Corporate News 06-Oct-15

·         HDFC raises Rs10000 crore via warrants

HDFC raises Rs10000 crore via warrants (3.65 cr warrants at an issue price of Rs14, exercise price of Rs1,475) and NCDs – positive read thru. HDFC Ltd’s Board has approved the allotment of 3.65 crore warrants at an issue price of Rs14 per warrant, with a right to exchange each warrant for one equity share of the HDFC, any time before the expiry of a period of 36 months from the date of its allotment (i.e., October 05, 2015) at an exercise price of Rs1,475 per equity share as against the SEBI floor price of Rs1189.66 per share.

·         Jet Airways cuts fares by up to 30% on overseas routes

 Jet Airways cuts business and economy class fares by up to 30% on overseas routes and those sold by its strategic partner Etihad Airways – positive read through for the stock.

·         Bajaj Housing Finance receives certificate of registration

Bajaj Finance Ltd has informed that Bajaj Housing Finance Limited, the wholly owned subsidiary of the Company, has received certificate of registration on October 02, 2015 from National Housing Bank to commence housing finance business.

                                                                                                                                                                                         ·         Cox & Kings owned Meininger Hotels to open in Budapest

Cox & Kings owned Meininger Hotels will open a hotel in Budapest, Hungary by spring of 2018. The hotel which will be newly constructed will be operated by Meininger Hotels under a 20—year lease.

The construction of the 184 rooms and 751 bed hotel will begin before the end of 2015. Meininger currently operates 16 hotels with a total of 7,025 beds in 10 European cities.

·         BEL receives Rs7910 crore order from Indian Air Force

Bharat Electronics has received an order worth Rs7910 crore to supply air command control systems for the Indian Air Force – Positive

                                                                                         

·         Alstom bags Rs1,102 crore contract from Lucknow Metro project

Alstom bagged contract around Rs1,102 crore(150 million euro) to supply train coaches and signalling solutions for the Lucknow Metro project. The company also has contracts from other metro projects including those for the cities of Chennai, Delhi and Kochi. – Positive for Alstom India.  

                                                                                                                                                                   

·         Bank of Baroda investigating Rs350-crore bill discounting fraud

Bank of Baroda investigating Rs350-crore bill discounting fraud – negative read thru for BOB .As per media reports, Bank of Baroda is investigating a bill discounting fraud running into Rs350 crore (probably by textile firm) and has also suspended a senior official after it discovered the irregularities in its Ahmedabad operations. The Banks will soon have to decide whether to provide the amount in the September-end earnings number.