Top Stories: Hyundai IPO listing tomorrow, India-China LAC deal, Adar Poonawalla’s latest acquisition and more
In other news, Adar Poonawalla’s Serene Productions is set to acquire a 50% stake in Karan Johar’s Dharma Productions for ₹1,000 crore. The government is also considering tough measures, including a no-fly list, in response to a surge in bomb threats targeting Indian airlines. UltraTech Cement’s Q2 results missed estimates, and imminent Israeli strikes in Lebanon are causing geopolitical tension, while the investigation into the terror attack in Jammu and Kashmir continues.
Additionally, Hyundai India’s much-awaited IPO is set to debut on Tuesday, October 22. Here are today’s top headlines from the world of finance, geopolitics, and beyond!
India, China reach agreement in negotiations over eastern Ladakh border row
Indian and Chinese military negotiators have reached an agreement on border row in eastern Ladakh, Foreign Secretary Vikram Misri said on Monday, October 21.
“As a result of the discussions that have taken place over the last several weeks an agreement has been arrived at on patrolling arrangements along the line of actual control in the India-China border area and this is leading to dis-engagement and eventually a resolution of the issues that had arisen in these areas in 2020,” he said.
Sensex, Nifty 50 close lower amid volatility as midcaps face heavy selling
The Sensex dropped 73 points to settle at 81,151, while the Nifty 50 mirrored the fall, closing 73 points lower at 24,781. The most notable decline, however, came from the midcap index, which fell sharply by 972 points to 57,678, a drop of nearly two percent. Banking stocks were also under pressure, with the Nifty Bank index slipping 132 points to end at 51,963.
Gold prices have breached the record ₹79,000 per 10 gram level in major Indian cities following the precious metal’s dream run in global markets.
Gold price for 24K purity rallied ₹240 per 10 gram to hit an all-time high of ₹79,640 per 10 gram in India on Monday, October 21.
Adar Poonawalla to acquire 50% stake in Karan Johar’s Dharma Productions
Serene Productions, led by Adar Poonawalla, on Monday said it will acquire a 50% stake in filmmaker Karan Johar’s Dharma Productions and Dharmatic Entertainment, for a total of ₹1,000 crore. Johar, who retains the remaining 50% stake in Dharma, will spearhead the company’s creative vision as the Executive Chairman, while Apoorva Mehta will serve as the Chief Executive Officer, read a statement.
“Adar Poonawalla led Serene Productions today announced that it has entered into a binding agreement to invest ₹1,000 crore into Karan Johar’s Dharma Productions and Dharmatic Entertainment (collectively, ‘Dharma’), India’s leading production house,” the statement said.
100 Indian flights hit by bomb threats in a week, govt plans no-fly list and legal action for suspects
In recent months, there has been a notable rise in bomb threats on flights, leading to major disruptions in airline operations and passenger schedules. Although all these incidents were ultimately determined to be hoaxes, they caused widespread distress. In response, the Bureau of Civil Aviation Security (BCAS) has proposed implementing a strict five-year flying ban for individuals found responsible for such actions. Here’s a recap of some of the recent bomb scares involving flights.
Civil Aviation Minister K Rammohan Naidu on Monday said the government plans to take legislative actions to deal with instances of bomb threats to airlines, including placing perpetrators of such threats in the no-fly list.
In the last one week, nearly 100 flights of Indian airlines received bomb threats.
At a briefing in the national capital, Naidu said amendments are being planned to aviation security rules as well as the Suppression of Unlawful Acts Against Safety of Civil Aviation Act, 1982.
UltraTech Cement Q2 Results: Profit and margin see sharp decline, miss Street estimates
UltraTech Cement reported a net profit of ₹825 crore for the July to September 2024 quarter, missing the CNBC-TV18 poll estimate of ₹939 crore, the Aditya Birla Group’s cement flagship company said in an earnings statement on October 21.
The profit has fallen as much as 36% compared to ₹1,280 crore in the September 2024 quarter of the previous year.UltraTech Cement’s revenue came in at ₹15,635 crore, which was a 2% decline when compared to the corresponding quarter last fiscal year and marginally higher than the CNBC-TV18 poll of ₹15,420 crore
Israel says it will target Hezbollah’s financial arm, announces imminent strikes in Lebanon
Israel’s military announced Sunday it will now take aim at the Lebanon-based Hezbollah’s financial arm and plans to attack a “large number of targets” in the coming hours in Beirut and elsewhere.
Israeli military spokesman Rear Adm. Daniel Hagari said they will issue evacuation warnings for people in parts of Beirut, and “anyone who will be near the sites used to finance Hezbollah’s terrorist activity is required to stay away from them immediately.” The strikes will target al-Qard al-Hassan “all over Lebanon,” a senior Israeli intelligence official said. Al-Qard al-Hassan is a unit in Hezbollah that’s used to pay operatives of the Iran-backed militant group and help buy arms, the official added, speaking on condition of anonymity in line with army regulations.
Jammu and Kashmir: NIA to probe terror attack in Ganderbal killing doctor and six labourers
A National Investigation Agency team, led by a senior officer, will investigate the terror attack in Gagangir in Jammu and Kashmir’s Ganderbal district. A doctor and six construction workers were killed when terrorists opened fire at a tunnel construction site on the Srinagar-Leh national highway on October 20.
Security personnel from the Central Reserve Police Forces (CRPF) along with local police officials have cordoned off the area.
Zomato Board Meet Tomorrow To Consider ₹8,500 Cr Funding
Food delivery aggregator Zomato Ltd. will be holding its board meeting on Tuesday, October 22 to consider a fund raising proposal through an institutional share sale or a Qualified Institutional Placement (QIP).
Sources with knowledge of the matter told CNBC-TV18 that the company is likely to approve a fund raise worth ₹8,500 crore through its board meeting.
Hyundai Motors India GMP surges ahead of listing but analysts see lacklustre Street debut
In a major turnaround, shares of Hyundai Motors India Ltd. are trading with a grey market premium (GMP) of 4%, up from an earlier dip. This rise in GMP indicates that investor sentiment around the company’s IPO has improved, suggesting a potential positive market debut.
According to the latest GMP, the shares of Hyundai Motors India are trading at ₹2,035 in the unlisted market, reflecting a 3.83% premium over the IPO price of ₹1,960.
If the current trends sustain, the stock is expected to debut with gains when it lists on the exchanges on Tuesday, October 22.
Explained: Why HDFC Bank outshines Axis and Kotak Mahindra Bank in Q2FY25
HDFC Bank’s Q2FY25 earnings have set it apart from its peers in the Indian banking sector, underscoring the strength of its asset quality and strategic foresight. Its cautious approach over the past several quarters has yielded significant results, allowing it to outshine competitors like Axis Bank and Kotak Mahindra Bank in the latest earnings reports.
Between Q3FY24 and Q1FY25, HDFC Bank deliberately slowed the growth of its unsecured loan portfolio, which is now proving to be a strategic masterstroke. While other banks aggressively expanded their unsecured loan books during this period, HDFC Bank took a more conservative approach, limiting growth to just 3.8%.
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