Top Headlines Of The Day:- 31 Jan 2018
Amber Enterprises up 4% as Kotak fund buys share in company
Workers at Bajaj Auto plants go on indefinite hunger strike, stock opens weak
BEL approves buy-back of 2.04cr equity shares at Rs182.50 per share
NTPC establishes $6bn MTN Programme on India’s International Exchange
SBI hikes bulk deposit rates by 50-140 basis points
Amber Enterprises up 4% as Kotak fund buys share in company
Shares of Amber Enterprises India rose nearly 4% today after Kotak Fund-India Midcap bought 253,290 shares of the company at Rs1, 149.15 in a bulk deal on the NSE.
Shares of Amber Enterprises got listed on Tuesday at a premium of 37% to their issue price of Rs859.
Amber Enterprises India Ltd is currently trading at Rs 1285, up by Rs 47.75 or 3.86% from its previous closing of Rs 1237.25 on the BSE.
The scrip opened at Rs1, 232.5 and has touched a high and low of Rs1, 298.3 and Rs1, 230, respectively. The current market cap of the company is Rs3, 890.72cr.
Workers at Bajaj Auto plants go on indefinite hunger strike, stock opens weak
Workers at Bajaj Auto Limited’s (BJAUT) plants in Akurdi and Chakan have gone on an indefinite hunger strike from January 29, 2018. The workers’ Union involved in this strike is Vishwa Kalyan Kamgar Sanghatana. BJAUT reported this to stock exchanges on January 30, 2018.
The three reason for workers going on hunger strike are i) pending issue of eight workmen dismissed from services for various acts of misconduct in 2013-14, ii) dismissal of six workmen who did not report to place of transfer/deputation despite court orders and iii) delay in conclusion of wage review process due with effect from April 1, 2016. The matter is pending before the Industrial Court, Pune and High Court of Bombay.
BEL approves buy-back of 2.04cr equity shares at Rs182.50 per share
The board of directors of Bharat Electronics Ltd (BEL), in their meeting held on January 30, 2018, approved the proposal to buy-back the equity shares of the company. The buy-back would be of ~2.04cr equity shares (representing 0.83% of total equity shares) at a price of Rs182.50 per share (~7% premium to the last closing price) payable in cash.
The buy-back size amounts to Rs372.26cr, representing 5% of the aggregate of the fully paid-up equity share capital and free reserves of the company.
The promoter of the company also intends to participate in the proposed buyback. The buyback is subject to approval from the shareholders and all other applicable statutes. The board has fixed February 9, 2018, as the record date for the buy-back.
NTPC establishes $6bn MTN Programme on India’s International Exchange
India’s largest power producer NTPC has listed its $6bn (about Rs40, 000cr) MTN programme (debt instrument) on India International Exchange at IFSC, GIFT City (India INX). While doing so, NTPC became India’s first quasi-sovereign company to list at India INX.
The Listing was done on January 24, 2018, on the Global Securities Market of India INX; India’s first international exchange.
The listing will help NTPC raise funds at lower costs from international investors and also allow foreign investors to access good quality Indian debt paper.
SBI hikes bulk deposit rates by 50-140 basis points
SBI announced that the leading banker is going to increase bulk deposit rates by 50-140 bps effective today. Following this announcement, shares of SBI reached a high of Rs318.8 in the morning trade, gaining ~2%. However, the stock was unable to hold on to the gains as the day progressed.
The stock ended at Rs312.85, up by Rs1.75 or 0.56% from its previous closing of Rs311.1 on the BSE. The scrip opened at Rs311.05 and has touched a high and low of Rs318.75 and Rs310.8 respectively.
The bank’s FY17 consolidated loan book stood at Rs.19.5 lakh cr. Its consolidated GNPA & NNPA stood at 9.1% & 5.2% as of FY17.
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