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<ul><li>The 30-share BSE index and the NSE Nifty were trading flat at 10:05 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 and Nifty turned volatile ahead of the Reserve Bank of India's monetary policy decision— after opening in green. The 30-share BSE index and the NSE Nifty were trading flat at 10:05 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;">Bharti Airtel </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;">UPL </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;">Tata Steel </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;">HUL </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;">Larsen &amp; Toubro Limited </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;">Tech M </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;">M&amp;M </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;">TCS </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;">Shree Chem </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;">Asian Paints </td></tr></tbody></table>*as of October 9, 9:55 am These are the top stocks in news today. Solar Industries shares gain 7% The shares of explosives manufacturing company Solar Industries were trading 7% higher after the company told investors that it has bagged an order from the Telangana government worth ₹447 crore for the supply of bulk explosives and initiating systems. Lakshmi Vilas Bank trades 13% higher The shares of the private lending bank, Lakshmi Vilas Bank jumped by 13% after it received an indicative non-binding offer from the Clix Group. The bank was in talks for an amalgamation with Clix Group for a long time— the group comprises Clix Capital Services Private Ltd, Clix Finance India Private Ltd and Clix Housing Finance Private Ltd. GOCL Corp up by 7% The GOCL Corp gained over 7% after its subsidiary received an order worth ₹187 crore from the Telangana government for the supply of bulk explosives. <keyword id="9853524" type="UNKNOWN" weightage="20" keywordseo="future-group-stocks">Future Group stocks</keyword> trade in red Future Enterprises, Future Retail, Future Lifestyle Fashions and other Future Group stocks were trading in red for the second consecutive day after the e-commerce giant <a href="https://www.livemint.com/news/india/amazon-approaches-singapore-arbitration-centre-over-future-reliance-deal-11602155326101.html">Amazon approached the Singapore International Arbitration Centre (SIAC)</a> over its dispute with the promoter of Future Retail, Future Coupons. Future Enterprises was down 5%, Future Retail was down 2%, and Future Lifestyle Fashions shed 3%, among others. Meanwhile, Mukesh Ambani-led RIL shares also lost 0.32% during the early trading hours on Friday. Adani Enterprises up over 1% The shares of Gautam Adani-led Adani Enterprises was up over 1% after the company told investors that it had raised ₹125 crore through allotment of non-convertible debentures (NCDs) on a private placement basis. Airtel among the top gainers on NIfty The shares of telecom giant Airtel were among the top gainers in the Nifty pack after brokerages upgraded their ratings to ‘buy’. While ICICI Direct has set a target price of ₹700, ICICI Securities has the target price set at ₹655 for Airtel. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/tcs-beats-accenture-to-become-the-worlds-most-valuable-it-services-company/articleshow/78566487.cms" data-type="tilCustomLink">TCS beats Accenture to become the world’s most valuable IT services company — but this not the first time it has raced ahead</a> <a href="https://www.businessinsider.in/india/news/zomato-adds-baba-ka-dhaba-on-its-platform-asks-users-to-help-get-local-restaurants-listed/articleshow/78565871.cms" data-type="tilCustomLink">Zomato adds Baba ka Dhaba on its platform – asks users to help get local restaurants listed</a>

Top stock movers — Lakshmi Vilas Bank, Solar Industries, Adani Enterprises, Airtel, Future Group stocks and more

New Delhi: Shares of <keyword id="20599931" type="General" weightage="100" keywordseo="NTPC-Green-Energy" source="keywords">NTPC Green Energy</keyword> Ltd, the <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> arm of <keyword id="19903558" type="General" weightage="20" keywordseo="NTPC" source="keywords" meta.keywordsubtype="org" meta.entityname="NTPC" meta.hostid="261" meta.entityid="NTPC">NTPC</keyword>, listed with a premium of over 3 per cent against the issue price of Rs 108 on Wednesday. The stock made its debut at Rs 111.60, up 3.33 per cent from the issue price on the BSE. Later, it climbed 12.40 per cent to Rs 121.40. At the NSE, it listed at Rs 111.50, up 3.24 per cent. The company's market valuation stood at Rs 1,02,211.38 crore during the morning trade. Shares of NTPC climbed nearly 2 per cent to Rs 368.80 on the BSE. The <keyword id="19913114" type="General" weightage="20" keywordseo="initial-public-offering" source="keywords">initial public offering</keyword> of NTPC Green Energy Ltd got subscribed 2.40 times on the closing day of the share sale on Friday. The Rs 10,000-crore share sale had a price band of Rs 102-108 per share. Proceeds from the <keyword id="19898327" type="General" weightage="20" keywordseo="IPO" source="keywords">IPO</keyword>, about Rs 7,500 crore at the upper band, will be used to repay or prepay part or all of its subsidiary NTPC Renewable Energy Ltd's (NREL) outstanding loans, and a portion will be utilised for general corporate purposes. NTPC Green Energy is a 'Maharatna' central public sector enterprise with a renewable energy portfolio, including solar and wind power assets.

