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New Delhi, Nov 22 () Muthoot Finance on Friday said it will acquire IDBI Asset Management for Rs 215 crore to enter mutual fund space.
The deal, which is subject to necessary regulatory approvals including markets regulator Sebi, is expected to be completed by February-end 2020, Muthoot Finance said in a statement.
Promoted by IDBI Bank in 2010, IDBI Mutual Fund is one of the profit making AMCs in the space with an asset base of over Rs 5,300 crore. The fund house runs 22 schemes with robust asset base across products, geography and investors.
Muthoot Finance said it has "entered into a definitive agreement to acquire IDBI Asset Management (AMC) and IDBI MF Trustee Company".
Upon completion of the transaction, Muthoot Finance will purchase 100 equity shares of IDBI AMC and IDBI MF Trustee Company held by the sellers for a total consideration of Rs 215 crore.
"IDBI Mutual Fund is a trusted player in the mutual fund space with a steady loyal customer base. At Muthoot we pride ourselves in venturing into mutual fund space through such an established player.
"The business objectives and customer centric approach that we follow within Muthoot Group is well aligned with the business objectives of mutual fund industry. We are excited to venture into this new path in the financial services space," Muthoot Finance MD George Alexander Muthoot said.
ICICI Securities acted as the advisors in the transaction to sellers. AZB &amp; Partners was the legal advisor to Muthoot Finance, while J Sagar Associates acted as the legal advisor to the sellers.
In October, Baroda Asset Management and BNP Paribas Asset Management announced to merge their businesses in a bid to leverage each other's strengths to offer products for retail and institutional investors.
Currently, the country's mutual fund industry has 44 players managing assets to the tune of more than Rs 26 lakh crore. SP BAL

Muthoot Finance to buy IDBI AMC, foray into mutual fund space

<ul><li>At 7:40 am, the SGX Nifty was up 0.30%, 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, led by positive cues from the global markets. At 7:40 am, the SGX Nifty was up 0.30%, indicating a positive start for Nifty50. On Monday, the US stocks ended in positive territory as the head of the White House’s Operation Warp Speed said some Americans would be able to receive coronavirus vaccinations by mid-December. The Dow Jones Industrial Average closed 327 points higher, and the S&amp;P 500 was up 0.56%. These are the stocks to watch out for during the trading session today: Oil, paint, aviation stocks in focus Oil, paint and aviation stocks will be in focus during the trade as the<a href="https://www.businessinsider.in/stock-market/news/oil-jumps-to-highest-since-early-september-on-latest-sign-of-vaccine-progress/articleshow/79372419.cms"> crude oil prices </a>continue to rise. Crude oil climbed to its highest price since September 1 on Monday after AstraZeneca announced an encouraging update to the development of its coronavirus vaccine. Crude oil is a key component for manufacturing of paint and turbine fuel. Watch out for the likes of BPCL, HPCL, IOC, Asian Paints, Berger Paints, IndiGo, and others in