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India will sell a 5 percent stake worth about $730 million in its top power producer NTPC Ltd, as the government races against time to raise funds via asset sales to meet this year's <keyword id="577577" type="UNKNOWN" weightage="20" keywordseo="fiscal-deficit-target">fiscal deficit target</keyword>. 
 The NTPC share sale will begin on Tuesday, the government said, and if successful, will be the biggest <keyword id="44639" type="UNKNOWN" weightage="20" keywordseo="divestment">divestment</keyword> by the state in about six months after a $1.4 billion equity sale in Indian Oil Corp in August. 
 
The government, which owns almost three quarters of NTPC, will sell about 412.3 million shares by auction to institutional and retail investors on the country's two main stock exchanges, according to a regulatory filing on Monday. 
 
The floor price for the auction has been set at 122 rupees a share, a discount of about 4 percent to NTPC's closing price of 127 rupees on Monday. 
 
New Delhi is set to miss its asset sales target for the sixth straight year, having so far raised less than a fifth of the 685 billion rupee ($10 bln) goal for the current fiscal year, which ends in March. 
 
Finance Minister Arun Jaitley is due to present his budget for the next fiscal year on February 29, but a slowdown in economic growth has already made it tougher for him to meet a target to trim the fiscal deficit to 3.5 percent of GDP next year, from 3.9 percent budgeted for this year. 
 
India's recent divestment deals have drawn little interest from either foreign or domestic fund managers due to concerns about state companies' growth prospects. Recent swings in the stock market have also prompted the government to delay some stake sales as it does not want to sell too cheaply. 
 
The Indian Oil sale in August was rescued by state-run Life Insurance Corp (LIC) which bought 86 percent of the refiner and fuel retailer's shares on offer. 
 The <keyword id="3256881" type="UNKNOWN" weightage="20" keywordseo="NTPC-auction">NTPC auction</keyword> will be open for funds on Tuesday and Wednesday, while individual investors can put in bids on the last day. 
 
(Image: Indiatimes)

India wants to make up for missing its fiscal deficit target, to sell $730 mn stake in NTPC ahead of budget

New Delhi, Feb 24 () Fair trade regulator CCI on Monday said it has given nod to acquisition of government's entire stake in THDC India and North Eastern Electric Power Corporation Ltd (NEEPCO) by state-owned NTPC Ltd. As part of transactions, NTPC will acquire 100 per cent of the issued and paid-up share capital of the NEEPCO and 74.5 per cent stake in THDC India, the Competition Commission of India (CCI) noted in separate releases. Apart from the government's 74.5 per cent stake in THDC India, the rest 25.5 per cent stake is held by the Uttar Pradesh government, it added. NTPC is a maharatna company having presence in the power generation business. Among other activities, it is engaged in the business of electric power generation through coal based thermal power plants, CCI said. In November 2019, Finance Minister Nirmala Sitharaman had said the government will sell its stake in THDC India and NEEPCO to NTPC Ltd. SRS SHWSHW

CCI approves NTPC's stake-buy in NEEPCO, THDC India

New Delhi, Feb 23 () The government is keen to sell its stake in THDC India and North Eastern Electric Power Corporation (NEEPCO) to state-owned NTPC in the current fiscal, according to a source.The acquisition is expected to fetch around Rs 10,000 crore to the exchequer."The government is keen to complete the transaction whereby the NTPC would acquire government's stake in THDCIL (THDC India Ltd) and NEEPCO this fiscal only for meeting its revised disinvestment target of Rs 65,000 crore for the 2019-20," the source said.The government had earlier proposed to raise Rs 1.05 lakh crore from disinvestment during 2019-20. However, in the budget presented earlier this month, it reduced the divestment target to Rs 65,000 crore.The government has garnered Rs 18,345.06 crore from divestments in public sector undertaking so far, as per DIPAM portal."The government would leave no stone unturned for concluding the deal this fiscal itself. Now it is necessary to meet the disinvestment target."This will not happen first time. Last year also, Power Finance Corporation had concluded the deal to acquire entire government stake in REC Ltd for Rs 14,500 crore on March 28 , 2019," the source said.The transaction had helped the government meet its disinvestment target of Rs 80,000 crore for 2018-19.NTPC had engaged SBI Capital for evaluation of the deal. The Department of Disinvestment and Public Asset Management (DIPAM) had engaged RBSA Advisors for evaluating NEEPCO, and Deloitte for THDCIL transactions.In November last year, the Cabinet Committee on Economic Affairs (CCEA) had approved a proposal of the finance ministry for divestment of central government's stake in THDCIL and NEEPCO. Later, the NTPC board approved the acquisition deal on January 27, 2020.The government's shareholding of 74.23 per cent in THDCIL will be divested along with transfer of management control to the NTPC.Similarly, the government's stake of 100 per cent in NEEPCO will be divested along with transfer of management control to the power giant.The Budget has pegged the NTPC's capital investment a tad higher at Rs 21,000 crore for 2020-21 from Rs 20,000 crore budgeted for 2019-20.According to the company's annual report, NEEPCO's net worth as on March 31, 2019 was Rs 6,301.29 crore.The net worth of THDCIL was Rs 9,280.78 crore as on March 31, 2019.According to NEEPCO's website, the company operates seven hydro, one solar and three thermal power stations with a combined installed capacity of 1,457 MW.NEEPCO also has one 600 MW hydro power project under development. It is scheduled for commissioning in the current fiscal.THDCIL's total installed power generation capacity is 1,513 MW. It has two hydro power generating stations -- Tehri (4X250 MW) and Koteshwar (4X100 MW) and two operational wind power plants in Gujarat -- one at Patan (25X2 MW) and another at Devbhumi Dwarka (30X2.1 MW). KKS BAL

