Adani Enterprises Files Papers for Rs 20,000Cr FPO - Top Indian Market Updates


Here are some of the major updates that could move the markets tomorrow:

Adani Enterprises files papers for ₹20,000 crore FPO

Adani Enterprises Ltd (AEL) has filed an offer letter with stock exchanges for a proposed ₹20,000 crore follow-on public offer (FPO). The company is examining the possibility of launching the FPO in the last week of January. The FPO could result in AEL’s total promoter stake falling by 3.5%. The promoters hold 72.63% of AEL, while the remaining 27.37% is with public shareholders.

In other news, AEL signed an agreement to launch a pilot project to develop a hydrogen fuel cell electric truck (FCET) for mining logistics and transportation with Ashok Leyland and Canada-based Ballard Power.

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India Pesticides expects revenue of ₹100 crore from new herbicide product

India Pesticides expects to earn revenue of ₹100 crore from the launch of its new Herbicide Technical product. The herbicide is used to control grass and broad-leaved weeds in the pre-or early post-emergence stages. It is primarily used in maize, soybeans, tomatoes, potatoes, sunflowers, wheat, and rice. The product will be manufactured at the company's Sandila facility in Uttar Pradesh and will be exclusive to export markets.

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Reliance Jio launches True 5G in 16 more cities

Reliance Jio has expanded its 5G services to 16 more cities, taking its total coverage to 134 cities. It is now available in Kakinada, Kurnool (Andhra Pradesh), Silchar (Assam), Davanagere, Shivamogga, Bidar, Hospet, Gadag-Betageri (Karnataka), Malappuram, Palakkad, Kottayam, Kannur (Kerala), Tiruppur (Tamil Nadu), Nizamabad, Khammam (Telangana), and Bareilly (Uttar Pradesh). Jio users in these cities can upgrade to 5G through the Jio Welcome Offer and access data speeds of 1 Gbps+.

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Bank of India Q3 Results: Net profit rises 12% YoY to ₹1,151 crore

Bank of India reported a 12% year-on-year (YoY) increase in net profit to ₹1,151 crore for the quarter ended December (Q3 FY23). The net interest income (NII) rose 64% YoY to ₹5,596 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 10.43% in Q3 FY22 to 7.66% in Q3 FY23. 

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Phoenix Mills subsidiary completes acquisition of Janus Logistics for ₹26 crore

Phoenix Logistics & Industrial Parks Pvt Ltd (PLIPPL) has completed the acquisition of a 100% equity stake in Janus Logistics and Industrial Parks Pvt. Ltd. for a total cash consideration of ₹26.03 crore. PLIPPL is a wholly-owned subsidiary of realty developer Phoenix Mills. Janus operates in the logistics and warehousing business. It owns a 33-acre land parcel in the Faridabad and Sohna districts of Haryana.

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Mastek Q3 Results: Net profit falls 20% YoY to ₹67 crore

Mastek Ltd reported a 19.6% YoY increase in consolidated net profit to ₹67.1 crore for the quarter ended December (Q3 FY23). The IT company’s revenue from operations rose 19.3% YoY to ₹658.7 crore during the same period. EBITDA stood at ₹113.7 crore in Q3, down 2.2% YoY. Mastek’s board has approved an interim dividend of ₹7 per share.

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Angel One Q3 Results: Net profit rises 38% YoY to ₹228 crore

Angel One reported a 38.6% YoY increase in consolidated net profit to ₹227.98 crore for the quarter ended December (Q3 FY23). The brokerage company’s revenue from operations rose 25.5% YoY to ₹759.66 crore during the same period. Its client base grew 60.7% to 1.25 crore in Q3. Angel One’s board has approved an interim dividend of ₹9.6 per share.

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Innova Captab, Blue Jet Healthcare gets SEBI approval to float IPO

The Securities & Exchange Board of India (SEBI) has given approval to pharma companies Innova Captab Ltd and Blue Jet Healthcare to raise funds through an Initial Public Offering (IPO). Innova Captab has proposed fresh issuance of equity shares worth ₹400 crore and an offer for sale (OFS) of 96 lakh shares through its IPO. The IPO of Blue Jet Healthcare is completely an OFS of up to 2.16 crore equity shares.

Read more here.

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