these sectors. SpiceJet SpiceHealth, a company founded by SpiceJet promoters, has launched a budget Covid test. The company will conduct the Real-Time Polymerase Chain Reaction (RT-PCR) test for COVID-19 starting at ₹499. This will drastically reduce the price of the RT-PCR test which ordinally costs ₹3500. The shares of SpiceJet ended 3% lower on Monday. Ingersoll Rand India The promoter Ingersoll Rand Inc will sell up to 4.52% stake through an Offer for Sale (OFS) at a floor price of ₹578.6/share. The offer opens for non-retail investors today and tomorrow for retail investors. The shares of Ingersoll Rand India ended 3% higher on Monday. Coal India Four trade unions have served a one-day strike notice to the company and its arms on November 26; the company informed investors. Efforts would be made to avert the strike and conciliatory process is going on, it said, without giving out further details. Also, Coal India has raised non-coking coal prices by ₹10 per ton for regulated and non-regulated sectors The shares of Coal India ended 1% higher on Monday. GHCL The stock exchanges have given a no-objection letter for the demerger of the company’s textile business into GHCL Textiles. The shares of GHCL ended 2% higher on Monday. Muthoot Finance Gold loan NBFC Muthoot Finance has tied up with Bajaj Allianz General Insurance to provide insurance on gold jewellery as part of their new initiative - “Muthoot Gold Shield”, which is backed and powered by insurer’s Group Affinity All Risk policy. The policy is designed to provide insurance coverage of gold jewellery articles for customers of the company at the time of closure of a gold loan and the release of gold ornaments. The shares of Muthoot Finance ended 3% lower on Monday. PVR Gemasia has acquired 4.25 lakh shares or 0.77% stake in PVR at ₹1,265.67 per share. The shares of PVR ended 4% higher on Monday. GMR Infra A step-down subsidiary of GMR Infra, GMR Kamalanga Energy is required to pay claims of ₹1,005 crore to SEPCO Electric Power Construction Corporation towards project payments, prolongation costs, as confirmed by the arbitration tribunal. The shares of GMR Infra ended 6% higher on Monday. Jubilant Industries Jubilant Industries to transfer its liquor license and will not manufacture India Made Foreign Liquor hereon. The shares of Jubilant Industries ended 10% higher on Monday. Trigyn Technologies Trigyn Technologies has extended its contract with the United Nations for the provision of I.T. staffing support service till December 2021. The shares of Trigyn Technologies ended 10% higher on Monday. SEE ALSO: <a href="https://www.businessinsider.in/politics/world/news/biden-will-pick-former-federal-reserve-chair-janet-yellen-to-head-the-treasury-department/articleshow/79378968.cms" data-type="tilCustomLink">Biden will pick former Federal Reserve Chair Janet Yellen to head the Treasury Department</a> <a href="https://www.businessinsider.in/politics/world/news/boris-johnson-to-relax-the-national-coronavirus-lockdown-and-allow-households-to-celebrate-together-over-christmas/articleshow/79368293.cms" data-type="tilCustomLink">Boris Johnson relaxes the national coronavirus lockdown and says families can meet to celebrate Christmas</a>

