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Stocks in news: Essar Oil, Marico, Kingfisher, R Power
Allahabad Bank | Marico | Electrosteel Casting | Syndicate Bank | Asian Granito | Reliance Communications | Shriram EPC | Reliance Power | Thomas Cook | Crisil | Essar Oil and Kingfisher Airlines are stocks, which are in the news today.
Kingfisher woes continues -Cancels several flights over the weekend -Kingfisher Airlines CEO Sanjay Aggarwal will appear before DGCA today on flight restoration plan -Domestic fares up 10-20% post KFA cancellations
Aviation Ministry says: -Government will have no bail out for Kingfisher -Banks will have to decide on how much money they can give KFA -KFA did not inform DGCA as per rules -Will wait till DGCA report on KFA cancellations -KFA & other airlines under financial stress -Cannot comment on timeline for cabinet note for aviation -Foreign airlines will take their time to invest in India -FDI in aviation will not happen overnight -Commerce ministry has to move aviation FDI cabinet note -No court challenge exists on airport user charges
Vijay Mallya says: Network18 Exclusive -Company is not in a comfortable cash position -Requesting working capital from consortium bankers -Government said they would allow FDI & fuel import -Company is co-operating with tax authorities -Company has cooperated with DGCA and will continue to do so -Needs government's support to fix the problem -Company's bank accounts have been frozen suddenly -If accounts are kept frozen then it will affect company -Did not ask for a bailout, just a level playing field
KFA lenders: Sources say -Lenders give in-principal nod to SBI caps viability report -Lenders to take a final view on new restructuring package by next week -Viability report suggests long term loan worth Rs 1,000 crore -Working capital loan of Rs 440 crore, equity infusion of Rs 1,500 crore
Essar Oil Q3 -Net loss at Rs 3,986 crore vs profit of Rs 273 crore (YoY) -Exceptional loss of Rs 4,015 crore on sales tax benefit reversal -Revenue at Rs 13,897 crore versus Rs 13,809 crore (YOY) -GRM at USD 6.07/barrel versus USD 7.21/barrel (YOY) -EBITDA at Rs 490 crore versus Rs 827 crore
Essar Oil says -Mulling equity infusion to boost net worth, liquidity -To expand refinery capacity to 20 mt by September 2012 -Await SC decision on review petition for sales tax case -Continues to build in sales tax benefit in GRMS -Asked Essar energy to convert FCCB of Rs 1,396 crore into equity -Has tied up ultra heavy crude from Latam, Middle East -Dues towards Iran oil imports at about USD 1.2 billion
Crisil Q4 -Consolidated net profit at Rs 56 crore versus Rs 50.5 crore (YOY) -Consolidated net sales at Rs 218 crore versus Rs 176 crore (YOY)
Thomas Cook says -Stake sale to be completed by Mid-2012 -Hope to maintain FY13 margin at current level
Other stocks and sectors that are in news today: -United Spirits board approves conversion of FCCB worth USD 175 million -Reliance Power got Rs 24000 crore govt favor - CAG - TOI -Sun Pharma Advanced Research plans rights issue - BS -IRDA frowns PNB plans to buy 30% in Metlife for Re 1 - BS -Reliance Communications may use single vendor to manage USD 3 billion outsourcing contract for 5 years - BS -Shriram EPC converts dues of Jayajothi Cements into equity, takes majority stake, may rope in Portugal's Cimpor -Asian Granito enters into JV with Italy based Panaria Group for marketing and sales of tiles -Syndicate Bank to raise equity cap by issue of shares on preferential allotement to GOI/LIC -Electrosteel Casting receives MOeF clearance for its iron ore mines located at Jharkhand -19% import duty likely on power equipment for mega projects- BL -Marico looks to divest 3 non-focus brands, seeks buyers for Camelia, Aromatic and Revive - FE -Allahabad Bank board meet tomorrow to consider preferential issue -Stock in F&O ban includes Alok Textiles, ABG Shipyard and IFCI
