Stocks to watch: Vodafone Idea, KEC International, Coal India, Inox Wind among shares in focus today
The infrastructure company reported securing new contracts totaling ₹ 1,402 crore across various sectors.
Uttar Pradesh Chief Minister Yogi Adityanath inaugurated Torrent Group's green hydrogen plant in Gorakhpur, which has an annual production capacity of 72 TPA.
Glenmark Pharma posted a net profit of ₹ 47 crore, with revenues totaling ₹ 3,264 crore.
Coal India is moving forward with its production and evacuation infrastructure initiatives as part of its capital expenditure plan for the ongoing financial year.
The company has cleared a ₹ 4,805 crore greenfield project to set up a 7 MTPA capacity facility across Rajasthan and Punjab.
Inox Wind reported a record quarterly net profit of ₹ 97 crore in the first quarter, with revenues coming in at ₹ 826 crore.
Monu Ratra, CEO of IIFL Home Finance, has stepped down from his position, with his resignation taking effect on October 6. He had tendered his resignation on August 14.
In July 2025, passenger traffic fell 3.9% year-on-year (YoY) to 92.72 lakh, while aircraft movements decreased 2.3% YoY to 59,220.
The travel-tech company revealed three strategic acquisitions aimed at enhancing its comprehensive travel services across both domestic and international markets.
SEBI has sent a warning letter to Vedanta for failing to comply with regulations by modifying a Scheme of Arrangement submitted to the stock exchange without securing SEBI's prior written approval.
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Business Standard
an hour ago
- Business Standard
Sebi proposes lower dilution for mega IPOs, extended MPS timelines
The Securities and Exchange Board of India (Sebi) on Monday proposed lowering the minimum dilution requirement for mega initial public offerings (IPOs), a move expected to benefit large listings such as Reliance Jio Infocomm and the National Stock Exchange (NSE). Under the proposed norms, companies with a market capitalisation exceeding ₹5 trillion would be allowed to significantly reduce their minimum public offer (MPO). For instance, under the current framework, a company with a market valuation of ₹15 trillion must come out with an MPO worth ₹80,000 crore. This has been proposed to be reduced to ₹ 37,500 crore. Such large companies would also be given up to 10 years to achieve the 25 per cent minimum public shareholding (MPS) requirement, compared with five years at present. These proposals have been recommended to the Ministry of Finance for amendments to the Securities Contracts (Regulation) Rules (SCRR). The larger the company, the greater the benefit in terms of reduced MPO. Currently, companies with a post-issue market capitalisation above ₹1 trillion must dilute at least 5 per cent of their equity. They also have a two-year window to increase public shareholding to at least 10 per cent, and five years to reach 25 per cent. Under the new proposal, companies with a post-issue market cap above ₹5 trillion would need to offer shares worth ₹15,000 crore, plus at least 1 per cent of market capitalisation. For companies with market caps between ₹1 trillion and ₹5 trillion, the minimum public offer would be ₹6,250 crore, plus 2.75 per cent of market value. Firms with market caps between ₹50,000 crore and ₹1 trillion would have a reduced minimum offer of ₹1,000 crore and 8 per cent dilution of market capitalisation. Sebi cited examples such as LIC and Hyundai Motor India to show that large offerings can be difficult for markets to absorb, potentially deterring big issuers from listing domestically. It also noted that expectations of further dilution to meet MPS norms can negatively affect share prices, even when company fundamentals remain strong. 'Executing such large public issues may be challenging, especially in volatile market conditions, as investor demand is influenced by several factors including market sentiment,' Sebi observed. The regulator also proposed extending timelines for meeting MPS requirements. IPOs with market caps above ₹1 trillion would have five years to achieve 15 per cent MPS and 10 years to reach 25 per cent from the date of listing. If they already meet 15 per cent MPS, the deadline to reach 25 per cent would be five years. Arka Mookerjee, partner, JSA Advocates & Solicitors, said Sebi's proposal will reduce requirement to seek ad hoc or one-time Sebi relaxations, and further ease the pressure on secondary capital markets, which only issuers with genuine capital requirements will tap into for a fund raise. In a notable shift, Sebi has retracted its earlier proposal to reduce the retail quota in IPO allocations, deciding instead to retain the existing 35 per cent quota. It said challenges previously highlighted regarding the retail quota would be addressed by allowing reduced minimum public offers for large issuers.
