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CARE Ratings places NDTV’s bank facilities on ‘credit watch’, shares gallop

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The shares of Adani group’s takeover target satellite channel company New Delhi Television Ltd (NDTV) continued to hit the upward circuit on Monday with the price touching Rs 540.85.

The 52-week low price for the scrip was Rs 72.

Meanwhile, credit rating agency CARE Ratings has placed ratings assigned to NDTV’s bank facilities on credit watch with developing implications following takeover decision by the Adani group.

NDTV, which had postponed its 34th annual general meeting (AGM)to September 27 from the earlier fixed date of September 20, said it has completed the dispatch of notice for the shareholders meeting on September 3, 2022.

Due to change in the date of the AGM, the Register of Members and the Share Transfer Book of the Company will now remain closed September 20-27 (both days inclusive), NDTV had said.

The scrip has been on the upswing since August 23, the day on which the Adani group’s AMG Media Networks announced its subsidiary Vishvapradhan Commercial Private Ltd’s (VCPL) decision to exercise its rights to acquire 99.5 per cent of equity shares of RRPR Holding Private Ltd, the investment company of NDTV promoters – Prannoy Roy and Radhika Roy.

The VCPL holds 1,990,000 warrants of RRPR Holding entitling it to convert them into 99.99 per cent stake in the latter.

The VCPL has exercised its option in part, resulting in acquisition control of RRPR Holding — 1,990,000 equity shares or 99.50 per cent.

RRPR Holding holds 29.18 per cent stake in NDTV that has three national television channels.

This triggered the issue of open offer to acquire shares of NDTV from the public as per SEBI’s (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Placing the credit ratings of NDTV’s bank facilities on credit watch with developing implication, CARE Ratings said it will continue to monitor the developments in this regard and will take a view on the ratings once the exact implications of the acquisition on the credit risk profile of the company are clear.

According to CARE Ratings, the ratings continue to remain constrained by high exposure towards group companies and revenue concentration risk as the company majorly generates revenue from advertisement which in turn exposes the company’s revenue profile to the business cycle of the advertisers.

“The ratings are also constrained on account of uncertainty over ongoing litigations against the company and its promoters especially pertaining to tax demand, hence the impact of the same on operational and financial risk profile of the company is not clear,” CARE Rating said.

According to CARE Ratings, NDTV had a total investment of Rs 335.13 crore in its subsidiaries/joint ventures/associates as on March 31, 2022 (Rs 325.03 crore as on March 31, 2021) as against its tangible net worth of Rs 345.09 crore as on March 31, 2022, majority of which are in NDTV Networks Limited, having an investment of Rs 315.70 crore as on March 31, 2022 (NDTV Networks Limited have a negative net worth of Rs 28.48 crore as on March 31, 2022).

“There are a number of ongoing litigations against the company especially pertaining to tax demand, the outcome of which will be crucial, particularly in the matter pertaining to transaction with Universal Studios International BV (a General Electric company) wherein a tax demand of

Rs 450 crore had been raised against the company for AY 2009-10,” CARE Ratings said.

“Further, the company had also received demand notice from SEBI for alleged non-disclosure of tax demand dated November 22, 2019, against which the company filed an appeal and matter is likely to be listed on September 12, 2022. Company also received show cause notice from the Directorate of Enforcement (ED) for the alleged contraventions under Foreign Exchange Management Act, 1999 (“FEMA”),” the credit rating agency said.

The CARE Ratings said the company also received notice dated August 20, 2018, from SEBI in regard to alleged violation of Clause 36 of erstwhile Listing Agreement for non-disclosure of loan agreements entered into by Prannoy Roy, Radhika Roy and RPRR Holding with VCPL in 2009-10.

“Further, the investigation by CBI is also pending with respect to the FIR registered against the company, promoters and other officials on August 19, 2019, in a case of alleged violation of foreign direct investment rules in one of their companies under section of Indian Penal Code, 1980 and Prevention of Corruption Act, 1988. In addition to this, there are few other investigations also pending w.r.t. income tax demand. Any adverse developments in relation to these ongoing legal cases having a material impact on the operational or financial risk profile of the company shall remain negative from the credit perspective,” CARE Ratings said.

Business

Tomato Prices In Mumbai Surge – Know What Are The Current Rates

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Navi Mumbai: The APMC wholesale vegetable market saw an increase in tomato prices by over 30 percent in first week of November as compared to the prices in October 2025. According to the report, prices of tomatoes in October were sold in APMC at Rs 16 -20 per kg and have now increased to Rs 20-28 per Kg.

The supply of tomatoes have also reduced on Monday, as report by Loksatta stated that only 2238 quintals of tomatoes arrived in the APMC Market.

According to the report, traders said that cold weather and imbalance production of tomatoes led to the increase in price, adding that in the last few days, the supply of goods from Nashik, Pune and Nagar areas also reduced.

According to the report, farmers have cautioned about crop damage caused by unseasonal rainfall and the current cold weather, stating that there is a significant chance that the produced crop’s flowers and buds will fall.

