CORPORATE NEWS 24-Sep-2018

BHEL inks pact with Babcock Power Environmental

Bharat Heavy Electricals Limited (BHEL) has entered into a Technology Collaboration Agreement (TCA) with Babcock Power Environmental Inc, the company said in a press note to the exchanges on Monday.

"An agreement has been signed for Selective Catalytic Reduction (SCR) Systems for De-NOx," the statement said.

Motherson Sumi tanks ~9% in trade as US, China continue to trade blows

Shares of auto ancillary-maker Motherson Sumi Systems Ltd (MSSL) tanked ~9% intraday on Monday as the world’s largest and second-largest economies intensified their ongoing trade war.

The US has imposed a fresh set of 10% tariffs on $200bn worth of Chinese goods such as network routers, food seasonings, baseball gloves, industrial machinery parts, etc, with effect from Monday, September 24.

Indiabulls Housing Finance tanks over 10% due to contagion impact

Stocks of most housing finance and non-banking finance companies came under heavy pressure for the second consecutive day on Monday and declined in the range of 10-15%.

Indiabulls Housing Finance tanked 12.13% from its previous close. The overall market sentiment has dampened with other housing finance companies and non-housing NBFCs too witnessing selloffs.

Brent trades above $80/barrel amid potential US sanctions on Venezuela

With the US government only a few weeks ahead of its plans to impose new sanctions against Iran, prospects of the White House placing new sanctions against Venezuela have pulled Brent crude oil prices above key levels of $80/barrel on Monday.

Brent futures for November delivery were trading 2.03% up at $80.40 per barrel. WTI futures for November delivery were also trading 1.85% up at $72.09 per barrels.

On Friday, the US Secretary of State Michael Pompeo hinted that the Trump administration was developing retaliatory measures against the Maduro regime in Venezuela. The sanctions placed by the US on Iran have already led to 35% drop in Iran’s exports. Now, the new sanctions on Venezuela, which is one of the OPEC countries, may further lead to a tight supply situation in the near term.

Yes Bank receives Baa3 rating from Moody’s and AA+ rating from ICRA

India’s fourth largest private sector bank Yes Bank has received the affirmation of Baa3 foreign currency issuer rating from Moody’s and a reaffirmation of AA+ rating from ICRA, with a stable outlook.

However, the bank’s stock was trading flat as it scouts for a replacement for CEO Rana Kapoor, whose tenure as managing director and chief executive officer was cut short by the RBI. Kapoor has led the bank since its establishment in 2004, and his exit has come as a rude shock to investors.

Thyrocare’s Rs63cr share buyback to start from today

Shares of Thyrocare Technologies, which fell 6% on Friday, may find some ground as the buyback of its shares start today. The company has proposed to buy back total 8.63 lakh shares at Rs730/share, payable in cash, through the open market through the stock exchange route. This is a buyback of Rs63cr that will continue for six months i.e. March 23, 2019.

The total buyback amount of Rs63cr, is 1.9% of the market cap of the company. The 8.63 lakh shares to be bought would make 1.6% of its total outstanding shares. Company has said that promoters would not be a part of the buyback. As of June 2018, promotes hold 63.96% of the company’s shares.

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