Top stocks to watch — BPCL, IndiGo, Asian Paints, SpiceJet, Coal India, PVR, GMR Infra, Ingersoll Rand, and others

<ul><li>At 7:50 am, the SGX Nifty was up 0.15%, 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 Wednesday, led by positive cues from the global markets. At 7:50 am, the SGX Nifty was up 0.15%, indicating a positive start for Nifty50. On Tuesday, the US stocks surged to a fresh lifetime-high as investors cheered the transition to the Biden administration. The Dow Jones Industrial Average scaled the 30,000 mark for the first time ever, and the S&amp;P 500 ended up 1.62%. These are the stocks to watch out for during the trading session today: RIL The telecom subsidiary Jio of Mukesh Ambani owned RIL has received the subscription amount of ₹33,737 crore from Google International LLC. Jio Platforms Limited has allotted equity shares to Google International, following which it now holds 7.73% of the fully-diluted equity share capital of Jio Platforms. The shares of RIL ended 1.04% higher on Tuesday. Muthoot Finance The RBI has turned down the proposal of Muthoot Finance to acquire IDBI Bank’s mutual fund business, saying sponsoring a mutual fund is not under the activity of an operating NBFC. According to a regulatory filing by IDBI Bank on Tuesday, a share purchase agreement with regard to the sale of IDBI Mutual Fund to Muthoot Finance was signed on November 22, 2019. The shares of Muthoot Finance ended 1.12% lower on Tuesday. Tata Chemicals Tata Chemicals announced that it had appointed N Chandrasekaran as an additional director and chairman of the board of directors of the company, effective November 24. Chandrasekaran also chairs the boards of several other Tata companies, including Tata Steel, Tata Motors, Tata Power, and Tata Consultancy Services (TCS). The shares of Tata Chemicals ended 3% higher on Tuesday. Lasa Supergenerics The Bombay High Court restrained Lasa Supergenerics competitors from manufacturing and dealing in Albendazole. It is one of the key products that make it a market leader worldwide. The shares of Lasa Supergenerics ended 6% higher on Tuesday. Glenmark The S&amp;P has affirmed Glenmark’s rating at BB- while the outlook has been revised to stable. The shares of Glenmark ended 0.24% higher on Tuesday. Ingersoll Rand India The Ingersoll Rand India OFS for non-retail investors was subscribed 2.73 times compared to the shares on offer. The shares of Ingersoll Rand India ended 7% lower on Tuesday. Sreeleathers The board of Sreeleathers approved buyback of up to 20 lakh shares worth ₹32 crore. The shares of Sreeleathers ended 0.64% higher on Tuesday. Hindustan Aeronautics The workmen unions of Hindustan Aeronautics at Bengaluru and Koraput Division have given notice of a nation-wide general strike on November 26. The shares of Hindustan Aeronautics ended 2.31% higher on Tuesday. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/dow-climbs-310-points-as-investors-cheer-transition-to-biden-administration/articleshow/79392874.cms" data-type="tilCustomLink">Dow surges above 30,000 for the first time as investors cheer transition to Biden administration</a> <a href="https://www.businessinsider.in/stock-market/news/indian-stock-market-sensex-and-nifty-hit-record-high-some-experts-say-it-is-the-final-leg-of-the-vaccine-euphoria/articleshow/79389670.cms" data-type="tilCustomLink">Markets hit record high — some experts say it is the final leg of the vaccine euphoria</a>

