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Rakesh Jhunjhunwala wins Rs 21 crore in a day on this stock in the news; Zee Ent stock hits again 52-wk top.

Rakesh Jhunjhunwala earned a mark-to-market profit of Rs 20.53 crore in just one day on his purchase of Zee Entertainment shares yesterday. Further, he is earning more from this stock with the uptrend continuing today. Rakesh Jhunjhunwala’s Rare Enterprises bought 50 lakh shares of Zee Entertainment Enterprises Ltd (ZEEL) at Rs 220.44 per share on Tuesday, 14 September in bulk deals. ZEEL stock ended at Rs 261.5 on Tuesday, earning a neat Rs 41 per share for Rakesh Jhunjhunwala, totalling to Rs 20.53 crore.

ZEEL share extended yesterday’s rally, jumping another 12 per cent today to a fresh 52-week high of Rs 295.15 intraday. The share has rallied 34 per cent from Rakesh Jhunjhunwala’s purchase price. Rakesh Jhunjhunwala or Rare Enterprises name does not figure in the shareholding pattern as names of only those entities are shown that own over 1 per cent stake in the company.

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Indian Oil lists foreign currency bonds on IFSC exchanges

Indian Oil listed has listed its foreign currency bonds on IFSC (International Financial Services Centre) exchanges at Gujarat International Finance Tec-City (GIFT). “We are extremely delighted to be here on the momentous occasion of the listing ceremony of USD 1.4 billion and SGD 400 million on NSE IFSC and India INX exchanges,” Indian Oil Director- Finance Sandeep Kumar Gupta was quoted as saying in a statement issued by NSE IFSC on Thursday.

According to him, the advent of IFSC at Gift City has provided an opportunity for Indian companies to access offshore funds within India. These bonds were listed on the global securities market platform of India International Exchange (India INX) and debt securities market platform of NSE International Exchange (NSE IFSC).

These platforms were launched for listing and trading of debt securities in multiple foreign currency bonds, green bonds, masala bonds, notes, among others. The platforms provide an efficient international listing process to issuers with minimum turnaround time and investment opportunities for investors from across the world.

Since the launch of NSE IFSC debt securities market, the platform has listed total aggregate Medium-Term Note (MTNs) worth over USD 22 billion; also witnessed listing of issues aggregate to USD 14.12 billion (including USD 800 million Green Bond). “We are enhancing the global competitiveness of IFSC by developing complete sustainable finance ecosystem and innovative product offerings. We are committed to provide vibrant financial services ecosystem to attract foreign investment to make GIFT IFSC a global financial hub,” Manoj Kumar, Executive Director, IFSCA said.

Ravi Varanasi, President, NSE Group said the setting up of international financial services centers in India offers wide range of products to raise funds in various currencies and this is the first time an issuer is doing a listing of Singapore dollar denominated currency bonds in NSE IFSC.

The listing and trading of bonds at IFSC would offer cost efficiency as well as enable issuer to access international investors, he added.

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Kotak Bank to sell 20 cr shares of Airtel Payments Bank to Bharti Enterprises for Rs 294 cr

Kotak Mahindra Bank on Tuesday said it will sell 20 crore shares held in Airtel Payments Bank (APBL) for a cash consideration of Rs 294 crore or more to Bharti Enterprises Ltd.

A share purchase agreement has been executed by the bank for divestment of 20,00,00,000 equity shares (8.57 per cent stake) held by Kotak Mahindra Bank Ltd in APBL. These shares were acquired for Rs 200 crore invested in tranches during calendar years 2016 and 2017, the bank said in a regulatory filing.

The sale is expected to be completed by September 15 or before, for “cash consideration equal to or higher than Rs 294.8 crore; to be determined in accordance with the terms of the share purchase agreement,” it added. APBL was incorporated on April 1, 2010, under the RBI license for payments banks.

It commenced its operations as a payments bank, with effect from November 23, 2016. The company’s turnover was Rs 627.19 crore in FY 20. The bank said it does not require any governmental or regulatory approvals for the proposed transaction.

Bharti Enterprises has received no objection from the RBI to enable execution of the proposed transaction, it said. Stock of Kotak Mahindra Bank traded at Rs 1747.40 apiece on BSE, up 0.66 per cent from the previous close.

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Ami Organics Rs 570-crore IPO opens Sep 1; check grey market premium, price band, lot size, bid details

Ami Organics Rs 569.63-crore IPO will open for subscription on 1 September 2021, at a price of Rs 603-610 per equity share of face value of Rs 10 each. So far this year, Ami Organics IPO is the 40th issue. Despite filing the preliminary papers with SEBI, the company could not float the IPO in 2018. This is the company’s second attempt at a public issue. In the primary market, Ami Organics shares were seen quoting at a premium of Rs 67 over the IPO price. In the grey market on Friday, Ami Organics shares were trading at Rs 677, a premium of 11 per cent over the issue price, according to the people who deal in unlisted shares of the companies.

Ami Organics will join the likes of Aarti Industries, Hikal Ltd, Valiant Organics, Vinati Organics, Neuland Organics and Atul Ltd, once it completes its IPO. Investors can make bids for a minimum of 24 equity shares and in multiples thereafter. This will translate to a minimum investment amount of Rs 14,640 per lot at the upper end of the price band. Up to half of the net offer will be reserved for Qualified Institutional Buyers (QIBs), 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors (NIIs). The price/earnings ratio based on diluted EPS on a restated consolidated basis for FY 21 for the issuer at the upper end of the price band is as high as 35.59 as compared to the average industry peer group PE ratio of 48.91. The weighted average return on net worth for last year fiscals is 29.09 per cent.

Organics is one of the major manufacturers of Pharma Intermediates for certain key APIs, including Dolutegravir, Trazodone, Entacapone, Nintedanib and Rivaroxaban. Along with the domestic market, Ami Organics supplies Pharma Intermediates used for manufacturing APIs and NCEs to various multi-national pharmaceutical companies which cater to the large and fast-growing markets of Europe, China, Japan, Israel, UK, Latin America and the USA. “Ami Organics has continually invested in R&D activities to stay ahead and create a differentiating factor and sustainability vis-àvis their competitors,” Axis Capital said in an IPO note.

Recently, Ami Organics has completed the acquisition of two additional manufacturing plants operated by Gujarat Organics Ltd (GOL) in line with its inorganic growth strategy of foraying further into the specialty chemicals sector. Specifically, subsequent to the acquisition, it has acquired the preservatives (parabens and parabens formulations which have end usage in cosmetics, animal food and personal care industries) and specialty chemicals business of GOL (with end usage in inter alia the cosmetics, dyes, and agrochemicals industries).

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