Capitalstars Updates: Top Corporate News :- 23 Jan 2018

Top Headlines Of The Day:- 23 Jan 2018

ONGC gains 3%, gets nod to sell stake in IOC and GAIL to fund HPCL deal

IOCL gains as company's board to mull bonus share issue

Kalpataru Power zooms on growing order book

Torrent Pharma to consider fundraising

MCX gains 2% as SBI MF buys 1.6% stake in the company

ONGC gains 3%, gets nod to sell stake in IOC and GAIL to fund HPCL deal
Oil and Natural Gas Corporation (ONGC) signed a deal to acquire 51.11% government stake in Hindustan Petroleum Corporation Limited (HPCL).
As per media reports, ONGC has got approval from the government for selling its stake in IOC and GAIL to help fund its acquisition with HPCL for which it requires ~Rs36, 915cr.
ONGC currently holds 13.77% stake in IOC which at current Mcap values to ~Rs 26,000cr. In GAIL, it holds ~4.86% stake valuing to ~Rs3900cr bringing the combined stake sale value to ~Rs29, 900 cr.
The company is currently evaluating various options for funding its HPCL acquisition. ONGC management is considering its cash first, followed by its liquid assets, although it won’t sell its liquid assets in distress. Company also has offers over Rs50, 000cr debt at very competitive rates.

IOCL gains as company's board to mull bonus share issue
Shares of Indian Oil Corp (IOCL) gained nearly 3% ahead of its board meeting on Jan 30, where the company will consider a bonus share issue. The stock was the best performer among Nifty 50 constituents.
While a bonus share issue does not change fundamentals of a company, it increases liquidity in the stock, often pushing up share prices.

Kalpataru Power zooms on growing order book
Kalpataru Power Transmission Limited (KPTL) has secured new orders for construction of substations, transmission lines, and railway electrification
The scope of the orders include the following :
Design, supply, and construction of substations and associated transmission line work from APTRANSCO for Rs282cr
400kV double circuit transmission line from Power Grid Company of Bangladesh and an order for 132 kV Transmission Line from Nepal Electricity Authority for ~Rs100cr
Design, supply, erection, testing and commissioning of railway electrification work for Rs123cr Pipeline augmentation work in Rajasthan for Rs366cr from a private client.

Torrent Pharma to consider fundraising
Torrent Pharma has indicated that its board will consider raising funds in a meeting scheduled on January 25. This fundraising could be either in form of issuance of equity shares (including convertible/non-convertible debentures/bonds) through QIP or depository receipts or by way of private placement or any other mode.
Torrent Pharma has recently completed two acquisitions i.e. domestic formulations business of Unichem Laboratories acquired in December 2017 and US-based generic, OTC player Bio-Pharm Inc in January 2018. Both the acquisitions are to solidify its business in India and US respectively. Bio-Pharm, Inc has a USFDA registered manufacturing facility in the US and Torrent is planning to scale this facility up and start filling more products from there.

MCX gains 2% as SBI MF buys 1.6% stake in the company
Shares of Multi Commodity Exchange (MCX) rose nearly 2% today after SBI Mutual Fund bought 1.61% stake in the company through a bulk deal on the NSE on Monday. The fund house bought the shares at 840.50 rupees apiece.
In a separate deal, Barron International Growth Fund sold 1.13 mn shares or 2.2% stake in the company.
MCX is currently trading at Rs850.5, up by Rs9.35 or 1.11% from its previous closing of Rs841.15 on the BSE. The scrip opened at Rs857.05 and has touched a high and low of Rs858 and Rs847.75 respectively. So far 141378 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs4289.87cr.

