·PNB's Rs 9,000-cr bad loan sale stuck due to absence of full time CEO
PNBs plan to sell bad assets of Rs9,000 crore, is stuck as the government is yet to appoint a full-time CEO for it. The proposed asset sale was one of the highest in the history of the PNB, fighting a sharp rise in bad loans like other PSU Banks. PNB is already facing lot of stress on asset quality and lack of decision making on resolution could aggravate the stress in book. We continue to maintain hold rating on the stock.
·Ministry approves transfer of technology from DRDO to L&T
L&T – Ministry of Defence approved for transfer of technology from DRDO to L&T for commercial production of Lakshya pilotless target aircraft – positive for L&T. In a path-breaking decision, the Ministry of Defence (MoD) has approved a proposal by the Defence Research and Development Organisation (DRDO) for transfer of technology (ToT) for commercial production of its Lakshya pilotless target aircraft (PTA) to Larsen and Toubro (L&T).
·LIC Housing Finance posts strong Q1FY16 performance
LIC Housing Finance reported strong set of numbers for Q1FY16 as net profits grew by 18.6% YoY to Rs382.1 crore. This was driven by robust growth in the net interest income which increased by 30.2% YoY (partly due to low base of Q1FY15 as there were interest income reversal on NPAs). The non interest income showed a decline of 21% YoY while provisions normalized (reversal of teaser loans provisions in earlier quarters) in Q1FY16 which to an extent impacted earnings.
·Bharti Airtel rallies on talks with Orange to sell African units
Shares of Bharti Airtel rallied 5% to Rs450, also their 52-week high on the NSE, after the company said it has entered into exclusive talks with France's Orange to sell its subsidiaries in Africa.
Orange and Bharti Airtel International (Netherlands), a subsidiary of Bharti Airtel, have entered into an exclusive agreement “to explore the possible acquisition by Orange of Airtel’s subsidiaries in Burkina Faso, Chad, Congo Brazzaville and Sierra Leone.
·Tata Motors plans capex of upto Rs4,000 crore
Tata Motors will be making significant investments to develop new models both in the passenger vehicle and commercial vehicle segments. The company plans to invest between Rs3,000 to Rs4,000 crore in FY2016 in capital expenditure bulk of which will be into product development. The company also plans to raise Rs4,000 crore via NCDs during the year. Additionally the management has guided for a capital spend of GBP3.5bn in Jaguar Land Rover operations
·Welspun India Q1FY16 conference call highlights
Welspun India Q1FY16 – Strong results; optimistic outlook (conference call highlights).Welspun posted strong results; led by strong volume growth the topline grew at 18% for the quarter, while increasing share of innovative products coupled with integration benefits resulted in strong 32% operating profit growth. ·IOC to invest Rs1,000 crore to raise stake in CPCL
Indian Oil Corp will invest Rs1,000 crore for raising stake in Chennai Petroleum Corporation Ltd by subscribing to preferential issue. Authorised share capital of the company will increase from Rs400 crore to Rs1,400 crore. IOC currently holds 51.89% in CPCL, while the other promoter, Iran's Naftiran Inter Trade Company Ltd, owns 15.40%.
·SC notice to BG, Reliance Industries, ONGC in Rs4,000-cr sales tax matter
The Supreme Court has sought response from British Gas ( BG) , ONGC and Reliance Industries on the Gujarat government’s appeal seeking to levy sales tax to the tune of around Rs4,000 crore on them for bringing gas to Hazira from Panna-Mukta-Tapti (PMT) field, situated on the west coast offshore India for the period 1998 to 2015. The companies had entered into the production sharing contract with the government of India for capital investment and exploration. ·Reliance owes Rs 341 crore to MMRDA
PNBs plan to sell bad assets of Rs9,000 crore, is stuck as the government is yet to appoint a full-time CEO for it. The proposed asset sale was one of the highest in the history of the PNB, fighting a sharp rise in bad loans like other PSU Banks. PNB is already facing lot of stress on asset quality and lack of decision making on resolution could aggravate the stress in book. We continue to maintain hold rating on the stock.
