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– Edtech unicorn Byju’s has raised a fresh round of $250 million from investors.
– The startup did not disclose the valuation at which funding came. Byju’s last round was done at a valuation of $22 billion in March.
– The company did not disclose the name of the investors in the current round.
– Funding announcement comes days after the startup announced plans to lay off 2,500 employees.
Source: Press release
The broader indices underperformed their larger peers MidCap and SmallCap, which gained 0.11% and 0.08%, respectively, while LargeCap almost mirrored its large peers, with a 0.55% increase.
Eleven of the 19 the sectoral measures compiled by BSE advanced with BSE Utilities, Bankex and Power gaining the most over 1%.
The market breadth is skewed in the favour of bears. About 1,540 stocks rose, 1,864 fell and 180 remained unchanged.
Ericsson has entered into a long-term contract with Reliance Jio Infocomm to roll out a standalone 5G network in the country.
This is the first partnership between Jio and Ericsson for radio access network deployment in the country.
Ericsson's energy-efficient 5G Radio Access Network products and solutions and E-band microwave mobile transport solutions will be deployed in the 5G network for Jio.
Source: Press release
Axis Bank said the Insurance Regulatory and Development Authority of India has imposed a penalty aggregating to Rs 2 crore alleging certain violations of directions.
The alleged violations are related to transfer of shares of Max Life Insurance Company between Max Financial Services and Axis Bank and its subsidiaries.
Axis said the penalty does not have any material impact on the bank or its corporate agency operations.
Source: Exchange filing
Zydus Lifesciences subsidiary Zydus Worldwide DMCC received tentative approval from the U.S. FDA to market Valbenazine Capsules USP 40 mg, 60 mg, 80 mg.
Valbenazine capsules are indicate for treatment of adults with tardine dyskinesia (movements in the face, tongue or other body parts that cannot be controlled).
The drug will be manufactured at the group's formulation manufacturing facility at Ahmedabad.
Valbenazine capsules had annual sales of $781 million in the U.S. according to IQVIA data as on August 2022.
The company also received tentative nod from U.S. FDA to market Roflumilast tablets 250 mg. The drug is used to reduce the risk of Chronic Obstructive Pulmonary Disease (COPD) exacerbations in patients with severe COPD associated with chronic bronchitis and will be made in Ahmedabad facility. Roflumilast tablets had annual sales of $248 million in the U.S., according to IQVIA data, as on August 2022.
Source: Exchange filing
Shares of Electronics Mart India listed at Rs 89.40 apiece on the BSE, a premium of 51.53% to its IPO price of Rs 59.
On the NSE, the stock listed at Rs 90, a 52.54% premium.
The stock extended gains to as much as 54.24% in early trade on NSE.
Source: BSE, NSE
Biocon has entered into strategic out-licensing agreement with Japanese pharmaceuticals company Yoshindo Inc. for commercializing two of its pipeline biosimilar assets, bUstekinumab and bDenosumab, in the Japanese market.
Under the terms of this deal, Yoshindo gets exclusive commercialization rights in Japan for bUstekinumab and bDenosumab developed and manufactured by Biocon Biologics, for an addressable market opportunity of USD 700 million, company said in the exchange filings
According to the exchange filing, Biocon Biologics will receive an upfront license fee as well as additional payments on the achievement of certain development milestones over the next few years. The financial terms of the agreement are confidential.
Ustekinumab, a biosimilar referencing Stelara, is a monoclonal antibody used to treat several autoimmune conditions, including psoriasis, Crohn’s disease, ulcerative colitis, plaque psoriasis and psoriatic arthritis. Denosumab, a biosimilar referencing Prolia, is a monoclonal antibody for the treatment of osteoporosis.
Source: Exchange Filing
Yield on the 10-year bond fell 5bps to 7.42% in the opening minutes of Monday's session.
Source: Bloomberg
Indian currency depreciated 4 paise to 82.37 against the U.S. dollar, at the open.
Source: Bloomberg
Shares of fuel exporters may move after windfall taxes on locally produced crude oil and exports of diesel were raised by the government. The move is expected to reverse some of the relief that was given earlier this month.
Tax on crude oil produced from domestic field has been raised by 37.5% to Rs 11,000 per tonne from October 16. Exports of aviation fuel will attract a levy of Rs 3.50 per liter. The levy was scrapped in the earlier fortnight from October 1 before this tweak.
Tariff on diesel exports will increase to Rs 12 per liter, up from Rs 5 per liter.
Government has been adjusted taxes every fortnight to track international price movements.
In Focus: Reliance Industries, Mangalore Refinery, Chennai Petroleum Corp, ONGC.
Source: Bloomberg
Sunteck Realty reported a 24% year-on-year increase in pre-sales to Rs 337 crore.
Collections gained 60% year-on-year to Rs 331 crore in the second quarter.
Source: Exchange filing
U.S. Dollar Index at 113.01.
U.S. 10-year bond yield at 3.99% on Friday.
Brent crude up 0.81% to $92.37 per barrel.
Nymex crude at $86.21 per barrel.
SGX Nifty down 0.96% to 17,047.5 as of 6:33 a.m.
Bitcoin down 0.7% to $19,197.2.
