Capitalstars Updates: Top Corporate News:- 24 Jan 2018

Top Headlines Of The Day:- 24 Jan 2018

RBL Bank falls 4% as asset quality worsens in Oct-Dec

Ashok Leyland bags order for 1,200 trucks from VRL Logistics

Bharti Airtel gets approval for acquiring operations of Millicom in Rwanda

Eveready to form JV with Indonesia based company for FMCG products

Bank of Baroda may float $1bn QIP soon

RBL Bank falls 4% as asset quality worsens in Oct-Dec
RBL Bank stock fell over 4% after the company reported an increase in bad loans in Oct-Dec, and net profit missed estimates.
For Q3FY18, RBL Bank’s NII improved by 45% yoy to Rs467cr against Rs322cr in Q3FY17.
The NIMs for Q3FY18 stood at 3.89%, which improved by 15bps qoq. The bank’s net profit was below estimates, improvement of 27.9% yoy to Rs165cr against Rs129cr.
Its GNPA for Q3FY18 stood at 1.56% against 1.44% qoq, which has increased by 12bps. NNPA for the quarter came at 0.97% against 0.78% qoq.
The advances for the quarter came at Rs36, 890cr, up 38% yoy and 10% qoq.

Ashok Leyland bags order for 1,200 trucks from VRL Logistics
Ashok Leyland Limited (ALL), one of the largest commercial vehicle (CV) manufacturers in India, bagged an order for 1,200 trucks from VRL Logistics Limited (VRL). The order for 1,200 trucks is for two models – “AL 3123” and “AL 3723”, for 600 units each. ALL released this to the stock exchanges on January 24, 2018. The order amounts to Rs350cr. VRL is a key client for ALL since the former sources 80% of its CV requirement from the latter. 
ALL is the third largest manufacturer of commercial vehicles (trucks, buses, tippers, trailers and defence vehicles) in India with ~18% market share. The company is also engaged in the manufacturing and selling of engines for industrial and marine applications, spare parts and special alloy castings.

Bharti Airtel gets approval for acquiring operations of Millicom in Rwanda
Bharti Airtel Ltd (Airtel) a leading global telecommunications services provider with operations in 16 countries across Asia and Africa, announced that it has received an approval for the acquisition of Tigo Rwanda Ltd (Tigo Rwanda), a subsidiary of Millicom International Cellular S.A. (Millicom) from the Rwanda Utilities Regulatory Authority (RURA).
The merged entity will have the largest customer base in Rwanda with 5.9 million subscribers. The combined networks of the two companies will serve customers with voice/ data services, global roaming and mobile banking services. It will also have Rwanda’s largest sales and distribution network.
The merger will result in the only negative ebitda OpCo joining other 13 positive ebitda OpCos in Africa.

Eveready to form JV with Indonesia based company for FMCG products
India’s leading dry cell battery maker, Eveready Industries India Limited (EIIL) will form a Joint Venture (JV) with Indonesia based Universal Wellbeing Pte. Ltd. (UW) for manufacturing, importing and marketing of Fast Moving Consumer Goods (FMCG) in India. EIIL will hold 30% stake in the soon-to-be-formed JV while UW will hold the remaining 70% stake. EIIL announced this to the stock exchanges on January 24, 2018.
EIIL plans to make use of its pan-India battery distribution network to sell a bouquet of FMCG products in urban and rural areas. As per its FY17 Annual Report, EIIL has a 4,000+ distribution network and 42 distribution centers. EIIL’s products are available across more than 3.2mn outlets.

Bank of Baroda may float $1bn QIP soon
Media reports suggest that Bank of Baroda is expected to float its $1bn qualified institutional placement of shares in two to three weeks. In November, The Finance Committee of the Board approved the proposal of raising additional equity capital aggregating up to Rs6, 000cr by way of a rights issue or qualified institutions placements (QIP). This move is positive for the bank, as it would provide much-needed headroom to provide for bad loans and would also help for next leg of loan growth. The stock would react positively to this news. Banks have been raising funds in the past few months to boost their capital adequacy ratio ahead of the government's recapitalization plan.


MCX Tips,  Intraday Stock Tips ,  Equity Tips  , Free Trading Tips , Sebi Regsitred Advisory Company , Capitalstars Video Gallery

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