Today's Business Blitz- " Hindustan Zinc Soars, Electricity Cost Alert, India Explores FDI Regulations, Major Move, India Explores FDI Regulations"
20th August, 2024
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1. “Hindustan Zinc Soars: A Glorious, 7% Leap in FTSE All-World Index Weight”
Hindustan Zinc's FTSE All-World Index weight increased to 7% from 5.49%.
The company remains in multiple FTSE indices with increased investability weight.
Vedanta approved the sale of a 1.22% stake in HZL through an offer for sale.
Vedanta may utilize the oversubscription option for an additional 0.29% stake.
HZL shares rose 3.34% on the BSE, outperforming the Sensex.
#bqmetered#Sensex#Business#Markets#Notifications#company
2. “Electricity Cost Alert: Your Power Bill Set to Increase by 15 Paise Per Unit Due to New Mineral Tax”
Supreme Court ruling allows state mineral tax on mining companies.
Coal India facing Rs 36,000 crore liability, payable over 12 years.
Power tariffs predicted to rise by 15 paise per unit (2%) due to increased coal costs.
Impact on consumers considered substantial as power companies are expected to pass on costs.
Key figure: Rupesh Sankhe, Elara Securities analyst
80-85% of coal supplied by Coal India goes to power generators.
Retrospective tax collection a challenge, as many coal-fired power plants have closed.
Impact on consumer power bills likely.
#Supreme Court#Business#Markets#crore#Notifications
3. “India Explores FDI Regulations in Booming Online Gaming Sector”
India seeks clarity on online game classification for FDI.
PM Modi urges Indian professionals to lead the global gaming market.
Concept note circulated to distinguish between 'Game of Skill' and 'Game of Chance' for FDI purposes.
Objections raised over potential association with gambling and betting.
Independent body sought to define 'Game of Skill.'
India's gaming industry projected to reach $6 billion by 2028.
GST of 28% levied on face value of gaming bets.
GST (Tax) Law Panel defines "Games of Skill, Chance."
#gambling#PTI#defi#Markets#bqfree#Modi#billion#gaming#Online Gaming#FDI#Nation
4. “Major Move: Dhanuka Agritech Announces 100 Crore Equity Share Buyback Plan!”
Dhanuka Agritech announces buyback of equity shares worth ₹100 crores.
5 lakh equity shares with a face value of ₹2 each at a price of ₹2,000 per share will be bought back.
The buyback offer opens on August 22 and closes on August 28.
Shares of Dhanuka Agritech closed 2.64% lower at ₹1747.40 per share.
#bqmetered#Business#Markets#Buyback#Agrochemicals#crore#Buyback Alert
5. “Sansera Engineering's Big Move: Raising a Massive Rs 1,200 Crore!”
Sansera Engineering to raise Rs 1,200 crore through equity and convertible securities.
Funding will support expansion and new manufacturing facility in Karnataka.
Company also to invest Rs 20 crore in MMRTFIC Technology Pvt. Ltd. for radar development.
Sansera Engineering shares closed marginally higher at Rs 1,492.45.
#bqmetered#Sansera Engineering Ltd#Business#Markets#crore#manufacturing#manufacturing
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