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<ul><li>The value per share of Vedanta’s stake in Hindustan Zinc Ltd itself is ₹137 apiece and the book value of the was ₹178 as on Sept 30,2019 , according to a note from HDFC Securities.</li><li>Now, the minority shareholders have to approve the delisting at the given price and there should be twice the number of smaller investors in favour of the delisting than those against. </li><li>Voluntarily delisting cannot happen if minority shareholders do not sell their share. </li></ul>The shares of Vedanta Resources fell nearly a percent and a half on Tuesday morning (May 19) after the Board of Directors approved the delisting of the stock at ₹87.5 a piece. The process will cost $2.1 billion to buy out at least 90% of the shareholders at the current price. <div type="image" title="vedanta stock chart" msid="75818634" hostid="261" caption="&amp;lt;p&amp;gt;The value per share of Vedanta&amp;#8217;s stake in Hindustan Zinc Ltd itself is &amp;#8377;137 apiece. The book value of Vedanta as on Sept 30, 2019 was &amp;#8377;178, according to HDFC Securities.&amp;lt;/p&amp;gt;"></div> The promoter group currently owns 50.14% stake in Vedanta while the rest is held by institutional investors and minority shareholders. The promoter group has made an offer to acquire all the balance shareholding, at least 90% of all shares, for the voluntary delisting of the company from stock exchanges. <div type="Article" hostid="261" msid="75818116" title="Billionaires Azim Premji and Kiran Mazumdar Shaw argue against the labour ‘reforms’ in Indian states⁠— and they are not alone" mstype="2" mssubtype="0"></div> Is this a fair price? The value per share of Vedanta’s stake in Hindustan Zinc Ltd itself is ₹137 apiece. The book value of Vedanta as on Sept 30, 2019 was ₹178, according to a note from HDFC Securities to its clients. Therefore, the delisting price has to be a lot higher than the one decided by the Board of Vedanta. "The announcement of delisting comes at cyclical lows and we believe at a significant discount to the fair value, especially when oil, zinc, aluminum, lead all have taken a beating due to the pandemic and greenshoots of recovery have started emerging in China," broking firm Emkay said in a report dated May 13. <table style="width: 343pt;"> </colgroup> <tbody><tr> <td class="xl65" style="height:15.0pt;width:182pt">Brokerage</td> <td class="xl65" style="border-left-width: initial; border-left-style: none; width: 161pt;">Target price for Vedanta</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Motilal Oswal</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹85</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Emkay</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹112</td> </tr></tbody></table> What are the next steps? Now, the minority shareholders ⁠— there should be twice the number of smaller investors in favour of the delisting at the given price ⁠— have to approve this resolution through postal ballot. Agarwal, whose net worth is about $3.1 billion according to Forbes, will also need clearance from the regulators in India and the US as well as its creditors and stock exchanges. It will then set a final floor price and initiate a reverse book building process. What are the options for Vedanta's shareholders? For those who are not happy with the price offered by the promoters of Vedanta, not participating in the buyback is an option. "In case the delisting happens at a higher price, they still have the chance to offer the shares in six months post the actual delisting at the same price. In case the delisting fails, the shareholder does not lose anything; the shares are in the demat account and he has the chance to sell them in the market when the buyback offer is close to ending at a much higher price that the indicative offer price," HDFC Securities said. Voluntarily delisting cannot happen if minority shareholders do not sell their share. Who has enough muscle to protest? Big investors like mutual funds, foreign institutions, and the state-owned giant Life Insurance Corporation of India have enough stake to force a bargain. <div type="image" title="vedanta shareholding" msid="75809933" hostid="261" caption="&amp;lt;p&amp;gt;Vedanta promoters need to buy back at least 90% of all the shares in the market. &amp;lt;/p&amp;gt;"></div> "These institutions will expectedly play a role in ensuring that the delisting happens at a fair price which is much above the indicative delisting price of ₹87.50," the report added. <table style="width: 343pt;"> </colgroup> <tbody><tr> <td class="xl65" style="height:15.0pt;width:182pt">Mutual Fund</td> <td class="xl65" style="border-left-width: initial; border-left-style: none; width: 161pt;">Stake in Vedanta</td> </tr> <tr> <td class="xl66" style="height: 26.25pt; border-top-width: initial; border-top-style: none; width: 182pt;">ICICI PRUDENTIAL EQUITY ARBITRAGE FUND</td> <td class="xl67" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">5.03%</td> </tr> <tr> <td class="xl66" style="height: 15pt; border-top-width: initial; border-top-style: none; width: 182pt;">HDFC INFRASTRUCTURE FUND</td> <td class="xl67" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">2.47%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">SBI ARBITRAGE OPPORTUNITIES FUND </td> <td class="xl67" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">1.12%</td> </tr></tbody></table>*Source: BSE What makes Vedanta more attractive is the recent reforms announced by the government, though the benefits will flow in over the long term. Some of the major highlights include: <ul><li>A seamless, comprehensive exploration-mining-production policy will be introduced for non-coal minerals like iron ore, bauxite etc. </li><li>The distinction between captive and non-captive mines and that will help transfer mining leases and the sale of unused minerals. Companies will be allowed to transfer the mining lease. </li><li>The Ministry of Mines is in the process of mineral index. Stamp duties will be rationalised at the time of auction. </li></ul> These policy changes may push investors to expect the shares to be more valuable in the long term and seek better price from Anil Agarwal. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/markets/news/foreign-investors-fpi-sold-shares-despite-modi-20-lakh-crore-stimulus/articleshow/75807397.cms">Foreign investors sold shares worth over a billion dollars in the last four trading days⁠ while India was unveiling it’s ₹20 lakh crore stimulus</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/markets/news/indusind-icici-bank-hdfc-bank-and-sbi-among-top-10-losers-in-nifty-bank/articleshow/75805726.cms">From IndusInd to ICICI Bank to SBI ⁠— banks were among the worst-hit despite the government pause on new bad loans</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/share-price-impact-on-hul-d-mart-maruti-tata-motors-as-per-goldman-sachs-china-data/articleshow/75786721.cms">Goldman Sachs’s China recovery data can spark hope for HUL and D-Mart, and make Maruti, Tata Motors and IndiGo more anxious</a>

