Nifty 18210.95 (-0.31%)
Sensex 61143.33 (-0.34%)
Nifty Bank 40874.35 (-0.88%)
Nifty IT 35503.9 (0.97%)
Nifty Financial Services 19504.75 (-0.74%)
Adani Ports 745.85 (-0.54%)
Asian Paints 3094.65 (4.20%)
Axis Bank 787.50 (-6.46%)
B P C L 427.70 (-0.78%)
Bajaj Auto 3776.50 (-0.40%)
Bajaj Finance 7482.15 (-4.75%)
Bajaj Finserv 18012.00 (-1.86%)
Bharti Airtel 702.35 (0.88%)
Britannia Inds. 3697.85 (0.14%)
Cipla 922.50 (1.65%)
Coal India 173.60 (-0.83%)
Divis Lab. 5149.35 (2.60%)
Dr Reddys Labs 4662.70 (-0.08%)
Eicher Motors 2583.90 (-0.25%)
Grasim Inds 1728.40 (-0.63%)
H D F C 2915.00 (0.12%)
HCL Technologies 1177.15 (0.89%)
HDFC Bank 1642.80 (-0.60%)
HDFC Life Insur. 693.85 (0.55%)
Hero Motocorp 2690.15 (-0.38%)
Hind. Unilever 2396.60 (-1.65%)
Hindalco Inds. 479.85 (-1.28%)
I O C L 130.80 (-0.53%)
ICICI Bank 835.00 (0.68%)
IndusInd Bank 1142.55 (-1.07%)
Infosys 1728.95 (1.48%)
ITC 238.45 (0.74%)
JSW Steel 684.90 (-1.36%)
Kotak Mah. Bank 2188.25 (-1.03%)
Larsen & Toubro 1784.55 (-0.65%)
M & M 886.80 (-0.87%)
Maruti Suzuki 7356.25 (0.81%)
Nestle India 19004.60 (-1.11%)
NTPC 141.30 (-1.33%)
O N G C 157.90 (-3.19%)
Power Grid Corpn 190.25 (-0.08%)
Reliance Industr 2627.40 (-1.26%)
SBI Life Insuran 1186.00 (1.19%)
Shree Cement 28107.75 (1.19%)
St Bk of India 519.15 (1.29%)
Sun Pharma.Inds. 825.10 (1.43%)
Tata Consumer 818.75 (1.22%)
Tata Motors 497.90 (-2.11%)
Tata Steel 1326.15 (-1.30%)
TCS 3489.75 (0.21%)
Tech Mahindra 1567.85 (0.29%)
Titan Company 2460.10 (0.22%)
UltraTech Cem. 7354.20 (1.17%)
UPL 741.50 (3.96%)
Wipro 671.10 (0.44%)

Paradeep Phosphates gets SEBI approval for IPO

Paradeep Phosphates gets SEBI approval for IPO
IPO
by 5paisa Research Team 28/09/2021

The Rs.1,255 crore fresh issue plus OFS, for which Paradeep Phosphates had filed the DRHP with SEBI in August 2021, has got SEBI approval for the IPO. The next step would be to factor in any comments of SEBI and then file the Red Herring Prospectus (RHP) with the Registrar Of Companies (ROC). The issue date is normally finalized after the RHP filing.

Paradeep Phosphates is currently 80.45% owned by Zuari Maroc Phosphates Private Limited and 19.55% owned by the Government of India. The overall issue will consist of Rs.1,255 crore fresh issue by the company to raise capital as well as an offer for sale of 12 crore shares by the existing shareholders viz. Zuari Maroc and Government of India.

As per the DRHP filed with SEBI, the government of India will offer 11.25 crore shares while Zuari Maroc Phosphates will offer 75 lakh shares as part of the offer for sale portion. The government stake will substantially reduce in this OFS and will add to its disinvestment receipts for fiscal year 2021-22. India has a divestment target of Rs.175,000 crore for FY22.

