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By EquityPandit

MARKETS

Adani Enterprises FPO to Open Today

Adani Enterprises FPO price fixed at Rs 3,112 to Rs 3,276 per equity share.

Adani Enterprises will open a follow-on public sale on January 27, with a deadline of January 31. The offer price range is Rs 3,112-3,276 per share. Retail shareholders retain a 35% stake in FPO and enjoy a discount of Rs 64 per share.

Investors can bid for at least 4 shares and subsequent multiples of 4 shares. Adani Group of Companies plans to raise Rs 20,000 crore in the largest FPO in the history of Indian capital markets.

The funds will be used for green hydrogen ecosystem projects, improving certain existing airport facilities and building greenfield highways.

On January 25, the company said it had raised close to Rs 6,000 crore from anchor investors.

A total of 33 investors participated in the anchor book, including Maybank Securities, Abu Dhabi Investment Authority, Societe Generale, Goldman Sachs, Morgan Stanley Asia (Singapore), Nomura Singapore and Citigroup Global Markets Mauritius.

In other news, Adani Group Chief Financial Officer Jugeshinder Singh said in a statement that Hindenburg Research’s report on the group’s “debt levels and sky-high high valuations” was a “malicious combination of selective misinformation and stale, baseless and discredited allegations”.

“The timing of the publication of this report clearly betrays a brazen and malicious intent to damage the reputation of the Adani Group, the main purpose of which is to undermine the upcoming follow-on public offering of Adani Enterprises,” he said.

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MARKETS

Nifty Closes Below 22,800 for the First Time Since June 2024

Dhruva Kulkarni

Benchmark index Nifty slipped below 22,800 for the first time since June 2024, as foreign outflows persisted amid US tariff concerns.

The broader market saw a pullback, with midcaps ending their two-day relief rally. All sectoral indices, except Nifty Metal, closed in the red, with Nifty Auto leading losses, dragged down by M&M. The Nifty Auto index has now closed in the red 11 times in the last 13 sessions.

The Sensex fell 424.90 points to 75,311.06, while the Nifty dropped 117.25 points to 22,795.90. The Nifty Bank index lost 353.35 points to close at 48,981.20, and the Nifty Midcap 100 index declined 677.60 points, settling at 50,486.20.

Religare surged over 18% as the Burman family took control, while metal stocks like Tata Steel gained on positive management commentary. 

PSU banks faced profit booking, with PNB and IDBI Bank falling nearly 2% each. M&M plunged 7%, marking its steepest drop in seven months. REC and PFC ended in the red after reports of a possible government bailout.

Market breadth was weak, with declines outpacing advances at a 1:2 ratio.

Benchmark indices posted their second consecutive weekly loss, though midcaps outperformed. Auto and pharma stocks struggled due to concerns over potential US tariff hikes, while Nifty FMCG fell nearly 2% on worries about a consumption slowdown.

This week, nifty Metal gained over 5%, driven by optimism about a possible new US-China trade deal. M&M posted its worst weekly decline in nearly three years, falling over 9%, while Bharti Airtel and TCS were among the top Nifty losers.

In the midcap segment, Bharat Dynamics, Coforge, and Biocon led the losers, while Shriram Finance, NTPC, and Hindalco were the top Nifty gainers. APL Apollo, JSW Infra, and NMDC emerged as the biggest midcap winners.

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Can Fin Homes Picks IBM India as System Integrator in Rs 296.95 Crore Deal, Shares Fall 1.5%

Dhruva Kulkarni

Shares of Can Fin Homes Ltd fell 1.5% after touching the day’s high of Rs 621.25 on 21st February, despite the firm announcing that it has selected IBM India Private Ltd to supply and maintain its core business solution for approximately Rs 297 crore.

The firm’s board approved IBM India as the system integrator for its core business solution, infrastructure, and security upgrades.

IBM will manage Lending Solutions, including the Loan Origination System (LOS), Loan Management System (LMS) with Collections, Document Management System (DMS), and Borrowing & Investment.

The company awarded IBM a seven-year contract, divided into 12 months of implementation, three months of warranty, and five years and nine months of support and maintenance.

The contract includes an optional two-year extension if mutually agreed upon, as per Can Fin Homes’ filing on 21st February.

The total contract value is Rs 296.95 crore for the seven years.

For Q3 FY25, Can Fin Homes’ net profit rose 6% YoY to Rs 212 crore, while Net Interest Income (NII) grew 4.3% YoY to Rs 350.4 crore.