NTPC Green Energy shares debut with over 3% premium

<ul><li>The combined market cap of Adani Group companies eroded by over ₹2.45 lakh crore.</li><li>This comes amid a US probe into Gautam Adani into an alleged bribe charge.</li><li>Adani has been charged over his role in an alleged scheme to pay a $250 million bribe to Indian officials.</li></ul><keyword id="20046345" type="General" weightage="20" keywordseo="Adani-Group-stocks" source="keywords">Adani group stocks</keyword> faced heavy drubbing during the morning trade on Thursday, with the combined market valuation of all the listed firms getting eroded by ₹2.45 lakh crore, as billionaire Gautam Adani has been charged by US prosecutors. Adani has been charged over his role in an alleged years-long scheme to pay a $250 million bribe to Indian officials in exchange for favourable terms for solar power contracts. The stock of the group's flagship firm Adani Enterprises plunged 22.99%, Adani Ports dived 20%, Adani Energy Solutions tanked 20%, Adani Green Energy plummeted 19.53% and Adani Total Gas tumbled 18.14% on the BSE. Shares of Adani Power slumped 17.79%, Ambuja Cements cracked 17.59%, ACC fell 14.54%, NDTV dropped 14.37% and Adani Wilmar declined 10%. Some of the group firms also hit their lowest trading permissible limit or lower circuit for the day. The combined market capitalisation (mcap) of all the ten listed group firms eroded by ₹2,45,016.51 crore during the morning deals. In the equity market, the BSE benchmark Sensex traded 536.89 points lower at 77,041.49 and the NSE Nifty quoted 186.75 points down at 23,331.75. US prosecutors charged Adani, 62, his nephew Sagar and other defendants for paying over $250 million in bribes between 2020 and 2024 to Indian government officials to win solar energy contracts on terms that could potentially bring in more than $2 billion in profit. This, they alleged, was concealed from the US banks and investors from whom the Adani group raised billions of dollars for the project. The complaint charges them with violating the antifraud provisions of the federal securities laws and seeks permanent injunctions, civil penalties, and officer and director bars. US law allows pursuing foreign corruption allegations if they involve certain links to American investors or markets. The Adani group did not immediately respond to requests for comments. "The defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars," Breon Peace, US Attorney for the Eastern District of New York, which brought the case, said in a statement. Adani, chairman of the ports-to-energy Adani Group, his nephew Sagar R Adani, who is an executive director at the conglomerate's renewable energy arm Adani Green Energy Ltd, and its former CEO Vneet Jaain were charged with securities fraud, securities fraud conspiracy and wire fraud conspiracy. The Department of Justice alleged that on several occasions, Adani personally met with an Indian government official to advance the bribery scheme, and the defendants held in-person meetings with each other to discuss aspects of its execution. With inputs from agencies. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/redmi-a4-5g-with-120hz-display-launched-starting-at-8499/articleshow/115479469.cms">Redmi A4 5G with 120Hz display launched starting at ₹8,499</a> <a href="https://www.businessinsider.in/tech/mobile/news/android-16-developer-preview-announced-new-features-timeline-and-everything-you-need-to-know/articleshow/115476441.cms">Android 16 Developer Preview announced – new features, timeline and everything you need to know</a> <a href="https://www.businessinsider.in/tech/news/indian-wearables-market-declines-20-7-in-q3-2024-smartwatch-and-earwear-categories-struggle/articleshow/115447720.cms">Indian wearables market declines 20.7% in Q3 2024, smartwatch and earwear categories struggle</a>