Govt keen to sell stake in THDCIL, NEEPCO to NTPC this fiscal

The core group of secretaries on disinvestment— all finance ministry secretaries, corporate affairs secretary and law secretary— is likely to meet today (October 28) and discuss the proposed stake sale in Air India by the Indian government. It will be the group's second meeting this month. The Narendra Modi government is striving to sell Air India to a private player after failing to find a bidder in its previous term. Recently, the cabinet approved new process for strategic disinvestment making possible stakeholder consultation before inviting bids. So far, the strategic disinvestment process didn't allow for stakeholder consultation before the government issued EOI. Today's meeting could move towards the next step of Expression of Interest (EoI) draft of Air India, sources told IANS. Air India's total debt stands at around ₹58,000 crore and cumulative loss, ₹70,000 crore. In the financial year ending March 31, 2019, the airline is estimated to have reported a loss of ₹7,600 crore. At the earlier meeting, the group of top bureaucrats cleared strategic sale in Bharat Petroleum Corporation of India (BPCL), Shipping Corporation of India (SCI), BEML and Container Corporation of India, and also discussed the EoIs for Air India. Stake sales in two power PSUs —THDC India and Neepco — were also approved. These two PSUs could be taken over by state-run NTPC. With inputs from IANS SEE ALSO: <a href="https://www.businessinsider.in/air-india-will-remain-with-an-indian-company-even-after-sale-says-minister/articleshow/70174990.cms" data-type="tilCustomLink" target="_blank">Air India will remain with an Indian company even after sale, says Minister</a>