Vedanta shareholders aren't thrilled⁠— stock slides after Board approved delisting at ₹87.5 a piece

Mumbai, May 15 () The decision of Vedanta's promoters to take the firm private by buying out shareholders at Rs 87.50 a share is "opportunistic and the price does not reflect the fundamental value of the equity", Institutional Investor Advisory Services said on Friday. The promoters will have to offer a significantly higher exit price if the bid is to succeed, it added. Last week, billionaire Anil Aggarwal-run Vedanta Resources, the London-based holding company, said it will buy back Vedanta shareholders at Rs 87.50 a share and take the company private. The offer price was at 9 per cent premium over the previous day's closing price, but since then the stock has rallied and closed at Rs 92.90 on the BSE on Friday. "The free float market capitalization of Vedanta is around USD 2.2 billion and we expect the parent to shell out significantly more, if the delisting is to go through," the shareholders advisory said in a note. Attributing the move to go private to promoters' debt repayment pressures, the advisory said, "Vedanta delisting at a floor price of Rs 87.50 is opportunistic. The stock is currently trading close to its 52-week low, which is a steep discount to its historic five-year average as a natural fallout of the current economic environment and the COVID-19 crisis." "The current market price does not reflect the fundamental value of the equity," it said. The advisory urged Vedanta directors to properly guide the shareholders and not to shrug their shoulders saying the reverse book building will determine the price. "As in the past, this announcement too, suggests that minority shareholders are a hinderance to the promoters' ambition," it said. Independent directors have a fiduciary responsibility to guide shareholders on the delisting bid, it said and pointed out that the independent directors of Essar Energy had in 2014 rejected the promoter Essar Global Funds' bid to delist terming it as opportunistic. "Independent directors must avoid taking cover from regulation. Delisting guidelines protect the rights of minority shareholders. "It will be a shame if the board throws these regulations back at shareholders saying since the price is determined by reverse book-building, you decide the price," it said. The board is meeting on May 18 and it must articulate "whether retail shareholders must vote for delisting and also indicate a price range that reflects the intrinsic value of the stock." It can be noted the Vedanta group has funded almost all its recent corporate actions using debt. The stake buy in Anglo American and the delisting of Vedanta Resources all resulted increasing debt at the holding company level. The group, which has an aggregate debt of around USD 17 billion as of March 2020, is facing high repayment pressures. It needs USD 1.9 billion, including USD 670 million bonds due next June, to service its debt. The report also noted that in the past, the group had undertaken deals bypassing shareholder approval to access cash from group companies and specifically cited the USD 125 million loan by one of Cairn India's subsidiaries to a Vedanta subsidiary in 2015. Sebi's delisting of equity shares regulations of 2009 provide sufficient protection to minority shareholders as it says the votes cast by the public shareholders in favour of the delisting must be at least two times the number of votes against it. If the promoters can control 90 per cent shares at close of the delisting process, then the process is deemed concluded. The shareholders advisory also called on institutional investors to play their rightful role in protecting their as well as minority shareholders' interests. Mutual funds together owned 10.9 per cent of voting rights as of March 2020. BEN ABMABM

Vedanta delisting opportunistic, price way below intrinsic value of stock: Report

Shares of Sansera Engineering listed at 9% premium over the issue price band of ₹734-744 apiece. The shares of the Bengaluru-based auto component manufacturer were trading at ₹811.50. However, the grey market had indicated a premium of ₹13-15 on its issue price on the issue price. The IPO was open for subscription between September 14 and September 16. The IPO has received a good response from investors, especially from qualified institutional buyers and non-institutional investors as investors have bid for 13.88 crore shares against the 1.21 crore shares on offer. The auto component maker is a technology driven company with a strong focus on design, engineering, machine building and automation capabilities. Sansera Engineering was looking to raise between ₹1,282 crore from a complete offer for sale of 1.72 crore shares in the IPO. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/tcs-infosys-wipro-and-hcl-tech-share-price-can-jump-after-accentures-blockbuster-earnings/articleshow/86471274.cms">TCS, Infosys and Wipro take a lot of heart from Accenture's blockbuster earnings</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/vedanta-dish-tv-sansera-engineering-it-and-other-top-stocks-to-watch-out-for-on-september-24/slidelist/86470536.cms">Vedanta, Dish TV, Sansera Engineering, IT and other top stocks to watch out for on September 24</a>

