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The company has started work on the IPO and is likely to file its DRHP with Sebi by August-end or early September   Kalyan Jewellers, the leading Kerala-based jewellery retail firm backed by private equity giant Warburg Pincus, has revived plans to debut on Dalal Street by launching a Rs 1,800 crore initial public offering (IPO). The company has started work on the IPO and is likely to file its DRHP (draft red herring prospectus) with market regulator Sebi by August-end or early September, people familiar with the matter told Moneycontrol. The decision comes on the back of a gradual recovery in demand in the domestic jewellery sector after the pounding from the COVID-19 outbreak. The IPO hiatus in the markets due to the coronavirus lockdown ended on July 23 when speciality chemicals firm Rossary Biotech made a blockbuster stock market debut. “Kalyan Jewellers is looking to raise around Rs 1,600-Rs 1,800 crore through a mix of primary and secondary issue of shares. Their n...

Edelweiss Financial Services has withdrawn from a government process to select two pre-IPO transaction advisors for the mega Life Insurance Corporation initial public offering (IPO) after concerns were raised over the possible conflict of interest, people with knowledge of the matter told Moneycontrol. “Edelweiss has written to the government and voluntarily opted out of the process following concerns raised by the government on a potential conflict of interest scenario due to the firm’s existing life insurance joint venture with Tokio Marine,” said an individual cited above. The proposed listing by LIC, which dominates India’s insurance sector, is expected to be the biggest in the history of the Indian capital markets. LIC, in which the government owns 95 percent, is India’s oldest and biggest insurer with total assets in excess of Rs 31 lakh crore. On July 28, 2020, Moneycontrol reported Deloitte and Edelweiss Financial Services Ltd had been shortlisted by the gov...

In June this year, SBI sold 2.1 percent equity stake in SBI Life Insurance Company via offer for sale route to comply with shareholding norms. The country's biggest lender State Bank of India on July 31 reported a standalone profit of Rs 4,189.34 crore for the quarter ended June 2020, a growth of 81.2 percent over a year-ago period driven by stake sale in life insurance business, but the provisions and lower non-interest income limited growth. Net interest income, the difference between interest earned and interest expended, increased 16.1 percent to Rs 26,641.56 crore in June quarter compared to Rs 22,938.8 crore in year-ago period. Profit as well as NII both were ahead of a CNBC-TV18 poll estimates of Rs 3,222.2 crore and Rs 23,940.3 crore respectively. In June this year, SBI sold 2.1 percent equity stake in SBI Life Insurance Company via offer for sale route to comply with shareholding norms and raised Rs 1,539.73 crore. The provisions and contingencies at R...

The company reported a consolidated profit of Rs 13,248 crore for the first quarter of FY21.   Reliance Industries (RIL) share price slipped in the opening trade on July 31 after the company came out with its June quarter earnings. The company reported a consolidated profit of Rs 13,248 crore for the first quarter of FY21, with Jio's ARPU growth of 7.4 percent QoQ at Rs 140.3 per subscriber per month beating Street expectations. Consolidated profit during the June quarter 2020 (which included exceptional gain of Rs 4,966 crore from stake sale to BP in Reliance BP Mobility) increased 102.4 percent sequentially and the year-on-year increase was 30.6 percent. Consolidated profit in the March quarter 2020 stood at Rs 6,348 crore and Rs 10,141 crore in the corresponding period of last year. Here is what brokerages have to say about the stock and the company: Prabhudas Lilladher | Rating: Buy | Target: Raised to Rs 2,170 from Rs 1,828 The brokerage house raised the p...

Jio Platforms helped the company to deleverage balance sheet and became net debt free in June, which was well ahead of targeted date of March 31, 2020.   Reliance Jio reported a net profit of Rs 2,520 crore for the June quarter 2020 against a profit of Rs 891 crore in same quarter of last year registering a growth of 183 percent. The average revenue per user (ARPU) grew a significant 7.4 percent sequentially to Rs 140.3 per subscriber per month. This was much higher than the expected 3.5 percent growth. Work from home boosted data consumption for the wholly-owned subsidiary of billionaire Mukesh Ambani-owned Reliance Industries. "Consumer facing businesses became the life-line for individuals and businesses with our Retail and Jio teams working hard to ensure millions got essential goods and services through the lockdown," Mukesh Dhirubhai Ambani, Chairman and Managing Director said. Revenue for the June quarter was at Rs 16,557 crore, increasing 33.7 ...

