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<ul><li> As part of the merger, <keyword id="3660661" type="General" weightage="80" keywordseo="clix-capital" source="Orion">Clix Capital</keyword> Services will also need to take on Suryoday <keyword id="6382595" type="General" weightage="20" keywordseo="small-finance-bank" source="Orion">Small Finance Bank</keyword>’s gross bad loans worth ₹381 crore. That's nearly a quarter of Clix Capital’s own net worth.</li><li>Both the entities are into completely different lines of business. <keyword id="9295768" type="General" weightage="20" keywordseo="Suryoday-SFB" source="Orion">Suryoday SFB</keyword> is essentially a micro-lender, while Clix Capital is a non-banking financial company that is into MSME and consumer lending.</li><li>Besides Clix Capital getting an indirect banking licence, the deal would help Suryoday SFB diversify its loan book and strengthen its digital presence.</li></ul>AION Capital-backed Clix Capital Services Pvt. Ltd., a non-bank lender, has been out in the market to acquire a banking licence since last year. After a failed attempt to acquire distressed Lakshmi Vilas Bank in November last year, it has now set its eyes on another bank ⁠— Suryoday <keyword id="3896843" type="General" weightage="20" keywordseo="small-finance-bank-ltd" source="Orion">Small Finance Bank Ltd</keyword>. The proposed merger, according to a source directly aware of the development who spoke on condition of anonymity, is in advanced stages, with Centrum Capital acting as an advisor to the deal. The development was first <a href="https://www.business-standard.com/article/companies/clix-capital-suryoday-sfb-in-merger-talks-deal-in-advanced-stage-121091300045_1.html">reported</a> by Business Standard on Sep. 13 that said, citing unnamed sources, that both parties were engaged in due diligence for the transaction. Even as the deal would help micro-lender turned banker Suryoday to expand its loan book, the deal comes at a heavy price for Clix Capital. This, as the Gurugam-based non-bank lender will also have to absorb Suryoday’s gross bad loans worth ₹381 crore. That's nearly a quarter of Clix Capital’s own net worth. The cost of the merger, and its own deteriorating asset quality due to the pandemic, will be over and above that. But experts are divided on the benefits of the merger. “There are no visible synergies between Suryoday SFB and Clix Capital, as both have completely different business models,” said <keyword id="12088598" type="General" weightage="20" keywordseo="anand-dama" source="Orion">Anand Dama</keyword>, research analyst at brokerage firm Emkay Global Securities. “The only plausible explanation for the deal is that it would help Clix Capital indirectly acquire a banking license, while Suryoday will be able to diversify its lending portfolio. But a regulatory approval for the deal could be an arduous task,” he said. There are others who believe Clix Capital will benefit from both cheaper capital, thanks to the banking licence, and new set of borrowers. After the deal was reported, Suryoday SFB’s stock jumped almost 20% to close at Rs 179.40 apiece on the BSE on Monday. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/7252296"></div>]]></cdata></div> <cmsannotation type="cmsannotation" annotationid="What’s On The Table?" comment="subhead" text="What’s On The Table?">What’s On The Table?</cmsannotation> Suryoday SFB is essentially a micro-lender with close to 68% of its loan book worth ₹4,004 crore dedicated to providing micro-loans to women in urban and semi-urban areas, under the joint liability group model. Clix Capital, on the other hand, is mainly into small business and consumer lending that form 82% of its loan book worth ₹4,249 crore. The proposed merger, said Siji Philip, senior research analyst at Axis Securities, may mean a riskier loan book with possible pressure on asset quality metrics, which would need to be resolved over time. “If a deal fructifies, it would also mean that the combined loan book of Suryoday and Clix Capital could face asset quality headwinds and more clarity is awaited on this front. Besides, the merger will create a loan book comprising microfinance from Suryoday, and MSME (micro, small and medium enterprises) and consumer finance from Clix, which have been some of the heavily impacted segments during the pandemic,” she said. As of June 30, Suryoday reported gross non-performing assets at 9.5% of its total advances, while it wrote-off loans worth nearly Rs 79 crore. Its GNPA in the quarter ended March, too, was largely the same at 9.4%. “Delinquency in the portfolio increased due to the impact of the second Covid wave. Collections were difficult in the majority of the places across the country in April and May which led to increased PAR (portfolio-at-risk),” said <keyword id="11017591" type="General" weightage="20" keywordseo="baskar-babu-ramachandran" source="Orion">Baskar Babu Ramachandran</keyword>, managing director and chief executive at the bank during its earnings con-call on Aug. 12. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-table" data-src="visualisation/7252787"></div>]]></cdata></div> Compare that to Clix Capital, which had gross NPA at 3.37% as on March 31, or about Rs 143 crore, as per a June 29 <a href="https://www.careratings.com/upload/CompanyFiles/PR/12072021061939_Clix_Capital_Services_Private_Limited.pdf">note</a> by Care Ratings. The asset quality numbers as on June 30, 2021 were not available in public domain for Clix Capital. <cmsannotation type="cmsannotation" annotationid="The Road Ahead" comment="subhead" text="The Road Ahead">The Road Ahead</cmsannotation> As the contours of the deal get worked out, combining Suryoday and Clix Capital may even help the two entities build a more resilient loan book, said Hemindra Hazari, an independent banking analyst. “Suryoday SFB would need to expand its loan offerings beyond microfinance to build a more resilient loan book, and a deal with Clix Capital would help it do just that,” he said. Besides helping with loan book diversification, the merger would also help Suryoday improve its digital capabilities and lower its operating costs, said Philip. Whereas Clix, said Hazari, will be able to take advantage of lower cost of funds available to a bank. “At a time when non-bank lenders are struggling with liquidity constraints, a merger would go a long way in bringing down the cost of funds,” he said. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-table" data-src="visualisation/7252363"></div>]]></cdata></div> So far, Suryoday, focused on Maharashtra and Tamil Nadu, has expanded its book into commercial vehicles, affordable housing and small business loans. But since a bulk of its business is unsecured micro-loans, its asset quality has remained weak. Clix, however, managed to shrink its stressed corporate loan book to 18% as of fiscal 2021, compared to 27% in fiscal 2020. But despite being more efficient with its lending, the cost of capital has increased to 4.53% of total assets, as against 1.23% in the previous fiscal. The credit costs, Care Ratings said in its July note, inched up mainly due to higher provisioning costs amid the pandemic that affected the businesses of its underlying MSME and retail borrowers. The deal, said Hazari, is borne more out of need than synergy between the two lenders. “Though the Reserve Bank of India has been conservative in granting banking licences to NBFCs, acquiring or merging with a bank has become a convenient backdoor entry for some. For Clix, this is a similar opportunity, even if it means absorbing the bad loans of another bank,” he said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/online-pharmacy-startup-pharmeasy-is-looking-to-hire-200-engineers-in-hyderabad-pune-and-delhi-before-the-ipo/articleshow/86168091.cms">Online pharmacy Startup PharmEasy is looking to hire 200 engineers in Hyderabad, Pune and Delhi before the IPO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/how-to-take-screenshots-on-windows-10-8-and-7/articleshow/86168223.cms">How to take screenshots on Windows 10, 8 and 7</a>

