Markets in Asia were mixed on Monday.
Important business updates and stocks in news:
IOC: It has begun Naphtha, Diesel, Jet Fuel Exports from Paradip Refinery. The company is eyeing the markets in neighbouring countries, far east. It aims at 100% capacity utilisation in FY20.
MMTC: It has revived plan to sell stake in ICEX due to tepid trading performance.
NTPC: NTPC seeked shareholders' nod for bonus issue of shares to raise up to Rs1649Cr.
Engineers India Ltd: EIL has won consultancy contract for Mongolia refinery.
PFC: Ministry of Corporate Affairs has approved amalgamation of PFC Green Energy Ltd. With PFC. It has also approved amalgamation of PFC Capital Advisory Services Ltd. with PFC Consulting Ltd.
REC: The board has approved incorporation of 5 project specific SPVs as subsidiaries of REC Transmission Projects.
Future Consumer: CARE Ratings has re-affirmed its rating assigned to the co. in respect of Bank Facilities and CP.
Future Retail: Acuite Ratings & Research has reaffirmed A1+ rating for co’s Commercial Paper.
Essel Propack: The Company has inaugurated its Greenfield unit in Assam. The unit will deliver laminated tubes with a manufacturing capacity of 275Mn tubes annually. The company commenced first phase of production with a manufacturing capacity of 275Mn annually. The Size of investment in phase-I is Rs82cr, total investment planned for Rs192cr in phases.
IDFC First Bank: IDFC First Bank has cut MCLR On most tenures by 5 basis points.
PNC INFRA: CARE reaffirms Long Term Bank Facilities (Senior Debt) Of Unit PNC Raebareli Highways At AA; Stable.
Bajaj Electricals: It has aimed 48% Jump in revenue to 7,000 Cr this fiscal.
Rallis India: Sanjiv Lal has been appointed as MD & CEO of Rallis India for 5 years. The current MD, CEO R Mukundan will continue as Non-Executive Director.
Tata Sponge: Bimlendra Jha has resigned as Tata Sponge's Non-Executive Director.
Nagarjuna Oil Refinery: Mr. A Sudhakara Rao has resigned from the position of Chief Financial Officer with Resignation effective from Jan 1, 2019.
Lupin: US FDA has completed inspection of Lupin’s Goa facility. The inspection at the Goa facility has closed with 2 observations. The observations are procedural in nature and the company is confident of addressing them satisfactorily.
Tata Motors: JLR has said that it is difficult to say when china sales will pull through. It can still grow FY 2020 volumes on new Evoque, other markets. Other carmakers have gone through similar issues in China. China market may depend on trade tensions and Govt's economic stimulus.
Dr Reddy’s: USFDA has completed audit of Formulations Manufacturing Plant - 3 at Bachupally, Hyderabad. Sources say that USFDA has issued 4 Observations On DRL’s Andhra Pradesh, Srikakulam Facility. It has observed failure in reviewing unexplained discrepancies in various batches. Many drug batches failed to meet specification as laid by USFDA. The appropriate controls were not exercised to assure changes in master production. The Lab Control lacked scientifically sound test procedures for standard products. Lack of guidance in reviewing chromatography data has been observed. Written production & process control procedures were not followed.
Cipla: Subsidiary, InvaGen Pharmaceuticals Inc, has completed 1st tranche of acquisition in Avenue Therapeutics. The first tranche of 33.3% stake will be acquired for $35mn. The remaining stake in the second stage will be acquired for up to $180 million.
Adani Transmission/KEC International: The company has completed the acquisition of KEC Bikaner Sikar Transmission Pvt Ltd for Rs228cr. The share purchase agreement for this acquisition was signed in Nov 2018. KEC Bikaner Sikar Transmission Pvt Ltd has operational transmission lines aggregating ~ 344 ckt kms. With completion of this acquisition, cumulative network of company will reach around 13,450 ckt kms.
Bharti Airtel: Airtel Kenya has signed an agreement with Telkom Kenya to combine operations to merge Mobile, Enterprise and Carrier Services businesses in Kenya to operate as - 'Airtel- Telkom'. The finalisation and closure of the transaction is subject to approval by the relevant authorities.
Vodafone Idea: Vodafone Idea has planned Rs 20K Cr network investment over next 15 months. The Telcos turn to the first recharge plans to retain loyal customers and boost gains. The move is aimed at ensuring greater SIM consolidation, boosting revenues.
IDFC: IDFC Board has decided to sell securities biz and investment banking to TCG. TCG will acquire stake in IDFC Securities from IDFC FHCL. IDFC and IDFC FHCL has entered into a pact with TCG to acquire stake in IDFC Sec from IDFC FHCL. Necessary definitive agreement will be signed among the parties shortly.
SBI/Oriental Bank of Commerce: SBI, Oriental Bank has put on sale stressed accounts to recover dues of Rs 5740 Cr. SBI has invited bids from ARCs and FIs to recover an outstanding of Rs4975cr. Bulk of accounts are up for sale by SBI are of SMEs that have dues amounting to Rs4667cr. OBC wants to sell 13 accounts with a collective outstanding of Rs764.44cr. SBI has cut interest rate by 5 Bps for home loans upto Rs 30 Lk.
Corporation Bank: RBI has imposed a penalty of Rs 2 Cr. It got penalized due to some lapses in monitoring of end-use of funds.
PNB: RBI has imposed Rs 1 Cr penalty on PNB.
Allahabad Bank: RBI has imposed Rs1.5 Cr penalty on Allahabad Bank.
IndusInd Bank: The company’s board meet on Feb 13 to consider borrowing and fund raising
IOC/Adani Gas/HPCL: IOC, Adani, HPCL are the biggest bidders for city gas licences. Adani Gas Bid For 19 Cities on its own & 7 in partnership with IOC. HPCL has emerged as the 3rd largest bidder.