Reliance Communications shareholders approve asset monetization

Reliance Communications Limited (RCOM) on Friday announced that the Company’s shareholders approved the monetization of its assets.

RCOM announced the results of the postal vote on Thursday, February 15, through which the shareholders approved the resolution to monetize the Telecom Infrastructure, Towers, Spectrum, Fiber and other assets with a vast majority of 99.91%, RCom said.  Post the other asset sales, RCom will consist of a steady and profitable B2B focused biz, in the world.

Shares of RCom are trading at Rs 28.35, by Rs. 1.61 or 0.45% on Exchanges by 3.05 pm. The scrip opened at Rs. 28.45 and has touched a high of Rs. 29 and low of Rs 27.65. 

Tata steel and Wipro bag ‘most Ethical Company Award’

Tata Steel Ltd and Wipro Limited are the two Indian companies that have been chosen among 135 world's most ethical companies for 2018 by the Ethisphere Institute, a leading international organization dedicated to the creation, advancement and sharing of best practices in business ethics, a press release has said.

The 135 companies dedicated to "defining and advancing the standards of ethical business practices" have been selected from 23 countries across 57 industries, Ethisphere Institute said in its statement on Monday.

A total of 135 companies from 23 countries are being recognized in 2018, the release said.  It added that the award will be bestowed on March 13. Amazingly, Tata Steel Limited has been honored by Ethisphere Institute USA five times earlier, in 2012, 2013, 2015, 2016 & 2017, in the Metals, Minerals and Mining grouping.

It seems that Tata Steel Limited and Wipro Limited will be impacted by the investors with this dignity in the trading days ahead.  However, the shares of Tata Steel and Wipro on Monday spiked 4.15% and 4.05% of Rs. 713.70 and 289.05 respectively on National Stock Exchange.

L&T Hydrocarbon Engineering bags Rs 2,200 crore order

L&T Hydrocarbon Engg Ltd., a wholly subsidiary of Larsen & Toubro Ltd., has obtained an order worth over Rs 2,200 crore from Abu Dhabi's Al Dhafra Petroleum Operations Company. Al Dhafra Petroleum is a joint venture between Abu Dhabi National Oil Corporation, Korea Oil National Corporation, and GS Energy.

As part of the order, L&T Hydrocarbon will set up flow lines, gathering facilities, and pipelines to transfer crude oil and gas from the Haliba fields in east Abu Dhabi to a processing facility at Asab.

Shares of Larsen & Toubro Ltd ended higher by 1.56% at Rs 1,350.00 on NSE, at the closing hours on Monday.

Galaxy Surfactants gains over 13% on debut

Specialty chemicals manufacturer, Galaxy Surfactants, debuted in the stock Exchange on Thursday at 15% in debut trade over the issue price of Rs.1480.

The stock listed at Rs 1520 and 2.70% from the issue price on BSE. During the session, the stock rose 17% to Rs 1,732 and finally ended at Rs 1,698.10, by gaining 14.73%

On NSE, shares of Galaxy Surfactants ended 14.89% higher at Rs 1,700.45. The company's M-Cap stood at Rs 6,020.57 crore.

By equity volume terms, over 13.40 lakh shares of the company have been traded on Bombay Stock Exchange and 85.00 lakh shares changed hands on National Stock Exchange during Thursday’s session.

ICICI Securities gets SEBI's go-ahead for IPO

ICICI Bank Ltd has received approval from the Sebi to list its stock brokerage unit, ICICI Securities Ltd. ICICI Securities had filed its DRHPs with SEBI in December and received observations from the regulator on Feb 2, as per the latest update with the markets regulator.

As per the DRHP filed by the company, the IPO comprises sale of 64,428,280 equity shares, amounting to 20% stake, by ICICI Bank. The IPO includes a reservation of up to 32.21 lakh shares for individual as well as HUF shareholders of ICICI Bank. The IPO is expected to garner Rs. 3,000 to 4,000 crore.

SBI Capital Markets, DSP Merrill Lynch, Citigroup Global Markets India, IIFL Holdings, Edelweiss Financial Services and CLSA India are book running lead managers to the issue.