Clix Capital's urge to be a bank must be too intense for it to merge with Suryoday

New Delhi, Jun 15 () The board of Lakshmi Vilas Bank (LVB) on Monday considered a proposal for capital infusion by Clix Capital. The bank routinely evaluates capital raising options and proposals which are in its best interest, it said in a regulatory filing. "The bank has received preliminary, non-binding letter of intent (LoI) from Clix Capital Services and Clix Finance India dated June 12, 2020, which the Board of Directors of the Bank has considered for further processing in their meeting held today," it said. Under the non-binding LoI, the proposed transaction is subject to completion of due diligence, which the bank and the intending parties will be carrying out and will be subject to regulatory and other customary approvals, it added. "In the event, the discussions between the contracting parties in relation to the proposed transactions are successful and definitive agreements are executed, we will make appropriate disclosures as required under the provisions of applicable law," it said further. The bank has been placed under the prompt corrective action (PCA) framework of RBI since August last year for low capital buffer and higher NPAs coupled with mounting losses. Following LVB's failure to get RBI nod for merger with IndiaBulls Housing Finance and being placed under PCA framework, there were rumours of the bank being shuttered. Clix Finance India is a non-banking financial company and offers various products in commercial and retail lending. LVB stock closed 4.94 per cent higher at Rs 15.30 on BSE. KPM ANU ANU