Top stocks to watch — RIL, Ingersoll Rand, Muthoot Finance, Tata Chemicals, Glenmark, and others

<ul><li>At 7:49 am the SGX Nifty was trading 0.68% higher pointing towards a muted 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 the weak cues from the global market, the sell-off in the Indian stock market is likely to continue. Meanwhile, at 7:49 am the SGX Nifty was trading 0.68% higher. US stocks fell for the third consecutive session on Monday in a row amid the fear of the second lockdown in Europe and the rising uncertainty on negotiations with the next round of fiscal stimulus in the US. The Dow Jones Industrial Average tanked 509.72 points, and the S&amp;P 500 lost 1.16% towards the end of trading Asian markets also opened on a weak note. Hong Kong’s Hang Seng Index was trading 185 points lower, and the Shanghai Composite Index was down nearly 1% at 8:05 am. These are the stocks to watch out for during the trading session on September 22: State Bank of India The country’s largest lender State Bank of India on Monday said it had raised ₹7,000 crores by issuing Basel III compliant bonds. “The Committee of Directors for Capital Raising at its meeting of held today on September 21, 2020, accorded its approval to allot 70,000 Basel III compliant non-convertible, taxable, redeemable...debt instruments in the nature of debentures aggregating to ₹7,000 crore, to bond subscribers,” SBI said in a regulatory filing to stock exchanges. The shares of SBI ended 4% lower yesterday. HSIL Limited The board of directors of HSIL in a meeting held yesterday approved the proposal for buyback of fully paid-up equity shares of the face value of ₹2 each from the open market, amounting to ₹70 crore. The shares of HSIL Limited ended 1% lower yesterday. Bombay Burmah Trading The Wadia group-owned, Bombay Burmah Trading told investors that its board would meet on September 24, to consider the proposal of raising up to ₹75 crore via non-convertible debentures. The company in a stock exchange filing said it aims to use that money for a private placement basis. The shares of Bombay Burmah Trading ended 2% lower yesterday. GMM Pfaudler GMM Pfaudler said the company's promoter would sell 25.71 lakh shares via offer for sale at a floor price set at ₹3,500 per share on September 22 and 23. The shares of GMM Pfaudler ended 3% lower yesterday. Muthoot Finance, Manappuram Finance, IIFL Finance Fitch Ratings took rating action on the long-term issuer default ratings of four non-bank financial companies. For Manappuram Finance rating has been affirmed at ‘BB-’ and ‘Rating Watch Negative’ (RWN) has been removed. Whereas Muthoot Finance’s rating has also been affirmed at ‘BB’, but RWN has been removed. The shares of Muthoot Finance, Manappuram Finance and IIFL Finance ended 6%, 4% and 5% lower yesterday, respectively. Route Mobile The recently debuted Route Mobile received a stellar response from investors. The company dominated the bulk deals on Monday. Goldman Sachs acquired 24.09 lakh shares at the debut for ₹705.95 per share, and Kuwait Investment Authority acquired 5.79 lakh shares at ₹697.25 per share. The shares of Route Mobile ended 8% lower yesterday. IPO watch: CAMS, Angel Broking and Chemcon Speciality Chemicals CAMS and Chemcon Speciality Chemicals were subscribed 0.82 times and 5.20 times respectively yesterday. Today is the day two for CAMS and Chemcon investors to invest in the IPO. Angel Broking IPO will open today for subscription and will remain open until September 24. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/interview-angel-broking-ceo-believes-the-600-crore-ipo-will-ride-the-digital-euphoria/articleshow/78235409.cms" data-type="tilCustomLink">INTERVIEW: Angel Broking CEO believes the ₹600 crore IPO will ride the ‘digital’ euphoria</a> <a href="https://www.businessinsider.in/business/corporates/news/chemcon-speciality-chemicals-318-crore-ipo-heres-what-works-and-what-doesnt/articleshow/78231465.cms" data-type="tilCustomLink">Chemcon Speciality Chemicals ₹318 crore IPO fully subscribed within two hours — Here’s what works and what doesn't</a>

