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Karvy Daily Bulletin KARVY DAILY BULLETIN Research Desk - Stock Broking December 23, 2020 AUTO Bajaj Auto on Tuesday said it has signed a memorandum of understanding (MoU) with the Maharashtra government to set up a manufacturing unit in Chakan at an estimated cost of Rs. 650 Cr. The facility is expected to commence production in 2023. The unit is expected to commence production in 2023. It will be utilised for manufacturing high-end KTM, Husqvarna and Triumph motorcycles as well as for electric vehicles (EVs) starting with Chetak, the firm said. Mahindra & Mahindra: JP Morgan has sought repayment of loan worth 40 billion Korean wons from Mahindra & Mahindra's troubled foreign arm SsangYong Motor Company but the South Korean automaker has expressed its inability to pay the amount now. BANKING Punjab and Sind Bank: The Centre, in a first move of its kind, has issued Rs. 5,500 Cr in zero-coupon bonds for recapitalising Punjab and Sind Bank and allowed it to park the paper in its held-to-maturity (HTM) category at face value rather than the discounted market rate. Zero-coupon bonds do not bear any interest and are traded at a discount to the face value. This should generate positive sentiment for PSU Banks in today’s trade. Indian Overseas Bank: Probing a Rs. 299 Cr Indian Overseas Bank loan fraud case, similar to the alleged $2 Bn worth PNB swindle, the Enforcement Directorate has found that the accused "paid" for the air travel and hotel stay of a senior bank manager and his family as kickbacks. CONSUMPTION Hindustan Foods unit to invest Rs. 125 Cr to set up manufacturing facility in north India: FMCG firm Hindustan Foods on Tuesday said its subsidiary will invest Rs. 125 Cr to set up a manufacturing facility in north India as part of its goal to more than double its revenue to Rs. 2,000 Cr by fiscal year 2021-22. "The company will be undertaking a capital expenditure of Rs. 125 Cr in the northern region of India, via its wholly-owned subsidiary HFL Consumer Products," Hindustan Foods said in a regulatory filing. JFL launches India’s first plant-based pizza: Jubilant FoodWorks-operated Domino’s Pizza on Tuesday announced the launch of its first plant protein-based product. Made from plant based proteins, the product, called the Unthinkable Pizza is 100 % vegetarian and has the sensory properties of chicken, Jubilant FoodWorks Ltd (JFL) claimed in a statement.“Plant proteins have caught the imagination of consumers around the world, and Domino's Pizza is the first QSR brand to bring this trend to India,” JFL said in the statement. INFRA Shipping Corp: The finance ministry on Tuesday began the process of divesting the government’s entire 63.75% stake in Shipping Corporation of India (SCI) along with management control by inviting expressions of interest from potential bidders. At SCI’s current market price, the government can raise around Rs. 2,500 Cr from the stake sale. INSURANCE & FINANCIAL SERVICES SBI Cards has raised Rs. 450 Cr by issuing bonds on a private placement basis. Reliance Capital: Reliance Capital, part of the debt-ridden Anil Ambani-promoted Reliance Group, has received 10 more bids, including from SBI Life, for its subsidiaries, PTI reported. Reliance Capital has put on block Reliance Nippon Life Insurance for sale to reduce its debt. IT Infosys: German automotive major Daimler AG and Infosys Ltd has entered a long-term strategic partnership for a technology-driven IT infrastructure transformation. Infosys didn't disclose financial details of the deal but it is estimated at over a billion dollars, according to a report in Mint. Wipro on Tuesday said its share buyback programme of up to Rs. 9,500 Cr, will begin on 29 December and close on 11 January. It also announced a deal with German wholesaler METRO AG at an estimated value of up to $1 Bn. 1 Dec 23, 2020 Karvy Daily Bulletin NBFC DHFL: Oaktree Capital, which is in a tight race to acquire Dewan Housing Finance Limited (DHFL) has written to the lenders of the mortgage financier urging fair treatment in the evaluation process of its bid. Manappuram Finance said it has raised Rs. 400 Cr by issuing bonds on private placement basis. The Financial Resources and Management Committee of the board of directors of the company has approved the allotment of 4,000 rated, secured, redeemable non-convertible debentures aggregating to Rs. 400 Cr, the company said in a regulatory filing. PHARMA & HEALTHCARE AstraZeneca: India is likely to approve Oxford/AstraZeneca's coronavirus vaccine for emergency use by next week after its local manufacturer submitted additional data sought by authorities, Reuters has reported citing two sources. TELECOM & MEDIA Vodafone Idea: Has inked a pact with story publishing platform Firework, which will give access to the telco's subscribers to content in form of short video stories. This partnership comes at a time when telcos are trying out different services to engage their customers and prevent them from switching out. Positive; Negative; Neutral CORPORATE CALENDAR COMPANY NAME EVENT IL&FS Transportation Networks Limited Annual General Meeting Refex Industries Limited Annual General Meeting Splendid Metal Products Limited Annual General Meeting 2 Dec 23, 2020 Karvy Daily Bulletin KARVY RESEARCH DESK - STOCK BROKING QUERIES & FEEDBACK Research Head Toll-Free: 1800 419 8283 Dr. Ravi Prakash Singh Email ID: [email protected], [email protected] DISCLAIMER Analyst certification: The following analyst(s), Dr. Ravi Prakash Singh, who is (are) primarily responsible for this report and whose name(s) is/are mentioned therein, certify (ies) that the views expressed herein accurately reflect his (their) personal view(s) about the subject security (ies) and issuer(s) and that no part of his (their) compensation was, is or will be directly or indirectly related to the specific recommendation(s) or views contained in this research report. Disclaimer: Karvy Stock Broking Limited [KSBL]is registered as a research analyst with SEBI (Registration No INH200003265 ). KSBL is also a SEBI registered Stock Broker, Depository Participant, Portfolio Manager and also distributes financial products. The subsidiaries and group companies including associates of KSBL provide services as Registrars and Share Transfer Agents, Commodity Broker, Currency and forex broker, merchant banker and underwriter, Investment Advisory services, insurance repository services, financial consultancy and advisory services, realty services, data management, data analytics, market research, solar power, film distribution and production, profiling and related services. Therefore associates of KSBL are likely to have business relations with most of the companies whose securities are traded on the exchange platform. The information and views presented in this report are prepared by Karvy Stock Broking Limited and are subject to change without any notice. 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