Clix Capital eyes stake in Lakshmi Vilas Bank

<ul><li><keyword id="135860" type="COMPANY" weightage="20" keywordseo="Lakshmi-Vilas-Bank">Lakshmi Vilas Bank</keyword>’s share price was down by nearly 5% during morning trade. </li><li>After shareholders ousted seven directors from the board, red flags over the <keyword id="3660661" type="PERSON" weightage="20" keywordseo="Clix-Capital">Clix Capital</keyword> merger have risen. </li><li>The <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) has reportedly informed the public-sector <keyword id="62034" type="CITY" weightage="20" keywordseo="Punjab-National-Bank">Punjab National Bank</keyword> (PNB) to be prepared to take over in case the Lakshmi Vilas-Clix merger does not materialise. </li></ul>The share price of Lakshmi Vilas Bank is in the red today, plummeting by nearly 5%, which is a further indication of shareholders losing their confidence in the bank. <div type="image" title="Lakshmi Vilas Bank share price" msid="78399788" hostid="261" caption="&amp;lt;p&amp;gt;Lakshmi Vilas Bank share price over the month of September&amp;lt;/p&amp;gt;"></div> The Reserve Bank of India (RBI) has reportedly sought out Punjab National Bank (PNB). According to the <a href="https://www.business-standard.com/article/finance/rbi-sounds-out-pnb-on-acquisition-of-beleaguered-lakshmi-vilas-bank-120092901633_1.html">Business Standard</a>, RBI told the public sector bank to be ready to take over Lakshmi Vilas Bank in case the proposed deal with Clix Capital doesn’t materialise. The crisis at Lakshmi Vilas Bank On Monday, they threw out seven of the bank’s ten directors. According to the Investor Advisory Services (IIAS), these directors lacked accountability. Now, its day-to-day operations are being looked after by a panel of three independent directors approved by the Reserve Bank of India (RBI). “With Liquidity Coverage Ratio (LCR) of about 262% as on 27th September 2020, against minimum 100 % required by RBI, the deposit-holders, bond-holders, account-holders and creditors are well safe guarded,” the bank said in its filing on Sunday. What the bank didn’t mention in its press release and why its shareholders are being angsty is because, as of last quarter, its Tier I capital-to-risky asset ratio (CRAR) is a negative 0.88% and its non-performing assets (NPAs) account for a quarter of its advances. Ousting the Lakshmi Vilas Bank’s directors During the annual general meeting (AGM) the week before, on Friday, shareholders voted against the appointment of S Sundar as Lakshmi Vilas’ CEO, a candidate approved by the RBI. Sundar took over as interim CEO on January 1 after Parthasarthi Mukherjee’s resignation a few months earlier. Before taking up the post, he served as the bank’s CFO. The shareholders also voted against the reappointment of six other directors — including N Saiprasad and KR Pradeep, who are also promoters within Lakshmi Vilas. “What we see in smaller, community-driven, private banks is promoters dominating the show. That isn’t desirable of a banking institution handling public money,” sources told <a href="https://www.moneycontrol.com/news/business/lakshmi-vilas-bank-agm-section-of-shareholders-vote-against-re-appointment-of-7-directors-and-auditors-5889341.html">MoneyControl</a> after the dramatic AGM on the condition of anonymity. What’s next for Lakshmi Vilas Bank? Institutional investors <a href="https://www.moneycontrol.com/news/business/lakshmi-vilas-bank-to-raise-rs-1500-crore-to-fund-business-growth-increase-foreign-shareholding-5805231.html">estimate</a> that the bank will need at least ₹1,500 crore of immediate capital to get back on its feet. If it doesn’t happen, the RBI will likely have to step in. It could either accelerate the ongoing Clix-Lakshmi Vilas deal or appoint its representatives to the bank’s board to oversee the day-to-day operations until a solution emerges. It wouldn’t be the first time that the central bank has pushed for the merger of a weaker banking institution with a strong candidate, like ICICI Bank and Bank of Rajasthan merger in 2013. However, Lakshmi Vilas’ did try to merge with Indiabulls and another NBFC in the past. Both deals never got a nod from the RBI. SEE ALSO: <a href="https://www.businessinsider.in/business/news/reliance-retail-seals-its-third-deal-this-month-general-atlantic-to-invest-3675-crore/articleshow/78397878.cms">Reliance Retail seals its third deal this month – General Atlantic to invest ₹3,675 crore</a>