Top stocks to watch— State Bank of India, GMM Pfaudler, HSIL, Route Mobile, Muthoot Finance, Manappuram Finance, CAMS, Chemcon and others

New Delhi, <keyword id="2829846" type="PERSON" weightage="20" keywordseo="Muthoot-Homefin">Muthoot Homefin</keyword> aims to disburse <keyword id="35519" type="PERSON" weightage="20" keywordseo="home-loans">home loans</keyword> worth ₹700 crore in the upcoming financial year (FY2021-22). In a statement, the company said that over the past five years since its inception, <keyword id="6631254" type="DOMAIN" weightage="20" keywordseo="Muthoot">Muthoot</keyword> Homefin has disbursed over ₹2,600 crore home loans. Currently, it has assets under management (AUM) of ₹1,800 crore with <keyword id="6363823" type="UNKNOWN" weightage="20" keywordseo="operations">operations</keyword> in 16 states and Union territories of India serving more than 22,000 customers. "For the coming year, in addition to further penetration into the existing geographies, Muthoot Homefin also plans to expand its operations in the southern states of India and aims to disburse up to ₹700 crore of home loans in FY 2021-22," it said. It also added that the company's credit rating has been upgraded to "AA+ (stable)" from "AA (positive)" by Crisil during the week ended Friday and the upgrade will allow the company to raise funds at competitive interest rates, thereby passing on the benefits to its end customers, it added. George Alexander Muthoot, Managing Director said: "Muthoot Homefin is aiming to disburse Rs 700 crore of home loans in FY 2021-22. We are steadfastly progressing on taking the 'Housing for All' initiative of the government to the farthest tier II and III locations in the country in order to support the affordable housing needs and aspirations of every Indian." As of now, the company will be focusing on expanding its housing finance operations in the southern states of the country. "With the additional focus towards collections in FY2020-21, the company has been able to contain delinquencies on the portfolio during the pandemic and have now stabilised its collections," the MD said. Muthoot Homefin (India) Limited is a wholly-owned subsidiary of <keyword id="163007" type="DOMAIN" weightage="20" keywordseo="Muthoot-Finance">Muthoot Finance</keyword>. It operates as an affordable housing finance company. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/nurecas-100-crore-ipo-heres-how-to-check-share-allotment-status/articleshow/81135236.cms">Nureca’s ₹100 crore IPO: Here’s how to check share allotment status</a> <a href="https://www.businessinsider.in/travel/article/exploring-the-unreal-beauty-of-the-andaman-islands/articleshow/81126293.cms">Exploring the unreal beauty of the Andaman Islands</a> <a href="https://www.businessinsider.in/entertainment/news/pewdiepies-lyrics-targeting-cocomelon-and-jk-rowling-that-may-have-gotten-youtube-angry-enough-to-pull-the-video-down/articleshow/81102941.cms">PewDiePie's lyrics targeting CocoMelon and JK Rowling may have gotten YouTube angry enough to pull the video down</a> <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-gets-leaner-with-a-300-million-jabong-write-off-as-ceo-kalyan-krishnamurthy-lists-out-the-priorities-for-2021/articleshow/81105083.cms">Flipkart gets leaner with a $300 million Jabong write-off as CEO Kalyan Krishnamurthy lists out the priorities for 2021</a>