Sansera Engineering IPO debuts with a little of 9% premium ⁠— short of what the grey market had indicated

<ul><li>At 8:00 am, the SGX Nifty was trading 0.07% higher, higher pointing towards a cautious start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider</a>. </li></ul>Indian stock market is likely to open on a tepid note, tracking subdued cues from global markets. At 8:00 am, the SGX Nifty was trading 0.07% higher, pointing towards a cautious start for Nifty50. On Thursday, the US stocks finished lower as the tech shares struggled, weighing on the market. The Dow Jones Industrial Average closed 0.47% lower, and the S&amp;P 500 fell 28.48 points, towards the close. Here’s a list of stocks to watch for in trade on September 18: Dr Reddy's Laboratories Dr Reddy's Laboratories said it had settled litigation with a unit of Bristol Myers Squibb related to patents for Revlimid (lenalidomide) capsules, used to treat various kinds of cancer. "We are pleased with the settlement agreement, and look forward to bringing a generic version of lenalidomide to market soon subject to regulatory approval for the benefit of patients," Dr Reddy's Laboratories North America Generics CEO Marc Kikuchi said. The share price of Dr Reddy's Laboratories closed 4.26% higher yesterday. TVS Motor Company One of India's largest automakers, TVS Motor, has entered into a new distribution partnership in Colombia. The company has tied up with Autotecnica Colombiana SAS (Auteco SAS), a leading motorcycle assembler in Colombia. Autotecnica Colombiana SAS will operate 50 dealerships exclusive for the company and create dedicated space for the brand in over 600 retail outlets, it added. The share price of TVS Motor closed a percent lower on Thursday. Vedanta Vedanta Resources has approached the market regulator SEBI for necessary approvals to start the reverse book building process. The company, earlier in May, announced its plans to delist Vedanta from the Indian stock exchanges by buying out non-promoter shareholding. The share price of Vedanta closed a percent higher on Thursday. IRCTC IRCTC, the company that operates Indian Railways, is planning to levy ‘affordable’ user charges in 700-1,050 stations across the country. It will help build more revenue while providing better facilities and redevelop stations for passengers. The share price of IRCTC closed a percent higher on Thursday. Hindalco and Hindustan Copper Hindalco said that it has entered into a pact with Hindustan Copper for the long-term purchase and sale of copper concentrate produced by the PSU. Under this MoU, around 60% copper content of Hindustan Copper's current concentrate production will be utilised by Hindalco in the manufacture of refined copper. The share price of Hindalco closed 4% lower on Thursday, whereas Hindustan Copper gained 3% during the closing bells. Bharat Forge, Larsen &amp; Toubro, Hindustan Aeronautics Limited, and other defence stocks Defence stocks, including Bharat Forge, Larsen &amp; Toubro, and Hindustan Aeronautics Limited, will be in focus during the trade today since India has permitted foreign direct investment (FDI) of up to 74% under automatic route in the defence sector. The share price of Bharat Forge, Larsen &amp; Toubro, Hindustan Aeronautics, all were trading in red yesterday. Vodafone Idea The telecom giant Vodafone Idea has told the telecom regulator that it is dropping the contentious faster data speed claim as part of priority offering and is in the process of filing a revised plan, according to <a href="https://www.cnbctv18.com/telecom/vodafone-idea-drops-faster-speed-claim-in-priority-offering-informs-trai-about-revised-plan-6939661.htm">media reports.</a> The share price of Vodafone Idea closed 2.17% lower on Thursday. Sterling and Wilson Solar Sterling and Wilson Solar said that the company had won a 106.71 MW solar project in Chile, it's fifth in Latin America, worth $62.6 million (about ₹462 crore). "Sterling and Wilson Solar has signed an order of 106.71 MW worth USD 62.6 million in Chile. The order has been received from a global independent power producer (IPP), work for which is expected to begin in Q4 FY 2021," the company said in a statement. The share price of Sterling and Wilson Solar closed 5% lower yesterday. HDFC Bank A US-based law firm has filed a class-action suit against HDFC Bank, claiming damages for the losses incurred by investors because of "materially false and misleading" representations made by the bank. The share price of HDFC Bank closed a percent lower yesterday. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/instagram-and-facebook-appear-to-be-down-for-some-users-in-north-america-and-europe/articleshow/78176926.cms" data-type="tilCustomLink"> Instagram and Facebook were down for some users in North America and Europe</a> <a href="https://www.businessinsider.in/sports/news/dailyhunt-app-founders-confirm-ipl-2020-associate-sponsorship/articleshow/78169667.cms" data-type="tilCustomLink">EXCLUSIVE: Dailyhunt founders confirm IPL 2020 associate sponsorship — promise new release for Josh ahead of India’s biggest cricket tournament</a>

Top stocks to watch— Dr Reddy's Laboratories, HDFC Bank, TVS Motor, Vedanta, IRCTC, L&T, Bharat Forge, HAL, and more