Lakshmi Vilas Bank is down nearly 5% as concerns over Clix Capital merger deepen

The <keyword id="19949639" type="General" weightage="20" keywordseo="Rupee" source="keywords">rupee</keyword> opened on a flat note against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> in early trade on Tuesday, weighed down by a muted trend in domestic equities and the strength of the <keyword id="20563045" type="General" weightage="20" keywordseo="American-currency" source="keywords">American currency</keyword> in overseas markets. <keyword id="20024982" type="General" weightage="20" keywordseo="Forex-traders" source="keywords">Forex traders</keyword> said the US dollar strengthened due to increased demand from oil importers and stronger-than-expected economic data from the US. Moreover, rising crude oil prices also weighed on the local unit. At the interbank foreign exchange market, the local unit moved in a narrow range. It opened at 83.49 against the American currency and touched 83.50 in initial trade. On Monday, the rupee settled for the day lower by 10 paise at 83.50 against the US dollar. The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords">Reserve Bank of India</keyword>'s positive economic outlook, with solid growth and unchanged inflation projections, suggests that there is less room for any early cuts amid prospects of rising inflation. This is likely to benefit the rupee from a favourable interest rate differential, said CR Forex Advisors MD Amit Pabari. Further, Foreign Institutional Investors (FII) have resumed their buying. FIIs were net buyers in the capital markets on Monday, as they purchased shares worth Rs 2,572.38 crore, according to exchange data. Moreover, anticipated inflows such as Reliance Infrastructure raising USD 350 million, SpiceJet planning to raise USD 250 million, and Clix Capital aiming to raise USD 600 million are likely to benefit the rupee, Pabari said. Given these factors, the rupee is expected to swing within a range of 82.90 to 83.70, he added. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was at 105.12, lower by 0.02 per cent. Brent crude futures, the global oil benchmark, fell 0.20 per cent to USD 81.47 per barrel. On the domestic equity market, the 30-share BSE Sensex was trading 155.45 points, or 0.20 per cent lower at 76,334.63 points. The broader NSE Nifty was down 33.25 points, or 0.14 per cent, to 23,225.95 points. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/ios-18-announced-with-apple-intelligence-improved-privacy-controls-customisable-home-screen-and-more/articleshow/110883233.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/ios-18-announced-with-apple-intelligence-improved-privacy-controls-customisable-home-screen-and-more/articleshow/110883233.cms" target="_blank">iOS 18 announced with Apple Intelligence, improved privacy controls, customisable home screen and more</a><a href="https://www.businessinsider.in/tech/news/apple-vision-pro-to-be-available-in-nine-new-countries-but-india-is-not-one-of-them/articleshow/110883439.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/apple-vision-pro-to-be-available-in-nine-new-countries-but-india-is-not-one-of-them/articleshow/110883439.cms" target="_blank">Apple Vision Pro to be available in nine new countries, but India is not one of them</a><a href="https://www.businessinsider.in/stock-market/webstories/ixigo-ipo-now-open-price-band-to-risk-factors-all-you-need-to-know/slidelist/110867238.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/ixigo-ipo-now-open-price-band-to-risk-factors-all-you-need-to-know/slidelist/110867238.cms" target="_blank">Ixigo IPO now open – Price band to risk factors, all you need to know</a>