Tata Chemicals Q3 profit rise 3-fold to Rs.759 crore

Tata Chemicals Limited, an Indian global company with interests in chemicals, on Tuesday posted about 3-fold jump in consolidated net profit at Rs. 759.07 crore during the third quarter (Q3) of this fiscal on gains from its North American business.

Tata Chemical’s net profit had stood at Rs. 263.63 crore in the same period of corresponding year, it said. Total income increased marginally to Rs. 2,591.07 crore in the Oct – Dec period of 2017-18 fiscal from Rs. 2,524.44 crore in the year-ago period.

 Shares of Tata Chemicals closed down by 1.99% to settle at Rs. 682.95 on the BSE, while on NSE shares closed down by 1.33% at Rs. 686.20

Bharti Airtel spikes over 5 percent post investment by Singtel

Bharti Airtel on Monday announced that SINGTEL (Singapore Telecom Limited) would invest Rs 2,649 crore in Bharti Telecom, the promoter company of Airtel, via preferential allotment of shares.  With this investment, Singtel's total stake together with its affiliates, in Bharti Telecom would increase to 48.90%.

Singtel presently holds 47.17% stake in Bharti Telecom. Bharti Enterprises continues to hold over 50% stakes in Bharti Telecom.

The move is seen to aid Bharti Airtel Limited in its combat for market share with Reliance Jio.

Shares of Bharti Aitel Limited was trading at Rs. 444.15 per share, up Rs. 21.80 or 5.16% on NSE at 12.20 PM, Monday. Whereas BSE Sensex was at 34,789.95, down 276.80 points or 0.79% and Nifty was at 10,675.15, down 85.45 points or 0.79%

Yes Bank to raise USD 600 million through fixed term notes

Yes Bank, India's fifth  largest private sector bank, on Friday said that it will raise 600 million dollar, equivalent to Rs. 3,830 crore, approx,  via issuance of fixed term notes under its USD 1 billion MTN (Medium Term Note) programme.

Earlier in In December 2017, Yes Bank had established an MTM Programme to raise over Rs 6,400 crore, by issuing debt securities on Private Placement (PP) basis.

As per the approval from its BoD and shareholders, Yes Bank has permission to raise funds up to Rs. 20,000 crore in one or more tranches on PP basis from time to time.

Shares of Yes Bank ended by 2.55% lower at Rs. 350.00 on BSE, while on NSE it settled by 3.58% lower at Rs. 347 on Friday’s closing.

KPIT Technologies gains 7 pct post merger with Birlasoft:: Share trading tips

Shares of KPIT Technologies gained around 7 percent after the company announced a merger with Noida based Birlasoft India Limited.

The BoD of KPIT Technologies Ltd  at its meeting held on  Monday 29 January, 2018 have, approved the Draft Scheme amalgamation Birlasoft with the Company and demerger of the engineering business of the Company into KPIT Engineering Limited to be renamed as KPIT Technologies Limited.

As per Axis Capital, the deal values Birlasoft merger as neutral for the company and the deal values Birlasoft at par with KPIT Technologies in spite of strong growth.

Shares of KPIT Technologies Limited was last trading, post lunch hours, Tuesday, in BSE at Rs.219.35 up Rs 10.10, or 4.83 with reference to the previous close of Rs. 211.35.  Shares of KPIT Technologies touched a 52-week high of Rs. 223.30.

IPO of Sintercom India open :: Free stock tips

Sintercom India Limited which is engaged in the business of manufacturing sintered metal automotive components of engines, announced date for its upcoming SME IPO in India. The issue will start from 5 Feb, 2018 and will close on 7 Feb, 2018. The total issue size is 65,46,000 equity shares.

The price band is Rs 63 to Rs 65 per equity share while offer size is Rs 42.55 crore. The face value of this public offer is 10 per share and will be listed on National Stock Exchange platform.

The minimum bid lot is 2000 equity shares and its multiples thereafter. The IPO of 65,46,000 equity shares consists of a fresh issue of 30,16,000 equity shares and an OFS upto 10,31,213 equity shares by Victora Stock Invest P. Ltd  and up to 24,98,787 equity shares by Maurill Industries Ltd.

