·Coal India drops over 3% on offer for sale
Shares of Coal India slipped over 3% to Rs363.70 on NSE in opening moves to Rs362 levels, after the government’s offer for sale (OFS) opened for subscription today.
Coal India OFS to open today; sale floor price set at Rs358/Share (retail investors to get 5% discount on discovered price) – Attractive price for investors given the improving volume growth outlook, healthy balance sheet and high dividend yield.
·Igarashi Motors open offer priced at Rs307.92/share
Igarashi Motors open offer priced at Rs307.92/share (10% discount to CMP Rs337); sentimentally negative. lgarashi Electric Works Limited, Japan and MAPE Advisory Group Private Limited have agreed to buy the entire stake of 97.9% held by Blackstone Capital in Agile Electric Sub Assembly Private Limited (Igarashi Promoter) which has triggered the open offer.
·HCC spurts 16% as higher execution led to earnings growth
Shares of Hindustan Construction Company ( HCC) rallied 16% to Rs33.80 on NSE after reporting a five-fold jump in standalone net profit at Rs27.1 crore for the quarter ended December 31, 2014 (Q3), on the back of a higher turnover. The stock opened at Rs31.90 and hit a high of Rs34.30 on NSE. The infrastructure major had posted a net profit of Rs 5.4 crore for the corresponding quarter a year ago.
·SKS Micro Finance rallies in volatile markets post Q3 nos
SKS Micro Finance applies for small bank license—positive for long term though lower than expected earnings for Q3FY15 could lead to weakness in stock price.SKS Microfinance Q3FY15 Profit growth falls short of estimates.SKS Microfinance reported a profit of Rs41.05 crore for Q3FY15 (up 92% YoY) though it was down 28% QoQ and was short of market estimates.
·Bharti Airtel falls 2% on stake sale plans to Kotak Bank
Shares of Bharti Airtel falls 2% to Rs368.80 on NSE on plans to sell 19.39% stake in its payment banking venture to Kotak Mahindra Bank – Positive for Kotak Bank as well as Bharti Airtel
Bharti Airtel announced that it’s wholly owned subsidiary Airtel M Commerce Services Limited (AMSL) is seeking to convert its existing Prepaid Payment Instrument license into a Payments Bank license to be issued by the Reserve Bank of India.
·Tata Motors to raise Rs7,500 crore via rights issue
Tata Motors management has proposed a rights issue to the tune of Rs7,500 crore. Proceeds from the issue will be utilized to fund a portion of the ongoing capital expenditure, increase investments in subsidiaries to support future growth opportunities and partly to de-leverage the balance sheet and build financial flexibility.
·Government to infuse funds into stalled road projects
The road ministry has proposed to allow road developers to borrow additional funds from the NHAI required to complete stalled projects at a rate lower than that offered by banks. The move if implemented will help the execution of stalled projects which were unable to complete owing to want of funds and banks unable to lend additional loans. The development is positive for the road sector especially players like IRB Infrastructure, IL&FS Transportation, Ashoka Buildcon, Sadbhav Engineering among others.
·SpiceJet board approves up to $243 mn share sale plan
SpiceJet said that its board has approved selling shares worth up to Rs15 billion ($242.6 million) in the company, following a deal between its current majority owner and a co-founder leading a rescue plan.
Ajay Singh, who helped found the airline in 2005, agreed this month to buy a controlling stake from billionaire majority owner Kalanithi Maran's Sun Group in a bid to turn around the money-losing airline.
Shares of Coal India slipped over 3% to Rs363.70 on NSE in opening moves to Rs362 levels, after the government’s offer for sale (OFS) opened for subscription today.
Coal India OFS to open today; sale floor price set at Rs358/Share (retail investors to get 5% discount on discovered price) – Attractive price for investors given the improving volume growth outlook, healthy balance sheet and high dividend yield.
·Igarashi Motors open offer priced at Rs307.92/share
Igarashi Motors open offer priced at Rs307.92/share (10% discount to CMP Rs337); sentimentally negative. lgarashi Electric Works Limited, Japan and MAPE Advisory Group Private Limited have agreed to buy the entire stake of 97.9% held by Blackstone Capital in Agile Electric Sub Assembly Private Limited (Igarashi Promoter) which has triggered the open offer.
·HCC spurts 16% as higher execution led to earnings growth
Shares of Hindustan Construction Company ( HCC) rallied 16% to Rs33.80 on NSE after reporting a five-fold jump in standalone net profit at Rs27.1 crore for the quarter ended December 31, 2014 (Q3), on the back of a higher turnover. The stock opened at Rs31.90 and hit a high of Rs34.30 on NSE. The infrastructure major had posted a net profit of Rs 5.4 crore for the corresponding quarter a year ago.
·SKS Micro Finance rallies in volatile markets post Q3 nos
SKS Micro Finance applies for small bank license—positive for long term though lower than expected earnings for Q3FY15 could lead to weakness in stock price.SKS Microfinance Q3FY15 Profit growth falls short of estimates.SKS Microfinance reported a profit of Rs41.05 crore for Q3FY15 (up 92% YoY) though it was down 28% QoQ and was short of market estimates.
·Bharti Airtel falls 2% on stake sale plans to Kotak Bank
Shares of Bharti Airtel falls 2% to Rs368.80 on NSE on plans to sell 19.39% stake in its payment banking venture to Kotak Mahindra Bank – Positive for Kotak Bank as well as Bharti Airtel
Bharti Airtel announced that it’s wholly owned subsidiary Airtel M Commerce Services Limited (AMSL) is seeking to convert its existing Prepaid Payment Instrument license into a Payments Bank license to be issued by the Reserve Bank of India.
·Tata Motors to raise Rs7,500 crore via rights issue
Tata Motors management has proposed a rights issue to the tune of Rs7,500 crore. Proceeds from the issue will be utilized to fund a portion of the ongoing capital expenditure, increase investments in subsidiaries to support future growth opportunities and partly to de-leverage the balance sheet and build financial flexibility.
·Government to infuse funds into stalled road projects
The road ministry has proposed to allow road developers to borrow additional funds from the NHAI required to complete stalled projects at a rate lower than that offered by banks. The move if implemented will help the execution of stalled projects which were unable to complete owing to want of funds and banks unable to lend additional loans. The development is positive for the road sector especially players like IRB Infrastructure, IL&FS Transportation, Ashoka Buildcon, Sadbhav Engineering among others.
·SpiceJet board approves up to $243 mn share sale plan
SpiceJet said that its board has approved selling shares worth up to Rs15 billion ($242.6 million) in the company, following a deal between its current majority owner and a co-founder leading a rescue plan.
Ajay Singh, who helped found the airline in 2005, agreed this month to buy a controlling stake from billionaire majority owner Kalanithi Maran's Sun Group in a bid to turn around the money-losing airline.
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