<ul><li>The 30-share BSE index was trading over 396 points, and the broader NSE Nifty rose 0.91% at 9:45 am. </li><li>Here’s a list of the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock market indices Sensex rallied nearly 400 points in opening trade on Monday, led by gains in index-heavyweights HDFC, Infosys and Reliance Industries amid largely positive cues from Asian markets. The 30-share BSE index was trading over 396 points, and the broader NSE Nifty rose 0.91% at 9:45 am. Here’s a list of the top losers and gainers in the Nifty pack. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ITC </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JSW Steel </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Power Grid </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gail </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hero MotoCorp </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Titan </td></tr></tbody></table>*as of October 12, 9:55 am These are the top stocks in news today. Vedanta locked in 10% lower circuit The shares of Vedanta were locked in a 10% lower circuit after its buyback offer is deemed to have failed as per the terms of the delisting regulations. This comes after its promoter Vedanta Resources did not receive the required number of shares to delist the firm. Wipro trades in green The shares of Wipro were trading barely a percent higher ahead of its earnings today and the buyback announcement due tomorrow. Glenmark Pharma cracked 2% The shares of Glenmark Pharma lost 2% after the company said that its Umifenovir did not show superior clinical outcomes when added to Favipiravir treatment for moderate coronavirus. Premier Explosives locked in 5% upper circuit The shares of Premier Explosives were locked in 5% upper circuit for the second time in a row after the company said it had bagged ₹82.83 crore order from a state-run Singareni Collieries Company in Telangana for the supply of SMS/SME explosives and accessories. Shilpa Medicare down 7% The shares of Shilpa Medicare were down 7% after its Telangana-based Jadcherla facility received a warning letter from the US drug regulator on October 9. The company said that it will be engaging with the agency and is fully committed to resolving this issue at the earliest. Future Retail shares lost 7% The shares of Kishore Biyani led Future Retail was down 7% after <a href="https://www.businesstoday.in/current/corporate/future-ril-deal-amazons-arbitration-proceedings-against-future-group-may-start-in-nov/story/418465.html">reports </a>surfaced that arbitration proceedings between e-commerce giant Amazon and Future Group are expected to start in November. The <a href="https://www.bloombergquint.com/law-and-policy/reliance-future-group-deal-whys-amazon-objecting-and-is-it-likely-to-succeed">reports </a>also claimed that Amazon might succeed in the arbitration proceedings against Future Group. ITC shares gain 5% The shares of hospitality and cigarette giant ITC were up 5% after CLSA upgraded ITC rating from outperform to ‘Buy’ with a target price of ₹220 per share. CLSA says FMCG is the new value driver and long-term positives are unfolding as revenue diversifies. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-vedanta-wipro-rites-mazagon-dock-uti-amc-glenmark-pharma-and-others/articleshow/78612041.cms">Top stocks to watch — Vedanta, Wipro, RITES, Mazagon Dock, UTI AMC, Glenmark Pharma, and others</a> <a href="https://www.businessinsider.in/science/space/news/china-launches-earth-observation-satellite-amid-border-tensions-with-india/articleshow/78613147.cms">China launches Earth observation satellite amid border tensions with India</a>

Top stock movers —ITC, Future Retail, Vedanta, Wipro, Premier Explosives, Shilpa Medicare and more

<ul><li>The SGX Nifty was trading 0.48% higher at 7:55 am, indicating a higher start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Amidst positive cues from the Asian markets, the Indian stock market is likely to open in green. The SGX Nifty was trading 0.48% higher at 7:55 am, indicating a positive start for Nifty50. Other Asian markets were also trading in green— Hang Seng Index was up 1.34%, Australian Securities Exchange, ASX 200 was also up 0.17%. These are the stocks to watch out for during the trading session on October 12: Vedanta Vedanta on Sunday informed stock-exchanges that its buyback offer is deemed to have failed as per the terms of the delisting regulations after promoter Vedanta Resources did not receive the required number of shares to delist the firm. The shares of Vedanta closed 2% higher on Friday. Glenmark Pharmaceuticals Glenmark Pharmaceuticals on Friday said that its Umifenovir did not show superior clinical outcomes when added to Favipiravir treatment for moderate coronavirus. The shares of Glenmark Pharmaceuticals closed 2% lower on Friday. Indiabulls Housing Finance The Gurugram-headquartered mortgage lender, Indiabulls Housing Finance has raised about ₹441 crore by further selling a portion of its stake in OakNorth Holding to a US-based Riva Capital Partners V LP. The shares of Indiabulls Housing Finance closed 5% higher on Friday. Dr Lal PathLabs Dr Lal PathLabs clarified that the data breach of its patients occurred after a misconfiguration in one of its minor web applications where temporary records were stored for operational purposes, and took place at a facility managed by a third party. “It involved less than 0.5% of our records and has been successfully resolved since,” the company said. The shares of Dr Lal PathLabs closed 5% lower on Friday. RITES The engineering consultancy company, RITES has secured ₹103 crore order from project management consultancies for the construction of various buildings at IIT Delhi and for study of Multi Modal Integration Planning for Surat Metro, among others. The shares of RITES closed 0.22% higher on Friday. Premier Explosives The explosives manufacturing company, Premier Explosives said it has bagged ₹82.83 crore order from a state-run Singareni Collieries Company in Telangana for the supply of SMS/SME explosives and accessories. The shares of Premier Explosives closed 5% higher on Friday. Karnataka Bank The state-owned Karnataka Bank on Friday declared its exposure of ₹107.99 crore to Sintex Industries (SIL) as fraud. The shares of Karnataka Bank closed 2.4% higher on Friday. Mazagon Dock Shipbuilders and UTI AMC The shares of Mazagon Dock Shipbuilders and UTI AMC will list on the bourses today at 10:00 am. Mazagon Dock Shipbuilders is expected to witness a bumper listing, with grey market premium floating around ₹95-₹100. Meanwhile, UTI AMC may not see much excitement from investors, as per the current grey market premium. UTI AMC is likely to list at a <a href="https://www.ipowatch.in/2019/12/uti-amc-ipo-gmp-grey-market-premium-kostak-rates-subject-to-sauda-today.html">‘discounted’ </a>price. Wipro Watch out for Wipro ahead of its earnings and buyback announcement due tomorrow. Shalby and GNA Axles Shalby and GNA Axles are slated to report their second quarterly earnings today. SEE ALSO: <a href="https://www.businessinsider.in/india/news/gst-council-to-discuss-compensation-issue-for-third-time-in-a-row-on-monday/articleshow/78605574.cms" data-type="tilCustomLink">GST Council meet yet again — to discuss compensation issue for the third time today</a> <a href="https://www.businessinsider.in/business/auto/news/delhi-government-exempts-road-tax-on-battery-operated-vehicles-under-its-ev-policy/articleshow/78605311.cms" data-type="tilCustomLink">Delhi government exempts road tax on battery-operated vehicles under its EV policy</a>