Several other reports added that the price of green peas, cluster beans have also gone up. Price of green peas increased to Rs 280 per kg, cluster beans reached Rs 200 per kg while that of Tinda (Indian round gourd) have rised to Rs 50 for 250 grams.

According to Regional Meteorological Center,Mumbai, the climate in Pune, Nashik is expected to see dry climate till November 15. Indian Meteorological Department (IMD) Mumbai scientist Shubhangi Bhute added that, “there are no signs of unseasonal rainfall currently. With the northeasterly winds prevailing, the temperature will drop. The weather will be dry and skies will be clear.”

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Business

Sensex, Nifty open lower amid mixed global cues

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Mumbai, Nov 11: The Indian benchmark indices opened mildly in red on Tuesday, amid progress on the US shutdown bill and optimism regarding an India-US trade deal soon.

As of 9.25 am, the Sensex was down 177 points, or 0.21 per cent at 85,338 and the Nifty inched down 51 points, or 0.20 per cent to 25,523.

The broadcap indices performed better than benchmarks, with the Nifty Midcap 100 down only 0.09 per cent and the Nifty Smallcap 100 losing 0.06 per cent.

TCS, Tech Mahindra and Dr Reddy’s Labs were among the major gainers in the Nifty Pack, while losers included Bajaj Finance, Bajaj Finserv, Shriram Finance and Asian Paints.

Sectoral indices were trading mixed with most of them trading with mild negative bias. Nifty IT was the standout gainer up 0.31 per cent, while financial services, FMCG, Pharma and PSU Bank down 0.71 per cent, 0.49 per cent, 0.16 per cent and 0.57 per cent respectively.

“Nasdaq bounced back 2.2 per cent after the AI trade was weak last week. The return from AI stocks may take longer than expected, but there is no bubble in AI stocks, unlike the Tech bubble that crashed in 2000,” said market watchers.

They noted that Nasdaq PE was above 70 and many tech stocks were above 150 in March 2000, and AI stock PE valuations now range from 28 to 51, while Nasdaq’s PE is 32.

Most of the Asia-Pacific markets rose in early trading sessions on Tuesday tracking Wall Street gains on revived optimism regarding artificial intelligence stocks.

The US markets ended in the green zone overnight, as Nasdaq jumped 2.27 per cent, the S&P 500 added 1.54 per cent, and the Dow inched up 0.81 per cent.

In Asian markets, China’s Shanghai index lost 0.46 per cent, and Shenzhen dipped 0.67 per cent, Japan’s Nikkei added 0.43 per cent, while Hong Kong’s Hang Seng Index eased 0.29 per cent. South Korea’s Kospi jumped 1.38 per cent.

On Monday, foreign institutional investors (FIIs) sold equities worth Rs 4,889 crore, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 1,787 crore.

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Jharkhand: Robbery and firing on trader sparks shutdown in Dhanbad market

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Dhanbad, Nov 10: Traders on Monday launched a massive protest after a businessman was robbed and shot at inside the government-run Market Committee complex in the Barwadda police station area in Dhanbad, Jharkhand, late Sunday evening.

The incident has caused concerns over rising crime in Jharkhand’s coal capital, prompting traders to shut all 417 shops in the market complex for the day.

The attack took place around 8.30 p.m. on Sunday when three bike-borne assailants intercepted trader Shyam Bhimsariya while he was closing his shop.

The miscreants fired at him, snatched a bag containing Rs 4 lakh, and sped off. Bhimsariya narrowly escaped the bullet, which reportedly grazed past him. The incident created panic among shopkeepers and customers, many of whom rushed to safety.

On Monday morning, hundreds of traders assembled at the main gate of the Market Committee complex, raising slogans against the administration and demanding immediate arrests. They alleged that the market, which witnesses a heavy footfall, has long been operating without proper security measures.

The Market Committee complex is one of the busiest business hubs in Dhanbad, recording a daily turnover of Rs 7-8 crore.

“We will not tolerate this kind of atmosphere where traders fear for their lives every evening,” a member of the traders’ association said, adding that if the culprits are not arrested within 48 hours, the protest may spread to other markets across the district.

BJP MP Dhullu Mahto, addressing traders, said criminals are “roaming fearlessly” in Dhanbad. “The morale of criminals has gone up due to weak policing. The police must act immediately to restore confidence among traders,” he said.

Jharia Congress MLA Ragini Singh accused the state government of complete failure on the law and order front. “When crime is discussed in the Assembly, the government remains silent. People are living in fear while criminals are dictating terms,” she remarked.

Outgoing Mayor Chandrashekhar Agarwal demanded urgent security measures in the market area, suggesting that CCTV cameras be installed. He said a permanent police post must be established to prevent the recurrence of such incidents.

Dhanbad District Chamber of Commerce president Chetan Goenka strongly condemned the attack and criticised authorities for ignoring repeated requests for better security.

“It is shocking that a market with a daily business of Rs 7-8 crore has neither CCTV surveillance nor police patrolling. Traders cannot operate under fear. The administration must take permanent measures,” Goenka said.

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