Rupee opens flat against US dollar in early trade

<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

<ul><li>In the Asian market, the SGX Nifty was trading 0.33% higher at 7:47 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 global markets, the Indian stock market is likely to open in green. In the Asian market, the SGX Nifty was trading 0.33% higher at 7:47 am, indicating a higher start for Nifty50. The US equities also <a href="https://www.businessinsider.in/stock-market/news/us-stocks-rise-as-investors-weigh-latest-comments-on-stimulus-progress/articleshow/78564147.cms">ended higher on Thursday as investors digested </a>the latest updates to a possible near-term stimulus measure. The Dow Jones Industrial Average gained over 122.05 points, whereas the S&amp;P 500 was up over 0.80%. These are the stocks to watch out for during the trading session on October 9: Future Retail <a href="https://www.livemint.com/news/india/amazon-approaches-singapore-arbitration-centre-over-future-reliance-deal-11602155326101.html">Amazon has approached the Singapore International Arbitration Centre (SIAC)</a> over its dispute with the promoter of Future Retail, Future Coupons. The e-commerce giant Amazon has stepped in and said that Kishore Biyani’s led Future Group violated a contract with it by entering into the sale agreement with Reliance Retail. Last year, Amazon acquired a 49% stake in Future Coupons, a Future group entity. The shares of Future Retail ended 5% lower yesterday. Vedanta Vedanta’s reverse book building exercise ends today. The company has tendered over 73.76 crore shares in the buyback offer made by promoters to delist the company. A total of 134 crore shares held by public shareholders need to be tendered for the delisting to succeed. The shares of Vedanta ended 4% lower yesterday. Lakshmi Vilas Bank (LVB) Private lender, Lakshmi Vilas Bank (LVB) said it had received an indicative non-binding offer from Clix Group. This came after the bank was in talks for amalgamation with Clix Group, that comprises Clix Capital Services Private Ltd, Clix Finance India Private Ltd and Clix Housing Finance Private Ltd. The shares of Lakshmi Vilas Bank (LVB) ended 7% higher yesterday. Solar Industries Solar Industries said it has bagged an order worth ₹447 crore from the Telangana government for the supply of bulk explosives and initiating systems. The shares of Solar Industries ended 2% lower yesterday. GOCL Corporation The manufacturer of explosives, detonators and special devices for defence and space applications, GOCL Corporation, said its subsidiary received an order worth ₹187 crore from the Telangana government for the supply of bulk explosives. The shares of GOCL Corporation ended 2% lower yesterday. Adani Enterprises Adani Enterprises in a stock exchange filing said it has raised ₹125 crore through allotment of non-convertible debentures (NCDs) on a private placement basis. The shares of Adani Enterprises ended 3% lower yesterday. SBI, HDFC Bank, ICICI Bank, and others Watch out for financial stocks in trade today as the Monetary Policy Committee announced their rate decision and outlook on growth later today. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/microsoft-told-employees-it-plans-to-release-a-browser-based-app-for-the-xbox-game-pass-streaming-service-next-year-that-will-get-around-apple-app-store-rules-we-absolutely-will-end-up-on-ios/articleshow/78565167.cms" data-type="tilCustomLink">Microsoft told employees it plans to release a browser-based app for the Xbox Game Pass streaming service next year that will get around Apple App Store rules: 'We absolutely will end up on iOS'</a> <a href="https://www.businessinsider.in/politics/world/news/bidens-campaign-pulled-down-more-than-12-million-during-the-90-minute-vice-presidential-debate-between-kamala-harris-and-mike-pence/articleshow/78565032.cms" data-type="tilCustomLink">Biden's campaign pulled down more than $12 million during the 90-minute vice-presidential debate between Kamala Harris and Mike Pence</a>

Top stocks to watch — SBI, HDFC Bank, ICICI Bank, Future Retail, Adani Enterprises, Vedanta, Lakshmi Vilas Bank, Solar Industries, and others

