Today's Stock View – 09.01.2019
Today's Stock View – 09.01.2019
* ALLCARGO LOGISTICS: The company's warehousing arm has agreed to lease out a total of 3 mln sq ft of space to Walmart-owned Flipkart and sporting goods seller Decathlon.
* ARVIND LTD: Kulin Lalbhai, executive director of the company, believes no regulatory hurdle can stop the growth of online retail in India.
* ASTRON PAPER & BOARD MILL: Submitted corporate guarantee of 149.5 mln rupees to CANARA BANK for credit facilities availed by wholly-owned subsidiary Balaram Papers.
* BHARAT DYNAMICS: Received an order worth about 7.6 bln rupees from the Indian Army for production and supply of anti-tank guided missiles and launchers.
* CANARA BANK: Will issue up to 20 mln shares to employees under the first tranche, of the total 60 mln shares approved under Canara Bank-Employee Share Purchase Scheme.
* CHOLAMANDALAM INVESTMENT AND FINANCE CO: Plans to raise 2.5 bln rupees through bonds maturing on Feb 11, 2020, and has invited bids on Thursday.
* DILIP BUILDCON: CRISIL has downgraded its rating on the company's long-term bank facilities and NCD to 'A' from 'A+', while short-term rating and commercial papers were reaffirmed at 'A1'.
* EICHER MOTORS: Rudratej Singh, the global president of Royal Enfield, resigned on Tuesday with immediate effect.
* INDIAN BANK: Board has approved raising up to 33 bln rupees through Basel III-compliant bonds in one or more tranches in the next financial year that starts Apr 1.
* INFOSYS: Will mull share buyback and special dividend along with its December quarter earnings on Friday.
- The American Depository Receipts of the company rose up to 1.4% to $9.84 in early trade on the New York Stock Exchange after the company said that it will consider a share buyback and special dividend on Friday.
* ITC: Has entered into an arrangement with the Bamboo Research and Training Centre in Maharashtra for the supply of agarbattis (incense sticks) marketed under its Mangaldeep brand.
* JET AIRWAYS INDIA: $900 mln loan restructuring plan proposed by SBI according to Mint newspaper, while other reports said no consensus among bankers.
- While bankers met top executives of the company on Tuesday to discuss the financial state of the airline and how loans of over 80 bln rupees could be recast, it is learnt that STATE BANK OF INDIA could possibly consider converting its debt to equity in the company.
- The meeting between the company's management and its lenders did not lead to any decision on extending fresh loans to the airline or restructuring the company ownership.
- Local lenders to the company, led by STATE BANK OF INDIA, proposed a $900-mln resolution plan comprising fresh equity infusion and restructuring of $450 mln of its loans.
* JSW STEEL: ArcelorMittal and the company have reportedly bid for Asian Colour Coated Ispat, a downstream unit in the sector that was on the Reserve Bank of India's second list of banks' major non-performing assets.
* KRIDHAN INFRA: Singapore-based subsidiary Swee Hong has received an order worth S$32.5 mln, or about 1.67 bln rupees.
* NMDC: Confirmed that it will spend up to 10 bln rupees to buy back shares. The company will buy the shares at over 3% premium to Tuesday's closing price.
* OIL & NATURAL GAS CORP: Subsidiary ONGC Videsh's associated petroleum gas plant–-slated to come up at its loss-making fields acquired from Imperial Energy in Russia's Tomsk region--is facing delay and is likely to be on stream by the middle of this year, according to a company executive.
* ORIENTAL BANK OF COMMERCE: Will hold an extraordinary general meeting of shareholders on Feb 7 to seek approval for issuance of shares to the government on preferential basis.
* PFIZER: US pharma major Pfizer Inc has decided to shut down its manufacturing units in Irungattukottai, Chennai and Aurangabad, Maharashtra, which came to it through an acquisition of injectables manufacturer Hospira in 2015.
* R SYSTEMS INTERNATIONAL: Board will meet on Jan 15 to consider a proposal to buy back shares.
* TATA STEEL BSL: Oct-Dec steel provisional sales were down 8% on year at 920,000 tn.
* TATA STEEL: Domestic production in Oct-Dec rose 1.8% on year to 3.33 mln tn, according to provisional data.
- Is said to be in talks with China's second-largest steel producer, the Hesteel Group, for the sale of its assets in South East Asia .
* TRANSGENE BIOTEK: Was granted a US patent for technology in oral delivery of insulin and insulin analogues.
* TVS MOTOR CO: Has joined other two-wheeler companies in seeking reduction of the goods and services tax on two-wheelers, pointing out that mass commuting segment should not be treated on the lines of luxury goods.
* VEDANTA: Will approach the Tamil Nadu government to secure necessary approvals to reopen its copper smelter in the state.
* VODAFONE IDEA: Subscribers of the company in several big markets are facing service quality issues as the telecom company negotiates stiff challenges around network integration.
* YES BANK: Board of the bank will meet today to decide on new managing director and chief executive officer.
Posted by REKHA P.A