PVR, Tata Metaliks, Tata Coffee, Spandana Sphoorty Financial, Oriental Hotels, Maharashtra Seamless, Bank of Maharashtra, IRB InvIT, Heidelberg Cement, Craftsman Automation, Choice International, Can Fin Homes, ACC
Axis Bank: Irdai has imposed Rs 3 crore penalty on Max Life Insurance Company for certain violations in a case pertaining to purchase and sale of shares by the Axis Bank Ltd. and group companies, and a Rs 2 crore penalty on Axis Bank, a corporate agent of the insurer.
Tata Power: The company suffered a cyberattack on its IT infrastructure, impacting some of its systems. The company has taken steps to retrieve and restore the systems and all critical operational systems are functioning.
Tata Steel: The company said it is actively engaged with the U.K. government for financial support for its business there, amid reports of that the company is looking to divest its steel business in the country, PTI reported.
Adani Ports and Special Economic Zone: Adani Agri Logistics, a wholly-owned subsidiary of Adani Logistics, has received a letter of award from the Food Corporation of India, to develop and operate silo complexes at Kanpur, Gonda and Sandila in Uttar Pradesh and Katihar in Bihar.
Bharat Petroleum Corporation: The company has aimed to convert its 7,000 conventional retail outlets into energy stations providing multiple fueling options including an EV charging facility.
Authum Investment & Infrastructure: The company acquired debt-ridden Reliance Commercial Finance, a wholly owned subsidiary of Reliance Capital, for Rs 1 crore.
State Bank of India: The bank has hiked MCLR by 25 basis points across tenors. The revised rates will come into effect from Oct. 15, 2022.
Zee Entertainment Enterprises: Shareholders of Zee Entertainment approved the proposed merger of the company with Sony. The proposed merger has already received approval from the stock exchanges and the Competition Commission of India.
Ujjivan Small Finance Bank/Ujjivan Financial Services: The boards of the two companies approved the merger of Ujjivan Financial Services into and with Ujjivan Small Finance Bank.
Shree Cement: The company’s board approved appointment of Hari Mohan Bangur as the Chairman, while Chairman Emeritus Benu Gopal Bangur resigned effective immediately. The board also named Prashant Bangur as Vice Chairman and Neeraj Akhoury as the Managing Director.
HDFC: NCLT has ordered the company to hold a shareholders meeting on Nov. 25, 2022, to approve the merger deals of wholly owned subsidiaries HDFC Investments and HDFC Holdings with and into the company, and HDFC with and into HDFC Bank.
L&T Finance Holdings: Market regulator SEBI approved sale of L&T Investment Management and L&T Mutual Fund to HSBC Mutual Fund.
IRB Infrastructure Developers: The company will transfer Vadodara Kim Expressway Project to an InvIT arm, following which, it will receive Rs 342 crore as against sponsor contribution and debt of Rs 955 crore will reduce from its consolidated debt.
Narayana Hrudayalaya: The company executed a share purchase agreement by Health City Cayman Islands Ltd., its wholly owned subsidiary, to acquire ENT in Cayman Ltd.
Bajaj Auto Q2 FY23 (Consolidated, YoY)
Revenue up 16% at Rs 10,202.77 crore, compared with Bloomberg estimate of Rs 9,839.5 crore.
Ebitda up 26% at Rs 1,758.74 crore, compared with Bloomberg estimate of Rs 1,649.8 crore.
Ebitda margin 17% versus 16% and Bloomberg estimate of17%.
Net profit up 20% at Rs 1,530 crore, compared with Bloomberg estimate of Rs 1,437.9 crore.
Tata Elxsi Q2 FY23 (Consolidated, QoQ)
Revenue up 5% at Rs 763 crore.
Ebitda fell 5% to Rs 226.53 crore.
Ebitda margin 30% versus 33%
Net profit fell 6% to Rs 174.27 crore.
Shree Cement Q2 FY23 (Consolidated, YoY)
Revenue up 20% at Rs 4,038 crore.
Ebitda fell 41% to Rs 542.76 crore.
Ebitda margin 13% versus 27%
Net profit fell 67% to Rs 183
HDFC Bank (Consolidated, YoY)
Net Profit: Rs 10,606 crore vs Rs 8,834 crore
NII: Rs 21,012 crore versus Rs 17,684 crore
GNPA: 1.28% versus 1.23%
NNPA: 0.33% versus 0.35%
Avenue Supermarts (Consolidated, YoY)
Revenue jumped 37% to Rs 10,638.33 crore.
Operating profit rose 33% to Rs 892.02 crore.
Margin came in at 8.4% against 8.6%.
Net profit increased 64% to Rs 685.7 crore.
Asian equities fell but major currencies appreciated against the dollar in a cautious opening to the week, tracking further weakness on Wall Street and a defiant message to the world from China’s Communist Party congress.
Stocks declined in Japan, Australia, and South Korea. Futures for Hong Kong, too, fell. Contracts for the S&P 500 and Nasdaq 100 rose after tumbling on Friday when Treasury yields climbed as year-ahead inflation expectations increased. US yields fell slightly during the opening trade in Asia.
At 6:35 a.m., the Singapore-traded SGX Nifty — an early barometer of India's benchmark Nifty 50 — fell 0.96% to 17,047.50.
Chinese President Xi Jinping said the country’s global power had increased while warning of “dangerous storms” ahead. There were few signs of any let up in the Covid-Zero campaign or housing market policies that are weighing on the economy. Xi also said China would prevail in its fight to develop strategically important technology, amid rising tension with the U.S.
Oil clawed back some of its losses after a weekly slump as fears over an economic slowdown continued to weigh on the outlook for demand. Gold was little changed
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