India's top bureaucrats are meeting today to discuss Air India stake sale plan

<ul><li>At 7:49 am the SGX Nifty was trading 0.69% higher, 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>Amid positive cues from Asian markets, the Indian stock market is likely to open in green. At 7:49 am, the SGX Nifty was trading 0.69% higher. Other Asian markets are also trading in the green — Hong Kong’s Hang Seng Index was up 0.60%, and the Shanghai Composite Index was up nearly 0.18%. These are the stocks to watch out for during the trading session on September 28: Hero MotoCorp According to<a href="https://www.timesnownews.com/business-economy/companies/article/harley-davidson-close-to-deal-with-indias-hero-motocorp-after-stopping-local-manufacturing-sources/657938"> media reports</a>, the US bike maker Harley Davidson is in talks with the Indian two-wheeler major Hero MotoCorp to enter into a distribution arrangement that will allow the Indian company to import and sell Harley bikes as its sole distributor. The shares of Hero MotoCorp ended 3% higher on Friday. SBI and Future Group stocks Media <a href="https://www.thehindubusinessline.com/money-and-banking/biyani-close-to-deal-with-sbi-to-future-proof-insurance-arms/article32709290.ece">reports </a>suggest that as a part of a plan to cut down on debt, the Kishore Biyani-owned Future Group companies are set to ink a deal with State Bank of India for the sale of both the general and life insurance segments. This may move other Future Group stocks as well such as — Future Lifestyle, Future Retail and Future Enterprises. Reliance Industries (RIL) Silver Lake Partners has <a href="https://www.businessinsider.in/retail/news/reliance-retail-raises-1-billion-from-silver-lake-valuing-the-chain-at-57-billion/articleshow/78009435.cms">picked up 1.75% stake</a> in the retail arm of Mukesh Ambani owned RIL. The company invested ₹7,500 crore into its arm Reliance Retail Ventures Ltd (RRVL). The shares of RIL ended 1% higher on Friday. NTPC Ltd The state-owned NTPC Ltd said it has successfully synchronised a 660-MW unit of its supercritical thermal power plant in Bihar with the grid. The company said it would help the commercial generation of electricity from it. The shares of NTPC ended 2.36% higher on Friday. Videocon Industries ad BPCL The state-owned Bharat Petroleum (BPCL) has been forced to pay for its defaulting partner Videocon Industries after it had relied on a rarely used model to acquire a stake in five oil blocks in Brazil, according to <a href="https://energy.economictimes.indiatimes.com/news/oil-and-gas/bpcl-pays-for-defaulting-videocon-in-brazil-oil-block/78355979">reports</a>. The shares of Videocon Industries ended 5% lower on Friday, whereas BPCL shed nearly a percent. Sun Pharma The drug major Sun Pharma in its Annual Report for 2019-20 said the company is looking to expand its speciality business across different regions like Greater China and Japan after having established presence in the US market. The shares of Sun Pharma ended 0.72% higher on Friday. Berger Paints India’s second-largest paint maker, Berger Paints said that despite the coronavirus uncertainty its capital expenditure for this fiscal year remains unaffected and will be the same as last year. The major investment will be in its upcoming Sandila plant near Lucknow of around Rs 260 crore, and the plant is expected to be operational from 2022 onwards. The shares of Berger Paints ended 0.88% higher on Friday. Vodafone Idea The telecom regulator TRAI has decided to drop proceedings against Vodafone Idea in priority plan matter after the telco withdrew contentious claims on faster speed and modified its offering. The shares of Vodafone Idea ended 12% higher on Friday. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/how-to-check-cams-ipo-share-allotment-status/articleshow/78311094.cms" data-type="tilCustomLink">CAMS IPO allotment: Here’s how to check share allotment status</a> <a href="https://www.businessinsider.in/business/auto/news/the-list-of-global-auto-companies-exiting-india-in-last-five-years-including-harley-davidson-fiat-and-general-motors/slidelist/78315633.cms" data-type="tilCustomLink">Harley Davidson is the latest to join the list of global auto companies exiting India in last five years — Here’s a closer look</a> <a href="https://www.businessinsider.in/stock-market/news/heres-how-to-check-chemcon-speciality-chemicals-ipo-share-allotment-status-online/articleshow/78328884.cms" data-type="tilCustomLink">Chemcon IPO allotment: Here’s how to check share allotment status</a>

Top stocks to watch— SBI, RIL, Hero Moto, NTPC, Sun Pharma, Vodafone Idea, Berger Paints and others

<ul><li><keyword id="19986399" type="General" weightage="20" keywordseo="Tata-Electronics" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Electronics" meta.hostid="261" meta.entityid="Tata Electronics">Tata Electronics</keyword> has reportedly closed a deal to acquire a majority stake in Pegatron’s iPhone plant in India.</li><li>The Pegatron plant has a production capacity of five million iPhones annually.</li><li>This will be the company’s third iPhone manufacturing plant in India.</li></ul> Tata Electronics continues to strengthen its smartphone manufacturing business in India as it has reportedly sealed a deal to acquire a majority stake in Taiwanese contract manufacturer Pegatron iPhone plant in India. Earlier reports had revealed that Pegatron is in talks with Tata to sell its Chennai plant as part of Cupertino tech giant Apple’s strategy to diversify manufacturing outside of China amid geopolitical tensions between Beijing and Washington. <div type="Article" hostid="261" msid="113204340" title="iPhone 16 Pro and iPhone 16 Pro Max with bigger displays, A18 Pro chipset launched starting at ₹1,19,900" mstype="2" mssubtype="0"></div> According to a<a href="https://www.reuters.com/markets/deals/tata-seals-deal-with-pegatron-iphone-plant-indias-tamil-nadu-sources-say-2024-11-17/"> report</a> by Reuters, Tata has agreed to acquire a 60% stake in a new joint venture with Pegatron that will see the Indian conglomerate oversee the day-to-day operations while Pegatron offers technical support, as per two sources familiar with the deal. The financial details of the deal have not been made public and the two companies reportedly plan on filing for approval from the Competition Commission of India (CCI) soon. <h2>Tata’s iPhone production in India to get a boost</h2>Tata already operates an iPhone assembly plant in Karnataka, which it acquired from Taiwanese giant Wistron last year. The company is building a second plant in Hosur, Tamil Nadu. The new plant as part of its partnership will give a boost to Tata’s iPhone production capabilities and make it the only company manufacturing iPhones in India apart from Foxconn. <div type="Article" hostid="261" msid="113203568" title="iPhone 16, iPhone 16 Plus with A18 chipset launched starting at ₹79,900" mstype="2" mssubtype="0"></div> The Pegatron facility has around 10,000 employees and has the capacity to manufacture five million iPhones annually. India, which contributed to around 12 to 14% of total iPhone shipments in 2023 is expected to contribute around 20 to 25% of shipments this year. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/webstories/ntpc-green-energy-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/115403791.cms">NTPC Green Energy IPO – GMP, risk factors and all you need to know</a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-grow-5-6-in-q3-2024-vivo-leads-the-market/articleshow/115329847.cms">Indian smartphone shipments grow 5.6% in Q3 2024, Vivo leads the market</a> <a href="https://www.businessinsider.in/entertainment/news/jiostar-announces-plans-starting-at-15-heres-everything-you-need-to-know/articleshow/115326701.cms">JioStar announces plans starting at ₹15 – here’s everything you need to know</a>