Adani group stocks' combined market cap erodes by ₹2.45 lakh crore, Adani Enterprises tanks 23%

<ul><li>The 30-share BSE index Sensex was down 261.92 points, and the NSE Nifty was trading 0.75% lower at 10:10 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 and Nifty opened on a tepid note on Wednesday, tracking losses in index-heavyweights like HDFC Bank, ICICI Bank, and ITC amid weak cues from global markets. The 30-share BSE index Sensex was down 261.92 points, and the NSE Nifty was trading 0.75% lower at 10:10 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;">Titan </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;">Wipro </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;">Tata Steel </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;">Coal India </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;">Bajaj Fin Serv </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;">NTPC </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;">Hero MotoCorp </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;">ONGC </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;">Bajaj Auto </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;">IOC </td></tr></tbody></table>*as of October 14, 10:00 am These are the top stocks in news today. Future Enterprises crash 5% Kishore Biyani led Future Enterprises shares crashed 5% during the early trading hours on Wednesday. The company informed investors that it defaulted on a payment of the interest on Non-Convertible Debentures worth ₹15.14 crore. The due date for fulfilling the interest was October 12. This also moved other Future Group stocks — Future Retail and Future Lifestyle Fashion and Future Consumer were down 3%. Wipro down 6% The shares of IT major Wipro were down 6% after it reported a 3.40% year-on-year (YoY) decline in consolidated net profit at ₹2,465.70 crore for the quarter ended September 30. The company also approved buyback of shares worth ₹9,500 crore at a floor price of ₹400 per equity share. Brokerages tread caution as they see a limited upside in the stock. SBI Cards shares climb 3% after festive season offer The shares of SBI Cards and Payment Services jumped over 3% after the company unveiled over 1,000 new offers spread across the country ahead of the festive season. The offers will be available for SBI cardholders till November 1. Karnataka Bank up over 3% The shares of India's twelfth largest private sector bank, Karnataka Bank were trading 3% higher after it reported 12.78% growth in its net profit to ₹119.44 crore for the quarter ended September 30. NTPC down 3% The shares of government-owned National Thermal Power Corporation (NTPC) were trading 3% lower after it announced plans to raise ₹4,000 crore via the issue of Non-Convertible Debentures. Adani Green gains 3% The shares of Adani Green were up 3% after the Competition Commission of India (CCI) approved the acquisition of various solar energy assets by a joint venture of Adani Energy and Total Solar. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-wipro-infosys-future-retail-airtel-irctc-srf-and-others/articleshow/78651966.cms" data-type="tilCustomLink">Top stocks to watch — Wipro, Infosys, Future Retail, Airtel, IRCTC, SRF, and others</a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-new-iphone-12-series-with-5g-launched-starting-at-rs-69999-along-with-side-homepod-mini-debut/articleshow/78647779.cms" data-type="tilCustomLink">Apple's new iPhone 12 series with 5G launched starting at ₹ 69,999 along with HomePod Mini debut</a> <a href="https://www.businessinsider.in/science/news/a-spacecraft-flying-by-venus-on-wednesday-night-could-confirm-recently-found-signs-of-alien-life/articleshow/78646790.cms" data-type="tilCustomLink">A spacecraft flying by Venus on Wednesday night could confirm recently found signs of alien life</a>

