Stocks markets open after the Diwali vacation on Monday. Fintech operator Paytm would open for public issue on November 8. The Paytmℱ IPO will remain open for subscription till November 10. The price band for the IPO has been fixed at Rs 2,080-2,150 per share. The shares of the company are expected to list on the BSE and NSE on November 18, 2021, though the listing date has not yet been announced.
Among other awaited developments on Monday, cookie maker Britannia, pharma major Auro♚bindo Pharma, energy company PTC India and V-Mart♓ Retail are scheduled to reveal their earnings for the September-end quarter.
In the June-end quarter, ♒Britannia's consolidated net profit had declined 29 per cent on a year-over-year basis to Rs 390 crore as consolidated sales for the same period fell to Rs 3,352 crore, a one-per cent decline on a year-over-year basis. It had stated increased prices of palm oil and crude contributed to its hardships in the pandemic. Additionally, it spoke of calibrated price increase as things neared normalisation. "We shall take c🧔alibrated price increases as things normalize and will continue to create and sustain an ecosystem of financial & operating efficiencies through rigorous process improvements which would act as a strong pillar for sustainable growth," it had stated.
Aurobindo Pharma had reported a net decline of 2 per cent in its June-quarter profits at Rs 769.97 crore as t𒁃he company made efforts to reduce its expenses. Revenue from Operations at Rs 5,702 Cr increased by 2.9% over the corresponding period last year. "We remain focused on ensuring business continuity on the operations front and to resolving regulatory issues in some of our facilities. Our business is well prepared to navigate the journey towards profitable growth and we look forward to executing on our key growth pillars," the company had s🍰tated back then.
Among other developments in the past week, private lender IndusInd Bank had said on Saturday that allegations of lapses in governance and accounting norms leading to 'evergreen' loans by the bank are "inaccurate and baseless". It was responding to an Economic Times report, which stated that acting as whistleblowers, several people, including senior employees of the𓆉 IndusInd Bank's Bharat Financial Inclusion (BFIL), have informed the Reserve Bank of India (RBI) about governance lapses and accounting norms meant to 'evergreeꦚn' loans.
More significantly, it added that due to a technical🎃 glitch in May 2021, nearly 84,000 loans were disbursed without the customer consent getting recorded at the time of loan disbursement.
On Friday, GAIL𒅌 (India) had received the National Company Law Tribunal's approval to acquire a 26 per cent stake of Infrastructure Leasing & Financial Services (IL&FS) Group in ONGC Tripura Power Company (OTPC).
Independent directors of Future Retail wrote🥃 to the regulator Competition Council of India asking it to revoke the approval given to Amazon-Future Coupons Deal in November 2019. The directors argued that the e-commerce giant had concealed in🌜formation while seeking approval.
Markets werꩲe closed for the Diwali vacation since Thursday. How investors react oꦿn Monday would depend on what they see as a priority.
30-share BSE Sensex reversed its🗹 two session-sliding streak to rise 295.70 points or 0.49 per cent to close at 60,067.62 while the Nifty 50 index rose 87.60 points or 0.49 per cent to close at 17.916.80 on Muhurat day trade on Thursday.
