U.S.-China trade hopes are up as negotiations are set to continue
Important business updates and stocks in news:
HDF: SFIO has probed the role of HDFC Ltd in connection with ongoing investigations against IL&FS. The company's twin transactions of IL&FS share sale & funding purchase by IL&FS. Employee Welfare Trust has raised red flags. May has also examined former nominee directors by HDFC on the board of IL&FS. HDFC has a 9.2% stake in IL&FS.
Jet Airways: Etihad is likely to infuse Rs 500-600 Cr into Jet Airways to meet immediate op expenses. Naresh Goyal has agreed with most conditions set by Etihad, to pare stake below 25%. Restructuring exercise by banks will take time, till then Etihad will extend support. Sources of BTVI say that Etihad is looking to increase stake in Jet Airways to 49%.
GAIL: Offloads pipeline-laying contract of Bokaro-Durgapur section from IL&FS. The contract offloaded due to poor project progress. The contract re-tendered & awarded to three contractors.
DHFL: Prudential Financial has said that it will seek local partner for India life insurance venture to work and facilitate stake sale in DHFL in DHFL Pramerica.
LUPIN: LUPIN will resolve USFDA issues at Goa, Pithampur unit by Apr-Sep.
Info Edge: Zomato has raised Rs 284cr from Glade Brook Capital. It is also in talks to sell UAE Biz to Delivery Hero for $200-250mn. Also in talks to raise $500mn-$1bn in a new round from Primavera Capital and Ant financial.
Gateway Distriparks: The company is looking to take the bond market route to give exit to Blackstone. Last year Gateway had agreed to buy out Blackstone's stake in Gateway Rail for Rs 810Cr.
ICICI Bank: Madras HC has allowed the bank to recover Rs 221Cr from Subhiksha trading Services
Union Bank: RBI has imposed Rs 1 Cr penalty for the delay in sharing info on borrowers with other lenders.
SEAMEC: SEAMEC has withdrawn the scheme of demerger of EPC & Vessel Division of HAL offshore into the company. The scheme was withdrawn
since the intended synergies have been diluted. The company also stated that it will move this application to NCLT.
Allahabad Bank: The bank is confident of coming out of the PCA framework by June. Recovery Of Rs 1,470 Cr From NCLT is expected by March 2019.
A Write Back Of Rs 360 Cr From NCLT Cases is also expected. It is likely to bring Net NPA below 6% by March, depending on NCLT recovery.
Grasim: ICRA has assigned AAA/Stable rating for NCDs worth Rs2000cr
Andhra Bank: Bank has cut base rate by 5 Bps to 9.50% effective on Feb 6, 2019.
IIFL Wealth: The company clarifies it has not received any notice from any of the regulators.
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