Top stock movers — Wipro, Future Retail, SBI Cards, NTPC, Adani Green and others

India Business Wire India Q4 <keyword id="45663" type="ORGANIZATION" weightage="20" keywordseo="Revenue">Revenue</keyword> of 197.5mn, up 4% QoQ Q4 Net profit of ₹195 crore, up 5% QoQ <keyword id="1380245" type="COMPANY" weightage="20" keywordseo="LT-Technology-Services">L&amp;T Technology Services</keyword> Limited (BSE: 540115, NSE: LTTS), India's leading pure-play engineering services company, announced its results for the fourth quarter and full year ended March 31, 2021. Highlights for Q4FY21 include: Revenue at ₹14,405 million; growth of 2.8% QoQ <keyword id="54123" type="COMPANY" weightage="20" keywordseo="USD">USD</keyword> Revenue at 197.5 million; growth of 3.9% QoQ EBIT margin at 16.6%; up 140 bps QoQ Net profit at ₹1,945 million; growth of 4.5% QoQ Highlights for FY21 include: Revenue at ₹54,497 million; decline of 3% USD Revenue at 737 million; decline of 6.3% EBIT margin at 14.5% Net profit at ₹6,633 million; decline of 19% Board has recommended a final dividend of ₹14.50 per share During the quarter, LTTS won 6 deals with TCV of USD10 million plus, which includes 2 USD25 million plus deals. Revenues from digital and leading-edge technologies stood at 52% during the quarter. We are exiting FY21 on an optimistic note post three consecutive quarters of strong deal wins and sequential revenue and operating margin improvement. The annual free cash flow generation at ₹1,252 crores was at a record high. I am happy to note that in Q4, our revenue is back on the positive year-over-year growth path. We are seeing healthy deal win closures and pipeline build up as customers look for innovation and digital led transformation to strengthen their market positioning. Across all our five segments, we are investing in disruptive technologies and design labs to further the growth. As we continue to execute in an environment made difficult by Covid uncertainties, I would like to thank our employees for their commitment, customer focus and resilience that has helped us deepen strategic relationships, said Amit Chadha, CEO &amp; Managing Director, L&amp;T Technology Services Limited. Industry Recognitions: LTTS has been recognized as a Leader' for Development and Verification &amp; Validation services in Industry 4.0 by Everest Group ISG Group rated LTTS as Leader' in Smart Manufacturing Services for Automotive and Hi-Tech LTTS won the 2021 Big Innovation Awards, USA for Chest rAI and i-BEMS . For its Solar Electrification tribal village project, LTTS was conferred with the Mahatma Award for CSR Excellence. Patents At the end of the fourth quarter, the patents portfolio of L&amp;T Technology Services stood at 650, out of which 485 are co-authored with its customers and the remaining 165 have been filed by LTTS. Human Resources At the end of Q4FY21, LTTS' employee strength stood at 16,452. About L&amp;T Technology <keyword id="266374" type="DOMAIN" weightage="20" keywordseo="Services-Ltd">Services Ltd</keyword> L&amp;T Technology Services Limited (LTTS) is a listed subsidiary of <keyword id="689816" type="COMPANY" weightage="20" keywordseo="Larsen-Toubro-Limited">Larsen &amp; Toubro Limited</keyword> focused on Engineering and R&amp;D (ER&amp;D) services. We offer consultancy, design, development and testing services across the product and process development life cycle. Our customer base includes 69 Fortune 500 companies and 53 of the world's top ER&amp;D companies, across industrial products, medical devices, transportation, telecom &amp; hi-tech, and the process industries. Headquartered in India, we have over 16,400 employees spread across 17 global design centers, 28 global sales offices and 69 innovation labs as of March 31, 2021. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/the-designer-for-bentley-aston-martin-and-jaguar-will-now-work-on-ola-electric-new-models/articleshow/82383151.cms">The designer for Bentley, Aston Martin and Jaguar will now work on Ola Electric's new models</a> <a href="https://www.businessinsider.in/tech/apps/news/pubg-mobile-india-download-release-date-everything-we-know-so-far/articleshow/82383038.cms">PUBG Mobile India to relaunch as Battlegrounds Mobile India – here’s what we know so far</a> <a href="https://www.businessinsider.in/tech/apps/news/coders-are-coming-up-with-new-ways-to-check-for-covid-19-vaccination-slots-on-cowin/articleshow/82383284.cms">Indian coders are working around the CoWIN app to help people bag the elusive vaccine slots</a> <a href="https://www.businessinsider.in/tech/news/apple-analyst-predicts-an-8-inch-foldable-iphone-to-launch-in-2023/articleshow/82383566.cms">Apple analyst predicts an 8-inch foldable iPhone to launch in 2023</a>

