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Last Updated : Sep 14, 2015 11:02 AM IST | Source: CNBC-TV18

Stocks in news: L&T Fin, Amtek, Elder, Kesoram, JP Power

L&T Finance Holdings | Jindal Steel Holdings | Amtek India | NTPC | Borosil Glass | Elder Pharma | Adani Power | Maruti Suzuki | Jaiprakash Power | Kesoram Industries | JK Tyre | Castex Technologies and Axis Bank are stocks, which are in the news today.

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Todays L/H

Here are stocks that are in news today:

Jubilant Life
-Signs term sheet with Cyclopharm for exclusive licence
-Signs term sheet with Cyclopharm to market Technegas in US

Shiv Nadar & Sanjay Kalra patner to invest in US healthcare IT companies
-Shiv Nadar & Sanjay Kalra set up JV with initial corpus of USD 500 million
Sanjay Kalra, SNSK Chairman says:
-Will invest up to USD 500 million in US healthcare IT products & platform
-Intent is to buy out mature companies in healthcare IT space
-Will invest in select start-ups & early stage companies in US & India
-USD 200 million will come via equity & USD 300 million through debt
-Out of USD 200 million for equity, Shiv Nadar to invest 80 percent & I will invest 20 percent
-US healthcare spend in FY15 was USD 3.2 trillion, 17-18 percent of the GDP
-As we introduce pdts & platforms, will move to other markets


Fund action
Arvind Infra
-Sunny Porinju Veliyath bought 1.6 lakh shares at Rs 35.6/Share
-Sundaram BNP Paribas sold 2.19 lakh shares at Rs 34.4/Share
-Norges Bank sold 3.14 lakh shares at Rs 35.4/Share
Manappuram Finance
-Ashish Dhawan bought 90.04 lakh shares at Rs 20.20/Share
Metalyst Forgings
-HDFC MF sold 4.03 lakh shares at Rs 35.9/Share
Automotive Axles
-UTI MF bought 2.25 lakh shares at Rs 660/Share

UKIBC Convention: Bupa says
-We are in India for long-term
-Will be increasing our stake in Max Bupa to 49 percent from 26 percent
-There are challenges, but government is moving in right path

Axis Bank MD & CEO Shikha Sharma says
-Will be happy to tie up for a payments bank if there is an opportunity
-Still exploring the possibility of tie-up for payments banks
-Base rate should come down in the next couple of months
-75 percent of bank's lending is linked to base rate
-Looking at marginal cost of funding to determine base rate
-Adopting marginal cost of funds will not impact base rate significantly
-There is headroom for RBI to cut rates
-Expect a 25 percent growth in the retail segment this year

Commerce Minister Nirmala Sitharaman says
-World Bank report on states ranking on ease of doing business expected soon
Alert: Commerce Minister held interactive session with finance sector representatives
-States were asked questions on 98 parameters
-Interest subvention policy for exporters to be submitted to cabinet shortly
-Allocation for interest subvention policy already made in FY16 Budget
-India is already almost a surplus power country
-Discoms’ ability to purchase power is the major impediment
-For ease of doing business, several steps taken for contract enforcement
-Commercial benches being set up in courts for ease of doing business
-Keeping close watch on dumping, cheaper raw material import could help exports

Castex Technologies: Sources
-StanChart Bank & Citicorp International to initiate legal proceedings against company
-StanChart Bank & Citicorp to initiate legal proceeding in English Commercial Court
Alert: Citicorp International is the trustee for Castex Tech FCCBs
-Citicorp had asked company to suspend any action in relation to the mandatory conversion notice (MCN)
-Castex proceeded with mandatory conversion on September 10
Alert: StanChart Bank refused to comment on issue due to client confidentiality
Alert: Citicorp declines to comment on the Castex Tech issue
Alert: Castex Tech did not respond to CNBC-TV18 Query

JK Tyre to acquire Kesoram Industries' tyre manufacturing unit near Haridwar for up to Rs 2,200 crore
JK Tyre says
-Board okays acquisition of Cavendish Industries from Kesoram Industries
-Acquisition of Cavendish Industries to be funded via debt, internal accruals
-Company will hold largest shareholding block in Cavendish Industries
-Company shall have substantial management control of Cavendish
-Company will have an option to place up to 55 percent with its associate/group companies
-Financial exposure of company in the acquisition expected to be approximately Rs 450 crore
-Transaction expected to be consummated over next few months

Kesoram Industries says
-Cavendish Industries' deal likely to be completed by December
-Haridwar plant deal will strengthen balance sheet of company
-Proceeds of monetisation will be used to reduce company’s debt burden
-Remain strongly committed to the presence in tyre business
-Making significant investments into rayon business to expand into new product categories

Kesoram Industries to CNBC-TV18:
-Binding agreement to sell Cavendish unit to JK Tyre for Rs 2,195 crore
-Cavendish unit, when fully used, can yield revenue of Rs 3,000 crore
-Will not suffer much revenue loss on Cavendish unit sale
-Kesoram is not an NPA account
-Company’s total debt stands at Rs 3,800 crore currently
-Most of the sale proceeds will be used for debt reduction
-Cannot say if we will come into the black this year
-Company is mostly done with its inorganic moves
-Balasore expansion coming up; will give additional revenue
-Have loans from 16 banks
-Can't say which banks will benefit from move
Alert: SBI Caps was the banker to the deal
Alert: Kesoram Industries has not yet announced its FY15 numbers
Alert: Kesoram Industries' net loss in FY14 was Rs 515 crore
Alert: Kesoram Industries's net loss was Rs 697 crore in April-December FY15

Sharon Bio challenges the case filed by India Factoring & Finance Solutions in Bombay High Court
Alert: Had taken unsecured loan from India Factoring & Finance Solutions

Other stocks and sectors that are in news today:
-Bain Capital to buy USD 300 million stake in L&T Finance Holdings: ToI
-SEBI wants MFs to reveal Jindal Steel Holdings: ET
-GE Capital plans to pull out of SBI Cards: ET
-Amtek Group to sell non-core assets, stakes in overseas businesses to cut debt: ET (Amtek Auto in focus)
-Diageo could lose title of over 1 crore United Spirits shares in case of adverse ruling on several winding-up petitions
-Government to extend tripartite agreement to encourage private solar power players to sign deals with NTPC: FE
-IRDA asks Bharti-AXA to rework shareholder pact: FE
-Borosil Glass to buy back up to 6.96 lakh equity shares at Rs 2,500/share
-Elder Pharma says in talks with prospective lenders w.r.t company's restructuring plan
-Adani Power to expand capacity of Udupi Power plant by 1,600 MW
-Maruti Suzuki introduces dual airbags & ABS on base models of Ciaz
-Jaiprakash Power says 400 MW Vishnuprayag Hydro power plant resumes power generation
-TeamLease Files IPO papers with SEBI to raise Rs 450-500 crore
-CCI clears acquisition of Yum! India operations by PE firms

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First Published on Sep 14, 2015 08:16 am
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