Top stocks in focus today: Tata Steel, Airtel, RCom, IDFC, Zen Tech
Bharti Airtel: Holding company, Bharti Telecom, will acquire as much as 4.62% in the company.
Bharti Infratel: The board has decided to explore and evaluate acquisition of stake in one or more phases in Indus Towers with the aim of making it a subsidiary or wholly-owned subsidiary of the company.
Exide Industries: To set up a new lead smelter at Haldia in West Bengal to recover metal from waste batteries.
Housing Development & Infrastructure: Said ANDHRA BANK did not file a plea against it in the National Company Law Tribunal. The firm is in discussion with the bank to settle its outstanding dues.
IDFC: The proposed merger between IDFC Group and Shriram Group has been called off on differences over valuation.
Jaiprakash Power Ventures: Brookfield Asset Management and Resurgent Power have bid for the debt-ridden company, sources said.
Jet Airways India: The Air France-KLM combine is close to forming a far reaching, deep commercial joint venture with the company, CEO of the Dutch carrier has said.
Jubilant Life Sciences: Pricing pressure on the company’s generic drug business in the US may continue going forward, while its bulk drug operations are likely to record some traction in revenue growth.
Lupin: Expects its earnings to improve in Oct-Mar due to “bottoming out” of weakness in the US drug market, Chief Financial Officer Ramesh Swaminathan said.
Manappuram Finance: The board has approved the issuance of non-convertible debentures on a private placement basis for 2 bln rupees.
Navkar Corp: Has closed the qualified institutional placement issue and fixed the issue price at 183 rupees a share.
Oriental Bank Of Commerce: To issue tier-I bonds worth 5 bln rupees, with an option for oversubscription of up to 5 bln rupees.
Reliance Communications: Presented a new plan to its lenders, offering controlling stake in the company, after its earlier proposal that hinged on some mergers fell flat. The company has offered to convert debt of up to 71 bln rupees into equity, giving the joint lender forum 51% controlling stake in the company.
Reliance Industries: Sharp is re-entering India in an alliance with the company, with the Japanese electronic brand’s owner Foxconn concluding an arrangement with arm Reliance Retail, sources said.
Sadbhav Infrastructure Projects: Sadbhav Nainital Highway, a wholly-owned subsidiary of the company, has started construction on the Rampur-Kathgodam section of NH-87 in Uttarakhand.
State Bank Of India: Has announced extension of 23.2 bln rupees to finance rooftop solar power projects that will create aggregate power capacity of 575 MW, under a $625-mln financing programme from World Bank.
Thomas Cook India: Has completed acquisition of Tata Capital’s arm TC Travel and Services.
Titagarh Wagons: Has entered into a memorandum of understanding with MERMEC, Italy, to set up a joint venture to develop and manufacture cost diagnostic solutions for signalling and safety systems for Indian Railways.
Unitech: Supreme Court has asked the realtor to deposit 7.5 bln rupees with the court registry by Dec 31, while once again refusing to grant bail to the company’s promoter, Sanjay Chandra.
Vedanta: Parent Vedanta Resources will invest roughly $9 bln in India over the next few years to expand its hydrocarbons, metals and mining businesses, Executive Chairman Anil Agarwal has said.
Zen Technologies: As of Oct 30, the order book of the company was at 3.57 bln rupees, which includes the annual maintenance contract. The company expects to execute the equipment orders during 2018-19 (Apr-Mar).