L&T Tech announces dividend of ₹14.50  even as revenue for the year dips by 3%

New Delhi, Jan 10 () Shareholder proxy advisory firm InGovern has petitioned Sebi to force promoters of Sterling and Wilson Solar Ltd to provide an exit offer to minority shareholders alleging failure of promoters to keep the promise made in the IPO document.
 Sterling and Wilson Solar Ltd got listed on the BSE and the NSE on August 20, 2019, after promoters belonging to the Shapoorji Pallonji Group made an offer for sale of shares.
 "The offer for sale of shares resulted in promoters raising Rs 2,850 crore through the IPO," InGovern Research Services said in a report. "While the objects of the IPO were to enable the promoters to repay loans amounting to Rs 2,563 crore to SWSOLAR within 90 days of listing, the company has received only Rs 1,000 crore on December 31, 2019, i.e., 133 days after listing."
 This non-fulfilment of obligations by the promoters as per the objects of the offer has resulted in a loss of over 60 per cent in investment value for IPO investors as stock price has fallen from the issue price of Rs 780 to Rs 310, resulting in a loss of Rs 1,700 crore for public minority shareholders, it alleged.
 Sterling and Wilson Solar hit back at the proxy advisory firm contending that the report is "malicious, misleading, defamatory" and contains "factually incorrect and unverified statements".
 "The author of the report has acted irresponsibly as he has neither found it appropriate to ascertain the facts nor provide us with a draft of the report for our response. This appears an attempt to malign the reputation of the promoters using the media," the company said adding the objects of the IPO was to provide liquidity to the shareholders.
 "The utilisation of the proceeds was an added intent of the promoters and cannot be directly construed to be the object of the offer. The Promoters would like to state that this intent is intact and is suitably demonstrated by facilitating repayment of Rs 1000 crore as committed by December 31, 2019," it said.
 InGovern said the non-utilisation of the IPO proceeds for the stated purpose was tantamount to change of objects of the IPO from what was stated in the prospectus. "This has resulted in aggrieved minority public shareholders."
 It said the SEBI (ICDR) Regulations, 2018, allow for the dissenting shareholders to be provided an exit offer by the promoters, in cases where there is a change in objects of the issue/ offer in the IPO prospectus. In this case, where shareholders have suffered significant erosion in the value of their holdings solely due to the non-utilisation of funds as per the objects of offer of the IPO, Sebi must force the promoters to provide an exit offer to shareholders at a price as per SEBI (ICDR) Regulations, it said.
 Shriram Subramanian, founder and MD of InGovern, said, "Overall, a huge loss of reputation for the promoters of the SWSOLAR, the SP group. With substantial -- over Rs 1,700 crore -- erosion of wealth of public minority shareholders, and loss of investor trust for a group that seemed to have a stellar reputation. In order to redeem this reputation, the SP group should provide an exit option for public minority shareholders. This is a demand from minority shareholders and Sebi should force the promoters to provide an exit option for minority public shareholders."
 The company however denied any wrongdoing. "Being an offer for sale (OFS), the promoters were under no obligation to mention the utilisation of proceeds. In fact, the promoters made this disclosure in good faith even though it was not required by law. There is thus no legal default as is being sought to be made out."
 It went on to deny the allegation of being uncooperative with credit rating agency ICRA saying Sterling and Wilson Pvt Ltd is no longer rated by ICRA for the last few years. "ICRA was unable to withdraw its earlier rating due to its requirement to have an NOC from each and every consortium banker. This matter took time and has now been completely resolved and ICRA has withdrawn its rating of SWPL on January 6, 2020."
 India Ratings is the agency which does the rating of SWPL and in its report, there is no such comment of 'non-cooperation', it said.
 The company said the board of directors while approving the repayment schedule levied additional interest of 100 basis points and there is no financial loss to Sterling and Wilson Solar Ltd on account of reschedulement and "it is illogical to link the stock price reduction to this aspect."
 "The sensationalism in this report is more an attempt to further erode investor wealth rather than its stated objective of working in the interests of the investors," it added. RKL ANZ HRS

Sterling and Wilson promoters must provide exit option to minority shareholders:  InGovern

