TOP CORPORATE NEWS:- 22 Dec 2017

top corporate news

TOP Headlines Of The Day:- 22 Dec 2017

EClerx Services zooms 14% post announcement of buyback
Adani Power, Adani Transmission up post RInfra asset buy
Hero MotoCorp to raise motorcycle prices starting January 1, 2018
Tata Steel – ThyssenKrupp merger on track after agreement with labor
Dilip Buildcon bags two EPC projects worth Rs518cr, up 4.3%
HDFC to sell 100% stake in HDFC Developers and HDFC Realty to Quikr

EClerx Services zooms 14% post announcement of buyback
Board of Directors of the eClerx Services approved a proposal for buyback of equity shares of the company.
This buyback is subject to approval by the shareholders for an aggregate amount not exceeding Rs258cr. This buyback would be within 25% of the total paid-up equity capital and free reserves of the company as on March 31, 2017, at a price not exceeding Rs2,000 per share.
At maximum buyback price, the buyback translates into approximately 12,90,000 Equity Shares of the company, representing about 3.24% of the total paid-up equity share capital of the company, as on March 31, 2017, and representing about 3.23% of the existing total paid up equity share capital of the company.

Adani Power, Adani Transmission up post RInfra asset buy
Shares of Adani Transmission and Adani Power hit multi-month highs today as the recent purchase of Reliance Infrastructure’s power business in Mumbai boosted sentiment for the Adani group. Reliance Infrastructure on Thursday said it will sell its entire power business in Mumbai for a total of Rs188 bn to Adani Transmission.
Adani Power also signed a fuel supply agreement with Coal India after participating in a coal auction held in September, which further boosted the sentiment.
Adani Power is the top gainers on the Nifty 200 index. The stock is currently trading at Rs38.8, up by Rs2.4 or 6.59% from its previous closing of Rs36.4 on the BSE. The scrip opened at Rs36.95 and has touched a high and low of Rs40 and Rs36.55, respectively.

Hero MotoCorp to raise motorcycle prices starting January 1, 2018
Hero MotoCorp Limited (HMCL), the world’s largest manufacturer of motorcycles, has announced a price increase in motorcycles by Rs400 per model.
This was announced by the company to stock exchanges on December 22, 2017.
HMCL is a dominant player in the 100-125cc motorcycle segment with its popular brands – Splendor, Passion, HF Deluxe, Glamour, and Super Splendor.
It has nearly 50% market share (as per SIAM data Year-to-date) in the Motorcycle segment.

Tata Steel – ThyssenKrupp merger on track after agreement with labor
Yesterday, workers of ThyssenKrupp struck a deal with management, a key step towards the planned merger of the group’s European steel business with that of Tata Steel. The agreement foresees no forced layoffs or major site closures until September 30, 2026. Earlier in September 2017, ThyssenKrupp and Tata Steel had reached a preliminary agreement to merge their European steel units to potentially create the second-largest
steelmaker in the continent.
Tata Steel has been searching for ways to turn around its European operations. The merger with ThyssenKrupp is expected to create an entity that is more competitive globally. This is a positive long-term development for the stock through the impact would take quite some time to materialize.

Dilip Buildcon bags two EPC projects worth Rs518cr, up 4.3%
DBL has received an order of Rs157cr, which involves six-laning of Davanagere-Haveri Section of NH-48 (Old NH-4) in Karnataka for a length of 6.85 km for package 18. Another project of Rs 361 cr is for the same highway (package 2). Both the contracts are expected to be completed in 24 months.
DBL is engaged in engineering, procurement & construction (EPC) of infrastructure facilities viz; roads, bridges, buildings, water bodies, and mining. The company’s order book consists of road, highways & bridges (~82% of order book), mining (~15%) and rests with others. Moreover, it holds healthy order book of ~Rs14200cr (2.7x book-to-bill FY17 sales), which provides revenue visibility for next few years.

HDFC to sell 100% stake in HDFC Developers and HDFC Realty to Quikr
HDFC Ltd has announced, on December 21, 2017, that it has entered into definitive agreements to transfer its entire shareholding in HDFC Realty Ltd, a real estate brokerage platform, and HDFC Developers Ltd (which runs the HDFC RED platform) to Quikr.
The total amount of consideration arising out of equity transfer is Rs357cr. This constitutes ~Rs255cr from sale of 100% equity in HDFC Realty and ~Rs102cr from sale of 100% equity in HDFC Developers.
Quikr will integrate HDFC’s real estate brokerage platform with its own platform. The transaction also involves the co-branded alliance between HDFC and Quikr. HDFC has also acquired an equity stake in Quikr India Pvt Ltd.

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