. After the three-way amalgamation with Oriental Bank of Commerce and United Bank of India, PNB had become a promoter shareholder, with 23% stake in CHOICE, according to Business Line.
• e-Clerx informed the stock exchanges that the meeting of buyback committee is scheduled to be held on Friday, September 17, 2021 to consider and approve buy back of equity shares.
• EdgeVerve Systems, a wholly-owned subsidiary of Infosys, recently unveiled the latest version of its automation platform AssistEdge 19.0. This new version of the platform is designed to support and scale large process automation programs for global enterprises.
• According to Business Standard, ONGC is looking to buy IL&FS’ stake in Mangalore SEZ. IL&FS currently holds 50% stake in the company.
• According to media reports, the GST council may consider bringing petrol and diesel among other petroleum products under the GST regime.
• Ahead of the festive season, State Bank of India (SBI), has decided to cut its base lending rate by 5 basis points (bps) to 7.45%, effective September 15. Also, it has cut its prime lending rate by 5 bps to 12.20%.
• Zomato co-founder Gaurav Gupta has exited the company just two months post the IPO. He joined Zomato in 2015 and was elevated to the role of COO in 2018 and then co-founder in 2019.
* Today’s Highlights
Events: India Exports, India Imports, India trade balance, EU industrial production MoM, US crude oil inventories, Japan imports & exports, Japan trade balance.
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