Top stocks to watch — Vedanta, Wipro, RITES, Mazagon Dock, UTI AMC, Glenmark Pharma, and others

The <keyword id="20161017" type="General" weightage="20" keywordseo="Vedanta-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Vedanta Group" meta.hostid="153" meta.entityid="Vedanta Group">Vedanta Group</keyword> is aiming to invest USD 20 billion across all its businesses in India over the next four years, its Chairman <keyword id="19919725" type="General" weightage="20" keywordseo="Anil-Agarwal" source="keywords">Anil Agarwal</keyword> said on Wednesday. The group will sell the steel business only at the right price, and is committed to continue running it if it does not get the right price, Agarwal told PTI on the sidelines of a company event. "At the moment, we have a plan to invest USD 20 billion across sectors in four years time," Agarwal said. The investments will be focused on technology, electronics, and glass businesses apart from the other activities that the group is engaged in, he said. Semi-conductors and glass -- used in making smartphones and laptops screens -- are very essential from a future perspective, he said, adding that the group is present in both the businesses already. It has land in Gujarat for a <keyword id="19920003" type="General" weightage="20" keywordseo="semiconductor" source="keywords">semiconductor</keyword> plant and is scouting for a credible and strong partner, he said. On the glass front, it is already into manufacturing in other countries but not in India, Agarwal said, hinting that the plan would involve undertaking some capacity building locally. Meanwhile, when asked about the steel business sale, which was supposed to be sold by March, Agarwal said a transaction depends on getting the right price. "We are committed... if we get the right price to divest it," he said, adding that if the group doesn't get the right price, it will choose to continue running the business by itself. He said the steel business is profitable and has really committed people who can ensure that it continues going ahead. Amid concerns around the debt position of the company, Agarwal said the overall debt of the company stands at only USD 12 billion at present and seemed to suggest that the same is manageable. He said the group has never defaulted on any of its debt repayment commitments, and that each of the businesses will require heavy investments if it were to be started from scratch. The London-based billionaire said he "is in very critical areas" and added that every developed economy has made it big by focusing on minerals under the ground. He rued that there are concerns on the environmental impact of mining in India. Foreign investors are very keen to take bets on India, he said, hoping for "simplification and encouragement for entrepreneurs after the elections". The billionaire from Bihar said he wants to play the role of a catalyst in helping his home state grow, but "there is a need for strong support from the policy front for it". <keyword id="19919721" type="General" weightage="20" keywordseo="Vedanta" source="keywords">Vedanta</keyword> wants to take the total number of Nand Ghars -- under which it takes care of children's nutritional requirements in villages -- to 25,000 over the next two years from the present 6,000, Agarwal, who was speaking on the sidelines of an event to announce scaling up of the group's philanthropic activities, said. The ultimate plan is to increase the number of beneficiaries to over 7 crore children and 2 crore women, he said. Agarwal said the group may also look at investing in the entertainment business going forward but did not offer any timeline or investment details. All successful corporates in the world have interests in education, healthcare, sports and entertainment, he said, conceding that he "does not understand entertainment a lot". More than profits, entertainment has to be looked at a means to instil the right cultural values, he added. SEE ALSO:<a href="https://www.businessinsider.in/sports/webstories/india-t20-world-cup-squad-kulcha-back-on-menu-kl-rahul-dropped/slidelist/109730805.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/india-t20-world-cup-squad-kulcha-back-on-menu-kl-rahul-dropped/slidelist/109730805.cms" target="_blank">India T20 World Cup squad: KulCha back on menu, KL Rahul dropped</a><a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank">April auto sales – Hyundai continues to hold the second position as Tata Motors inches closer</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank">Upcoming cars and two-wheelers launching in India in May 2024</a>