Muthoot Homefin aims to disburse ₹700 crore home loans in FY22

New Delhi, Feb 17 () Muthoot Finance shares on Monday touched a new high and closed over 17 per cent up after the company reported 66 per cent jump in consolidated net profit for December quarter.The stock settled 17.04 per cent up at Rs 873.85 on the BSE. During the day, it jumped 18.04 per cent to touch its 52-week high at Rs 881.35.On the NSE, it rose 17.75 per cent to close at Rs 879.50. It hit its 52-week high of Rs 882, gaining 18.08 per cent.More than 1.9 crore shares were traded on the NSE and 5.85 lakh units on the BSE.In terms of shares traded, the spurt in volume was more than 13.32 times on the BSE during the day.The market capitalisation of Muthoot Finance increased by over Rs 5,100 crore to Rs 35,038.65 crore. Muthoot Finance on Friday reported 66 per cent jump in consolidated net profit to Rs 803 crore for December quarter 2019.The company's net profit was at Rs 485 crore in the corresponding period a year ago. Total income increased by 35 per cent to Rs 2,313 crore during the quarter under review from Rs 1,717 crore in the year-ago period, it said in a release. RUJ ANUANU

Muthoot Finance stock up 17 pc, hits 52-week high

<ul><li><keyword id="163007" type="General" weightage="80" keywordseo="muthoot-finance" source="Orion">Muthoot Finance</keyword>'s new <keyword id="6354839" type="General" weightage="20" keywordseo="marketing" source="Orion">marketing</keyword> campaign titled 'Haathi Pe Bharosa Karogey Toh Pakka Jeetogey!' is all about having belief and trust in the brand, which has two elephants in its logo.</li><li>The integrated campaign will be seen across television, print, outdoor, internet and point of sale, besides other mediums.</li></ul>Financial services brand Muthoot Finance has launched its new marketing campaign titled “Haathi Pe Bharosa Karogey Toh Pakka Jeetogey!”. The integrated campaign will be seen across television, print, outdoor, internet and point of sale, besides other mediums. <div type="Youtube" id="ZpFUp9_P4X8" title="Muthoot Finance- Haathi Pe Bharosa Karogey Toh Pakka Jeetogey!" thumbUrl="https://i.ytimg.com/vi/ZpFUp9_P4X8/mqdefault.jpg"></div> The new campaign is all about having belief and trust in the brand, which has two elephants in its logo. The campaign is anchored by the brand’s ambassador, <keyword id="6357912" type="General" weightage="20" keywordseo="amitabh-bachchan" source="Orion">Amitabh Bachchan</keyword>. The stories in the 3-films are built around the game of chess, which Bachchan is playing against different players in each film. The important role of the Elephant or the Rook in a game of chess and as the emblem of the brand, is interestingly weaved into each film. In all the 3 films, the Elephant has been presented as a critical enabler that makes the player win each time. This win in a game of chess using the Elephant is a metaphor for winning in life by trusting the Muthoot Elephant and availing Muthoot Finance Gold Loans to realise your dreams. The strategy has been to build a sharp distinction for the brand and drive new customers towards it, especially those seeking an association with a Trusted Brand Leader like Muthoot Finance. The intrinsic advantages that come along with the brand have also been well-highlighted in each film such as unmatched pedigree &amp; experience spanning across centuries; being India’s Most Trusted Financial Services Brand for 5 years in a row; serving &amp; benefitting over 2.5 Lac customers every day and a widespread branch network of 5000+ branches pan-India. The 3 films underscore these advantages by creating a unique and new platform to broadcast them in a memorable way. <keyword id="1691048" type="General" weightage="20" keywordseo="alexander-george-muthoot" source="Orion">Alexander George Muthoot</keyword>, Joint Managing Director, The <keyword id="137710" type="General" weightage="20" keywordseo="muthoot-group" source="Orion">Muthoot Group</keyword> said, “Through this clutter breaking campaign, we present our brand in a distinguished and unique way through the game of chess. Our endeavor is to facilitate people lead a much better quality of life by helping them unlock the true potential of their emotional currency (household gold jewellery) and move ahead in life. Our objective is also to help grow the gold loan category, and being the category leader we consider it as our primary responsibility to lead the way. With +25,000 tons of gold in the form of household jewellery available in India and less than 5% of it being monetised by way of gold loans; the scope for growth is tremendous. I am confident this new communication of ours will pave the way for us to further strengthen our leadership position in the gold loan category.” Abhinav Iyer, General Manager - Marketing &amp; Strategy, The Muthoot Group shared details about the campaign and said, “In addition to growing the category, our objective was also to firmly establish Muthoot Finance’s emblem strongly in the minds of our existing and prospective customers. In a sector that has many players, it is critical to distinctly differentiate ourselves from the rest. We believe our new campaign ‘Haathi Pe Bharosa Karogey Toh Pakka Jeetogey’ will help create a strong visual identity for our brand logo synonymous to the product &amp; drive traffic to our branches and digital assets, powered by our unique value propositions.”