The Print
an hour ago
- The Print
Torrent Group's green hydrogen plant in UP inaugurated
'The Green Hydrogen produced at the plant will be blended with natural gas in Torrent Gas' City Gas Distribution infrastructure in Gorakhpur, maintaining its concentration up to 2 per cent,' it said. The project, jointly developed by Torrent Group entities Torrent Power and Torrent Gas, will have an annual production capacity of 72,000 tonnes per annum, the group said in a statement. New Delhi, Aug 17 (PTI) Ahmedabad-based Torrent Group's green hydrogen plant in Gorakhpur in Uttar Pradesh was on Sunday inaugurated by state chief minister Yogi Adityanath. The green hydrogen blended with natural gas will be further supplied to domestic households, CNG stations and industries in the region through the already laid network of natural gas pipelines. 'Torrent's green hydrogen plant in Gorakhpur is the first Green Hydrogen plant in Uttar Pradesh and is also the largest Green Hydrogen and Natural Gas blending project in the City Gas Distribution sector in the country,' the statement said. Torrent Gas has licence to provide Compressed Natural Gas (CNG) and Piped Natural Gas (PNG) in Gorakhpur, Sant Kabirnagar and Kushinagar districts. Torrent has already set up 32 CNG stations and supplies gas to 12,000+ domestic households and 73 industries and commercial establishments in the region and intends to grow its gas distribution infrastructure in the region significantly. Green hydrogen is hydrogen produced via electrolysis of water using renewable energy sources like solar, wind or hydropower. Unlike hydrogen made from fossil fuels, green hydrogen has no direct carbon emissions, making it a cleaner energy carrier. Blending it with natural gas reduces carbon footprint, utilises the already laid natural gas infrastructure and helps to ramp up early demand for hydrogen. Speaking on the occasion, Adityanath said Uttar Pradesh has a target of 1 million tonnes per annum of green hydrogen production, for which it has set up a specific policy that will support potential investments. With the inauguration of this plant, green hydrogen has become a part of the life of common people as it will directly reach their kitchens and vehicles. the statement quoted him as saying. He also mentioned that availability of PNG has brought great relief to the people of Gorakhpur, especially the housewives due to the convenience, safety and savings it offers. Increasing use of CNG as transportation fuel has helped battle pollution and save costs for the masses. Various industries and commercial establishments in Gorakhpur are also now using piped natural gas and reaping the benefits of cheaper and economical fuel. Jinal Mehta, Director, Torrent Group, said, 'Torrent Group is committed to making a significant contribution in Prime Minister Narendra Modi's vision for India's Energy Transition and National Green Hydrogen Mission. The commissioning of Torrent Power's Green Hydrogen plant in Gorakhpur and its integration into Torrent Gas' City Gas Distribution infrastructure in Gorakhpur, is a milestone in this endeavour. It marks the culmination of the first initiative in our long-term vision of setting up large scale green hydrogen plants in the country for various use cases including for blending with natural gas in the CGD network.' Blending Green Hydrogen into Gorakhpur's gas grid is a step in achieving practical, scalable pathway to net-zero target of the country. It lowers emissions, builds demand for green molecules, and creates a platform for deeper de-carbonisation in transport and industry, he said. PTI ANZ HVA This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Mint
2 hours ago
- Mint
Sebi seeks views on restructuring sectoral indices for safer derivatives
India's market regulator has proposed stricter norms for sectoral and thematic indices used in derivatives trade, mandating each index to be broad-based to ensure that no single stock dominates it. This would eliminate concentration risks, making equity derivatives safer for investors. On 29 May, the Securities and Exchange Board of India (Sebi) unveiled norms that stated that each index must have at least 14 stocks to make it broad-based and that no single stock could be more than 20% of the index. Additionally, the weight of the top three stocks on the index was capped at 45%, with the remaining constituents following a descending weight order. According to a consultation paper issued on Monday on implementation of eligibility criteria for derivatives on non-benchmark indices based on the 29 May circular, market participants informed Sebi that using existing non-benchmark indices for derivatives over prescribing new indices for them would be beneficial to extend benefits of diversification of a derivatives index to exchange traded fund (ETF) or index funds, to preserve liquidity and market-making ecosystems built around these indices and to avoid disruption in derivative contracts linked to these indices. Accordingly, two alternatives were arrived at. The first one includes launching of new indices that meet the norms and list derivatives on them, while keeping old indices live. The second option includes reworking existing indices by changing constituents and/or weights to meet the new norms. BSE Ltd concluded that only the BANKEX index (10 constituents) is affected as no ETFs/index funds track it. It preferred the latter alternative in a single shot for convenience. The National Stock Exchange (NSE) also chose the latter alternative after concluding that two of its indices would be impacted—the Nifty Bank index (12 constituents; ETF assets under management of about ₹ 34,251 crore as of June 30) and Nifty Financial Services (20 constituents; ETF AUM aod nearly ₹ 511 crore). The market regulator has asked whether Nifty Financial Services, which has a smaller ETF AUM of about ₹ 511 crore, can be brought into compliance in a single tranche. For Nifty Bank, which has a much larger ETF AUM of about ₹ 34,251 crore, the paper proposes a phased transition over four monthly tranches to keep flows staggered and adjustments orderly. Under the phased plan, any new constituents would be added in the first tranche. The top three constituents would be guided to target weights by the fourth tranche; at each step, only the excess over the caps would be pared and reductions would be spread equally across the remaining tranches, with monthly recalibration for price moves. Any weight trimmed from the top names would be redistributed across the other constituents, while maintaining the prescribed concentration limits and descending-weight structure. Sebi has sought for comments till 8 September on whether exchanges should opt for adjusting existing indices (second option) rather than launching new ones to meet the norms. If so, whether Nifty Financial Services should transition in a single tranche given its relatively small ETF AUM. The Sebi has also invited views on whether Nifty Bank should follow a four-tranche, four-month glide path with iterative recalibration each month.