Vedanta plans to invest $20 bn in India in 4 years; will sell steel biz only at right price: Agarwal

<ul><li>The company issued the IPO at a price band of ₹145, but it listed at ₹216.25, with an upside of 49%. </li><li>However, the share price of Mazagon Dock Shipbuilders lost nearly 13% in minutes after listing debut. </li><li>The issue was subscribed 157 times on the last day of bidding— securing the topmost position in the list of the successful IPOs in the current year</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>The ₹444 crore initial public offering of the state-owned defence firm Mazagon Dock Shipbuilders made a lot of money for its IPO investors— the shares listed at a premium of 49% over the issue price band. However, in minutes after listing debut the shares lost over 13% and were trading at ₹189.50 a piece at 10:05 am. Mazagon Dock Shipbuilders total market cap rose to ₹3,777.65 crore at 10:05 am. A total traded quantity of 15.19 lakh shares changed hands on BSE amounting to a turnover of ₹29.34 crore. The company will trade with the symbol of ‘MAZDOCK’ on the Indian stock exchanges. The bumper listing was already on the cards! The Mumbai-based Mazagon Dock Shipbuilders is a wholly-owned Indian Government company, conferred with the ‘Miniratna-I’ status in 2006, by the Department of Public Enterprises. The company is engaged in the construction and repair of warships and submarines for the Indian Ministry of Defence for use by the Indian Navy and other vessels for commercial clients. The Mazagon Dock Shipbuilders IPO was one of the investors’ favourite picks during the IPO bonanza last month. The issue was subscribed 157 times on the last day of bidding, which is much higher than its other IPO peers— UTI AMC and Likhitha Infrastructure Limited, which clocked a tepid response from investors. The IPO secured the topmost position in the list of the successful IPOs in the current year in terms of <a href="https://www.chittorgarh.com/report/top_10_ipo_by_subscription_yearly/10/">subscription</a>. Given its healthy order book, stable business and a reasonable valuation, it was already expected to have a bumper listing. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-vedanta-wipro-rites-mazagon-dock-uti-amc-glenmark-pharma-and-others/articleshow/78612041.cms" data-type="tilCustomLink">Top stocks to watch — Vedanta, Wipro, RITES, Mazagon Dock, UTI AMC, Glenmark Pharma, and others</a> <a href="https://www.businessinsider.in/science/space/news/china-launches-earth-observation-satellite-amid-border-tensions-with-india/articleshow/78613147.cms" data-type="tilCustomLink">China launches Earth observation satellite amid border tensions with India</a>

Mazagon Dock Shipbuilders shares list at 49% premium over the issue price

<ul><li>The levy on domestically produced crude oil too has been increased by ₹ 3,000 per tonne to ₹ 11,000.</li><li>The government raised the windfall profit tax on the export of diesel to ₹ 12 per litre from ₹ 5 a litre. </li><li><keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> first imposed windfall profit taxes on July 1. </li></ul> The government on Saturday hiked the windfall profit tax on the export of diesel to ₹ 12 per litre and that on jet fuel exports to ₹ 3.50 a litre with effect from October 16. The levy on domestically produced crude oil too has been increased by ₹ 3,000 per tonne to ₹ 11,000. After lowering the tax rates for two consecutive fortnights mirroring fall in global crude prices, the <keyword id="47209" type="General" weightage="50" keywordseo="finance-ministry" source="Orion">finance ministry</keyword> has brought about a hike in export taxes on crude, diesel and <keyword id="44833" type="General" weightage="100" keywordseo="atf" source="Orion">ATF</keyword>, in its latest review. At the seventh fortnightly review, the government raised the windfall profit tax on the export of diesel to ₹ 12 per litre from ₹ 5 a litre, and brought back the levy on ATF (Aviation Turbine Fuel) exports at ₹ 3.50 per litre, from nil, finance ministry said in a notification. While private refiners <keyword id="6487" type="General" weightage="50" keywordseo="reliance-industries-ltd" source="Orion">Reliance Industries Ltd</keyword> and Rosneft-based <keyword id="6594278" type="General" weightage="50" keywordseo="nayara-energy" source="Orion">Nayara Energy</keyword> are the principal exporters of fuels like diesel and ATF, the windfall levy on domestic crude targets producers like state-owned <keyword id="64243" type="General" weightage="50" keywordseo="oil-and-natural-gas-corporation" source="Orion">Oil and Natural Gas Corporation</keyword> (ONGC) and Vedanta Ltd. India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies. But international oil prices have cooled since then, eroding the profit margins of both oil producers and refiners. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/us-offer-to-help-india-in-chip-manufacturing-just-lip-service-china/articleshow/94882797.cms">US offer to help India in chip manufacturing just lip service: China</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/rishab-shettys-kantara-becomes-highest-rated-indian-film-beats-kgf-2-rrr/articleshow/94862419.cms">Rishab Shetty's 'Kantara' becomes highest-rated Indian film, beats 'KGF 2', 'RRR'</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/byd-atto-3-receives-5-stars-in-ncap-crash-test-ahead-of-india-sale/slidelist/94861839.cms">BYD Atto 3 receives 5 stars in NCAP crash test ahead of India sale</a>