Muthoot Finance launches new marketing campaign featuring Amitabh Bachchan

<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

<ul><li>At 7:40 am, the SGX Nifty was down 0.19%, indicating a subdued 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 flat on Friday, led by mixed cues from the global peers. At 7:40 am, the SGX Nifty was down 0.19%, indicating a subdued start for Nifty50. However, on Thursday, the US stocks ended in positive territory as fresh stimulus hopes buoyed investor sentiment towards the end of a session. The Dow Jones Industrial Average closed 45 points higher, and the S&amp;P 500 was up 0.39%. These are the stocks to watch out for during the trading session today: Reliance Industries Billionaire Mukesh Ambani's Reliance Industries said it had completed the sale of about 10% stake in its retail unit to a clutch of foreign investors for ₹47,265 crore. Since September 25, the company has sold 10.09% stake in Reliance Retail Ventures (RRVL) to private equity firms Silver Lake Partners, KKR, GIC, TPG and General Atlantic, as well as sovereign wealth funds, Mubadala, ADIA and PIF. The shares of Reliance Industries ended 0.76% lower on Thursday. Vodafone-Idea Post the completion of the much-delayed merger of Bharti Infratel and Indus Towers on Thursday, Vodafone Idea (VIL) received cash consideration of ₹3,760.1 crore for its 11.15% shareholding in Indus. The shares of Vodafone-Idea ended flat on Thursday. Infosys The Infosys subsidiary, Simplus has collaborated with Salesforce for a vaccine management cloud solution. The solution has been built on the Salesforce Platform in support of Salesforce Work.com for Vaccines as the COVID-19 pandemic continues. The shares of Infosys ended 1.22% lower on Thursday. Mphasis IT firm Mphasis subsidiary, Mphasis Consulting, has acquired UK-based Datalytyx for up to £13.3 million (about ₹130.4 crore). The acquisition is expected to provide access to strengthen Mphasis next-generation Data GTM Strategy and provide higher value partnership status with Snowflake and Talend for cloud-based data services, a regulatory filing said. The shares of Mphasis ended 0.50% lower on Thursday. Syngene International Syngene International announced that it had signed an agreement with Deerfield Discovery and Development Corporation (3DC) to collaborate for five years to advance therapeutic discovery projects. The shares of Syngene International ended 0.86% lower on Thursday. Muthoot Finance and Manappuram Finance The Reserve Bank of India (RBI) imposed penalties of ₹10 lakh and ₹5 lakh on Muthoot Finance and Manappuram Finance respectively for norm violations. The central bank has penalised Muthoot Finance for non-compliance with directions issued by RBI on maintenance of loan-to-value ratio in gold loans and on obtaining a copy of PAN card of the borrower while granting gold loans in excess of ₹5 lakh, contravening RBI norms. Manappuram Finance has been fined for non-compliance with directions issued by RBI on verification of ownership of gold jewellery The shares of Muthoot Finance ended 1% lower on Thursday, whereas Manappuram Finance lost nearly 2%. South Indian Bank South Indian Bank announced that the Marginal Cost of Funds Based Lending Rates (MCLR) for multiple tenors had been revised from November 20. One-month MCLR at 7.95% and one-year MCLR at 8.2%. The shares of South Indian Bank ended 4.14% lower on Thursday. Aarti Industries HDFC Mutual Fund reduced its stake in Aarti Industries from 7.08% to 5.08% on November 17. The shares of Aarti Industries ended 0.31% higher on Thursday. Apollo Hospitals Apollo Hospitals and Tata Medical and Diagnostics (TataMD) have collaborated to introduce TataMD CHECK diagnostic test (Feluda) for COVID-19 in India. Apollo Hospitals along with its subsidiary Apollo Diagnostics will offer the Tata MD CHECK testing in the national capital region (NCR) from the first week of December and thereafter it will be rolled out across all major metros in the country. The shares of Apollo Hospitals ended 0.84% higher on Thursday. Emami The Indian FMCG major Emami forayed into the homecare segment with its latest offering - EMASOL - a complete range for home hygiene products. The shares of Emami ended 0.42% lower on Thursday. Route Mobile Route Mobile announced that the chairman and non-executive director of the company, Chandrakant Gupta has resigned from the position of chairmanship of the board. Sandip Kumar Gupta will replace Chandrakant Gupta as the chairman of Route Mobile. The shares of Route Mobile ended 2% higher on Thursday. Zee Learn L&amp;T Infra Finance has increased its stake by 1.26 crore shares via off-market transfer from security trustee &amp; appropriated against outstanding loan amounts on November 18. L&amp;T Finance and L&amp;T Infra Finance now hold nearly 7% stake in the company. The shares of Zee Learn ended 1% lower on Thursday. Gland Pharma Gland Pharma stocks to debut on the bourses today. SEE ALSO: <a href="https://www.businessinsider.in/policy/foreign-policy/news/the-first-meeting-between-india-and-luxembourg-in-20-years-results-in-three-new-bilateral-agreements/articleshow/79305642.cms" data-type="tilCustomLink">The first meeting between India and Luxembourg in 20 years results in three new bilateral agreements</a> <a href="https://www.businessinsider.in/stock-market/news/gland-pharma-shares-demand-is-rising-in-the-grey-market-ahead-of-its-listing-tomorrow/articleshow/79302810.cms" data-type="tilCustomLink">Gland Pharma’s grey market premium rises ahead of listing today</a>

Top stocks to watch — RIL, Infosys, Vodafone-Idea, Apollo Hospitals, Emami, Route Mobile, Syngene, and others

The gold holdings of three Kerala companies- <keyword id="163007" type="COMPANY" weightage="20" keywordseo="Muthoot-Finance">Muthoot Finance</keyword>, <keyword id="127405" type="UNKNOWN" weightage="20" keywordseo="Manappuram-Finance">Manappuram Finance</keyword> and Muthoot Fincorp-are more than gold reserves of some of the richest nations such as Australia, Sweden, Singapore, etc. 
 