<ul><li>The 30-share BSE index was trading 78 points higher, while the Nifty50 rose 0.21%.</li><li>These were 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 index Sensex and Nifty opened on a cautious note tracking mixed cues from global markets ahead of the US Federal Reserve's policy outcome. The 30-share BSE index was trading 78 points higher, while the Nifty50 rose 0.21%. These were 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;">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;">HCL Tech </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;">Zee Entertainment Limited </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 Motors </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;">Grasim </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;">Axis Bank </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;">Hindalco </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></tbody></table>*as of September 16, 9:50 am Mahindra and Mahindra shares gain 5% on September 16 The shares of automobile manufacturer Mahindra and Mahindra opened 5% higher after <a href="https://economictimes.indiatimes.com/industry/auto/auto-news/mahindras-ssangyong-close-to-signing-binding-agreement-with-us-firm-korean-media-reports/articleshow/78120204.cms?from=mdr">Korean news reports</a> surfaced claiming that M&amp;M subsidiary SsangYong Motor was close to signing a binding investment agreement with US-based HAAH Automotive Holdings. SpiceJet shares shed 2% post earnings The shares of India’s largest cargo operator lost nearly 2% on Wednesday a day after the company reported a net loss of ₹593.4 crore for the first quarter ended June 30. The overall revenue during the quarter declined 83% YoY to ₹4,83.24 crore compared to the same period last year. Indiabulls Housing trade 3% higher The shares of Indiabulls Housing gained 3% after the company said Brickwork Ratings has assigned a short-term rating of A1 plus to the company, signifying the adequate degree of safety and low credit risk. The rating agency has reaffirmed the long-term rating at AA-plus, suggesting a high degree of safety and very low credit risk, the company said in its regulatory filing. Lakshmi Vilas Bank locked in 10% upper circuit The shares of Lakshmi Vilas Bank were locked in a 10% upper circuit after the bank said the Clix Group have substantially completed the due diligence on a proposed amalgamation of the financial services company with the bank. In June, Lakshmi Vilas bank had signed a preliminary, non-binding letter of intent (LoI) with Clix Capital Services Private Limited and Clix Finance India Private Limited, collectively the Clix Group, in relation to the proposed amalgamation of Clix Group with the Bank. NMDC trades 4% higher The share price of National Mineral Development Corporation (NMDC) gained over 4% a day after the Karnataka Cabinet cleared the NMDC’s application to start mining operations at Donimalai following the intervention of Union Mines Minister, Prahlad Joshi. Sterlite Technologies gains over 5% The shares of Sterlite Technologies was trading over 5% higher after it partnered with telecom giant Airtel to build an optical fibre network across 10 telecom circles. SEE ALSO: <a href="https://www.businessinsider.in/science/health/news/indias-covid-19-number-crosses-5-million-mark-and-last-one-million-cases-in-just-11-days/articleshow/78139916.cms" data-type="tilCustomLink">India’s COVID-19 tally crosses 5 million mark — with an addition of one million cases in just 11 days</a> <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-infosys-future-enterprises-bharti-airtel-sterlite-technologies-spicejet-indigo-mm-and-more/articleshow/78138733.cms" data-type="tilCustomLink">Top stocks to watch— Infosys, Future Enterprises, Bharti Airtel, Sterlite Technologies, SpiceJet, IndiGo, M&amp;M and more</a>

Top stock movers — Mahindra and Mahindra, SpiceJet, NMDC, Lakshmi Vilas Bank, Indiabulls Housing, Sterlite Tech and more