Govt hikes windfall profit tax on export of diesel, ATF; raises tax on domestic crude oil

The week gone by saw markets on a roll and score handsome gains on every day of the week. BSESENSEX gained 1,812.44 points or 4.68% to close at 40,509.49 points. NIFTY gained 497.25 points or 4.36% to close at 11,914.20 points. The broader indices saw BSE100, BSE200 and BSE500 gain 3.73%, 3.35% and 3.06% respectively. BSEMIDCAP lost 0.32% while BSESMALLCAP lost 0.03%. While the benchmark indices have recovered and are now trading at 7-month high, they are yet to cross the highest levels recorded during the year. The Indian Rupee was flat and gained one paisa or 0.01% to close at Rs 73.13 to the US Dollar. Dow Jones had a stellar week and gained 904.09 points or 3.27% to close at 28,586.90 points. With these gains Dow is in positive territory for the year 2020 and is higher than the year end level of 28,538.44 points. The week was eventful with TCS announcing its results and a buyback of Rs 16,000 crs at a premium to the market price. The stock which was at Rs 2,737.40 rallied to close at Rs 2,814.95 for the week. It had opened the week with strong gains and clocked weekly gains of Rs 292.20 or 11.58%. Wipro has also announced a buyback and the board would be meeting on 12/13 October. The share rallied strongly to close at Rs 374.10, a gain of Rs 61.10 or 19.52%. Incidentally the two-buyback announcements and decent results from TCS, saw the sector register strong gains with BSEIT up 9.17% and BSETECK up 7.67%. They were ably supported by BSEBANKEX which gained 6.73%. The primary offering of 51 lac fresh shares from Likhitha Infrastructure Limited which was extended due to poor response from QIB's was subscribed. The issue was extended to close on Wednesday the 7th of October instead of the original 1st of October. The QIB portion of 50% was reduced to 1% and the QIB portion difference was added to HNI portion. The issue was subscribed 9.51 times with QIB portion subscribed 21.99 times, HNI portion subscribed 1.54 times and Retail portion subscribed 23.71 times. This change in allocation from 50% to 1% during the issue was unprecedented and throws up a window of opportunities going ahead. The mega reverse book building issue from Vedanta Limited met its expected end with the exercise failing at the very first hurdle. The company failed in garnering support of enough number of shares to take it to the threshold level of 90%. Against thelevel required of 134.10 cr shares, the company could garner support of just 125.47 cr shares. Though there were bids for over 11 cr shares which were pending to be confirmed over the last 24 hours or more, they failed to get confirmed clearly indicating that the idea was to get the issue past the first hurdle. The case needs to be investigated by the exchange as to who were the persons who had bid for over 11 cr shares and did not get them confirmed even after such a long time. The strictest action should be taken against them as the promoters and merchant bankers of Vedanta wanted the issue to be extended by at least one day. The failure to get the required number of shares required, saved Anil Agarwal the embarrassment of having to acknowledge the fact that against his delisting offer of Rs 87.25, the book was built at Rs 320, which is approximately 3.66 times higher. Readers would recall that the promoter Anil Agarwal had made a delisting proposal at Rs 87.25 which was below the book value of the share way back in May 2020. This is when Covid-19 had broken out and crude prices fell sharply, but had then recovered. The promoter Anil Agarwal who has a track record of being unfair to minority shareholders, reduced the book value of his company by taking a notional impairment loss in the books which brought his book value to a similar oneto the delisting price. Further it is alleged that at his behest a report was published by an institutional broker and one of the top four online retail brokers which stated that the reduced book value was certified by SEBI. Of course, the broker concerned had to issue a rejoinder and withdraw the same. Kudos to Life Insurance Corporation of India which made a public statement about their bid for 23.66 cr shares or 6.37% of the companies holding at Rs 320 which they felt was fair value. This emboldened the minority shareholders and also ensured that even if Anil Agarwal went past the first hurdle of getting bids for 134.1 cr shares, the book building price would be Rs 320. Of course, there would be an opportunity for giving a counter offer by Anil Agarwal. This price was beyond the capacity of Anil Agarwal to pay and hence failed. What next? Expect the company to distribute the dividend received from Hindustan Zinc and not distributed so far amounting to Rs 12 per share approximately for Vedanta shareholders. This is a big setback for Anil Agarwal as he has always 'managed' to get what he wants and make minority shareholders be at the receiving end. The primary issue from Angel Broking Limited listed on the bourses and had a poor showing losing Rs 30.15 or 9.85% on debut day. During the course of the week, after losing further ground, the share recovered some of the additional losses and closed at Rs 274.70, down Rs 31.30 or 10.23%. The week ahead sees shares of Mazagon Dock and UTI AMC list on Monday. While the former is expected to post gains on day one, the latter would be under pressure. On the covid-19 front, the world saw 3,74,75,839 patients of whom 10,77,594 died and 2,81,17,060 people recovered. In India we saw 70,53,806 patients, 1,08,371 deaths and 60,77,976 people recovering. Compared to the previous week the world saw 23,36,140 new patients, 39,567 deaths and 19,88,650 people recovering. In India the number of new patients was 5,04,433 people with 6,559 deaths and 5,68,010 people recovering. For the third week in a row, the number of people recovering is higher than new patients. Coming to the week ahead, the markets have turned super buoyant and there is always anxiety and nervousness at such heights. The same would continue and be the state of the market in the coming week. The present October series has seen gains of over1,100 points or 10.26%. This is a stupendous gain and we still have almost three weeks before expiry happens on Thursday the 29th of October. There is no doubt that these gains already registered are unsustainable and would be partly pared before expiry. The moot point is when, and whether we would gain further before the correction? I believe there is still some more to come before the correction but there would be wild swings. Even at the point of repeating an often quoted saying about the markets in Hindi would be apt at this time. "SAU SONAR KI, EK LOHAR KI", which means 100 strokes by the goldsmith are equal to one by the blacksmith. Trade cautiously and enjoy the market moves but become cautious and exit at the first signs of danger. (Arun Kejriwal is the founder of Kejriwal Research and Investment Services. The views expressed are personal) --IANS kejriwal/in

