Bajaj Finserv, Bajaj Finance shares gain ahead of mortgage arm IPO

by Hansraj Agrawal | Aug 26, 2024 | Share Market

2 min read Last Updated : Aug 26 2024 | 5:08 PM IST

Shares of Bajaj Finserv and Bajaj Finance rose on Monday ahead of the IPO announcement of mortgage lending arm Bajaj Housing Finance’s Rs 7,000-crore offering, which is expected to hit the market during the first half of September. The IPO will include a special quota for shareholders of Bajaj Finserv and Bajaj Finance, both of whom are classified as ‘promoters’. Shares of Bajaj Finserv rose 2.84 per cent, while Bajaj Finance gained 0.6 per cent. Bajaj Finance has a 100 per cent stake in Bajaj Housing, while Bajaj Finserv holds 51.34 per cent in Bajaj Finance. Bajaj Housing’s IPO will comprise Rs 3,000 crore worth of share sales by Bajaj Finance and a fresh fund raise of Rs 4,000 crore.

The fresh funds will be raised to strengthen its capital base to meet future lending requirements.

The record date for determining shareholders eligible to apply under the special quota could be announced soon if the company finalises its IPO dates. “While the company is yet to announce the IPO pricing, the market is abuzz that the pricing could be around Rs 80. Currently, shares are changing hands in the grey market at around Rs 120. As a result, many IPO applicants will try to apply through the shareholder quota to improve their allotment chances,” said an investment banker.

As per rules, anyone who holds even one share of either Bajaj Finserv or Bajaj Finance as of the record date can apply in the shareholder quota.

Bajaj Housing Finance, an upper layer non-banking financial company (NBFC), offers home loans, loans against property, lease rental discounting, and developer financing. As of March 2024, the company’s assets under management (AUM) stood at Rs 9.14 trillion, growing at an annualised rate of 30.9 per cent between FY22 and FY24.

Its average ticket size for home loans is Rs 46 lakh, with an average loan-to-value ratio of 70.5 per cent as of March 31, 2024.

First Published: Aug 26 2024 | 4:59 PM IST

Source link

Japan's Nikkei end 0.66% lower

by Hansraj Agrawal | Aug 26, 2024 | Share Market

Last Updated : Aug 26 2024 | 5:04 PM IST

Japan’s Nikkei average dropped 0.66 percent to 38,110.22 as the yen jumped on broadly weaker dollar, weighing on exporter stocks. The broader Topix index settled 0.87 percent lower at 2,661.41.

Decliners were led by transportation equipment, bank and rubber product issues. Department store operator Isetan Mitsukoshi Holdings slumped 6.5 percent and Takashimaya declined 1.3 percent.

Powered by Capital Market – Live News

Disclaimer: No Business Standard Journalist was involved in creation of this content

First Published: Aug 26 2024 | 4:55 PM IST

Source link

China markets end marginally higher

by Hansraj Agrawal | Aug 26, 2024 | Share Market

Last Updated : Aug 26 2024 | 5:04 PM IST

Asian stocks ended mostly higher on Monday, even as Japanese markets fell notably as the dollar sank to a three-week trough against the yen on dovish Fed outlook and Bank of Japan Governor Kazuo Ueda’s hawkish remarks on Friday reaffirming his resolve to raise interest rates.

The dollar was under selling pressure and bond yields softened after Federal Reserve Chair Jerome Powell signaled imminent interest-rate cuts.

Gold firmed up and oil jumped about 1 percent in Asian trading after high-level Gaze ceasefire talks in Cairo ended without final agreement.

Israeli and Hezbollah forces engaged in extensive exchanges of fire early Sunday morning along the Israel-Lebanon border, marking a significant escalation in their longstanding conflict.

China’s Shanghai Composite fluctuated before finishing marginally higher at 2,855.52. Hong Kong’s Hang Seng index climbed 1.06 percent to 17,798.73, extending a three-week running run.

Powered by Capital Market – Live News

Disclaimer: No Business Standard Journalist was involved in creation of this content

First Published: Aug 26 2024 | 4:54 PM IST

Source link

Stove Kraft Ltd All Time High After Announcing Dividend record date

by Hansraj Agrawal | Aug 26, 2024 | Share Market

2 min read Last Updated : Aug 26 2024 | 3:12 PM IST

Shares of Kitchen Appliances maker Stove Kraft rallied 3.8 per cent in Monday’s trading session to touch an all-time high of Rs 815.95, after the company set Septemer 13 as the record date for determining the memers entitled to receive the company dividend for FY2024-25.

The company had announced a dividend of Rs 2.50 (25 per cent) per equity share of face value Rs 10 each.

Around 2:40 PM, the company’s share price was trading at Rs 806.85, up 3.33 per cent. In comparison, the BSE Sensex was trading at 81,758.99, up 0.83 per cent.

The company, in an exchange filing, said, “The Company has fixed Friday, 13 September 2024 as the ‘Record Date’ for the purpose of determining the members entitled to attend the AGM and receive dividend of Rs. 2.50 per Equity Share of Rs. 10 each (i.e. 25%) for FY2023-24.”

Along with the record date for the company’s dividend, the company also announced the date for its 25th Annual General Meeting (AGM) that is scheduled to be held at 11:00 AM, on September 20.

That apart, shares of the company have climbed 313.20 per cent in the past three months, compared to the 8.39 per cent gain accrued by the BSE Sensex in the same period. Meanwhile, the BSE Consumer Discretionary index has climbed only 12.75 per cending during the same period.

In terms of financials, the company had reported revenue from operations of Rs 314.5 crore in Q1FY25, up 5.6 per cent compared to the revenue of Rs 297.7 crore in the year ago period.