Shriram Transport sells stakes in Shriram Automall for Rs. 156 cr

Shriram Transport Finance Company Limited (STFCL) has agreed to sell stakes in its subsidiary Shriram Automall India Limited (SAMIL) to MXC Solutions India, which runs an online auctions platform to buy and sell vehicles. The two companies have inked the share purchase agreement and the deal is valued at Rs. 156.00 crore, as per media report.

Meanwhile, the stock of Shriram Transport Finance was ended at the closing hours on NSE at Rs. 1,435 per share, down Rs. 33.80 or 2.30 percent while on BSE, the  stock closed at Rs 1,437.35, down 2.13%. 

The equity benchmarks managed to settle at fresh record peak. The BSE Sensex rose 22 points to end at a new high of 36,162. The Nifty50 index settled 2 points up at a fresh record of 11,086. 

Alembic Ltd approves share buy-back: Stock rise

Alembic Limited which engaged in the business of pharmaceuticals, real estate & power assets, today announced that the company has approved the proposal for buy-back of over 1.2 crore fully paid up equity shares of the Company, having face value of Rs. 2.00 each, for a total consideration not exceeding Rs. 82.00 crore, representing up to 3.84% of the total paid-up equity share capital of the company. The consideration excludes transaction costs viz fees, brokerage, securities transaction tax, GST, stamp duty and so on.

Meanwhile, the Alembic has reported a standalone net profit of Rs 56.00 million in Dec 2017 quarter. The Company had profit of Rs 7.00 million in the same quarter last year.

At 3.00 PM, Wednesday, the stocks of Alembic were trading higher by 4.51% and 4.29% respectively, on NSE and BSE.

IOC gains 2.9% on bonus issue proposal

Shares of state owned oil and gas company, Indian Oil Corporation Limited (IOC), surged by over 4% during the afternoon hours, on the Exchanges on Tuesday as the company announced that its board may consider issuance of bonus shares in its meeting scheduled on January 30, 2018. However, at closing hours, the IOC stock ended up by 2.09% on NSE.

The IOC will also be announcing its Q3 results on January 30, 2018. The company’s board has also recommended issue of bonus shares in 1:1 ratio, which would effect in the addition of one equity bonus share for every existing equity share.

The stock closed at Rs. 390.50 up by 2.09% on NSE, while BSE Sensex closed higher by 341.97 points, to 36,139.98 and Nifty50 rose 117.50 points to close at 11,083.70.

Axis Bank Q3 profit rises 25 pct

Axis Bank Ltd posted a 25.3% rise in its Q3 net profit, helped by higher interest and fee income plus a drop in provisions for bad loans, although results fell slightly short of a consensus estimate.

Net profit rose to Rs 726.44 crore or USD 113.86 million, for the quarter ended Dec 31, 2017 from Rs 579.57 crore a year ago, the country's third-largest private sector lender by assets, announced on Monday.

Gross bad loans as a percentage of total loans stood at 5.28% at December end, vis-à-vis 5.90% in the previous quarter and 5.22% a year earlier.

Shares of Axis Bank today closed at Rs. 614 on the BSE, up 4.02% from previous its close, while benchmark Sensex index rose 0.81% to 35,798.10 points, while on NSE the share price closed at Rs 611.30 up by 3.57%

HCL Technologies Q3 Net profit marginally up at Rs 2,075 cr.

India’s fourth largest software major,  HCL Technologies Limited, has posted a Marginal increase of 0.59% in its consolidated net profit at Rs 2075 cr for the Q3 (quarter ended Dec 2017) with regard to the net profit of Rs 2,063 crore for the corresponding  quarter a year-ago.

Total Income for the quarter under review jumped by 8.40% to Rs 13,079 cr, during the quarter from Rs 12065 cr, in the year-ago period, HCL said in a filing with BSE.

The company has declared an interim dividend of Rs 2.00 per share for the FY 2017-18. The record date of Jan 30, 2018 fixed for the payment of the interim dividend and the payment date of interim dividend will be Feb 5.

Shares of HCL Technologies Limited were trading marginally up by 0.07 percent at Rs. 954.90 on NSE post lunch hours, while in BSE too the same was trading up at Rs. 956.75 up by 0.20 percent.

L&T Technology Services Wins $50 Million Avionics Contract

L&T Technology Services Limited, an established global pure-play Engg R&D services company, on Thursday announced that the company has won a pointer project worth USD 50 million spanning over 5-years from the global aerospace electronic systems manufacturer.