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Capitalstars Updates: Top Corporate News :- 22 Jan 2018

Top Headlines Of The Day:- 22 Jan 2018

Axis Bank Q3 beats estimates; profit jumps 25% to Rs 726 cr, asset quality improves

ONGC to acquire 51.11% government stake in HPCL, ONGC gains 5%

Dr. Reddy's fined $5mn by US court over drug packaging

Tata Motors hikes product prices by 1-3.7% in Mumbai

Tata Steel to raise Rs12,800cr through rights issue

Axis Bank Q3 beats estimates; profit jumps 25% to Rs 726 cr, asset quality improves
Country's third largest private sector lender Axis Bank's third-quarter earnings beat analyst expectations, with improvement in asset quality performance.
Profit during the quarter grew by 25.3 percent year-on-year to Rs 726.4 crore despite fall in other income & operating income, driven by lower provisions and higher net interest income.
Net interest income, the difference between interest earned and interest expended, grew by 9.2 percent to Rs 4,731.52 crore compared to Rs 4,333.73 crore in year-ago, with strong loan growth at 21 percent YoY.

ONGC to acquire 51.11% government stake in HPCL, ONGC gains 5%
Oil and Natural Gas Corporation (ONGC) signed a deal to acquire 51.11% stake in Hindustan Petroleum Corporation Limited (HPCL) for about Rs36,915cr in an all-cash deal, which would close by end of Jan 2018. The deal is proposed to buy 778845375 equity shares in HPCL at a cash purchase consideration of Rs473.97 per share which is ~13.8% premium to HPCL’s closing on Friday (BSE).
The goal of this deal was to create an integrated oil major to compete with global rivals and will help the government meet annual disinvestment target. The deal is exempt from a public offer as both the entities are related parties but the acquisition involving two listed entities have been carried out on an arm’s length basis.

Dr. Reddy's fined $5mn by US court over drug packaging
A federal court in the US has imposed a $5mn civil penalty on a subsidiary of Dr. Reddy’s Laboratories for distributing prescription drugs in blister packs that were not child resistant. Child-resistant packaging is a critical safety measure.
Dr. Reddy’s failed to ensure that children were protected from potentially harmful prescription drugs and that it failed to comply with Poison Prevention Packaging Act (PPPA) and the Consumer Product Safety Act (CPSA) according to the US Department of Justice. As per the complaint, Dr. Reddy’s distributed such prescription drugs until 2012 and also failed to notify the Consumer Product Safety Commission.

Tata Motors hikes product prices by 1-3.7% in Mumbai
Tata Motors Ltd (TML) has increased ex-showroom prices of all its cars by 1.0-3.7% in Mumbai. This comes after the company offered a limited-period insurance and exchange offer to its customers on five models. 
According to Cogencis, the company has raised prices of the Tiago hatchback by 1.3-2.4% for the petrol variant, and 1.7-2.6% for the diesel variant. Prices for Tiago's petrol variant now start at Rs3, 31,646 ex-showroom Mumbai, and Rs4, 11,181 for the diesel variant.
TML, on the consolidated level, derives ~80% of its revenue from a wholly owned subsidiary, JLR, which had witnessed EBITDA margin decline in FY16 and FY17 on account of weakness in volumes growth, model mix, and forex losses. Standalone business (~80% CV and PV) has experienced market share losses and is expected to turnaround the trend on account of better acceptance of SCR technology (CV) and series of new launches in PV segment (Tigor/Hexa/Tiago).

Tata Steel to raise Rs12,800cr through rights issue
Tata Steel announced that it would be raising Rs12, 800cr via a rights issue in mid-February 2018. The rights issue would consist of two simultaneous but unlinked offers of – (1) 15.54cr fully paid up shares at Rs510 per share, and (2) 7.77cr partially paid-up shares at Rs615 per share. The company would raise up to Rs8, 000cr from the first offer and Rs4, 800cr from the second offer. The rights entitlement ratio for the fully paid up shares is 4 fully paid up shares for 25 ordinary shares held on the record date. The rights entitlement ratio for the partially paid-up shares is 2 fully paid up shares for 25 ordinary shares held on the record date.

The record date for the issue is February 1, 2018. The issue would open on February 14, 2018, and close on February 28, 2018. On December 19, 2018, the Board of Directors of Tata Steel had approved the raising of capital via rights issue as well as a 5 mtpa expansion to the Kalinganagar steel plant. Currently, the Kalinganagar steel plant has a capacity of 3mtpa and had a utilization level of 100% for Q3FY18.

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