Hexaware: Baring raises USD 300 million via 5-year senior notes. Baring is the parent co with 71 percent stake. Money raised will largely be used to refinance debt. Baring agrees to cons debt/EBITDA convenant of 3.75 times. Street fears the dividend payout from company could come down. Hindalco: Morgan Stanley View on Hindalco is Initiate at Overweight. Target at Rs 147. Improved cash flows led by higher aluminium price & volumes. Project net debt at USD 7.6 billion in FY18 vs USD 8.8 billion in FY16. Risk-reward is favourable. Expect 18 percent EBITDA CAGR over FY16-18. Valuations attractive even at current levels. Exide in focus: Goldman Sachs Upgrades Exide to Neutral from Sell. Target revised higher to Rs 156 versus Rs 141 earlier. Inverter battery demand picking up. High power cuts in interior India & monsoon delay spurs demand. Increase EPS estimates by 13 percent. Cipla: US FDA accepts Teva's filing for generic Advair. Advair is a respiratory drug, a multi-dose dry powder inhaler. Teva says they has developed proprietary technology superior to GSK's Advair. Product will be 3rd filing accepted by US FDA for generic Advair. US FDA has already accepted applications from drug cos Mylan & Hikma on Advair. Both Cipla & SPARC lagging peers in research & product development on Advair. Analysts says don't expect Cipla to file ANDA for Advair before 2018. Sugar stocks (Shree Renuka, Bajaj Hindustan, Balrampur Chini, Triveni Engineering): Global sugar prices rally. Underlying saw surge of 6.3 percent. Raw Sugar Futures up 5.4 percent. White Sugar Futures up 3.7 percent. Sugar prices up 10 percent this week. Sugar prices up 36 percent this year.Other stocks in news are Idea and NTPC.
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