Business
Tata Consultancy Services was subscribed more than 7.5 times for tendering of shares
Here are the stocks that could be in focus on Thursday:
Tata Consultancy Services: The ₹18,000-crore share buyback of Tata Consultancy Services (TCS) was subscribed more than 7.5 times on Wednesday – the last day for tendering of shares. Investors offered 30.12 crore shares during the buyback, which began on March 9, against the company’s offer of four crore shares. Analysts said the strong participation was because the purchase price was 21% above the current stock price.
Future Retail: Offshore bondholders of the company have received a formal communication that a Reliance Industries-linked entity will fully absorb $500 million of senior secured bonds, implying a full recovery for them. Domestic lenders, fearing a haircut, have appointed Saraf & Partners as their legal advisor to counsel them on how to maximise their recovery.
Hero Motor Corp: Income tax searches at the offices Hero Motocorp Ltd and the home of its chief executive, Pawan Munjal, were part of a “routine inquiry”, the company said. “We at Hero MotoCorp are an ethical and law-abiding corporate, and maintain the highest standards of impeccable corporate governance,” it said.
Kotak Mahindra Bank: Canada Pension Plan Investment Board is likely to sell up to 40 million shares, or 2.02% of stake, in Kotak Mahindra Bank on Thursday through block deals. The Canadian pension fund will likely raise as much as ₹7,079 crore through the stake sale. The floor price has been fixed at rupees1,681.26 – 1,769.75 apiece.
HDFC Bank: HDFC Bank has acquired 7.84% stake in the open public digital infrastructure framework entity ONDC by investing ₹10 crore in the entity. ONDC was incorporated in India on 30 December 2021 and aims to develop and transform the Indian digital commerce ecosystem for both goods and services.
Zomato: Zomato plans to open over 40 stations in Delhi-NCR in the next 90 days, and then expand to Bengaluru and Mumbai. It will target a 1-2 km radius to fulfil the orders. The food aggregator offers easy-to-deliver items such as patties, desserts, snacks, and tea.
Ruchi Soya Industries: Ruchi Soya has raised ₹1,290 crore from anchor investors ahead of its follow-on public offering (FPO). The FPO will open for public subscription on Thursday to raise up to rupees 4,300 crore. The company offered 1.98 crore equity shares at a price of rupees 650 per equity share to anchor investors on Wednesday.
.jpg "Startups that use excerpts from their own pitch are sent legal notifications by Shark Tank India; the creator responds, “Kaise banega naya India?”")
Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.
As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.
Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.
Congress demands JPC probe
Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.
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Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.
He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.
The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.
“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.
Other Oppn leaders join attack
Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.
Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.
ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%
Adani stocks latest updates
The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.
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