The gold holdings of these three gold loan companies in Kerala grew from 195 tonnes two years ago to nearly 263 tonnes towards the end of September 2016. 
 
In last two years, gold holdings of Muthoot Finance went up from 116 tonnes to 150 tonnes. It now holds more yellow metal in its vaults than the reserves of Singapore (127.4 tonnes), Sweden (125.7 tonnes), Australia (79.9 tonnes), Kuwait (79 tonnes), Denmark (66.5 tonnes) and Finland (49.1 tonnes). 
 Manappuram Finance has 65.9 tonnes and <keyword id="242359" type="COMPANY" weightage="20" keywordseo="Muthoot-Fincorp">Muthoot Fincorp</keyword> 46.88 tonnes. The combined holdings of the three are 262.78 tonnes. 
 
As per World Gold Council, India has the 11th largest gold reserves at 558 tonnes. The US heads the pack with 8,134 tonnes, while Germany and IMF come next (3,378 and 2,814 tonnes, respectively). 
 
The demand for gold in India is quite high as families find it trusted source of insurance.

Gold holdings of 3 Kerala companies stand at over 263 tonnes. This is more than Australia's gold reserves

Mumbai, Mar 9 () Non-banking finance company Muthoot Fincorp on Monday said it has raised Rs 125 crore through issuance of covered bonds.Covered bonds are debt securities issued by a bank or financial institution and collateralized against a pool of assets that in case of failure of the issuer, can cover claims at any point of time.The company, which is a part of Muthoot Pappachan Group, issued bonds having a tenure of 28 months, offering a coupon of 9.5 per cent per annum payable monthly, a release said."While covered bond market has a considerable size of around Euro 2.6 trillion globally, it is still in a nascent stage in India with only a handful of issuances till date. This issue enables us to open to a vast market that has appetite for high rated bonds," Muthoot Fincorp's managing director Thomas John Muthoot said.The issue opened and closed on March 5.Unlike asset-backed securities created in securitization, the covered bonds continue as obligations of the issuer. The investor has recourse against the issuer and the collateral also known as dual recourse.Muthoot Fincorp provides retail finance, predominantly in the form of secured and unsecured loans to the middle and low income customers.The company claims to serve two million customers from its around 3,600 branches across the country. HV BALBALBAL

Muthoot Fincorp raises Rs 125 crore via bonds

New Delhi, Mar 30 () Shares of Shriram Transport Finance Company Limited (STFC) on Monday plunged 16 per cent after Fitch Ratings downgraded long-term issuer default ratings of the NBFC alongwith two others on increasing macro-economic challenges following the coronavirus pandemic. These non-banking financial companies are Shriram Transport Finance Company Limited (STFC), Muthoot Finance Limited (MFL) and India Infoline Finance Limited (IIFL). Scrip of Shriram Transport declined 15.92 per cent to close at Rs 609.10 on the BSE. During the day, it dropped 17.73 per cent to Rs 596. Muthoot Finance fell by 1.01 per cent to close the trade at Rs 612 after falling 4.73 per cent to Rs 589 in intra-day. The long-term issuer default ratings (IDRs) of STFC and MFL have been downgraded to BB from BB+, while that of IIFL to B+ from BB+. "The rating actions reflect increasing macro-economic challenges for the Indian non-bank financial institution (NBFI) sector. These include the growing effects from measures to contain the COVID-19 pandemic, which will compound the tightening in funding conditions for NBFIs in recent weeks," it added. The RBI's recent liquidity and regulatory support measures should help to improve the funding environment in near-term, but it also underlines the severity of the situation and Fitch sees continued uncertainty in the coming months nonetheless, the global ratings agency said. Meanwhile, the broader market also depicted a weak trend as the BSE benchmark tumbled 1,375.27 points to close at 28,440.32. SUM SHWSHW

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