Reliance Jumps On Jio Tariff Hike Announcement

Shares of Reliance Industries Ltd. rose nearly 3.6% in intraday trade to Rs 2,482 apiece after the company announced tariff hike. Price of entry-level JioPhone will be increased by 21.3% to Rs 91. The new tariffs will be effective from December 1,2021.

Of the 38 analysts tracking the company, 22 maintained ‘buy’, 11 maintained ‘hold’ and five maintained ‘sell’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 28.6%.

Trading volume on the stock was 2.7 times the 30-day average volume, for this time of the day.

Sensex, Nifty Log Gains Aided By Reliance & I.T. Stocks
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Source: Bloomberg

Man Infra To Develop Residential Project At Tardeo Mumbai

  • Man Infraconstruction Ltd.’s subsidiary Man Infraconstruction Properties LLP is jointly developing residential high rise tower at Tardeo. The addition of this project is likely to establish the group’s presence in South Mumbai.
  • The project having carpet area for sale of 6 lakh square feet is expected to generally nearly Rs 3,000 crore over next 4-5 years.
  • Trading volume on the stock was 1.9 times the 30-day average volume, for this time of the day.

Hinduja Group Readying $1.1 Billion To Raise IndusInd Bank Stake

IndusInd International Holding Ltd., the Hinduja-led founder entity of IndusInd Bank Ltd. is readying over $1 billion in funding to increase their stake in the bank, The Economic Times reported, citing Ashok Hinduja, chairman of Hinduja Group of companies.

The move comes after RBI allowed founder to raise stake up to 26% of total equity under new bank ownership regulations.

The founders will raise money in 2-3 months to enhance their stake in multiple tranches once guidelines are in place, the report cited Hinduja as saying.

Founders currently own 16.54% in the bank, according to the report

Sun Pharma To Get Rs 169 Crore In Patent Settlement With Biofrontera

Sun Pharmaceutical Industries Ltd.‘s U.S. subsidiary Dusa Pharmaceuticals Inc. has agreed to settle a patent infringement lawsuit it had filed against the Biofrontera group.

In 2018, Dusa Pharma had filed claims of patent infringement, trade secret misappropriation and wrongful interference against certain Biofrontera entities in the U.S. District Court for Massachusetts.

The lawsuit alleged patent infringement of two of Dusa’s patents covering topical solution products used for photodynamic therapy. Launched in the U.S. in September 2000, the products combined a drug with a light source to treat certain disease conditions.

Reliance Capital Insolvency And The Domino Effect On Its Subsidiaries

The Reserve Bank of India’s decision to supersede the board of Reliance Capital Ltd. and refer it for insolvency proceedings will lead to a cascading impact across its nearly 20 subsidiaries.

Reliance Capital, which got a licence as a non-bank finance company in December 1998, is now registered as an NBFC-CIC or core investment company, according to its annual report for 2020-21. As such most of its earnings come from operating businesses that it holds stake in.

The annual report lists 20 subsidiaries where Reliance Capital has majority stake. It also lists four companies in which it has minority stake and another five associate companies, of which one is a foreign entity.

Reliance Jumps On Jio Tariff Hike Announcement via @goldsilverrepor
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