While the OFS portion will not alter the equity capital of the company, the fresh issue portion of Rs.1,255 crore will lead to expansion of the equity base and the dilution of earnings per share. The fresh issue proceeds will be used by the company for acquiring a fertilizer facility in Goa and repaying some of its debt to deleverage the balance sheet.

Paradeep Phosphates manufactures complex fertilizers like di-ammonium phosphate (DAP) and three grades of Nitrogen, Phosphorus, Potassium (NPK) fertilizers. The fertilizers manufactured by Paradeep Phosphates are currently marketed under the brands of “Navratna” and the Jai Kisaan Navratna”. 

The current year has been a solid year for the IPOs and looks all set to better the tally of 2017. Also, there are mega issues like Policybazaar, Nykaa, Paytm and LIC that are slated to hit the IPO market during the current fiscal.

Also Read:-

1. List of Upcoming IPOs in 2021

2. Upcoming IPOs to raise Rs.45,000 Crore in Oct-Nov

Open Demat Account

Enter First Name & Last Name
Enter Mobile Number
There is some issue, try later
Start investing in just 5 mins
Free Demat account, No conditions apply
  • 0%* Brokerage
  • Flat ₹20 per order
Next Article

How to Check Allotment Status of Paras Defence & Space Technologies IPO

How to Check Allotment Status of Paras Defence & Space Technologies IPO
IPO
by 5paisa Research Team 28/09/2021

The Rs.170.78 crore of Paras Defence & Space Technologies IPO, consisting of a fresh issue of Rs.140.60 crore and an offer for sale (OFS) of Rs.30.18 crore, was subscribed 304.26X overall at the close of bidding on 23rd September. The basis of allotment will be finalized by the end of Tuesday, 28th September. If you have applied for the IPO, you can check your allotment status online.

Check:- Paras Defence & Space Technologies IPO Subscription Day 3

You can either check your allotment status on the BSE website or the website of the IPO registrar, Link Intime.

Here are the steps:

Checking the allotment status of Paras Defence & Space Technologies on BSE website

Visit the BSE link for the IPO allotment by clicking on the link below
https://www.bseindia.com/investors/appli_check.aspx

Once you reach the page, here are the steps to follow:

I) Under Issue Type – Select Equity Option.

II) Under Issue Name – Select Paras Defence & Space Technologies from the drop down box.

III) Enter the Application Number exactly as in the acknowledge slip.

IV) Enter the PAN (10-digit alphanumeric) number.

V) Once this is done, you need to click on the Captcha to verity that you are not a robot.

VI) Finally click on the Search Button.

The allotment status will be displayed on the screen in front of you informing about the number of shares of Paras Defence & Space Technologies allotted to you.

Checking the allotment status of Paras Defence & Space Technologies on Link Intime (Registrar to IPO)

Visit the Link Intime registrar website for IPO status by clicking on the link below:
https://linkintime.co.in/MIPO/Ipoallotment.html

This dropdown will only show the active IPOs, so once the allotment status is finalized, you can select Paras Defence & Space Technologies from the drop down box.

I) There are 3 options:

a) You can either access the allotment status based on PAN
b) Application Number
c) DPID-Client ID combination.

II) Select the appropriate option you want to use and enter the details (PAN / Application Number / DPID-Client ID)

III) Finally, click on the Search button

The IPO status with number of shares of Paras Defence & Space Technologies allotted will be displayed on the screen.

Also Read:-

1) Paras Defence IPO - 7 things to know

2) Upcoming IPOs in 2021

Next Article

CMR Green Tech Files DRHP with SEBI for Proposed IPO

CMR Green Tech Files DRHP with SEBI for Proposed IPO
IPO
by 5paisa Research Team 28/09/2021

CMR Green Technologies, a metal recycling company, has filed the DRHP with SEBI for its proposed IPO. According to the draft red herring prospectus (DRHP), the IPO will consist of Rs.300 crore worth of fresh issue and an offer for sale (OFS) of 3.34 crore shares held by promoters and early investors. The IPO is subject to SEBI approval.

