Here are stocks that are in news today:
SEBI puts MCX-SX on notice
Issues directions to MCX-SX & MCX-SX clearing corp
Issues directions to strengthen their governance structure
Grants renewal of recognition to MCX-SX
Renews recognition for a period of 1 year starting Sep 16
SEBI to MCX SX:
Comm of 2 public interest directors & 3 institutional investors
Comm to oversee related party transactions, appointment key mgmt
Comm to oversee all facility, capex & infra sharing arrangements
Shareholders asked to look at conflict of int, compliance requirement
Shareholders to examine conflict of interest of mgmt incl MD
Shareholder must take appropriate action to reconstitute board
Report within 30 days from date of renewal of recognition
Non-compliance with directions from SEBI may result in recognition withdrawal
CNBC-TV18 Exclusive: Sources Say:
RBI to review banks' exposure to Fin Tech group cos
RBI seeks data from 41 banks having exposure to FT grp cos
RBI seeks data on fund based exposure to 7 FT group cos
RBI seeks data on non-fund based exposure to 7 ft grp cos
CNBC-TV18 ALERT: FT Grp cos include NSEL, MCX, FTIL, MCX-SX, NHBC, IBMA, IEEL
Total exposure to FT group cos at around Rs 2,900 cr
Fund based Exposure at Rs 960Cr, Non-fund Exposure at Rs 1,930 Cr
Banks’ Exposure to NSEL Miniscule
RBI not concerned about banking industries exposure to NSEL
Fund & Non-fund based Exposure to FT Group Cos
IndusInd Bank at Rs 314 Cr
Axis Bank at Rs 352 Cr
HDFC Bank at Rs 690 Cr
Kotak Mah Bank at Rs 137 Cr
Syndicate Bank at Rs 166 Cr
ICICI Bank at Rs 161 Cr
Union Bank at Rs 520 Cr
Kotak Mah Bank Says
Other than Margin Deposits to MCX, MCX–SX, have ‘Nil’ Exposure to FT Group
ICICI Bank denies having high exposure to Fin Tech group cos
ICICI Bank says have net outstanding of Rs 23.3 cr to fin tech grp currently
JP Assoc announces deal with UltraTech Cement
JP Assoc sells 4.8 mt Gujarat Cement Unit to UltraTech
JP Assoc sells Gujarat Unit to UltraTech For Rs 3,800 Cr
Deal Values Co's Cement Plant at EV $125/Tonne
UltraTech to take over all assets & liabilities of unit
UltraTech to pay net amount of EV-Net of liabilities
UltraTech to pay eq shares of co to JCCL shareholders
Expect transaction to close in 7-9 months
KM Birla Says
Co's capacity increases to 59 mtpa post deal
Have added significant capacity in last 10 years
Current plant in Gujarat runs at 95% capacity
Capacity build up in Gujarat has been low
Transaction also includes land & mining reserves
Deal becomes value accretive after 3 years of takeover
JP Assoc- UltraTech Deal: KM Birla Says Cash will be paid at closing of transaction
JP Assoc's Gujarat cement unit debt at Rs 3,650 cr
Will take carry forward losses of Rs 350 cr
To fund transaction via internal accruals & debt
Will approach CCI for approval of deal
Not looking at Andhra Pradesh plant of JP
Always looking at capacity addition
Have been taking several steps to reduce debt
Focussed on debt reduction across all businesses
Jp Assoc’s debt to reduce by 15% post Gujarat cement stake sale
Co's total debt of Rs 23,000 cr barring power projects
Gross debt of all businesses stands at Rs 55,000-56,000 cr
To reduce debt by Rs 15,000 cr across businesses
Can monetise cement, thermal, hydro assets to reduce debt
Rs 2,000 cr of Rs 3,600 cr debt attributed to Gujarat plant
Manoj Gaur to CNBC-TV18:
Would have got better value if economy were in better shape
Cement biz is region-specific in India
Not ruling out divestment of Panipat & Andhra Pradesh units
CNBC-TV18 Exclusive: KM Birla Says:
'We have had a tough year & a half'
'See first glimmer of hope for the economy'
Govt has taken few initiatives which are path breaking
Hope for better times in next 2 quarters hope for better times in next 2 quarters
'Feeling less gloomy than what i felt 3 months ago'
'Like to see a stable Rupee, but that is on the wish-list'
Would like to see policy clarity
Projects worth $3 bn held up due to lack of clearances
Investment would have been high but no policy clarity
See 1-2 year of pain for the cement sector
See 8% long term growth for the cement sector
See JP unit as a good asset to invest in
USD 10-12 bn investment plan over next 5-7 years
Deal delay due to some of the conditions precedent
Indemnity issue took some time to resolve
Total debt to be transferred was debated for a long time
Happy to look at other acqn, but nothing on the horizon
Good time to do consolidation in the industry
Sector has to see some more pain for further consolidation
Intent is to turnaround the unit in 3 years
To look at doubling capacity only after turnaround of unit
Opted for demerger as this suited the requirement
JP wanted to offload debt, so had to go through demerger
Need nod from SEBI, CCI, Court & shareholders
UltraTech to have investments worth Rs 30,000 cr by FY16
Investments expected to hike capacity by another 10 mt
Good time to look at consolidation in cement Industry
Sources Say
FMC submits report on NSEL to enforcement directorate
FMC to ED:
NSEL in violation of revised spot exchange conditions
FMC still examining NSEL promoters' fit & proper status
Promoters' fit & proper status is at risk
Jubilant Foodworks Says
Expect same-store-sales growth to be 11% for next 3 quarters: Reuters
FIPB to consider Axis Bank, HCL Tech proposals on September 19
CNBC-TV18 Alert: Axis Bank, HCL Tech seek FIPB nod to up FII limit
SC
To resume hearing in coal block allocation case today
