Stock Market News - Sebi sets rules for start-ups on IGP to migrate to main platform

The Securities and Exchange Board of India (Sebi) on Monday came out with a discussion paper highlighting proposals for allowing a start-up listed on the Innovators Growth Platform (IGP) to trade under the regular category of the main board.
According to the proposals, the company should have listed on the IGP for a year and have a minimum of 200 shareholders for making the shift. The company, or any of its promoters, promoter group or directors, should not have been debarred from accessing the capital market or been a willful defaulter.

Minimum promoters’ contribution should be 20 per cent of the total capital. In case of a shortfall, alternative investment funds, foreign venture capital investors, scheduled commercial banks, public financial institutions or insurance companies can step in, subject to a maximum of 10 per cent of the total capital. This capital shall be locked in for three years from the date on which trading approval on the main board is granted, and any excess over and above the 20 per cent of promoter’s holding shall be locked-in for one year. The lock-in would not apply for companies listed on the IGP for three years or more.

Companies will have to meet the requirements mentioned in Regulation 6(1) or Regulation 6(2) of the ICDR Regulations.

The regulator had eased norms for Indian startups to list on the bourses in December last year, allowing startups in sectors like e-commerce, data analytics and biotechnology to list on the IGP.

Here's a look at the top stocks that may remain in focus today -

Tata Motors: Tata Motors reported a 47 per cent drop in quarterly profit on Monday as the Indian automaker struggled to sell its luxury Jaguar Land Rover (JLR) cars in key markets like China, and was also hit by a broader economic slowdown at home.

BPCL: BPCL posted a 16 per cent increase in net profit at Rs 3,125 crore for the quarter ended 31 March, 2019. The company's gross refining margin came in at $4.58 per barrel for the full financial year as against $6.85 in the last fiscal.

HPCL: Hindustan Petroleum Corporation Ltd (HPCL) reported an increase of 70 per cent in its net profit for March quarter of FY19, helped by inventory gain and rupee appreciation that offset a dip in refinery margins.

Earnings today: As many as 97 companies are slated to declare their March quarter results today. Some of the prominent names include Tech Mahindra, Bharat Financial, Bosch, Cochin Shipyard, DLF and Jindal Steel and Power.

Jet Airways: A high-level meeting is learnt to have been fixed between the Hinduja Group and Etihad Airways on May 23 in a bid to revive Jet Airways. Top executives of State Bank of India (SBI) will be present at the meeting to be held in Abu Dhabi, said a Business Standard report. 


Minda Industries: Foreign brokerage Nomura has maintained 'buy' rating on the stock with the target price of Rs 454 from Rs 490 earlier. The company remains a key beneficiary of rising content in vehicles and regulatory push driving adoption of safety and BS-VI, Nomura said.

Infosys: According to a report by ET Tech.com, Infosys has been asked by an Australian court to share a copy of the source code for a banking solution user interface it had built for both Qudos Bank and Australian Military Bank (AMB), within seven days.

Dr Reddy's: The pharma company is planning to spend upto USD 300 million on research and development (R&D) during this financial year.

GSK Pharma: GlaxoSmithKline Pharmaceuticals Monday reported a 16.56 percent rise in its standalone net profit to Rs 123.03 crore for the quarter ended March 31. The company had posted a net profit of Rs 105.55 crore for the corresponding period of the previous fiscal.

Sources

SEBI | Tata Motors | BPCL |Earning Today | Jet Airways | Dr. Reddy's | GSK Pharma