ITC fixes record date for demerger of hotels business.

The record date for the demerger of ITC Hotels Limited (ITCHL) from ITC Ltd is January 6, 2025. The demerger is set to take effect on January 1, 2025

FMCG major ITC Ltd on Wednesday announced the record date for demerger of the company’s hotels business. “We write to advise that the Company and ITC Hotels Ltd (ITCHL) have mutually agreed to fix Monday, January 6, 2025 as the Record Date for the purposes of determining the shareholders of the Company to whom equity shares of ITCHL would be allotted in accordance with Clause 18 of the Scheme of Arrangement amongst ITC Ltd and ITC Hotels Ltd and their respective shareholders and creditors under Sections 230 to 232 read with the other applicable provisions of the Companies Act, 2013,” it stated in a BSE filing

The effective date of ITC Hotels’ demerger would be January 1, 2025. The NCLT, Kolkata Bench, has sanctioned the scheme of arrangement among ITC and ITC Hotels and their respective shareholders and creditors and the said order was received by ITC December 16, ITC informed exchanges in a separate filing.

To recall, the board members of ITC had on August 14 last year approved the demerger of its hotel business, with ITC all set to hold a stake of 40% in the new entity and the balance shareholding of 60% is to be held directly by ITC’s shareholders proportionate to their ITC shareholdings.

The shareholders of ITC will receive 1 equity share of ITC Hotels for every 10 equity shares of ITC held by them. The NCLT (Kolkata bench) has approved the scheme of demerger on October 4, 2024. “As per our fundamental estimates, the demerged hotel business is expected to have a value of Rs 25 per share out of ITC current target price of Rs 530 per share,” JM Financial said.

As per BSE, the company’s stock has a price-to-equity (P/E) ratio of 28.54 against a price-to-book (P/B) value of 8.06. Earnings per share (EPS) stood at 16.46 with a return on equity (RoE) of 28.22

Disclaimer: Moneywealth Research provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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Mobikwik shares hit 20% upper circuit limit, now up 90% from issue price on listing day. Analyst views

One Mobikwik Systems Ltd (Mobikwik’s parent) shares on Wednesday marked a stellar stock market debut. The stock today got listed at Rs 442.25 on BSE, a premium of 58.51 per cent over its issue price of Rs 279. It went on further to scale its 20 per cent upper price band of Rs 530.70. At this price, the scrip has rallied 90.22 per cent compared to the issue price.

Analysts said this successful listing hints at robust market interest and optimism regarding Mobikwik’s future in the online payment market.

Shivani nyati, Head of Wealth at Swastika Investment, said, “The digital payment platform delivered an impressive listing gain. The IPO had garnered a remarkable subscription of 125.69 times, indicating massive investor interest despite its high valuation and competitive fintech landscape. The company’s recent shift to profitability, coupled with the growing adoption of digital payments, boosted market confidence. However, sustaining this momentum would depend on its ability to maintain profitability and carve out a niche in the competitive fintech sector.”

Given the high listing gains, investors are recommended to book profits, while those wanting to hold should set a stop loss at around Rs 400, Nyati suggested.

Bajaj Broking said, “The IPO was oversubscribed, with bids totalling approximately $4.7 billion, about 120 times the shares offered. This strong demand reflects investor confidence in Mobikwik’s growth potential within India’s expanding online payment market. The fintech sector is expected to grow significantly, which positions MobiKwik to capitalize on this upward trend. Overall, the successful listing indicates robust market interest and optimism regarding MobiKwik’s future in the fintech industry.”

Mobikwik offers products such as MobiKwik ZIP,ZIP EMI for consumers, and merchant cash advance for merchants through in-house models and strategic partnerships with lending partners. Its offerings utilize digital public infrastructure (DPI) such as Aadhaar, E-Nach, Digi-Locker and NSDL to provide seamless and digital-first experiences for users.

As of June 30, 2024, the company has 161.03 million registered users and has enabled 4.26 million merchants to make and accept payments both online and offline. MobiKwik ZIP is a flagship product that lets consumers buy now and pay later within 30 days, offering flexibility and easy repayment options.

For the three months ended on June 30 this year, the company reported a loss of Rs 6.62 crore with a revenue of Rs 345.83 crore. It clocked a bottom line of Rs 14.08 crore with a revenue of Rs 890.32 crore for the financial year ended 2023-24.

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