Tata to buy a majority stake in Pegatron's iPhone plant in India

Mumbai, Jul 16 () Despite the massive disruptions due to the pandemic, deal street was vibrant in the first half of 2020 with M&amp;A value rising 14.5 per cent to USD 43.54 billion, thanks to Reliance contributing nearly half of the deal value, according to a report. However, as per the data collated by Mergermarket, the deal count dipped 24.7 per cent to 183 transactions during the period under review. Between late April and June, Reliance Industries sold nearly 25 per cent in its telecom arm Jio Platforms to 10 investors, including Facebook, which snapped up 9.99 per cent for over Rs 43,000 crore. Together, Reliance raised around Rs 1.2 lakh crore, including through the largest QIP sale for over Rs 53,100 crore. Beginning April 22, Reliance sold 24.71 per cent stake in Jio to Facebook, Silver Lake Partners, General Atlantic, KKR and other investors scooping up USD 15.27 billion. The selling spree continued into July with the latest being Google picking up 7.7 per cent for over Rs 33,700 crore on Wednesday. "H1 M&amp;As increased 14.55 per cent to USD 43.54 billion in value despite the pandemic, largely thanks to a series of stake sale by Jio Platforms to 10 investors since April, despite a 24.69 per cent year-on-year drop in volume to 183 transactions from 243 deals in H1 of 2019 generating USD 38 billion," Mergermarket said. Though the in-bound deals came down 28.8 per cent to 89, the deal value increased to USD 26.9 billion compared to USD 21.38 billion from 125 deals in H1 of 2019. This was in spite of the deal value plunging from USD 20.22 billion to USD 6.68 billion, while in volume the same dipped to 42 from 47 deals. According to the data, the first half deal value of USD 26.9 billion through 89 transactions represents 71.66 per cent of the USD 37.53 billion from 242 deals reported in FY19. The out-bound deals dipped 37.6 per cent to USD 881 million across 21 deals from USD 1.42 billion from 34 transactions in H1 of 2019. This makes the first half to be the worst in terms of outbound deal value and deal count since the first half of 2014 at USD 650 million from 33 deals. Domestic M&amp;As generated USD 16.64 billion, on par with the last year levels, but the deal count shrank 20.3 per cent to 94. The largest domestic deals were the acquisition of Aircel by a group of investors including UVARC for USD 2.6 billion and the 75 per cent stake sale in Krishnapatnam Port Company to Adani Ports &amp; Special Economic Zone for USD 1.63 billion. Other high-profile deals included divestment of NTPC's hydroelectric power unit THDC for USD 1.5 billion and power utility Neepco for USD 1.44 billion. Private equity buyouts jumped by 48 per cent to USD 9.07 billion across 53 deals from USD 6.1 billion across 66 deals. The telecom sector accounted for almost 67 per cent of total such deals in value worth USD 6.1 billion across seven deals. Mergermarkets expects deal-making volume to further fall as the economy remains crippled and the uncertainties over the potential re-emergence of the pandemic. Infrastructure, renewables and pharma and healthcare may attract investments in the second half as deals that are at advance stage could get closed. JB Chemicals sold its majority stake to KKR for USD 617 million earlier this month and a few other deals in the pharma segment include Adar Poonawala's Serum Institute looking to raise up to USD 1 billion for its pandemic division to develop vaccines. In the renewables sector, Sembcorp Energy, IL&amp;FS and Mytrah Energy are in active discussions planning to sell stakes to PEs. BEN BAL BAL