The profit numbers beat market estimates as a CNBC-TV18 poll had estimated the number to come at Rs 2,698.8 crore.   Non-banking financial heavyweight HDFC, on July 30, announced a 4.7 percent year-on-year (YoY) fall in June quarter standalone net profit at Rs 3,051.5 crore. In the June quarter of FY20, the company had reported a net profit of Rs 3,203.10 crore. The profit numbers beat market estimates as a CNBC-TV18 poll had estimated the number to come at Rs 2,698.8 crore. The company's revenue came at Rs 13,017.7 crore in Q1FY21 against Rs 12,990.3 crore reported in the corresponding quarter last year. Net interest income (NII) for the June quarter came at Rs 3,392 crore, up 10.17 percent YoY against Rs 3,079 crore in Q1FY20. CNBC-TV18 poll expected NII to come at Rs 3,419.5 crore. The reported net interest margin (NIM) stood at 3.1 percent against 3.3 percent in the corresponding quarter last year. Adjusting the NIM for the impact of negative carry on account o...

After raising as much as $20 billion from foreign investors for RIL's digital services company Jio Platforms, the Mukesh Ambani-led company is now looking to sell stake in Jio Fibre Ltd   KEY HIGHLIGHTS ·          Sovereign wealth fund Qatar Investment Authority in talks to invest $1.5-2 billion on Jio Fiber ·          QIA will in infrastructure investment trust (InvIT) that holds the RIL's fibre optics business - Jio Fibre Pvt Ltd   KEY HIGHLIGHTS · Sovereign wealth fund Qatar Investment Authority in talks to invest $1.5-2 billion on Jio Fiber · QIA will in infrastructure investment trust (InvIT) that holds the RIL's fibre optics business - Jio Fibre Pvt Ltd   Mumbai:  Doha-based sovereign wealth fund Qatar Investment Authority (QIA) is looking to invest $1.5 billion (Rs 11,200 crore) in Reliance Industries Ltd’s (RIL’s) Jio Fiber, said reports. QIA is i...

IDBI Capital Markets & Securities expects a 44 percent year-on-year (YoY) fall in HDFC's Q1 PAT while it expects the NBFC lender's NII to rise 12.5 percent. Non-banking financial heavyweight HDFC will release its June quarter numbers on July 30 in which it is likely to report a rise in net interest income (NII), but PAT may see a decline. Other than the numbers, the outlook on asset quality, especially on non-individual loans and moratorium books will be in the focus. IDBI Capital Markets & Securities (a wholly-owned subsidiary of IDBI Bank) expects a 44 percent year-on-year (YoY) fall in HDFC's Q1 PAT while it expects the NBFC lender's NII to rise 12.5 percent. Brokerage firm Motilal Oswal Financial Services expects a 9 percent YoY AUM growth for the company driven by non-retail lending. The brokerage sees an incremental cost of funds at nearly 6 percent from capital markets. HDFC's Q1 PAT, as per Motilal Oswal, may fall 26 percent YoY. Motilal ...

Sectorally, the S&P BSE Healthcare index rose 2.1 percent, S&P BSE Metal index was up 0.98 percent and the telecom index closed with gains of 0.69 percent.   The bears took control of D-Street on July 29, pushing benchmark indices towards the crucial support levels. The S&P BSE Sensex fell more than 400 points but managed to hold on to the 38,000 level while the Nifty held on to 11,200 level. The S&P BSE Sensex fell 421 points to end the day at 38,071 while the Nifty50 ended 97 points lower at 11,202. Profit booking after the recent rally, US Fed meeting, a rise in coronavirus cases and mixed earnings capped the upside, experts say. "Indian indices gave up gains and closed in the negative with profit-booking seen in the recent outperformer RIL,” Vinod Nair, Head of Research at Geojit Financial told Moneycontrol. Global markets were undecided ahead of the US Fed Reserve meeting. Mixed earnings reports and rising virus cases forcing economies to reconside...

Avenue Supermarts  | Radhakishan Damani held a 34.30 percent stake in the company as on June 20. FIIs increased their shareholding on June 20 to 10.42 percent from 9.62 percent on March 20.   CRISIL  | Rakesh  Jhunjhunwala holds a 5.49 percent stake in the company as on June 20. FIIs increased their shareholding to 5.55 percent on June 20 from 5.52 percent on March 20.   GMR Infrastructure  | Rakesh  Jhunjhunwala held 1.41 percent stake in the company as on June 20. FIIs increased their shareholding on June 20 to 20.74 percent from 20.58 percent on March 20.   Ion Exchange (India)  | Rakesh  Jhunjhunwala held a 5.29 percent stake in the company as on June 20. FIIs raised their shareholding on June 20 to 1.79 percent from 1.63 percent on March 20.   Multi Commodity Exchange Of India...