Latest news with #AkshayaMoondra
News18
2 hours ago
- Business
- News18
Stocks To Watch: ITC, HCL Tech, Biocon, Vodafone Idea, Torrent Power, And Others
Last Updated: Stocks to watch: Shares of firms like IndiGo, Tata Motors, BPCL, Vodafone Idea, BPCL, Nykaa, and others will be in focus on Tuesday's trade Stocks to watch on June 3, 2025: The markets opened the week on a choppy note, ultimately ending flat as they remained in a consolidation phase. In today's trade, shares of Vodafone Idea, Jindal Stainless, ITC, HCL Tech, Grasim Industries, and others will be closely watched amid key developments. Grasim Industries Grasim Industries, the flagship of the Aditya Birla Group, is entering the bond market. The company's Finance Committee has approved issuing non-convertible debentures (NCDs) worth up to Rs 1,000 crore. These unsecured, listed, and redeemable bonds, priced at Rs 1 lakh each, will be placed privately in one or more tranches. HCL Technologies HCL Tech has announced a global partnership with UiPath, a leader in agentic automation. This collaboration aims to bring intelligent, autonomous business process automation to clients worldwide. Agentic automation enables bots to learn, make decisions, and adapt on their own, reducing human intervention across processes in finance, HR, operations, and IT. Torrent Power Torrent Power has signed a long-term LNG supply deal with BP Singapore, securing up to 0.41 million tonnes per annum (MTPA) of LNG from 2027 to 2036. This LNG will power Torrent's 2,730 MW gas-based power plants. Biocon Biocon has received Indian regulatory approval for its version of Liraglutide, the active ingredient in Novo Nordisk's diabetes drug Victoza. The injectable treatment, used for Type 2 diabetes, will be available in pre-filled pens and cartridges through Biocon's subsidiary. Ichnos Glenmark Innovation (IGI), the biotech joint venture of Glenmark Pharmaceuticals and Ichnos Sciences, reported positive results from a Phase 1 study targeting relapsed or refractory multiple myeloma, a blood cancer that affects bone marrow. NBFC UGRO Capital has finalized the terms for its rights issue, planning to raise up to Rs 400 crore by offering new shares to existing public shareholders at Rs 162 each. This follows its earlier Rs 915 crore CCD issuance. MAN Industries MAN Industries announced plans to raise up to Rs 300 crore by issuing 12.19 lakh convertible warrants to the promoter entity Man Finance and 79.26 lakh equity shares to non-promoters, all at Rs 328 each. Vodafone Idea Vodafone Idea's CEO Akshaya Moondra said the company is actively working with the government to find a resolution to the AGR issue, expressing confidence that relief measures would not be constrained. ITC Global investment firm GQG Partners has increased its stake in ITC Ltd through a bulk deal executed on May 28, reinforcing confidence in the FMCG giant. Disclaimer:Disclaimer: The views and investment tips by experts in this report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions. First Published: June 03, 2025, 07:53 IST
Mint
3 hours ago
- Business
- Mint
Stocks to watch: Yes Bank, Vodafone Idea, ITC, Adani Group, Grasim Industries among shares in focus today
Yes Bank shares will remain in focus once again today as its board is scheduled to meet to discuss a potential fundraising plan. Vodafone Idea (VIL) stated that it is in discussions with the central government to resolve the AGR matter, with CEO Akshaya Moondra expressing confidence that there is no justification for the government to be restricted in providing relief. Biocon has been granted approval to market the diabetes medication Liraglutide in India. Jindal Stainless announced that it has acquired a 33.64% equity stake in a special purpose vehicle (SPV) formed to build a 282 MW hybrid renewable energy project aimed at powering its manufacturing facilities. On May 28, US-based investment firm GQG Partners boosted its holdings in ITC Ltd, a leading Indian consumer goods company, by executing a bulk deal. HCL Tech revealed a strategic alliance with UiPath aimed at fast-tracking Agentic Automation for businesses worldwide. True North, a private equity firm, along with Niva Bupa Health Insurance CEO Krishnan Ramachandran, sold a total of 10 percent stake in the health insurance company for ₹ 1,507 crore via open market deals. The Adani Group is once again being investigated by the U.S. Department of Justice, according to the Wall Street Journal (WSJ), this time over allegations of importing Iranian liquefied petroleum gas (LPG) into India via the Mundra port. Aditya Birla Group's main holding company revealed that its Finance Committee has given the green light to issue non-convertible debentures (NCDs) totaling up to ₹ 1,000 crore. An Ahmedabad-based firm announced that it has entered into a long-term Sales and Purchase Agreement (SPA) with BP Singapore Pte Ltd, a subsidiary of the global energy giant BP, to supply up to 0.41 million tonnes per annum (MTPA) of liquefied natural gas (LNG) between 2027 and 2036. Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
Time of India
4 hours ago
- Business
- Time of India
Stocks in news: Vodafone Idea, Jindal Stainless, ITC, HCL Tech, Grasim Industries
The market started the week on a volatile note and ended almost flat, continuing its consolidation phase. In today's trade, shares of Vodafone Idea , Jindal Stainless , ITC , HCL Tech Grasim Industries among others will be in focus due to various news developments. Biocon Biocon received approval for diabetes drug Liraglutide in India. Vodafone Idea Vodafone Idea (VIL) said it is engaged with the Centre to find a solution to the AGR issue, with CEO Akshaya Moondra stating he sees no reason why the government should be constrained in any way to offer relief. Jindal Stainless Jindal Stainless said it has acquired a 33.64% equity stake in a special purpose vehicle (SPV) to develop a 282 MW hybrid renewable energy project for its manufacturing operations. Grasim Industries Grasim Industries announced that its Finance Committee has approved the issuance of non-convertible debentures (NCDs) aggregating up to Rs 1,000 crore. Live Events ITC US-based investment firm GQG Partners has increased its stake in ITC Ltd, one of India's largest consumer goods companies, through a bulk deal on May 28. HCL Tech HCL Tech announced a strategic partnership with UiPath to accelerate Agentic Automation for global enterprises. Frontier Springs Frontier Springs bags order worth Rs 93 crore from Rail coach factory, Kapurthala and Modern coach factory, Raebareli.
Time of India
14 hours ago
- Business
- Time of India
Engaged with govt to find solution to AGR issue post plea dismissal by SC: Vodafone Idea CEO
Vodafone Idea (VIL) on Monday said it is engaged with the Centre to find a solution to the AGR issue , with CEO Akshaya Moondra stating he sees no reason why the government should be constrained in any way to offer relief. During VIL's investor call post Q4 and FY25 earnings, Moondra said the Average Revenue Per User (ARPU) in India is the lowest globally, and that industry's returns are below cost of capital. The VIL top boss stressed that the industry needs to move towards a pricing model, where heavy data users contribute more proportionally to their higher usage, than the current pricing structure -- where incremental data usage comes at an extremely low, unsustainable price. On the AGR issue, Moondra said the telco continues its engagement with the government to find a solution. "As far as the government relief is concerned, I think we are engaged with the government... what the government will do, I cannot comment on their behalf. But definitely post the judgment, we continue with our engagement with the government to find a solution to the AGR matter," he said. Live Events On whether the SC's move would allow the government to offer support to the company or specific clarity would be needed for the Centre to proceed further, Moondra said: "So our view is that the government can do..." At the time when the 2021 reforms package was announced, there had been some PIL filed in the Supreme Court , Moondra said and added that even then, the apex court had taken the view that it is a policy matter which is within the purview of the government. "And that time, also the Supreme Court had, when their final order was given, they had stated to the effect that this is a policy matter which is within the purview of the government, and they would not interfere in it. So in some ways, if you look at the reforms package of September 2021, the government has taken the initiative, and I see no reason why the government should be constrained in any way to offer relief, which it decides to do," he claimed. Moondra clarified that the government does not intend to take a position