Deal street jumps 14.5% in H1 to $43.5 bn on Jio stake sales

New Delhi, Nov 21 () Oil Minister Dharmendra Pradhan on Thursday hinted that public sector firms such as Indian Oil Corporation (IOC) may not be allowed to bid for buying government stake in Bharat Petroleum Corporation Ltd (BPCL), for which a buyer may have to shell out as much as Rs 90,000 crore.
 The Cabinet Committee on Economic Affairs had on Wednesday decided to sell the government's entire stake in the country's second-largest state refiner BPCL and India's largest shipping company Shipping Corporation of India (SCI). It also approved privatisation of Container Corporation of India while also giving nod to paring stake below 51 per cent in select public sector undertakings but without losing control.
 "Since 2014, we have a clear vision that the government has no business to be in business," Pradhan told reporters here. "We have examples of 2-3 sectors such as telecom and aviation where ushering in private participation has led to customers benefiting from price cuts, efficiency, and better service. And yesterday (on Wednesday), several reformist decisions were taken."
 BPCL will give buyers ready access to 14 per cent of India's oil refining capacity and about one-fourth of the fuel marketing infrastructure in the world's fastest-growing energy market.
 It, however, will be sold after carving out Numaligarh Refinery from its portfolio and given to a pubic sector unit.
 "Numaligarh refinery was set up as per Assam Accord and it will remain a public sector unit. Assam Chief Minister had requested Prime Minister (Narendra Modi) to retain public sector character of Numaligarh Refinery and that has been accepted," he said.
 Pradhan, however, did not say if IOC or Oil India Ltd, which already has a stake in the refinery and also supplies crude oil to it, will take over the unit.
 "The details have to be worked out," he said. "Finance Minister (Nirmala Sitharaman) has stated that the privatisation of BPCL will happen this fiscal and we hope to adhere to the timeline."
 Asked if public sector units will be allowed to bid for the government's 53.29 per cent stake, he said: "Nitty gritty and details of the disinvestment process will have to be worked out but when I say the government has no business to be in business, it is indicative of possible future course of action."
 At the current trading price of BPCL, the government's 53.29 per cent stake is valued at a shade less than Rs 62,000 crore. On top of this, the acquirer will have to make an open offer to buy an additional 26 per cent stake from minority shareholders for about Rs 30,000 crore.
 Last year, the government had sold its entire stake in Hindustan Petroleum Corp Ltd (HPCL) to state-owned Oil and Natural Gas Corp (ONGC) for Rs 36,915 crore.
 Pradhan said the privatisation of BPCL was following the policy of ushering in greater competition in sectors that can sustain on their own.
 Greater private participation, like in the telecom and aviation sector, will bring about efficiencies and better service to consumers, he said.
 The CCEA had on Wednesday also approved the sale of an entire 63.75 per cent government holding in SCI and 30.8 per cent out of the government's 54.80 per cent stake in Container Corp of India (Concor).
 Besides, the government will sell its entire holding in THDC India Ltd (THDCIL) and North Eastern Electric Power Corp Ltd (NEEPCO) to state-owned power generator NTPC Ltd, the finance minister has said.
 The government holds 74.23 per cent in THDCIL and 100 per cent NEEPCO.
 Parallelly, the Cabinet had also approved reducing government stake in select PSUs such as IOC to below 51 per cent while continuing to retain management control.
 The management control will continue to be retained with the government after considering equity held by other state-owned companies in the divested firm.
 The government, currently, holds 51.5 per cent in IOC and another 25.9 per cent through state-owned Life Insurance Corp of India (LIC), and explorers ONGC and Oil India Ltd (OIL), and the government can potentially sell 26.4 per cent for about Rs 33,000 crore.
 A similar formula can also apply to ONGC and gas utility GAIL India Ltd.
 The stake sales are critical for the government to meet its disinvestment target of Rs 1.05 lakh crore set for the current financial year.
 At current prices, the government's 30.8 per cent stake in Concor is worth about Rs 10,800 crore, while stake sale in SCI will fetch just over Rs 2,000 crore.
 BPCL operates four refineries in Mumbai, Kochi (Kerala), Bina (Madhya Pradesh) and Numaligarh (Assam) with a combined capacity of 38.3 million tonnes per annum, which is 15 per cent of India's total refining capacity of 249.4 million tonnes. After removing three million tonnes capacity of the Numaligarh refinery, the new buyer will get 35.3 million tonnes of refining capacity.
 It also owns 15,177 petrol pumps and 6,011 LPG distributor agencies in the country. Besides, it has 51 LPG (liquefied petroleum gas) bottling plants. The company distributes 21 per cent of petroleum products consumed in the country by volume as of March this year and has more than a fifth of the 250 aviation fuel stations in the country.
 The government is keen to get international energy majors such as Saudi Aramco, Total SA of France and ExxonMobil to operate in the downstream fuel marketing business so as to bring in greater competition.
 Currently, 95 per cent of retail petrol and diesel sales and near 100 per cent of cooking gas (LPG) and kerosene sales are controlled by the public sector units.
 As on March 31, BPCL reported cash and cash equivalents of around Rs 5,300 crore, against Rs 10,900 crore of debt maturing over the next 15 months. ANZ HRS