At 1:54 PM, the shares of Can Fin Homes were trading 1.34% lower at Rs 596.95 on NSE.

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Religare Enterprises Shares Skyrocketed 9% as Burman Family Acquires Majority Stake 

Ali Waghbakriwala

Shares of Religare Enterprises Ltd skyrocketed 9% on 21 February after the Burman family became the company’s promoters and acquired the majority of the company.

This comes after the Burmans’ open offer of Rs 2,116 crore to buy an additional 26% of Religare Enterprises was met with a mediocre response. Only 0.07% of the 26% portion that was up for grabs was actually tendered, based on the data from the open offer.

Despite the lacklustre open offer, the Burman Group held 25.16% of Religare Enterprises.

The company issued a statement saying, “We are pleased to announce that we have acquired control of Religare Enterprises  and been designated as its promoters. We are grateful to our regulators, shareholders and other stakeholders for their trust and confidence.”

The group’s top priorities were stressed, such as establishing stability, enhancing governance, and promoting sustainable growth within the company. “Our vision for REL is anchored in governance, trust, and integrity, guiding us towards a future built on resilience and maximising stakeholder value,” the spokesperson said. 

Through four businesses, Finmart Pvt Ltd, Puran Associates Pvt Ltd, VIC Enterprises Pvt Ltd, and Milky Investment & Trading Company, the Burmans held a 20.15% stake in Religare Enterprises.

In September 2023, REL shareholders received an open offer from the Burman family, who own Dabur India and other businesses, including Eveready Industries, for Rs 2,116 crore to purchase up to a 26% stake in the company.

In January 2024, four companies also paid Rs 277 crore for a 3.6% share in the company through open market transactions.  The shares were bought by three Burman family businesses: Puran Associates, VIC Enterprises, and M B Finmart.

At 1:43 pm, the shares of Religare Enterprises were trading 6.16% higher at Rs 236.75 on NSE.

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MARKETS

Senores Pharma Jumps 6% as Subsidiary Signs Roflumilast Acquisition Deal

Dhruva Kulkarni

Shares of Senores Pharmaceuticals Ltd surged 6% to hit the day’s high of Rs 565 on 21st February after its subsidiary signed an agreement to acquire the Abbreviated New Drug Application (ANDA) for Roflumilast 250 mcg and 500 mcg tablets.

Roflumilast is used to reduce the risk of Chronic Obstructive Pulmonary Disease (COPD) exacerbations in patients with severe COPD linked to chronic bronchitis and a history of flare-ups.

The market size of Roflumilast in the US stood at $32 million as of MAT June 2024 and grew to $46 million by MAT September 2024, according to the filing.

Swapnil Shah, Managing Director of Senores Pharmaceuticals, stated that acquiring Roflumilast Tablet ANDA is a strategic move to strengthen their speciality distribution portfolio.

Roflumilast’s manufacturing will occur locally at Senores’ US site, ensuring better control over production and distribution.

This acquisition also marks the company’s entry into the chronic bronchitis therapy space, expanding its reach in respiratory care.

The move aligns with Senores’ strategy of identifying niche, under-penetrated generic formulations to address unmet healthcare needs.

At 12:43 PM, the shares of Senores Pharma were trading 4.19% higher at Rs 556.15 on NSE.

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Tata Motors, M&M, Hyundai Shares Fall Up to 6% on EV Policy Buzz

Dhruva Kulkarni

Shares of automobile giants Tata Motors, M&M, and Hyundai Motor India fell 6% on 21st February amid reports that the government may ease EV import rules, paving the way for foreign players and intensifying competition for Indian automakers.

The development is crucial as Tesla has intensified efforts to enter the Indian market.

The government is considering lowering import duties and easing EV import norms to support Tesla’s entry.

Further duty relief may attract global EV makers and strengthen India’s role in the worldwide supply chain.

The Basic Customs Duty (BCD) on fully built EVs above $40,000 has been reduced to 70%, but a 40% Agriculture Infrastructure and Development Cess (AIDC) has been added.

The 10% Social Welfare Surcharge (SWS) has been removed, making the effective import duty 110% for EVs above $40,000.

For EVs priced below $40,000, the import duty remains unchanged at 70%.

At 11:55 AM, Hyundai Motor India was down 2.44% at Rs 1807.95, Tata Motors was down 1.93% at Rs 676.50, and M&M was down 5.42% at Rs 2685.50 on NSE.

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