in the company's board given its 49 per cent stake at present, post recent dues to equity conversion. "There is no intent to take up any board seat, the shareholding of the government is a consequence of the government providing support in reducing dues," he said. The comment assume significance as the embattled telecom operator had been seeking waiver of around Rs 30,000 crore AGR dues, as it struggles with statutory liabilities and dwindling subscriber base -- as per the latest subscriber data by TRAI, the mobile customer base of VIL shrunk 6.47 lakh in April to 20.47 crore. Last month, the Supreme Court dismissed its plea, dealing a big blow to the crisis-ridden telecom operator. Just weeks before that, VIL had sent an SOS to the telecom department stating that without the government's timely support on adjusted gross revenue or AGR, it will not be able to operate beyond FY26, as the bank funding discussions will not move forward. Debt-ridden telco Vodafone Idea on Friday reported narrowing of losses for the March quarter to Rs 7,166.1 crore and its board greenlit fundraising of up to Rs 20,000 crore subject to shareholders' approval and statutory nods. The revenue for the fourth quarter (Q4FY25) rose 3.8 per cent year-on-year to Rs 11,013.5 crore. The Q4 losses narrowed to Rs 7,166.1 crore for the just-ended quarter, from Rs 7,674.6 crore a year ago. For the full year FY25, the losses narrowed to Rs 27,383.4 crore, as against Rs 31,238.4 crore in the previous fiscal. The full year revenue rose 2.1 per cent to Rs 43,571.3 crore. The company had said that the up to Rs 20,000 crore fundraising in one or more tranches will be "either by way of further public offer or private placement or through any other permissible mode as may be considered appropriate..." PTI MBI BAL DRR Economic Times WhatsApp channel )
Mint
15 hours ago
- Business
- Mint
Vodafone Idea resumes relief talks with govt., links capex to bank funding
Vodafone Idea Ltd has begun discussions with the government to explore a resolution on the telecom operator's substantial dues, barely two weeks after the Supreme Court rejected its plea for a waiver on related payments. The struggling company is also engaging with banks to secure debt funding for its long-term expansion, chief executive Akshaya Moondra said, adding that banks would want clarity on the dues the telco owes to the government before they agree to lend. But it is not preventing the discussions from moving forward, Moondra said. 'I see no reason why the government should be constrained in any way to offer relief…,' Moondra said on Monday during a call with analysts to discuss Vodafone Idea's March-quarter earnings. Vodafone Idea is set to incur capital expenditure of ₹ 5,000-6,000 crore for the first half of 2025-26 to enhance its network and infrastructure. However, its next leg of spending would be dependent on funds from banks, Moondra said. The Supreme Court on 19 May dismissed writ petitions by Vodafone Idea, Bharti Airtel Ltd and Tata Teleservices Ltd seeking relief on interest, penalty, and interest on penalty on adjusted gross revenue (AGR) dues to the government. Vodafone Idea owes ₹ 83,400 crore in AGR dues to the government and had sought a waiver on over ₹ 45,000 crore comprising interest, penalty, and interest on penalty. While rejecting the petitions, the Supreme Court bench comprising Justices J.B. Pardiwala and R. Mahadevan clarified the court would not stand in the way if the government chose to step in. 'If the government wants to help you, we are not coming in your way,' Pardiwala had said. However, the court's written order, issued on 21 May, makes no reference to that remark, which was widely seen as a green light for possible relief. Vodafone Idea, India's third-largest telecom operator, is grappling with huge regulatory dues of around ₹ 2 trillion. The telecom operator said in its recent petition to the Supreme Court that it would not be able to operate beyond this fiscal year without bank funding, which remains elusive as lenders remain wary of its AGR dues worth more than ₹ 84,000 crore. Starting 31 March 2026, Vodafone Idea must pay an annual instalment of over ₹ 18,000 crore for the next six years towards AGR and spectrum dues to the government. The dues are under moratorium, which will expire in September. In 2025-26 itself, Vodafone Idea will have to pay ₹ 16,428 crore towards AGR dues and ₹ 2,539 crore towards deferred spectrum dues. 