IOC, other PSUs not to bid for BPCL, hints Pradhan

<ul><li>Indian stock market indices opened in red on Thursday tracking sell-off in global markets.</li><li>The BSE Sensex was trading nearly a percent lower at 38,270.26 points; while Nifty50 was down or 0.81% at 11,315.60 points.</li><li>These are the top stocks that are buzzing the D-street 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 tumbled over 300 points in early trade on Thursday tracking the sell-off in global markets after the US Fed's gloomy economic outlook spooked investors. The BSE Sensex was trading nearly a percent lower at 38,270.26 points; while Nifty50 was down or 0.81% at 11,315.60 points. ICICI Bank was the top loser in the Sensex pack, shedding around 2%, followed by IndusInd Bank, HDFC, ITC, Asian Paints and Titan. On the other hand, NTPC, PowerGrid, Sun Pharma and Infosys were among the gainers. These are the top stocks that are buzzing the D-street today. Ruchi Soya dives 2% post Q1 earnings <div type="image" title="Ruchi SOya August 20" msid="77648242" hostid="261"></div> Patanjali Group firm Ruchi Soya shares declined 2% during the early trading hours on Thursday. The company reported around 13% decline in its net profit to ₹12.25 crore for the first quarter ended June 30. It also announced the resignation of Acharya Balkrishna as managing director of the company. Ram Bharat, Baba Ramdev’s younger brother, will replace Balkrishna. Muthoot Finance decline 5% <div type="image" title="Muthoot Fianance August 20" msid="77648250" hostid="261"></div> Shares of one of the largest NBFC gold loan lenders declined 5% during the trade hours on August 20. Although the company posted a 59% rise in standalone net profit in the June quarter, the inventors were cautious about sustainable growth. <a href="https://www.livemint.com/market/mark-to-market/gold-makes-muthoot-finance-shine-in-q1-but-investors-want-growth-sustainability-11597841856611.html">According to reports</a>, the recent surge in gold loans is because people are struggling to pay the dues as the pandemic impacted pockets. Therefore, the growth rates could peter out in the coming quarters. IRCTC lost over 1% during the morning trade <div type="image" title="IRCTC shares" msid="77648259" hostid="261"></div> Shares of partly state-owned hospitality company IRCTC shares declined nearly 1% after news surfaced that the government is looking to reduce its shareholding via an offer of sale. <a href="https://www.timesnownews.com/business-economy/companies/article/indian-railways-irctc-next-on-modi-government-s-disinvestment-agenda-report/639539">According to reports</a>, The department of investment and public asset management (Dipam) has invited bids from merchant bankers and brokers. It aims to divest part of the government’s shareholding of 87.4% in the IRCTC, which was listed on the bourses last year. Tata Power gained over 4% <div type="image" title="Tata power" msid="77648296" hostid="261"></div> Tata Power share soared 4% after the company said after launching its renewable energy InvIT this fiscal year, it would also explore merger and acquisition opportunities to strengthen its position in this space. HAL shares declined over 3% <div type="image" title="HAL" msid="77648311" hostid="261"></div> HAL lost nearly 3% during the morning trade hours after <a href="https://www.moneycontrol.com/news/business/economy/government-may-sell-5-stake-in-hal-via-offer-for-sale-5728591.html">news reports</a> surfaced that Centre is planning to sell 5% stake in state-owned defence player Hindustan Aeronautics (HAL) via an offer for sale. As of now, the central government owns a 90% stake in HAL, and it is expected to rake in up to ₹2,000 crore. DLF gained over 2% <div type="image" title="DLF" msid="77648341" hostid="261"></div> Realty major DLF gained over 2% during the morning trade after the US-based property player Hines secured a ₹2,600 crore loan from HDFC to construct a prime office complex in Gurugram. “The second joint venture between Hines and DLF has secured a construction loan of ₹2,600 crore from HDFC Ltd,” Hines said. <keyword id="6426359" type="COMPANY" weightage="20" keywordseo="pnb-housing-finance">PNB Housing Finance</keyword> up nearly 3% <div type="image" title="PNB Housing" msid="77648370" hostid="261"></div> PNB Housing Finance shares gained nearly 3% after its board on Wednesday approved raising up to ₹1,800 crore equity capital through a preferential or rights issue. Yes Bank and CG power gains nearly 3% and 5%, respectively <div type="image" title="Yes" msid="77648396" hostid="261"></div> Yes Bank shares were up 3% after the company exited <keyword id="9788653" type="COMPANY" weightage="20" keywordseo="cg-power-industrial-solutions-ltd">CG Power &amp; Industrial Solutions Ltd</keyword> (CG Power) by selling its entire stake-holding in the company. Whereas on the other hand CG Power also gained 5%. Yes Bank has sold 6,34,00,000 equity shares having a nominal value of ₹2 each, constituting 10.12% of the share capital of CG Power in various tranches, last being on August 18, 2020, the private sector lender said in a regulatory filing. SEE ALSO:<a href="https://www.businessinsider.in/business/startups/news/swiggy-ran-a-massive-thank-you-campaign-for-its-delivery-heroes-two-months-later-those-heroes-are-protesting-against-reduced-cuts-and-slashed-incentives/articleshow/77647502.cms" data-type="tilCustomLink"> Swiggy ran a massive ‘thank you’ campaign for its delivery heroes – two months later, those heroes are protesting against reduced pay and slashed incentives</a> <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-today-sbi-dlf-pnb-housing-yes-bank-ruchi-soya-titan-company-and-more/articleshow/77646162.cms" data-type="tilCustomLink">Top stocks to watch today— SBI, DLF, PNB Housing, Yes Bank, Ruchi Soya, Titan Company and more</a>