The project with L&T Technology Services will result in transformation of the customer's operations into a managed services model. The new deal also complements the impetus achieved by the company in the areas of electric vehicles, autonomous cars, infotainment and embedded devices to name a select few.

Shares of L&T Technology Services Ltd today opened at 1026.25 and was trading marginally down at 992 by 0.54% on NSE, post lunch hours, Thursday.

Barbeque Nation Hospitality Float an IPO of 700 cr

Barbeque Nation Hospitality Ltd which owns and runs a chain of casual dining restaurants throughout India under the Barbeque-Nation brand name, has received markets regulator’s nod to raise an estimated Rs. 700 crore through initial public offering (IPO).

The IPO comprises fresh issue of shares worth Rs. 200 crore and an offer for sale of up to 61,79,000 equity shares, as per the DRHP, filed by the company. The offer consists of a reservation of upto 1.5 lakh equity shares for the company’s employees.

Barbeque Nation Hospitality has signed IIFL Holdings, Jefferies India, Edelweiss Financial Services and SBI Capital Markets for the book running lead managers to the issue. 

With the IPO markets picking up momentum after an engaging year 2017 for IPOs, the markets are set to salute big IPOs of companies including Reliance General Insurance Company, Hindustan Aeronautics Limited, IRCTC, Barbeque Nation Hospitality and HG Infra Engineering among others.   

TCL completes sale of urea biz to Yara Fertilizers

Tata Chemicals Limited (TCL) has completed the sale of its urea and customized fertilizers business to Yara Fertilizers India Pvt Limited for Rs 2,682 crore. The company said in a BSE filing that sale and transfer of the business between the companies secured the final approval of the National Company Law Tribunal (NCLT).

TCL has received the consideration of Rs 2,682 crore, subject to post completion working capital adjustments from Yara Fertilizers on January 12, 2018, it said.

TCL’s profit after tax (PAT) increased by over 80% to Rs. 156.35 crore in the Q2 FY18 as against Rs. 86.52 crore in the Q2 FY17. The company had posted a 5.76% drop in it PAT to Rs. 557.88 crore in the fiscal year 2017 on a yearly basis.

Meantime, shares of Tata Chemicals Limited closed at Rs. 764.25, down by Rs. 6.75 or 0.88 on the NSE, Friday.

Amber Enterprises to launch Rs. 555 crore IPO on 17 January

Amber Enterprises India Ltd, a prominent solution provider for Air conditioner Industry in India, on Wednesday said it will launch a Rs. 555 crore IPO on 17 January. The company has priced its shares ranging Rs. 855 - 859 per share, which comprises a fresh issue of shares of Rs. 450 crore and an offer for sale of shares of Rs. 105 by promoters of the firm Jasbir Singh & Daljit Singh. The offering closes on 19 January.

In the fiscal 2016-17, Amber Enterprises India Limited’s posted revenue of Rs. 1652.20 cr, up from Rs. 1092.10 cr, in the previous year. The company earned a profit of Rs. 27.8 cr, up from Rs. 24.1 cr, in the previous year.

Investment banks Edelweiss Fin Services Ltd, SBI Capital Markets, IDFC Bank Ltd and BNP Paribas are managing the share sale.

Newgen Software launches Rs. 400 crore IPO on 16 January

Newgen Software Technologies Limited has said that it will launch an initial public offering (IPO) on 16 January to raise over Rs. 400 crore. The company has fixed a price band of Rs. 240-245 per share. The IPO comprises a fresh issue of shares worth Rs. 95 crore and an OFS of 13.45 million shares by existing venture capital investors. The IPO closes on 18 January. At the upper end of the price band, the offer will collectively bring in the company and the exiting investors around Rs. 424.6 crore.

Venture capital investors sell their stakes include Ascent Capital, IDG Ventures and SAP Ventures. Ascent Capital is selling its entire 11.42% stake in Newgen, while IDG is selling 4.57% and SAP Ventures’ 3.31%.

Investment banks ICICI Securities Ltd, IDFC Bank Ltd and Jefferies India Pvt Ltd are managing the Newgen share sale.  Newgen Software Technologies’ IPO will be the second initial share sale this year.