'The government may have to extend the moratorium or increase its stake in the telco,' said analysts at IIFL Capital in a 20 May note. Vodafone Idea has been trying to raise bank funding of ₹ 25,000 crore for a long time now. The company said a recent credit rating upgrade as well as the government's recent conversion of dues worth ₹ 36,950 crore into equity has supported conversations with the lenders. 'There are some activities which we have to finish, which are currently in progress. We will again get to the point of discussions with the banks somewhere this month once some of the pre-requisites in terms of those actions and activities are completed,' Moondra said. In May last year, Vodafone Idea said it would incur a capital expenditure of ₹ 50,000-55,000 crore over the next three years for expanding its 4G network and launching its 5G service. 'A large part of the capex will be implemented in the current quarter. In terms of our next round of capex, we have to decide and firm up our plan. It also has some dependence on funding. At least for this quarter and coming quarter, we are on track of incurring a capex of around ₹ 6,000 crore,' Moondra said. '(With) the capex, which is already under execution, we should be reaching a level of 84% of (4G) population coverage. I believe we will move up from 84%, but to get to 90% (the capex) has got linkages with bank funding,' Moondra said, adding that Vodafone Idea had increased its 4G coverage to 83% as of March-end from 77% a year earlier. Vodafone Idea incurred a capex of ₹ 4,230 crore in the January-March period, its highest in a quarter since the merger of Vodafone India and Idea Cellular in 2018. For FY25, the capex was at ₹ 9,570 crore, up from ₹ 1,850 crore in FY24. In an exchange filing on 30 May, Vodafone Idea said its board had approved raising another ₹ 20,000 crore through a further public offering (FPO), private placement, or other permissible mode. A capital raising committee will evaluate and decide on the potential route of fundraising, the company said. Moondra called for a tariff hike to help increase the return on capital employed for telecom operators. Despite a price increase in July 2022, the average revenue per user (Arpu) for telecom operators in India is still among the lowest in the world, he said. 'To ensure a fair return on significant investments and support future capital expenditure in the telecom industry, further tariff increases are essential. Additionally, the industry needs to move towards a pricing model where heavy data users contribute more proportionally to the high usage than the current pricing structure where the incremental data usage comes at an extremely low, unsustainable price,' Moondra said. According to Moondra, there is no room to increase the tariffs much at the lower level and the industry collectively has to switch to a new tariff structure. Last month, Bharti Airtel vice chairman and managing director Gopal Vittal also called for tariff restructuring to sustain the domestic telecom sector's financial health. Vittal too had explained that a tariff restructuring would mean reducing data allowances on some packs and charging more for those who can afford to pay. Vodafone Idea's net loss in the fourth quarter of 2024-25 widened to ₹ 7,166 crore from ₹ 6,609 crore in the third quarter and ₹ 7,675 crore a year ago, due to an increase in expenses, especially finance costs, which include interest payments on debt and other liabilities. Finance costs, accounting for 59% of the telecom operator's revenue from operations, rose 9% quarter-on-quarter and 3% year-on-year to ₹ 6,471 crore. Revenue from operations rose 4% on-year to ₹ 11,014 crore. The revenue, however, was down nearly 1% sequentially owing to subscriber loss, largely in the lower-end segment. The company's subscriber churn rate slowed during the March quarter. Compared to a loss of 5 million subscribers each in the September and December quarters, Vodafone Idea's subscriber churn slowed to 1.6 million in the fourth quarter. As of 31 March, it had 198.2 million mobile subscribers. Sequentially, its blended subscriber churn fell to 4.1% from 4.5%. The number of 4G subscribers nudged up to 126.4 million in the fourth quarter from 126 million three months earlier. Vodafone Idea shares climbed 1.73% to end Monday's trading session on BSE at ₹ 7.04 each.
