AXY Financial News

Madhya Bharat Agro Products(up 1.32%), Coromandel International(up 1.14%), Sikko Industries(up 0.90%), G S F C(up 0.60%), Agro Phos(up 0.59%), Deepak Fertilizers & Petrochemicals(up 0.58%), Madras Fertlizers(up 0.27%) and KRISHANA(up 0.21%) stood among the top gainers. ZUARIAGRO(down 6.74%), Nagarjuna Fertilizers & Chem(down 3.23%), Fertilizers & Chemicals Tranvancore(down 2.85%), Rama Phosphates(down 2.42%), Aries Agro(down 1.62%), Chambal Fertilisers & Chemicals(down 1.59%), Paradeep Phosphates(down 1.45%), Gujarat Narmada Valley Fertilizers (down 1.11%), Mangalore Chemicals & Fertilizers(down 0.58%) and Southern Petrochemicals Industries(down 0.54%) were among the top losers of the day.

Shares of IndusInd Bank(up 1.54 per cent) ended the day as top gainers in the pack. On the other hand, AU Small Finance Bank(down 2.16 per cent), Kotak Mahindra Bank(down 1.67 per cent), Bandhan Bank(down 1.51 per cent), Bank of Baroda(down 1.11 per cent) and Axis Bank(down 1.08 per cent) finished as the top losers of the day.

Kothari Sugars & Chemicals(up 4.93%), Rajshree Sugars & Chemicals(up 4.62%), BAJAJHIND(up 4.20%), Simbhaoli Sugars(up 1.78%), Sakthi Sugars(up 1.18%), Mawana Sugars(up 1.00%), K.M.Sugar Mills(up 0.86%), Rana Sugars(up 0.62%), Balrampur Chini Mills(up 0.13%) and DCM Shriram Industries(up 0.07%) stood among the top gainers. Dalmia Bharat Sugar & Industries(down 3.25%), EID Parry(down 2.51%), AVADHSUGAR(down 2.49%), Dhampur Sugar Mills(down 1.69%), Uttam Sugar Mills(down 1.45%), Vishwaraj Sugar Industries(down 1.22%), Dwarikesh Sugar Industries(down 1.19%), KCP Sugar & Industries(down 1.14%), Triveni Engineering & Industries(down 0.78%) and MAGADHSUGAR(down 0.70%) were among the top losers of the day.

Shaktikanta Das in his monetary policy statement on Thursday announced that all scheduled banks will have to maintain a 10% incremental cash reserve ratio (ICRR) from August 12. The ICRR of 10% will be on the increase in the banks’ net demand and time liabilities (NDTL) between May 19, 2023, and July 28, 2023.

The 30-share Sensex fell 307 points to settle at 65,688, while the broader Nifty ended at 19,543. Sectors sensitive to domestic interest rates like banks and financial services stocks were among the top losers as Nifty Bank fell 0.76%.

BSE Ltd had already given their clearances. The approval took time as various financial and operational creditors had moved the NCLT opposing the merger while also filing please to initiate corporate insolvency resolution process against ZEEL.

TVS Supply Chain Solutions was subscribed 21% so far on the first day of the bidding process. However, the retail portion was fully subscribed within hours of the issue opening. The category reserved for non-institutional investors was subscribed 7%, and there were no bids from qualified institutional buyers.

IndusInd Bank(up 1.26 per cent), IDFCBANK(up 0.74 per cent), Punjab National Bank(up 0.65 per cent), Federal Bank(up 0.48 per cent) and State Bank of India(up 0.44 per cent) were among the top gainers. ICICI Bank(down 0.46 per cent), AU Small Finance Bank(down 0.34 per cent), Bandhan Bank(down 0.19 per cent) and Axis Bank(down 0.02 per cent) were the top losers on the index.

Axis Bank said in a public announcement that it will raise its stake in Max Life to 16.22% from 9.99%by infusing ₹1,612 crore through a preferential allotment of shares. Meanwhile, Axis Bank shares opened flat with a negative bias.

₹1,612 crore through a preferential allotment of shares. Axis Bank, along with its entities (Axis Securities and Axis Capital), acquired a 12.99% stake in Max Life in 2021, and through this new investment, they will own 19.02% in the insurer.

Analysts have given a mixed verdict on the IPO due to aggressive pricing. «The issue is priced at 10.5 times based on its NAV of 18.89 as of March 2023. Given good legacy parentage, tech-enabled and process-driven solution company and retirement of debt from IPO proceeds to improve net margins, we recommend a „Subscribe“ to the issue for long-term rewards,» said Reliance Securities.