The OFS shares will be offered by four members from the promoter group and one early investors. The OFS break-up would be approximately as under.
 

Category

Name of Shareholder

Number of Shares offered

Promoter Group

Gauri Shankar Agarwal

34.33 lakh shares

Promoter Group

Kalawati Agarwal

33.45 lakh shares

Promoter Group

Mohan Agarwal

30.09 lakh shares

Promoter Group

Pratibha Agarwal

30.09 lakh shares

Early Investor

Global Scrap Processors

199.00 lakh shares

Data Source: DRHP

The fresh issue portion of Rs.300 crore will be largely utilized to repay the debt of the company as well as for general corporate purposes. The company is planning a Pre-IPO placement of shares worth Rs.60 crore to select institutional and HNI investors. If the placement is successful, the fresh issue size will be reduced proportionately.

With the focus on green technologies, there is a greater focus on the effective utilization of scrap. CMR Green Technologies is primarily focused on recycling aluminium. This process entails processing of aluminium based scrap metal to make aluminium alloys. The output is normally supplied, either in liquid form or in the form of solid ingots.

Its aluminium recycling business and the zinc alloys business is currently spread across 12 manufacturing facilities in India. The thirteenth such facility is being set up in the state of Gujarat, which will be a state of the art cold refining plant. This will not only create operational efficiencies but also reduce the logistics costs in the process.

The book running lead managers or BRLMs for the issue will be ICICI Securities, Axis Capital and JM Financial. The dates will be finalized post the approval received from SEBI.

Also Read:-

1) List of Upcoming IPOs in 2021

2) Upcoming IPOs to raise Rs.45,000 Crore in Oct-Nov

Next Article

SEBI Plans to Tighten Broker Net Worth Requirements

SEBI Plans to Tighten Broker Net Worth Requirements
by 5paisa Research Team 28/09/2021

In the last couple of years there have been more than 25 cases of major broker defaults. There have been some high profile names like Karvy, Anugrah Broking, Arcadia Stocks, Bezel etc. In a number of these cases, the trading license was cancelled by the stock exchanges after the brokers were found to be illegitimately pledging client shares to raise funds.

To address the issue of broker defaults and to protect the interests of the small investors, SEBI now plans to hike the broker net worth requirements. While, this may not address all the challenges, it will at least ensure that well capitalized serious players will remain in the interest. That way, the customers will not have to worry about the safety of their shares.

Currently a Professional Clearing Member (PCM) or a Trading cum Clearing Member (TCM) requires a net worth of Rs.3 crore for clearing transactions in cash market. If they also clear transactions in the F&O market, then the net worth requirement doubles to Rs.6 crore. Going ahead, this number is likely to be increased manifold.

SEBI has now proposed that the base net worth requirements for PCM and TCM be raised in tranches. For example, the base net worth requirements will be raised to Rs.25 crore by Oct-22 and increased further to Rs.50 crore by Oct-23. Brokers may have to show higher variable net worth if 10% of average client balance retained exceeds Rs.50 crore.

One of the justifications given by SEBI for this move is that the current limits were set about 20 years ago. In the last 20 years, the capital markets have changed drastically in terms of size, breadth, institutional participation and complexity. Also, in the light of the proliferation of the number of trading accounts in the last one year, SEBI has called for this move.

While the larger brokers are already well capitalized, this move will actually impact the small and mid-sized brokers. The smaller brokers have remonstrated that this would push most of them out of business. However, SEBI is right that they cannot afford another big default in the stock markets, and prevention is always better than cure.

Also Read:-

SEBI Announces Optional T+1 Settlement From 01-January

Next Article

Reliance Acquires Stake in Glance InMobi

Reliance to buy stake in Glance InMobi for $300 million
by 5paisa Research Team 28/09/2021

Reliance Jio may have postponed the launch of its JioNext smart phones by 2 months due to chip shortage but it is putting the time to good use. In a move to enrich the digital ecosystem of Reliance Jio, it plans to acquire a stake in Glance InMobi for a consideration of $300 million or approximately Rs.2,200 crore at current exchange rates.

