TOP CORPORATE NEWS - 09 DEC 2016

SAIL reports Q2 net loss at Rs732 cr

Steel Authority of India Ltd (SAIL) has announced the following Q2 Un-Audited Standalone results for the quarter ended September 30, 2016 (YoY):

The Company has posted a net loss of Rs731.58 crore Vs net loss of Rs1108.04 crore.

Total Income increased to Rs12645.76 crore Vs Rs10478.08 crore.

Jindal Steel & Power Q2 consolidated net loss at Rs746 cr

Jindal Steel & Power has announced the following Q2 results for the quarter ended September 30, 2016:

Standalone (YOY)

The Company has posted a net loss of Rs407.19 crore Vs net loss of Rs310.49 crore.

Total Income has decreased to Rs3125.66 crore Vs Rs3176.06 crore.

Bharat Financial issues CP worth Rs20 cr

Bharat Financial Inclusion has announced that the Company issued Commercial Papers of an aggregate amount of Rs20 crore on December 08, 2016, which have been rated 'A1+' by a leading rating agency. Instruments with the aforesaid rating are considered to have a very strong degree of safety regarding timely payment of financial obligations. Such instruments carry the lowest credit risk.

The aggregate amount of Commercial Papers outstanding as on date is Rs495 crore.

Government scraps 10% import duty on wheat with immediate effect

Britannia Industries – The government of India has scrapped 10% import duty on wheat with immediate effect to increase the supply and keep a check on the domestic wheat prices.

The Government of India has completely abolished the import duty (earlier 10%) on wheat with immediate effect so as to increase the supply of wheat in the domestic markets.

Wheat production for 2015-16 is expected to be between 80-84 mn tones while the demand is estimated to be over 94 million tons, pointing at a shortage in this year.

This is positive read through for food companies like Britannia Industries (and ITC mainly for its food business)

Capital first to raise Rs340.6 crore via preferential shares

Capital First to raise Rs340.6 crore by issuing on preferential basis 47.8 lakh shares to Caladium Investment Pte Ltd at a price of Rs712 per share (27.8% premium to CMP of 557).

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