<ul><li>The SGX Nifty was up 0.47% at 7:50 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 equities are likely to open higher on Monday. The SGX Nifty was up 0.47% at 7:50 am, indicating a higher start for Nifty50. The Hang Seng Index was trading at 0.64% higher at 7:50; even markets in Australia were trading in the green. These are the stocks to watch out for during the trading session on November 2: Reliance Industries (RIL) Mukesh Ambani-owned Reliance Industries (RIL) reported a 32.5% year-on-year decline in its standalone net profit to ₹6,546 crore. <a href="https://www.businessinsider.in/business/corporates/news/reliance-industries-ril-second-quarter-earnings-profit-and-revenue/articleshow/78955070.cms">Refining and petrochemicals</a>, which together make for over three-fourth of the company’s revenue, took a major hit during the quarter. Jio and <a href="https://www.businessinsider.in/retail/news/reliance-retail-clocks-nearly-as-much-revenue-as-a-year-earlier-as-covid-shock-abates-but-the-amazon-threat-looms/articleshow/78955666.cms">Reliance Retail</a> continue to be the shining star in RIL’s portfolio — <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-beats-vodafone-idea-but-falls-well-short-of-airtels-revenue-growth-in-the-september-quarter/articleshow/78955325.cms">Jio </a>recorded a 32% y-o-y growth, and Retail was up 42%. The shares of RIL ended 2% higher on Friday. Future Retail More developments in the ongoing legal tussle between Reliance, Future Retail against Amazon. Future Retail has informed Indian stock exchanges BSE and NSE that Amazon’ entirely misconceived’ the agreement between Amazon and Kishore Biyani (CEO of Future Group) same as between Future Retail and its promoters. The filing said that the stock exchanges must not take into cognisance the order of a Singapore arbitration court. RIL has also set aside ₹1500 crore for future group arbitration, it said in the quarterly filing to stock exchanges. The shares of Future Retail ended flat on Friday. ICICI Bank ICICI Bank reported an over six-fold jump in its standalone net profit at ₹4,251 crore for the second quarter ended September 30. The bank had posted a net profit of ₹655 crore during the same quarter last year. The company’s total standalone income stood at ₹23,650.77 crore, it said in a regulatory filing. The shares of ICICI Bank ended 1.60% lower on Friday. IndusInd Bank IndusInd Bank reported over 53% decline in its standalone net profit at ₹647.04 crore in the quarter ended September 30. The bank’ ’s gross Non-Performing Assets (NPAs) slightly increased to 2.21% of the gross advances as of September 30 from 2.19% in the year-ago period. The shares of IndusInd Bank ended 0.59% lower on Friday. Axis Bank Axis Bank on Friday said that it had revised the agreement with Max Financial, the promoter of Max Life after the Reserve Bank did not allow it to acquire 17% stake in Max Life Insurance directly. The lender said it will now acquire a 19% stake in the insurance firm along with its subsidiaries. The shares of Axis Bank ended 0.58% lower on Friday. Maruti, Tata Motors, M&amp;M, Hero and other auto stocks The automakers post strong sales numbers on the back of festive season uptick. India’s biggest automaker Maruti Suzuki said it sold 182,448 vehicles in October, an increase of nearly 19% compared to the same period last year. Hero MotoCorp also registered its highest-ever monthly sales in October. The two-wheeler maker reported a 35% rise in its domestic wholesales at 7.91 lakh units. Tata Motors sales were highest in at least 99 months. The company sold 80% more vehicles compared to last year. Although, Mahindra &amp; Mahindra (M&amp;M) was down 14.52% (YoY) as the commercial vehicle segment continued to bear the brunt. The shares of Maruti and Hero ended 3% lower on Friday, whereas Tata Motors was up 1%, M&amp;M was up 0.47%. SEE ALSO: <a href="https://www.businessinsider.in/politics/world/news/where-biden-and-trump-stand-in-the-polls-2-days-out-from-the-election/articleshow/78989788.cms" data-type="tilCustomLink">Where Biden and Trump stand in the polls 2 days out from the election</a> <a href="https://www.businessinsider.in/thelife/news/futuristic-architecture-entertainment-hubs-and-kinetic-solar-panels-this-is-what-spaceports-could-look-like-if-commercial-space-flights-become-a-reality/articleshow/78983110.cms" data-type="tilCustomLink">Futuristic architecture, entertainment hubs and kinetic solar panels: This is what spaceports could look like if commercial space flights become a reality</a>

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