Check - Reliance Jio Puts off Smart Phone Launch

Interestingly, Alphabet which is the holding company of Google, already has a stake in InMobi and has been mentoring the start-up for some time now. With Google already having announced a major investment in Reliance Digital as well as its commitment to a long term strategic partnership, this 3-way relationship surely does make a lot of sense.

It is relevant to understand where exactly Glance InMobi fits into the Reliance digital ecosystem. Glance InMobi specializes in pushing curated news and entertainment content onto the lock screens of mobile phones. This is an interesting property with a high visibility and a constant interaction with the user who finds interesting content thrown at them.

Incidentally, the platform is also versatile. It uses artificial intelligence to personal content in various languages. More importantly, this is a unique property as the lock-screen is something few people in the modern world can avoid. Hence, if the content is curated and personalized, it can bring to the table tremendous recall value.

Glance InMobi became a Unicorn with valuation in excess of $1 billion in December 2020 itself. At that point, Glance InMobi had raised funding from Google and from early investors, Mithril. The big question is; how does this kind of purchase add value to Reliance and how does it really fit into the larger scheme of things.

Reliance sees a great fit with its proposed launch of the Jio Next phone. That is already being touted as the cheapest feature-rich smart phone sold at the price of basic phones. It is estimated that the 115 million active daily users of the Glance InMobi platform spend an average of 25 minutes daily on the platform. This gives access to lock-screen property.

It surely looks like Reliance is leaving no stone unturned to fully monetize its smart phone launch. Glance InMobi will be one more addition to the ecosystem of Reliance Digital.

Also Read:-

Highlights of Reliance AGM - 2021

Next Article

How GSFC will Benefit from the Anti-Dumping Duty

How GSFC will Benefit from the Anti-Dumping Duty
by 5paisa Research Team 28/09/2021

The stock of Gujarat State Fertilizers & Chemicals Ltd (GSFC) normally does not show too much movement in trading. On 28th September, GSFC started nearly 8-9% higher and touched a 52-week high of Rs.133.65. However, towards the close, the price did taper but the stock did close with gains of 3.2% on the NSE, amidst a falling Nifty index.

What exactly triggered this rally in GSFC?

The Central Board of Indirect Taxes and Customs (CBIC) has proposed anti-dumping duties on Caprolactam. This was based on an application made by GSFC requesting for an imposition of anti-dumping duties on imports so as to help Indian production of caprolactam remain competitive. 

Based on the prima facie evidence submitted by GSFC and its investigations, the CBIC concluded that anti-dumping duties were warranted on Caprolactam, especially for the consignments coming from the European Union, South Korea, Russia and Thailand. Anti-dumping duties are necessitated when other governments reduce costs through subsidies.

GSFC currently has two caprolactam plants having rated capacities of 20,000 tonnes per annum (TPA) and 50,000 TPA respectively. GSFC is broadly into the manufacture of fertilizers and industrial chemicals and is one of the major producers of caprolactam in India. Benzene and ammonia are some of the major inputs that go into caprolactam.

Countries like China have been traditionally known to dump cheaper products into other countries on the strength of huge subsidies given to them by their government. This gives them an unfair advantage and in such cases, even under the WTO regulations, the anti-dumping duties are justified. Since dumping is hard to prove, it is normally based on the submissions of the aggrieved manufacturer and the investigations of CBIC.

The imposition of anti-dumping duties means that the imported goods are subjected to countervailing duties to the extent of the special benefits that they get to reduce their cost of production. This protects the interests of the local producer like GSFC. Normally, such anti-dumping duties tend to have sustained positive impact on the price of the stock.

Also Read:-

1) What is so hot about fertilizer stocks?

2) Is Fertiliser Sector in Danger Zone?