TOP CORPORATE NEWS - 31 AUG 2016

BPCL Q1 net profit beats estimate
Bharat Petroleum Corporation has announced the following Q1 Unaudited Standalone results for the quarter ended June 30, 2016 (YoY):

Net Profit rose by 11% to Rs2620.50 crore Vs Rs2360.66 crore (YoY).

Total Income decreased by 2.98% to Rs57380.65 crore Vs Rs59147.99 crore (YoY).

GRM at $6.09/BBL

Kotak Bank gains on RBI nod to FIIs

Shares of Kotak Mahindra Bank gained 3% to Rs809.25 on NSE on back of reports that the RBI has given nod to Canada Pension Investment Board to increase its holdings in Kotak Mahindra Bank from 5% to 10%.

Manappuram Finance plans to raise Rs200 cr via NCDs

NBFC major, Manappuram Finance has announced that it is planning to raise Rs200 crore by issuing secured redeemable non-convertible debentures on Private Placement basis.

The proposal to raise funds through Secured Redeemable Non-Convertible Debentures aggregating to Rs200 Crores on Private Placement basis… will be considered by the Financial Resources and Management Committee of Board of Directors at its meeting to be held on September 08, 2016.

Ultra Tech gets approval to hike FII investment; sentimentally positive

The Reserve Bank has allowed foreign investors to invest up to 30% in Birla group Ultra Tech Cement from an earlier of 24%...

According to RBI, Foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs) can now invest up to 30% of the paid-up capital of Ultra Tech Cement under the portfolio investment scheme (PIS).

The company passed resolutions at its board of director’s level and a special resolution by the shareholders, agreeing to raise the limit for purchase of its equity shares by FIIs/ RFPIs.

Indiabulls Housing Finance to raise fund via NCDs

Mortgage lender Indiabulls Housing Finance on Wednesday said it plan to raise up to Rs100 crore by issuing secured non-convertible redeemable debentures via private placement.

The Company proposes to issue upto 1,000 secured non-convertible redeemable debentures with a face value of Rs10 lakh each aggregating to upto Rs100 crores.

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