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Last Updated : Sep 14, 2016 09:29 AM IST | Source: CNBC-TV18

Vedanta, Cairn India, Tata Steel, Nalco among stocks in news

Some of the stocks that should be on your radar are: Vedanta, Cairn India, Tata Steel, Adani Enterprises, Adani Power, Coal India, Mahindra CIE Automotive, Reliance Communications, Reliance Capital, National Aluminium Company, Claris Lifesciences, Torrent Pharmaceuticals, Mahindra & Mahindra Financial Services.


Cairn-Vednata merger: In a move that would remove the last major hurdle in the way of a mega merger between Vedanta and its group firm Cairn India, public shareholders of Cairn India have voted overwhelmingly in favour of the deal.

In an exchange filing, Cairn said that in a court-convened meeting, 65.41 percent of shareholders present, representing 92.86 percent in value, voted in favour of the merger.

The scheme has also been approved by a majority of the minority shareholders. The public shareholders of the company have casted 72.43 percent of votes (in value) in favour of the resolution.

As per company law, the approval of a majority of minority shareholders was required for the deal to go through.

Tata Steel Q1: Tata Steel started off the financial year 2016-17 on a weak note with the consolidated quarterly loss widening 10-fold to Rs 3,183 crore compared with Rs 317 crore in same period last fiscal, dented by discontinued operations (include sale of Scunthorpe assets to Greybull Capital).

"Loss from discontinued operations of Rs 3,296 crore recognised on account of divestment of Long Steel UK Limited. The sale was completed during the quarter," Tata Steel said, adding pre-exceptional underlying profit before tax stood at Rs 1,080 crore against loss of Rs 234 crore in preceding quarter.


Revenue also missed analysts expectations, falling 5.8 percent to Rs 26,406 crore in the quarter ended June 2016 against Rs 28,025 crore in year-ago period.


Profit was expected at Rs 292 crore on revenue of Rs 29,110 crore for the quarter, according to average of estimates of analysts polled by CNBC-TV18.

Adani Group: According to the sources, DRI issues notice for over-invoicing imported coal & cap goods. DRI claims that Adani Group over-invoiced coal worth Rs 3,000 crore. Adani Enterprises, Adani Power amid companies named for Adani Group. DRI claims that Essar Power over-invoiced coal worth Rs 1,100 crore. General inquiry on since last 6 months but notice has been issued now.

Coal India Q1: State-owned Coal India reported 14.7 percent fall in consolidated net profit at Rs 3,065.28 crore for the quarter ended June 30, 2016, due to decline in sales.

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Coal India (CIL) had posted a consolidated net profit of Rs 3,596.93 crore in the year-ago period. Consolidated profit includes profit of jointly controlled entities and associates.


Net sales of the company during the quarter declined by 6.1 percent to Rs 17,796.05 crore, the coal major said in a filing to BSE.


Total expenses of the PSU declined to Rs 14,834.20 crore in April-June this year, from Rs 15,320.81 crore in the corresponding quarter of previous fiscal.


Its production during the quarter increased by 3.56 percent to 125.67 million tonnes (MT) compared to 121.35 MT in the same quarter of previous fiscal.

Mahindra CIE: Mahindra CIE acquired Bill Forge for Rs 1,331 crore in cash and shares. Preferential allotment of 53 million shares at Rs 200/share. Will also raise funds of upto Rs 700 crore through QIP. Post acquisition, others stake to fall from 25.26 percent to 21.62 percent. Bill Forge shareholders to hold 8.46% in merged entity. 

Reliance Communication: Reliance Communication to report Q1 results today. Operational performance has been subpar vs peers. Stock down 43 percent in 2016. Debt at over Rs 40,000 crore. Street focus will be on merger announcement with Aircel.

Reliance Capital: Betting big on housing finance space, financial services conglomerate Reliance Capital decided to independently list its home finance venture in the stock market with a target to attain a loan book of over Rs 50,000 crore for this business in the next few years.


The financial services arm of Anil Ambani-led Reliance Group would retain 51 percent stake in the separately listed venture while 49 percent equity in Reliance Home Finance will be alloted "free of cost" to nearly 1 million shareholders of Reliance Capital".


All shareholders of Reliance Capital will receive one free share of Reliance Home Finance Ltd for every one share held in Reliance Capital, the company said in a statement.

Nalco: Aluminium maker Nalco reported a 36 percent fall in its standalone net profit at Rs 135 crore for the quarter ended June 30, 2016.


The state-run firm had clocked a net profit of Rs 174.32 crore in the year-go period, it said in a BSE filing.


Total standalone income of the Navratna firm rose by 4 per cent to Rs 1,549 crore in April-June quarter this fiscal from Rs 1,491.27 crore during the same quarter in 2015-16 fiscal.


Its total expenses were higher at Rs 1,473.19 crore from Rs 1,361.63 crore during the period under review.


The firm's Rs 2,835 crore offer to buyback 64.43 crore shares opened last month on August 30 and will close this week on September 14.

Claris Life: Claris Life's Ahmedabad plant inspected by US FDA in August. Claris Life. Written production & process control procedures not followed. Acceptance criteria for sampling & testing by quality control not adequate. Use of apparatus not meeting established specifications. Procedures to prevent microbiological contamination not established, written, followed. Employees in mfg, processing, packing & holding of drug product lack required training.

Other stocks in focus are Torrent Pharma and Mahindra & Mahindra Financials.



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First Published on Sep 14, 2016 09:29 am
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