Tata Steel will acquire Usha Martin through Tata Sponge
In an exchange filing, Tata Steel announced that it will not directly takeover Usha Martin’s steel business. Its associate Tata Sponge Iron will buy the unit through a slump sale fastening the group’s entry into steel manufacturing. The Rs4,700cr deal will be sealed in six-nine months.
Tata Sponge Iron, which is a 54.5% subsidiary company of Tata Steel is engaged in the sponge iron business, has been evaluating various strategic options to improve its product portfolio and has identified an entry into steel manufacturing in long products as a route to ensure sustainable value creation for its shareholders.
Tata Chemicals signs MoU with CSIR-CECRI
Tata Chemicals inks a Memorandum of Understanding (MoU) with CSIR-CECRI (Central Electrochemical Research Institute), Karaikudi to increase manufacturing of cathode materials for Lithium-ion cells, the company said in a press release to exchanges on Wednesday after market hours.
As per an MoU, both the companies will partner to leverage CSIRCECRI’s intellectual property, capabilities, and infrastructure, to test and validate multiple possible cathode chemistries, with a view to eventually manufacture Lithium-ion batteries for various applications, the company added.
L&T Finance falls after reporting exposure to IL&FS Infra units
Shares of L&T Finance dropped 7% on the BSE after the company reported September quarter earnings that surged 66% on the back of retail demand; however, business was marred by exposure to IL&FS, Kerala floods, and default by a real estate company.
The company's consolidated Q2FY19 NII has improved by 54% yoy to Rs1,126cr.
The company's consolidated net profit was ~5% above consensus estimates, reflecting an increase of 66% yoy to Rs560cr against Rs338cr in Q2FY18. Higher loan book growth and NIM improvement led to a beat in net profit. Its gross stage 3 levels have gone down to 7.1% for Q2FY19 from 7.93% in Q1FY19. Its net stage 3 levels have gone down to 2.79% for Q2FY19 from 3.17% qoq.
KPIT partners BMW for autonomous driving
KPIT Technologies has signed an agreement with BMW for its autonomous driving platform. The company has also reported better-than-expected set of numbers for Q2FY19 on EBIT and PAT fronts. Despite this, its shares were trading marginally higher by 0.4% on Thursday.
According to an agreement, KPIT will be able to assist with rolling out the software stack within the Autonomous Driving Platform to third parties, thereby facilitating access for OEMs for BMW. This will make it easier for BMW to integrate other OEMs and begin offering scalable software solutions across the industry, the company said in a press note on Wednesday after market hours.
Lakshmi Vilas Bank slumps as bad loans spike in Q2FY19
Shares of Lakshmi Vilas Bank slumped ~10% on the BSE as the bank reported a net loss of Rs132cr in the second quarter ended September 30 on account of mounting bad loans. The bank had reported a loss of Rs10.5cr in the same quarter last year.
The gross non-performing assets (NPAs) or bad loans hit 12.31% of the bank's gross loans by the end of September 2018 from 5.50% in the same period of 2017.
Provisions for bad loans and contingencies were to be raised to Rs204.87cr for the reported quarter as against Rs187.38cr set aside for September quarter of 2017-18.
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