Top stock movers on Dalal Street today —Ruchi Soya, Muthoot Finance, IRCTC, HAL, Tata Power, Yes Bank and more

Mumbai, May 7 () Equity indices ended lower after range-bound trade on Thursday as risk-off mood took hold amid a spike in coronavirus cases in the country. Strong selling in banking, financials and consumption stocks weighed on the benchmarks, despite positive global cues, traders said. The 30-share BSE Sensex dropped 242.37 points or 0.76 per cent to close at 31,443.38. The broader NSE Nifty slipped 71.85 points, or 0.78 per cent, to 9,199.05. ONGC was the top loser in the Sensex pack, slumping 4.54 per cent, followed by NTPC, Kotak Bank, Bharti Airtel, Titan and Bajaj Auto. Index heavyweights HDFC Bank and HDFC slipped up to 2.26 per cent, accounting for most of the benchmark's losses. Only five Sensex constituents finished in the green -- IndusInd Bank, M&amp;M, Reliance Industries, Axis Bank and Tech Mahindra, spurting up to 6.58 per cent. "Markets traded dull and settled with a cut of over half a per cent amid mixed cues. In line with the benchmark, it was a muted session on the sectoral front too and the majority ended in the red. However, movement on the stock-specific kept the participants busy. "The recent surge in COVID-19 cases in India and the unending wait of the stimulus package has started taking a toll on the investors' sentiment. Besides, subdued earnings announcements are adding to the worries," said Ajit Mishra, VP - Research, Religare Broking Ltd. Meanwhile, GSK sold its 5.7 per cent stake in FMCG major HUL for around Rs 25,480 crore -- reportedly the largest secondary trade on Indian stock exchanges. Sectorally, BSE power, utilities, consumer durables, telecom, capital goods, FMCG and finance indices shed up to 2.47 per cent, while the energy index closed with gains. Broader BSE midcap and smallcap indices fell up to 0.53 per cent. World equities were buoyed by stronger-than-expected Chinese exports data, though the coronavirus pandemic and US-China tensions remained an overhang. Bourses in Shanghai, Hong Kong and Seoul ended in the red, while Seoul closed with gains. Stock exchanges in Europe were trading higher in early deals. International oil benchmark Brent crude futures rallied 4.98 per cent to USD 31.20 per barrel. The forex market in India was shut on account of 'Buddha Purnima'. The number of coronavirus cases in India climbed to 52,952, while the death toll rose to 1,783, according to the health ministry. Globally, the number of cases linked to the disease has crossed 37.55 lakh and the death toll has topped 2.63 lakh. ANS ABMABM