<ul><li>At 7:50 am, the SGX Nifty was up 0.52%, indicating a positive 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 indices are likely to open in green on Monday, on the back of positive cues from the Asian peers. At 7:50 am, the SGX Nifty was up 0.52%, indicating a strong start for Nifty50. Other Asian markets were also trading in green such as — Hang Seng Index up over 1.1%, Nikkei 225 up 2% and Shanghai Composite Index was also up over 1%. These are the stocks to watch out for during the trading session today: Cipla The pharma giant Cipla reported a 38.95% jump in its consolidated net profit to ₹659.35 crore for the quarter ended September 30, led by the robust sales in all markets. The company said a sustained focus on cost optimisation during the quarter helped deliver an EBITDA (earnings before interest, taxes, depreciation, and amortization) margin of over 23%. The shares of Cipla ended 0.62% lower on Friday. ITC On Friday, Consumer staples-to-hospitality major ITC reported an 18.23% drop in its consolidated net profit to ₹3,413.44 crore. The drop came despite a 2.18% growth in its revenue from operations to ₹13,147.81 crore during the period under review. Its FMCG segment delivered a decent sales growth of 15.4% (YoY), but wasn’t enough to offset the volume decline of 12% in its cigarette segment. The shares of ITC ended 0.54% lower on Friday. Divi’s Labs Drug firm, Divi’ ’s Laboratories, reported a 45.63% rise in its consolidated net profit to ₹519.59 crore for the quarter ended September 30, mainly on account of robust sales. Consolidated total income stood at ₹1,762.94 crore compared to ₹1,492.60 crore for the same period a year ago. The shares of Divi’s Labs ended 0.40% higher on Friday. Biocon Kiran Mazumdar Shaw-led Biocon’s subsidiary, Biocon Biologics, had received a ₹1,125 crore investment from Goldman Sachs. This capital injection will enable Biocon Biologics to make prudent investments in R&amp;D, high-quality manufacturing, as well as, establish a global commercial footprint, the company said. The shares of Biocon ended 0.17% higher on Friday. Lakshmi Vilas Bank Private sector Lakshmi Vilas Bank (LVB) reported a net loss of ₹397 crore in the second quarter ended September 30 due to a rise in bad loans and provisions. Sequentially, the loss widened against ₹112.28 crore in the June quarter of this fiscal. The<a href="https://www.financialexpress.com/industry/banking-finance/made-significant-progress-with-clix-group-says-lakshmi-vilas-bank/2123468/"> bank also said</a> that despite logistical challenges arising due to the COVID-19 situation, the bank has made significant progress with Clix group for the proposed amalgamation of Clix Capital Service and Clix Finance India into the bank. The shares of Lakshmi Vilas Bank ended 0.64% higher on Friday. Voltas Electronics major Voltas reported 25.74% decline in consolidated net profit to ₹79.66 crore for the quarter ended September 30. The company also decided to restructure its business; it would transfer 100% of the B2B businesses to its wholly-owned subsidiary — Rohini Industrial Electricals Ltd (RIEL). The shares of Voltas ended 1% higher on Friday. Vedanta Vedanta reported a 61.8% decline in consolidated net profit to ₹824 crore for the quarter ended September 30, on the back of one-time tax expense. The decline came despite the stellar 33% growth in its revenue to ₹20,804 crore during the quarter under review. The shares of Vedanta ended 0.21% higher on Friday. Tata Consumer Products Tata Consumer Products reported an 18% rise in consolidated net profit to ₹234.33 crore for the quarter ended September 30, helped by an increase in domestic sales and volumes. Its revenue from operations was up 18.50% to ₹2,781.34 crore during the quarter under review. The shares of Tata Consumer Products ended 0.64% higher on Friday. IndiaMART InterMESH, Equitas SFB and VIP Industries IndiaMART InterMESH, Equitas SFB and VIP Industries are slated to report their second-quarter earnings today. SEE ALSO: <a href="https://www.businessinsider.in/science/news/the-world-has-surpassed-50-million-confirmed-coronavirus-cases/articleshow/79116745.cms">The world has surpassed 50 million confirmed coronavirus cases</a> <a href="https://www.businessinsider.in/politics/world/news/this-is-the-time-to-heal-in-america-president-elect-joe-biden-uses-his-victory-speech-to-address-a-fractured-country/articleshow/79108211.cms">'This is the time to heal in America': President-elect Joe Biden uses his victory speech to address a fractured country</a>

Top stocks to watch — ITC, Biocon, Tata Consumer, Cipla, Divi’s Labs, Voltas, IndiaMART, Equitas SFB, and others

India on Wednesday successfully test-fired an extended- range supersonic <keyword id="144458" type="PERSON" weightage="20" keywordseo="cruise-missile">cruise missile</keyword> <keyword id="42900" type="ORGANIZATION" weightage="20" keywordseo="BrahMos">BrahMos</keyword> with an indigenous booster from a test facility off the <keyword id="6357961" type="LOCATION" weightage="20" keywordseo="odisha">Odisha</keyword> coast. The missile was launched around 10.30 am from a mobile launcher at the Integrated Test Range (ITR) in Balasore district, sources said. An Indo-Russian joint venture, BrahMos missile has a strike range of about 400 km. "Congratulate @DRDO_India on the successful test-firing of an extended range BrahMos supersonic cruise missile. The missile with an indigenous booster will further strengthen India's defence capability," tweeted Odisha Chief Minister <keyword id="43385" type="PERSON" weightage="20" keywordseo="Naveen-Patnaik">Naveen Patnaik</keyword>. It is the second time that the extended-range version of BrahMos has been test-fired. BrahMos missile was originally built with a range of 290 km. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/lakshmi-vilas-bank-down-5-as-concerns-over-clix-capital-merger-deepen/articleshow/78399789.cms">Lakshmi Vilas Bank is down nearly 5% as concerns over Clix Capital merger deepen</a> <a href="https://www.businessinsider.in/tech/enterprise/news/airtel-launches-new-cybersecurity-product-with-cisco-radware-vmware-and-forcepoint-for-enterprises-it-took-100-crore-and-over-a-year-to-set-up/articleshow/78403006.cms">Airtel launches new cybersecurity product with CISCO, Radware, VMware, and Forcepoint for enterprises — it took ₹100 crore and over a year to set up</a> <a href="https://www.businessinsider.in/india/news/babri-masjid-demolition-case-cbi-special-court-acquits-all-accused-judge-says-demolition-was-not-pre-planned/articleshow/78401534.cms">Babri Masjid demolition case: CBI Special Court acquits all accused, judge says ‘demolition was not pre-planned’</a>