Earnings before interest, tax, depreciation and amortization (EBITDA) for the quarter stood at Rs 31.7 crore, compared to Rs 23.9 crore in the year ago period.

Meanwhile, the company reported profit for the year at Rs 8.2 crore, up 0.04 per cent, from Rs 8.1 crore in the year ago period.

Stove Kraft’s shares have gained 350.90 per cent in the year-to-date period, compared to the 31.04 per cent gain in the BSE Sensex. Meanwhile, the BSE Consumer Discretionary index gained 32.04 per cent during the same period.

First Published: Aug 26 2024 | 3:04 PM IST

Source link

Paytm shares sink 9% on reports of Sebi's show cause notice to Vijay Sharma

by Hansraj Agrawal | Aug 26, 2024 | Share Market

3 min read Last Updated : Aug 26 2024 | 2:57 PM IST

Shares of One 97 Communications plunged 8.88 per cent at Rs 505.25 per share on the BSE after reports emerged that the company’s Founder, Vijay Shekhar Sharma has been served show cause notice by the top market regulator.

According to a Moneycontrol report, the Securities and Exchange Board of India (Sebi) has issued show-cause notices to Vijay Shekhar Sharma, founder of One97 Communications, Paytm’s parent company.

“The notice has also been served on the former board members who were involved in its November 2021 IPO. The notices concern alleged misrepresentation of facts and non-compliance with promoter classification norms,” the Moneycontrol report quoted people aware of this matter as saying.

Business Standard could not independently verify the report. One97 Communications, on its part, too, has not issued any clarification so far.

This probe follows inputs from the Reserve Bank of India (RBI), which reviewed Paytm Payments Bank earlier this year.

Per the report in the media, the main issue is whether Sharma should have been classified as a promoter, given his management control rather than an employee role during the IPO.

Unless a company is classified as ‘professionally managed,’ it is typically considered promoter-driven. To be deemed professionally managed, no single shareholder should hold more than a 10 per cent stake, and no one should wield control.

In Paytm’s case, prior to the IPO, founder Vijay Shekhar Sharma transferred 5 per cent of his shares to VSS Holdings Trust, reducing his stake from 14.6 per cent to 9.6 per cent, just below the 10 per cent threshold. Despite this, Sharma retained significant control through his board position and management role, the report added.

“Additionally, in August 2023, Sharma acquired a 10.3 per cent stake in Paytm through Resilient Asset Management BV, another entity owned by him. This stake was classified under ‘Foreign Direct Investment’ rather than being aggregated with Sharma’s other holdings,” the report said.

Sebi has also questioned the company’s directors for supporting Sharma’s stance. Notably, Sebi regulations also prohibit promoters from receiving employee stock options (ESOPs) after an IPO, which may have impacted Sharma’s eligibility for such options.

Earlier in January this year, the Reserve Bank of India had barred Paytm Payments Bank from taking fresh deposits. The RBI action was led by persistent non-compliances and continued material supervisory concerns in the bank, warranting further supervisory action, the RBI had said.

At 02:26 PM the shares of the company were trading 4.06 per cent lower at Rs 532 per share on the BSE. By comparison the BSE Sensex was up 0.83 per cent at 81,760 levels.

First Published: Aug 26 2024 | 2:40 PM IST

Source link

ONGC shares climb 3%; Here's what is driving this Maharatna's stock?

by Hansraj Agrawal | Aug 26, 2024 | Share Market

2 min read Last Updated : Aug 26 2024 | 2:16 PM IST

ONGC shares shine: Shares of the state-run Maharatna company, Oil and Natural Gas Corporation (ONGC), climbed 3 per cent to Rs 328.85 on the BSE during intraday deals on Monday.

At around 01:30 pm on Monday, ONGC shares were quoted at Rs 328.25, up 2.87 per cent from their previous close of Rs 319.10. ONGC shares are merely Rs 16 shy of their 52-week high of Rs 344.60, touched on August 1 this year on the BSE.

The northward move in the company’s stock price came on the back of news that the Government of India and the company’s board have approved the proposal for payment of balance call money on share warrants, resulting in the issue of additional shares by OPaL.

“Accordingly, the company paid balance call money of Rs 86.281 crore (@ Re 0.25 per warrant) and the said warrants have been converted into equity shares. This issue of additional equity shares has made OPaL a ‘Government Company’ and also a ‘Subsidiary’ of the Company,” ONGC said in an exchange filing on the BSE.

In another regulatory filing, the ONGC also informed the exchanges that it has started production at its fifth oil well in the Block KG-DWN-98/2 Cluster-2 asset.

ONGC, the largest oil and natural gas company in India, contributes about 71 per cent of the country’s domestic production. The company also explores, develops, and produces crude oil and natural gas in other parts of the world.

The Maharatna company boasts a market capitalisation of Rs 4,12,633.16 crore on the BSE as of August 26, 2024. The oil explorer is a constituent of the BSE 100 index.

BSE analytics reflect that ONGC shares have outperformed the benchmark S&P BSE Sensex with a rally of 59.76 per cent year-to-date, against the latter’s 13.10 per cent.

The Maharatna company’s shares have yielded a return of 21.58 per cent in the last three months and 87.64 per cent in the last year.

ONGC shares have offered a multibagger return in the last two years, with a rally of 139.96 per cent during the period, according to BSE analytics.

ONGC shares have a 52-week range of Rs 344.60 – 172.95 on the BSE.

First Published: Aug 26 2024 | 2:03 PM IST

Source link

Times Top News

Times Top News

Recent Posts

Recent Comments