TOP Headlines Of The Day :- 5 Jul 2017
• M&M Finance NCD opens on July 10
• Religare drops on plans to sell stake in subsidiaries
• Raymond surges post Investor Meet, expansion plans look promising
• IOCL plans to commission two LPG import terminal at Kochi
• Strides gets USFDA approval for Promethazine Tablet
• Tata Motors reduces prices of passenger vehicles
M&M Finance NCD opens on July 10
Mahindra and Mahindra Financial Services Limited NCD.
Issue opens: Monday, July 10, 2017
Issue closes: Friday, July 28, 2017
Allotment: First Come First Serve Basis
Face Value: Rs. 1000 per NCD
Issue Price: Rs.1000 per NCD
Issue Size: Base Issue Size of 25,000 lakhs with an option to retain oversubscription up to 1, 75,000 lakhs aggregating up to 2, 00,000 lakhs
Nature of Instrument: Unsecured Subordinated Redeemable Non-Convertible Debenture
Minimum Application: 10 NCDs (Rs.10000) & in multiple thereafter
Maximum Application – for Retail: 1000 NCDs (Rs.10 lakhs)
Cheque in Favor of: “MMFSL NCD II Public Issue – Escrow Account”.
Rating: ‘IND AAA’/ Outlook Stable’ by India Ratings & Research Private Limited and ‘BWR AAA, Outlook: Stable’ by Brickwork
Interest on Application Amount: 7.50% per annum
Interest on Refund Amount: 5.00% per annum.
Religare drops on plans to sell stake in subsidiaries
Shares of Religare Enterprises dropped 5% to Rs151.30 on NSE as the company looks to sell stake in its subsidiaries – Positive Read thru for long term.
As per Media Reports, Religare Enterprises is likely to sell its stake in its subsidiaries (Religare Housing Development Finance and Religare Finvest).
Piramal Enterprises and the Edelweiss group are in talks to buy both the businesses of Religare Enterprises.
Raymond surges post Investor Meet, expansion plans look promising
Shares of Raymond surged over 5% to Rs804 on NSE after the company held an annual investor meet yesterday and laid out it plans for FY18 and going ahead.
The company has given guidance for FY18 where in the revenue growth will be 7-9% YoY guided for Revenue guidance of 7-9% and EBITDA margins will move up by 100-150BPS YoY.
Due to the capex outlay of Rs 330 crore envisaged during FY18, the free cash flow is expected to be negative.
As far as the Thane Land is concerned (140 acres), the company has roped in new team of business CEOs who will be the mentors and guiding force behind Raymond’s new strategy of ‘Raymond Re-Imagined’.
The company has still not clearly indicated its plans for the Thane land and expects regulatory approvals to be in place over the next one year.
Management expansion plans on retail and FMCG looks promising and also escalation in the process of land sale looks positive for the stock, however absence of any concrete announcement on real estate front seems to be negative for the stock in near term.
IOCL plans to commission two LPG import terminal at Kochi
Indian Oil Corp (IOCL) is planning to commission two LPG import terminal at Kochi port in Kerala and Paradip in Odhisa by 2018 to meet rising LPG demand in India as per the media reports.
The capex and capacity of terminals has not been disclosed – positive read through for IOCL.
Strides gets USFDA approval for Promethazine Tablet
Strides gets USFDA approval for Promethazine Hydrochloride Oral Tablet, used to treat or prevent nausea and vomiting caused by anesthesia or surgery – Positive for Strides.
Tata Motors reduces prices of passenger vehicles
Automaker Tata Motors has announced a reduction in price of its passenger vehicles by up to Rs2.17 lakh, making available the GST benefit to its customers.
The company expects GST to enhance the ease of doing business and usher in a new era for the economy.
Post the rollout of GST, most auto companies, from Maruti Suzuki India to Mahindra and Mahindra (M&M), have cut prices of their products up to Rs3 lakh in order to pass on the benefits to the consumers
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