TOP CORPORATE NEWS
Bharti Airtel hits global bond market with $1-bn issue
Bharti Airtel has approached the global debt market to raise up to $1billion dollar in a 10 year bond sale programme. As per the sources, the bond pricing is likely to fix at 220 basis point above the US treasury, which is currently trading at 2.6%, resulting in effective cost of debt at 4.8%. The money raised would be utilized to fund capex of the company.
Lupin gets USFDA approval of Exforge HCT
Lupin has got USFDA approval for generic version of Exforge HCT (Amlodipine, Valsartan, Hydrochlorothiazide) Tablets, marketed by Novartis Pharmaceuticals. The drug had annual sales of approximately $158 million in the United States, according to IMS data as of September 2014. Teva had 180 days exclusivity on this product starting from December 1, 2014.
Nestle drops on withdrawal of Maggi noodles in India after food scare
Shares of Nestle India dropped 4% to Rs5775 on NSE as the company withdraws Maggi stocks from local stores amid lead crisis.The stock opened at Rs5830 marking days low at Rs5711 and hit an intraday high of Rs5949.95 on NSE so far.
NMDC rolls over existing iron ore prices to June month
NMDC Limited, has rolled over the existing iron ore prices to June month in anticipation of demand growth even as the off-take from the domestic steel sector remained subdued in the past couple of months.
Bhushan Steel spurts as lenders extend loan tenure
Shares of Bhushan Steel locked 20% upper circuit at Rs60.50 on the Bombay Stock Exchange amid media reports citing sources said that the company's lenders have agreed to extend the loan tenure.
The stock opened at Rs50.10 and touched a high of Rs60.50 on the BSE. The company's lenders have agreed to restructure the loans and extend the tenure of the loans to 25 years from 8 years earlier under the Reserve Bank of India's 5:25 scheme.
Bajaj Finance to come up with Rs1400 crore QIP
Bajaj finance has launched QIP to raise Rs1400 crore, the SEBI floor price has been set at Rs4407 per share of FV 10 and a premium of Rs4397 per share. This capital raising will help strong growth in balance sheet and hence positive for the company.
Coal India surges after production rise
Shares of Coal India rose over 5%, touching to Rs409, after production of the company in May rose by about 13% as against the corresponding period previous year. Also, the government has announced that it will be resuming coal block auctions by offering 10 mines with a total annual production of 13.14 million tonnes to cement, steel and aluminium companies and captive power producers.
The ministry of coal will auction linkages to Coal India’s production for the span of five years.
Third round of coal auction to be conducted in August
After successfully concluding the first two rounds of coal block auctions, that netted over Rs3.35 lakh crore by the government, now the government is planning to conduct the third round from August 11-17, 2015 which will complete on August 31, 2015. In this third round, around 10 coal mines will be auctioned with total extractable reserves of 356 million tone. In this round, the auction will be for the unregulated (steel, cement, sponge) sectors, hence the bidding will be conducted on a forward auction basis.
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CapitalStars is a research house and an investment advisory company carrying out operations in the Indian Equities and commodity market. We generate intraday as well as delivery calls in Stock cash and F&O in NSE & BSE, Commodities including bullions, metals & Agro- commodities traded in MCX and NCDEX.