Axis Bank on Wednesday said it will raise its stake in insurer Max Life to 16.2% from 9.99% by infusing 16.12 billion rupees ($194.6 million) through a preferential allotment of shares.Axis Bank along with its entities acquired a 12.99% stake in Max Life in 2021, and through this new investment, they will own 19.02% in the insurer.Max Financial Services, the holding company of Max Life, will hold about 80.98% in the insurer.The proposed infusion by Axis Bank in Max Life will help it to support its future growth ambitions, Max Financial Services said in a statement.The investment is subject to regulatory approvals and will strengthen the lender's position in the life insurance business, Axis Bank said, adding that Axis Entities would have the right to appoint the chairman. (Reuters)The Finance Ministry has conveyed to the Rajya Sabha that a cumulative sum of over ₹35,000 crore has been amassed by public sector banks and five prominent private banks in India since 2018.

IRCTC: IRCTC's first-quarter profit stood at ₹232.22 crore with a decline of 5% on a year-on-year(YoY) basis. The company's profit in the fourth quarter of the last financial year was at was ₹279 crore. On segment-wise performance, IRCTC's revenue from the internet ticketing business declined 4 per cent to ₹290 crore in the April-June quarter, from ₹302 crore during the same period the previous year.

TVS Supply Chain IPO: The initial public offering (IPO) of TVS Supply Chain Solutions Ltd is going to hit primary market today and it will remain open for bidding till 14th August 2023. TVS Supply Chain IPO price band has been fixed at ₹187 to ₹197 per equity share and the book build issue aims to raise ₹880 crore from its this public offer. According to market observers, shares of TVS Supply Chain Solutions are available at a premium of ₹30 in grey market today.

₹35,000 crore in charges since 2018, Finance Ministry told Rajya Sabha in a written reply. The banks collected the money on account of non-maintenance of minimum balance, additional ATM transactions and SMS Services Minister of State, Dr Bhagwat Karad, stated that non-maintenance of minimum balance contributed ₹21,000 crore, while excess ATM transactions generated ₹8,000 crore, and SMS services added ₹6,000 crore.

Treasury gains for Indian lenders are likely to moderate in the coming quarters as bond yields remain in a narrow range, with the Reserve Bank of India (RBI) possibly sticking to a long pause. Banks will also see pressure on earnings growth with a likely increase in provisions for expected credit loss, a new accounting norm that is kicking in. For the first quarter, the State Bank of India reported a treasury income of ₹3,850 crore, the highest in the past 12 quarters.

Reliance ARC has submitted a writ petition against the Reserve Bank of India in the Bombay High Court opposing the Swiss challenge method during the debt sale of Vidarbha Industries Power, which has drawn interest from funds like Varde Partners-backed Aditya Birla ARC and Avenue Capital-backed Asset Reconstruction Company of India (Arcil). Vidarbha Industries Power, currently in bankruptcy and promoted by Anil Ambani, has a total debt of Rs 2,569 crore. Reliance ARC has challenged the central bank’s circular of September 24, 2021, calling it arbitrary as it confers “unwarranted and unreasonable benefit” in favour of a Prospective Transferee. The deadline for bidders to submit firm offers was August 8, but the hearing for that petition will take precedence, a bank source said. The matter could be taken up for hearing by the end of this week, another source said. In its petition, Reliance ARC has raised concerns over the Swiss Challenge Auction process, according to a lawyer source. The concern is that when an ARC makes a bid to buy a troubled asset or a non-performing asset (NPA), it automatically becomes an initial bidder and this gives the ARC the exclusive right to match any bid that comes in during the Swiss Challenge Process, the lawyer explained.

Paytm founder-CEO Vijay Shekhar Sharma’s decision to acquire an additional 10.3% in the company from Ant Financial has reignited the debate around his actual holding in the company and if, as a public shareholder, he has control of the company and enjoys the perks of being a promoter without actually being classified as one. Paytm parent One97 Communications says Sharma owns 19.42% of the country’s largest payments company.

NEW DELHI : The National Investment and Infrastructure Fund Ltd (NIIF) has mandated global leadership advisory firm Russell Reynolds Associates to find the next managing director (MD) and chief executive officer (CEO) of India’s quasi-sovereign wealth fund, two people familiar with the development said. After Sujoy Bose, who served as NIIF’s first MD & CEO for six years since 2016, quit in May, the company named Rajiv Dhar, the executive director and chief operating officer, the interim MD & CEO. In 2015, the then-department of economic affairs secretary Shaktikanta Das headed a search-cum-selection committee to select the CEO for the investment management company under NIIF.

TVS Supply Chain IPO: TVS Supply Chain said in an exchange filing on August 9 that it has raised ₹396 crore from 18 marquee anchor investors a day ahead of its IPO subscription opening for bidding. TVS Supply Chain's initial public offering (IPO) will open for subscription on Thursday, August 10 and close on Monday, August 14. The company had fixed the price band at ₹187 to ₹197 per equity share for the proposed initial public offer.

Axis Bank has received approval to infuse Rs 1,612 crore in Max Life Insurance by subscribing to shares on a preferential basis. This will result in Axis Bank’s direct stake increasing to 16.22% in the life insurer. The collective stake of Axis Entities will increase to 19.02% in Max Life Insurance, the lender said in a release.