India successfully test-fires its supersonic BrahMos cruise missile off the coast of Odisha

Google has announced to continue providing unlimited calls (up to 24 hours) in the free version of its video conferencing app called Meet through March 31, 2021 for <keyword id="665755" type="PERSON" weightage="20" keywordseo="Gmail-accounts">Gmail accounts</keyword>. Google in April announced that anyone with a Google account was allowed to create free meetings with up to 100 people with no time limit till September 30 in the pandemic times. Google is now extending that policy and free Meet users can host longer calls through March 2021. "As we look ahead to a holiday season with less travel and important milestones like family reunions, PTA meetings and weddings hosted over video, we want to continue helping those who rely on Meet to stay in touch over the coming months," Samir Pradhan, Group Product Manager, <keyword id="4237083" type="PERSON" weightage="20" keywordseo="google-meet">Google Meet</keyword>, said in a statement on Tuesday. Google this month introduced a new feature in its Meet app where the users can now see up to 49 people at the same time (including themselves) in the auto and tiled layout options. "Jump on the call without worrying about the holiday wrapping paper mess behind you with background blur, or take trivia night to the next level by seeing 49 of your competitors (and yourself) at the same time. You can even keep score using our collaborative digital whiteboard," Pradhan said. However, access to advanced features for G Suite and G Suite for Education customers, including allowing meetings of up to 250 participants, live-streams of up to 100,000 people within a single domain, and the ability to save meeting recordings to Google Drive will not be there from September 30. Google had allowed free access to Meet's advanced features for all G Suite customers, such as the ability to live stream for up to 100,000 viewers within their domain, free additional Meet licenses for qualifying G Suite customers without any amendments to their current contract and free G Suite Essentials for new customers. These features are available to customers on the "enterprise" tier of G Suite, which costs $25 per user per month. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/lakshmi-vilas-bank-down-5-as-concerns-over-clix-capital-merger-deepen/articleshow/78399789.cms">Lakshmi Vilas Bank is down nearly 5% as concerns over Clix Capital merger deepen</a> <a href="https://www.businessinsider.in/india/news/babri-masjid-demolition-verdict-today-up-on-high-alert/articleshow/78397750.cms">Babri Masjid demolition verdict today, UP on high alert</a>

You Searched For "Clix Capital" and got 10 results

Clix Capital's urge to be a bank must be too intense for it to merge with Suryoday

Ridhima Saxena

Clix Capital eyes stake in Lakshmi Vilas Bank

PTI

Lakshmi Vilas Bank is down nearly 5% as concerns over Clix Capital merger deepen

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Rupee opens flat against US dollar in early trade

PTI

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

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Top stocks to watch — SBI, HDFC Bank, ICICI Bank, Future Retail, Adani Enterprises, Vedanta, Lakshmi Vilas Bank, Solar Industries, and others

Navdeep Yadav

Top stock movers — Mahindra and Mahindra, SpiceJet, NMDC, Lakshmi Vilas Bank, Indiabulls Housing, Sterlite Tech and more

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Top stocks to watch — ITC, Biocon, Tata Consumer, Cipla, Divi’s Labs, Voltas, IndiaMART, Equitas SFB, and others

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India successfully test-fires its supersonic BrahMos cruise missile off the coast of Odisha

IANS

Google Meet will continue unlimited free calls till March 2021

IANS

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