Time to take profit off the table or keep trailing stop loss

<ul><li>Shares of <keyword id="6017572" type="General" weightage="20" keywordseo="sapphire-foods-india" source="Orion">Sapphire Foods India</keyword> list at ₹1,311 while the shares were allotted at ₹1,180 per share.</li><li>The IPO was subscribed 6.62 times on the last day of the bidding.</li><li>The market capitalisation of the company stood at ₹8,330 crore.</li></ul>Shares of Sapphire Foods India, the operator of KFC and Pizza Hut outlets, made a good listing on the National Stock Exchange (NSE) and BSE at 11% premium over the issue price of ₹1,180 apiece. Post listing, the market capitalisation of the company stood at ₹8,330 crore, according to BSE data. The shares of Sapphire Foods were trading at ₹1,367, higher by 16% at 10.01 a.m., on November 18. The grey market showed a decent listing for Sapphire Foods a day prior to the listing with a ₹85 premium per share. The IPO was open between November 9 and November 11 ⁠and was oversubscribed 6 times by investors. It was subscribed 6.62 times on the last day of the bidding. The company is the largest franchisee of Yum! Brands in the Indian subcontinent. Besides, the company is backed by marquee investors such as Samara Capital, Goldman Sachs, CX Partners and Edelweiss. The company was looking to raise over ₹2,000 crore through the IPO that consisted of a pure offer for sale of 1.75 crore shares by existing shareholders and promoters. Moreover, <a href="https://www.businessinsider.in/stock-market/news/sapphire-foods-will-capture-the-wave-of-change-in-eating-habits-say-analysts/articleshow/87598674.cms">analysts believe </a>the company is well positioned to capture the new age wave of change in eating habits. “Riding on strong brands, fine dine experience and focus on delivery strength the company is well positioned to capture the new age wave of change in eating habits. The quick service restaurant (QSR) segment is expected to witness a significant rebound in the coming years driven by the economic recovery of the country and improvement in the purchasing power of consumers,” said brokerage firm KR choksey SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/paytm-ipo-listed-at-discount-of-9-starts-trading-at-1955/articleshow/87772082.cms">India’s biggest IPO lists 9% below the IPO price and it may fall even further, warn analysts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/rbi-governor-shaktikanta-das-raises-concerns-on-crypto-again-even-as-india-looks-at-regulation/articleshow/87771963.cms">India is trying to regulate cryptocurrencies — but not everyone is on board, including the RBI governor</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/paytm-sapphire-foods-vedanta-and-other-top-stocks-to-watch-out-for-on-november-18/slidelist/87770708.cms">Paytm, Sapphire Foods, Vedanta and other top stocks to watch out for on November 18</a>

You Searched For "vedanta offer price" and got 11 results

Vedanta shareholders aren't thrilled⁠— stock slides after Board approved delisting at ₹87.5 a piece

Sriram Iyer

Vedanta delisting opportunistic, price way below intrinsic value of stock: Report

PTI

Sansera Engineering IPO debuts with a little of 9% premium ⁠— short of what the grey market had indicated

Bhakti Makwana

Top stocks to watch— Dr Reddy's Laboratories, HDFC Bank, TVS Motor, Vedanta, IRCTC, L&T, Bharat Forge, HAL, and more

Navdeep Yadav

Top stock movers —ITC, Future Retail, Vedanta, Wipro, Premier Explosives, Shilpa Medicare and more

Navdeep Yadav

Top stocks to watch — Vedanta, Wipro, RITES, Mazagon Dock, UTI AMC, Glenmark Pharma, and others

Navdeep Yadav

Vedanta plans to invest $20 bn in India in 4 years; will sell steel biz only at right price: Agarwal

PTI

Mazagon Dock Shipbuilders shares list at 49% premium over the issue price

Navdeep Yadav

Govt hikes windfall profit tax on export of diesel, ATF; raises tax on domestic crude oil

PTI

Time to take profit off the table or keep trailing stop loss

IANS

Sapphire Foods India lists at 11% premium on exchanges

Bhakti Makwana

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