PNB sells entire stake in Principal Financial Group JV

Punjab National Bank (PNB) has sold its whole stake in the JV with Principal Financial Group to give full ownership of Principal PNB AMC and Principal Trustee Co. Pvt. Ltd in India. The Principal Financial Group would purchase PNB’s minority stakes in their joint ventures.  The agreement is depending on regulatory approval.

According to the website of PNB, the second largest public sector bank by market cap, it holds 21.38% in Principal PNB Asset Management Co. and 30% in Principal Trustee.

Principal PNB Asset Management Co. is the investment manager to Principal Mutual Fund.

Shares of PNB was trading at Rs.167.85 up 0.87% at NSE, mid-noon hours, Wednesday

Maruti Suzuki, Tata Motors, Bajaj Auto ahead in December Auto Sales

Year 2017 marked a significant move for auto sales, aided by the continued growth in the Auto sector by the sales figures of Dec 2017.  The primary reason for the growth on Y-o-Y basis was the effects of demonetization on Dec 2016.

India’s largest carmaker Maruti Suzuki India Limited clocked a 10.3% jump in sales for Dec driven by demand for its vans and compact cars. The car maker sold a little over 1.3 lakh units v/s to 1.17 lakh in the same month a year ago, as per the company’s exchange filing. Total domestic sales rose 12.1% to 1.19 lakh units while export sales fell 6.2% to 10,780 units.

Mahindra & Mahindra Limited’s (M&M) sales grew 8% percent to 39,200 vehicles in Dec 2017, led by strong demand for its commercial vehicles.

In the 2-wheeler segment, TVS Motors Limited reported a significant growth of 35% in total sales, in which exports surged to 55% during the period, whereas Eicher Motors Limited, reported 17% growth led by spike in demand for its two-wheelers, aided by stellar growth in their exports. 

Bajaj Auto sales grew by 30% in December on Y-o-Y basis, on account of strong exports. Sale of commercial vehicles rose 187% to 63,785 units compared to that a year ago. Sale of motorcycles also grew 13%. Motorcycle sales within India grew only 6% while two-wheeler exports rose 20%

Top upcoming IPOs of 2018: NSE, IRTC, ICICI Securities and more

More than 150 initial public offers (IPO) hit the Indian stock market in 2017, raising USD 11.6 billion, however, for the New Year-2018 a few top upcoming IPOs, among others,  st to hit the market which include:

NSE: National Stock Exchange, the country's biggest exchange filed DRHP with Sebi in Dec 2016 and is set to enter the market this year. However, the approval for the Rs. 10,000 crore offer has been pending with SEBI, on account of co-location through which the exchange is alleged to offer preferential entrée to some broker.

IRCTC:  Indian Railway Catering & Tourism Corporation (IRCTC) will go public this year after resolving its issues relating to service charges.

ICICI Securities: ICICI Securities intends  Rs. 3000 - 4000 crore IPO issue which comprises sale of 20 per cent  stake by ICICI Bank which equals to 64,428,280 equity shares with a reservation of 32.21 lakh equity shares for individual & HUF shareholders of the bank.

Hindustan Aeronautics: Hindustan Aeronautics Limited (HAL) got SEBI nod for IPO in October 2017. Through the stake sale, the company aims to sell 36.2 million shares and garner a total of Rs. 2000 to Rs. 2500 crore.

HDFC AMC:  HDFC Asset Management Company has received the approval for stake sale via IPO offering. The company has listed its insurance arm in 2017.