TOP CORPORATE NEWS :- 8 June 2017

Corporate News

TOP Headlines Of The Day:– 8 June 2017

CLSA upgrades JSW Steel to buy
Tata Communications plans to launch 50-million IoT devices by 2022
Reliance Capital approves listing of Reliance Nippon Life AMC
Petronet LNG falls as GDF offers 7.5 crore shares for sale
IOCL drops on maintenance shutdown plans
Biocon fixes record date for bonus issue

CLSA upgrades JSW Steel to buy
JSW Steel has received a rating and target price upgrade from brokerage firm CLSA based on the better outlook for the company going forward.
Reacting to this news Shares of JSW Steel rose over 3%, touching to Rs202.25.
CLSA upgraded the stock from outperform to buy with a target of Rs300 from Rs185 earlier.

Tata Communications plans to launch 50-million IoT devices by 2022
A safety device to alert a company when its women employees reach home using the company cars is just one of the Internet of Things (IoT) devices that Tata Communications is working on.
The company plans to launch a staggering 50 million such devices by 2022, with the aim of capturing 10-15% of the market that has about 150 million devices currently and is growing 28% annually.

Reliance Capital approves listing of Reliance Nippon Life AMC
Reliance Capital approves listing of Reliance Nippon Life AMC, Reliance Nippon Life AMC plans to dilute 10% stake in the first tranche, positive read-thru for reliance capital.

Petronet LNG falls as GDF offers 7.5 crore shares for sale
Shares of Petronet LNG fell 3% to Rs428.35 on NSE on reports that the GDF International has offered 7.5 crore shares of Petronet LNG (PLNG) for selling at a price range of Rs417 to Rs440 per share as per the Bloomberg news alerts.
The price range is at 0% to 5.2% discount to PLNG’s yesterday’s closing price of Rs440. The number shares offered for sale represents entire 10% stake of GDF International in PLNG – negative for PLNG.

IOCL drops on maintenance shutdown plans
Indian oil Corp Ltd (IOCL) is likely to undertake a maintenance shutdown at polyethylene, PTA and MEG plants for month from early July-2017 as per the media reports – negative for IOCL.

Biocon fixes a record date for bonus issue:
Shares of Biocon rose over 2% to Rs1018.9, after the company fixed June 17, 2017 as the record date for issue of bonus shares.
Biocon had declared 2:1 bonus issue (2 bonus shares for every share held) at its board meeting held on April 27, 2017.

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