Capitalstars Updates: Top Corporate News :- 7 Feb 2018

top corporate news
Top Headlines Of The Day:- 7 Feb 2018

HDFC could move to acquire controlling stake in CanFin Homes
Dalmia Bharat receives NCLT nod to acquire Kalyanpur Cement in Bihar
Cadila down 2.5% on surprise audit of Moraiya facility
Canara Bank gains; Approves raising Rs4,900cr from govt
Dish TV up, may complete Videocon d2h merger Feb-end
Ashoka Buildcon zooms over 7% on securing orders from MIAL

HDFC could move to acquire controlling stake in CanFin Homes
HDFC is exploring the purchase of controlling stake in CanFin Homes (30% stake of parent Canara Bank) as per Media reports. HDFC which is raising Rs13,000cr may use part of this money to fund this stake buying.
If the acquisition goes through then it will be positive for CanFin Homes as it would be part of HDFC group.
Shares of Can Fin Homes share is trading higher at Rs473/share (up 3.3%) and Canara Bank share is trading higher at Rs327/share (up 2.57%).
The divestment would act positively for the Canara bank as it would aid it to improve its capital adequacy ratio, which in turn would partly fund its future loan growth.

Dalmia Bharat receives NCLT nod to acquire Kalyanpur Cement in Bihar
Dalmia Bharat (DBL) has received the approval of National Company Law Tribunal (NCLT) to acquire Patna-based Kalyanpur Cement with a capacity of 1MTPA. DBL has outbid the other players interested in acquiring the company like JSW Cement, JK Lakshmi Cement and Star Cement. The concerned resolution is expected to of more than Rs350cr.
Operational creditor Naresh Kumar & Company brought Kalyanpur Cement to the bankruptcy court in May 2017. The company owes Rs600cr to the banks and operational creditors, as per the media sources. Since 2014, post the cancellation of lease of main operative limestone mine that fed Kalyanpur’s production was canceled and not renewed by the government of Bihar, the company began its downward spiral. Production for the company fell from an average level of ~7 lakh TPA to 2.23 lakh TPA in FY17. The company reported a loss of Rs95cr for FY17.

Cadila down 2.5% on surprise audit of Moraiya facility
Shares of Cadila Healthcare are in red following news reports that USFDA has conducted a surprise audit of its Moraiya facility.
Moraiya is Cadila’s largest manufacturing unit and contributes lions share in its US sales. This facility had received warning letter in 2015. Company has got clearance for this facility in 2017 and has key products filed from here. As per Bloomberg, the latest USFDA inspection was triggered by multiple drug recalls in 2017, pertaining to an epilepsy drug.

Canara Bank gains; Approves raising Rs4,900cr from govt
Shares of Canara Bank rose 3% today in the morning trade after the company’s board approved raising Rs4865cr through the issuance of shares on a preferential basis to the government. However, the stock erased morning gains and moved to the red zone.
The bank is yet to seek shareholders’ approval.
The fundraising is part of the government’s recapitalization program of Rs2.11trn through capital infusion in state-owned banks.

Dish TV up, may complete Videocon d2h merger Feb-end
Shares of Dish TV (India) gained more than 4% to Rs76.90 in the morning trade as the company said it intends to complete its merger with Videocon d2h by the end of February.
Dish TV reported poor set of numbers for Q3FY18. The revenue was flat on yoy basis at Rs740.8cr. Led by higher operating and other expenses, the EBITDA declined sharply by 15.6% to Rs200.5cr, and hence, EBITDA margin contracted by 470bps to 27.1%.
Depreciation grew by 7.5% yoy and the company reported EBIT loss of Rs18.6cr. Loss for the quarter stood at 3.6% against a profit of Rs8.4cr in Q3FY17. However, sequentially, the loss has narrowed down (reported loss in Q2FY18 was Rs17.9cr).

Ashoka Buildcon zooms over 7% on securing orders from MIAL
Shares of Ashoka Buildcon have shot up by over 8% after the company announced that they have secured the Letter of Award (‘LoA’) from Mumbai International Airport Pvt. Ltd. (MIAL) for developing the Land Parcels NS-CO2 and NS-CO3 located near existing Chhatrapati Shivaji International Airport, Mumbai (‘GVK SKY City Project’).
The Company, in mutual agreement with MIAL has decided to withdraw from GVK SKY City Project with no financial or otherwise implications to the Company.

Capitalstars is an Award Winning, SEBI Registered &ISO Certified Company in Indore, they provide Equity, Commodity, Nifty & forex trading calls with profit in your trading.

Also Visit:-
capitalstars quick payment
capitalstars career

GET MORE DETAILS HERE:-

Trading Tips
Stock Tips
Stock Advisory Company
Financial Advisory company
Share Market Company
Forex trading tips
Currency Tips

* INVESTMENT & TRADING IN SECURITIES MARKET IS ALWAYS SUBJECTED TO MARKET RISKS, PAST PERFORMANCE IS NOT A GUARANTEE OF FUTURE PERFORMANCE.
* CAPITALSTARS INVESTMENT ADVISER: SEBI REGISTRATION NUMBER: INA000001647

 

 

Advertisements