InterGlobe Aviation, the parent company of IndiGo, announced that it will be imposing a fuel surcharge on airfares due to the steep rise in jet fuel prices. This surcharge will range from ₹300-1,000 and will be added to airfares booked from 6 October onwards. IndiGo cited the significant increase in aviation turbine fuel prices as the reason behind this decision.
Japanese tech giant SoftBank plans to divest an additional 2.54% stake in PB Fintech, the parent company of Policybazaar, through a block deal. The offer price range for this transaction falls between ₹752 and ₹767 per share, representing a discount of 0-2%.
Valiant Laboratories is set to make its stock market debut on Friday. Analysts expect the stock’s initial listing price to command a premium of approximately 15-18% above the IPO price. This optimistic projection stems from the IPO’s healthy subscription rate.
The petroleum ministry has increased the LPG distributors’ commission to ₹73.08 per cylinder, up from ₹64.84 fixed in May last year. However, the ministry stated that this revision in distribution commission will not result in a revision in retail LPG prices.
Godrej Consumer Products has reported mid-single-digit volume growth for the July-September quarter in the domestic market. Despite weak macros and adverse weather conditions, the performance of the Park Avenue and KamaSutra brands has improved, and they are on track to achieve full-year guidance.
Asirvad Micro Finance, a subsidiary of Manappuram Finance, has filed preliminary papers with SEBI to raise ₹1,500 crore through an initial public offering (IPO). The IPO will consist of a fresh issue of equity shares with no offer-for-sale component.
Tata Steel subsidiary Tinplate Company of India Limited (TCIL) has received a tax notice imposing a penalty of about ₹40 lakhs for the 2016-17 fiscal year. The demand order is currently pending appeal before the Commissioner of Commercial taxes.
The Securities Appellate Tribunal has set aside SEBI’s penalty on Cairn India, a part of Vedanta Ltd, for allegedly making a misleading announcement of its buyback offer.
Crisil has upgraded Thomas Cook India Limited’s rating to AA-/Stable for the long-term and CRISIL A1 for the short-term. This upgrade comes as Thomas Cook India experiences a sharp revival after the pandemic, with significant revenue increases across segments.
According to a report by Icra, the footwear industry is expected to register a moderate growth of 7-8% in the current fiscal year, compared to 28% in FY23. The industry has seen muted revenue growth in the first half of FY24, primarily due to sluggish volume growth and no significant increase in average selling price. The mass segment of the industry is facing headwinds, and demand is not expected to improve significantly in the near term.
These stocks should be closely monitored as they could have an impact on the market today.
Definitions:
1. Fuel surcharge: An additional charge added to airfares or other transportation costs to offset the increased price of fuel.
2. Block deal: A single transaction of a large number of shares, usually carried out off-market, often between institutional investors.
3. IPO: Initial Public Offering, the first sale of shares to the public by a company.
4. LPG: Liquified Petroleum Gas, commonly used as a fuel for heating, cooking, and portable appliances.
5. SEBI: Securities and Exchange Board of India, the regulatory body for the securities market in India.
Sources:
– IndiGo imposing fuel surcharge: Company statement
– SoftBank’s stake divestment in PB Fintech: Industry insiders
– Valiant Laboratories’ stock market debut: Anticipated premium based on analysts’ projections
– Increase in LPG distributors’ commission: Petroleum ministry letter
– Godrej Consumer’s mid-single-digit volume growth: Company statement
– Asirvad Micro Finance IPO filing: Draft red herring prospectus
– Tata Steel’s tax notice for TCIL: Tata Steel regulatory filing
– Securities Appellate Tribunal’s decision on Cairn India case: Bench led by Justice Tarun Agarwala
– Thomas Cook India’s rating upgrade: Crisil statement
– Footwear industry’s growth projection: Icra report
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