·Ministry approves transfer of technology from DRDO to L&T
L&T – Ministry of Defence approved for transfer of technology from DRDO to L&T for commercial production of Lakshya pilotless target aircraft – positive for L&T. In a path-breaking decision, the Ministry of Defence (MoD) has approved a proposal by the Defence Research and Development Organisation (DRDO) for transfer of technology (ToT) for commercial production of its Lakshya pilotless target aircraft (PTA) to Larsen and Toubro (L&T).
·LIC Housing Finance posts strong Q1FY16 performance
LIC Housing Finance reported strong set of numbers for Q1FY16 as net profits grew by 18.6% YoY to Rs382.1 crore. This was driven by robust growth in the net interest income which increased by 30.2% YoY (partly due to low base of Q1FY15 as there were interest income reversal on NPAs). The non interest income showed a decline of 21% YoY while provisions normalized (reversal of teaser loans provisions in earlier quarters) in Q1FY16 which to an extent impacted earnings.
·Bharti Airtel rallies on talks with Orange to sell African units
Shares of Bharti Airtel rallied 5% to Rs450, also their 52-week high on the NSE, after the company said it has entered into exclusive talks with France's Orange to sell its subsidiaries in Africa.
Orange and Bharti Airtel International (Netherlands), a subsidiary of Bharti Airtel, have entered into an exclusive agreement “to explore the possible acquisition by Orange of Airtel’s subsidiaries in Burkina Faso, Chad, Congo Brazzaville and Sierra Leone.
·Tata Motors plans capex of upto Rs4,000 crore
Tata Motors will be making significant investments to develop new models both in the passenger vehicle and commercial vehicle segments. The company plans to invest between Rs3,000 to Rs4,000 crore in FY2016 in capital expenditure bulk of which will be into product development. The company also plans to raise Rs4,000 crore via NCDs during the year. Additionally the management has guided for a capital spend of GBP3.5bn in Jaguar Land Rover operations
·Welspun India Q1FY16 conference call highlights
Welspun India Q1FY16 – Strong results; optimistic outlook (conference call highlights).Welspun posted strong results; led by strong volume growth the topline grew at 18% for the quarter, while increasing share of innovative products coupled with integration benefits resulted in strong 32% operating profit growth. ·IOC to invest Rs1,000 crore to raise stake in CPCL
Indian Oil Corp will invest Rs1,000 crore for raising stake in Chennai Petroleum Corporation Ltd by subscribing to preferential issue. Authorised share capital of the company will increase from Rs400 crore to Rs1,400 crore. IOC currently holds 51.89% in CPCL, while the other promoter, Iran's Naftiran Inter Trade Company Ltd, owns 15.40%.
·SC notice to BG, Reliance Industries, ONGC in Rs4,000-cr sales tax matter
The Supreme Court has sought response from British Gas ( BG) , ONGC and Reliance Industries on the Gujarat government’s appeal seeking to levy sales tax to the tune of around Rs4,000 crore on them for bringing gas to Hazira from Panna-Mukta-Tapti (PMT) field, situated on the west coast offshore India for the period 1998 to 2015. The companies had entered into the production sharing contract with the government of India for capital investment and exploration. ·Reliance owes Rs 341 crore to MMRDA
Reliance Industries owes Rs341 crore to Mumbai Metropolitan Region Development Authority( MMRDA) as additional premium charges at a joint property being developed for the delay.
CapitalStars is a research house and an investment advisory company carrying out operations in the Indian Equities and commodity market. CapitalStars & also ave liable on linke din and facebook. Get real time advice for Equity Intraday Tips , Share Market live , Best Intraday Stocks , Intraday Trading Tips , Trading Tips and all market updates. For 2 Days Free Trial ,Please visit our site http://www.capitalstars.com Call at 0731-6790000, 6669900.
CapitalStars is a research house and an investment advisory company carrying out operations in the Indian Equities and commodity market. CapitalStars & also ave liable on linke din and facebook. Get real time advice for Equity Intraday Tips , Share Market live , Best Intraday Stocks , Intraday Trading Tips , Trading Tips and all market updates. For 2 Days Free Trial ,Please visit our site http://www.capitalstars.com Call at 0731-6790000, 6669900.
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