Benchmarks resume slide as virus cases spurt; banks top drag

<ul><li>The Indian wearable market has declined for the second consecutive quarter.</li><li>The smartwatch segment has recorded a huge decline in shipments in Q3 2024.</li><li>The earwear segment has also declined, while the smart ring segment remains strong.</li></ul>The <keyword id="22725790" type="General" weightage="20" keywordseo="Indian-wearables-market" source="keywords">Indian wearables market</keyword> has declined for the second consecutive quarter, recording a 20.7% year-on-year decline in shipments in Q3 2024. There was a 10% decline in shipments in Q2 2024. According to a report by the International Data Corporation, 38 million devices were shipped in the country’s wearables market in Q3 2024. The decline is being attributed to a reduction in new product launches and a cautious inventory strategy. <h2>Smartwatch shipments decline</h2>The smartwatch category recorded a decline of 44.8% as shipments declined from 16.92 million devices in Q3 2023 to 9.34 million in Q3 2024. Not just the basic smartwatches, the shipments of premium smartwatches also declined by 39.9% year-on-year. The Smartwatch average selling price (ASP) however increased by 1.4% from $25.8 to $26.2. The wristband category, which remained strong in Q2 has also declined in Q3, recording a 48.4% year-on-year decline in shipments. The earwear category also struggled, with a 7.5% decline in shipments from 30.29 million in Q3 2023 to 28.52 in Q3 2024. <h2>The smart ring category continues to shine</h2>The smart ring market has remained strong, with 92 thousand smart rings shipped in Q3 2024. The quarter also recorded a decline in the average selling price of 16.2% to $162.1. Ultrahuman continues to lead the smart ring category in India with a 36.8% market share, boAt comes in second with a 20.5% share and Pi Ring is third with a 16.3% market share. <h2>Smartwatch market share in India</h2><table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 2024 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 2023 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Noise </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">27.40% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">20.70% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">boAt </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">16.80% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">14.20% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Titan </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">12.60% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.10% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fire-Boltt </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.80% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">23.60% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Boult </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.30% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.10% </td></tr></tbody></table> Source: IDC Noise continues to dominate the Indian smartwatch market with a 27.4% market share in Q3 2024, up from a 20.7% market share in Q3 2023. boAt comes in second with a 16.7% market share, up from a 14.2% market share in Q3 2023. “Amid market trends like consolidation, premiumization, and evolving consumer expectations, we have not only weathered these changes but thrived, with a 10-15% year-on-year increase in average selling prices across marketplaces,” said Amit Khatri, Co-Founder, Noise in a statement to Business Insider India. “The smartwatch category remains stressed as we head into 2025 due to undifferentiated products and a limited number of brands in play. Its market is expected to remain flat or decline marginally in 2025,” said Vikas Sharma, senior market analyst, Smart Wearable Devices, IDC India. “However, we are seeing early signs of a gradual consumer shift from basic to advanced smartwatches, as the need for better health tracking with efficient sensors and advanced functionality is gradually coming to the fore,” Sharma added. <h2>TWS market share in India</h2><table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 2024 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 2023 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">boAt </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">36.80% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">38.10% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Boult </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">13.50% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.70% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Noise </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.10% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.70% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Realme </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.90% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.50% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Oppo + OnePlus </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.00% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.10% </td></tr></tbody></table> Source: IDC boAt continues to be the market leader in the TWS segment in Q3 2024 despite a decline in its market share. The company leads the market with a 36.8% market share, with Boult a distant second with a 13.5% market share. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/tata-to-buy-a-majority-stake-in-pegatrons-iphone-plant-in-india/articleshow/115414852.cms">Tata to buy a majority stake in Pegatron's iPhone plant in India</a> <a href="https://www.businessinsider.in/stock-market/webstories/ntpc-green-energy-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/115403791.cms">NTPC Green Energy IPO – GMP, risk factors and all you need to know</a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-grow-5-6-in-q3-2024-vivo-leads-the-market/articleshow/115329847.cms">Indian smartphone shipments grow 5.6% in Q3 2024, Vivo leads the market</a>

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