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Premji Invest buys 1.6% stake in Wipro for Rs 4,757 crore via block deal (08-11-2024)
Private equity firm Premji Invest on Friday bought a 1.6 per cent stake in IT company Wipro for Rs 4,757 crore through an open market transaction.
Billionaire Azim Premji’s PE firm through its arm Prazim Trading and Investment Company Pvt Ltd acquired shares of Wipro through a block deal on the National Stock Exchange (NSE).
As per the data, Prazim Trading and Investment Company purchased 8,49,54,128 shares, amounting to a 1.62 per cent stake in Bengaluru-based Wipro.
The shares were picked up at an average price of Rs 560 apiece, taking the transaction value to Rs 4,757.43 crore.
Meanwhile, Azim Premji promoted Prazim Traders sold over 4.49 crore shares of Wipro, while Zash Traders sold 4 crore shares of the company at the same price.
Prazim and Zash Traders are the two promoter entities of Wipro.
Shares of Wipro rose 0.92 per cent to close at Rs 568.60 apiece on the NSE.
Archean Chemical – Specialty Chemical Leader (08-11-2024)
Numbers muted both QoQ and YoY
Specified Digital Platform: Concept lacks clarity (08-11-2024)
SDPs must demonstrate to SEBI that they have a mechanism in place to take preventive as well as curative action
Crude oil prices fall more than 1% as hurricane Rafael risk recedes (08-11-2024)
Brent crude oil futures lost 93 cents, or 1.23%, to $74.70 a barrel by 1415 GMT. U.S. West Texas Intermediate (WTI) crude was down $1.05, or 1.45%, at $71.31
Broker’s call: Aptus Value Housing Fin (Buy) (08-11-2024)
Centrum Broking
Premji Invest buys 1.6 pc stake in Wipro for Rs 4,757 crore (08-11-2024)
As per the data, Prazim Trading and Investment Company purchased 8,49,54,128 shares, amounting to a 1.62 per cent stake in Bengaluru-based Wipro.
Equitas Small Finance Bank Q2 Results: Net profit plummets 93% to Rs 13 crore (08-11-2024)
Equitas Small Finance Bank’s Q2 net profit dropped 93% YoY to Rs 13 crore, mainly due to higher provisions for risky loans. Its operating profit rose 6%, while NPAs increased, with gross NPAs at 2.95% and net NPAs at 0.97%.
Arman Financial Services Ltd (08-11-2024)
It won’t be proper to compare q2 of CAG with q1 of Arman to check the leverage. Arman did qip in Dec 23 and hence its leverage is understandably lower and Capital Adequacy higher.
Secondly, on >4 borrowers, all the MFI lenders and SFBs have burnt their fingers. Everyone seems to have been chasing growth at the cost of asset quality. If this is not ever greening of loans, then what is this? Irony is none of these players are new entrant in the sector. They all have credible mgmts with existence of >20 yrs, to say the least.
Thirdly, to the best of my knowledge, almost all of MFIs have reported q2 numbers except Satincare and Arman. Some mgmts are expecting worst will get over by q3 and growth to resume from q4 others like ujjivan are saying pain to continue for next 2 quarters. The q2 of equitas reported the same pain and 16% of their AUM (MF Loans) has eaten away the PAT, in credit cost. To me, it appears, this pain won’t settle in next 6 months, and may take longer to settle down and report growth.
Fourthly, it seems there are no formal system of assessment of income levels of these mf borrowers. So, there are left to best judgement and assessment of each of these MFI. Their underwriting skills will get tested this time again.
Lastly, on technicals, stocks of all MFIs and SFBs are in stage 4 decline though fundamentally all are trading below with long term averages.