Jet Airways on Cloud 9 amidst Tata-Jet deal rumors: stock soars 18%
Shares of Jet Airways soared as much as 18% on Thursday amid reports that the Tata-Jet deal is at an advanced stage. As per media sources, Tata Sons Chairman N Chandrasekaran is in favor of the Jet Airways' acquisition; however, some say that group Chairman Emeritus Ratan Tata has reservations about it.
The Board of Tata Sons will discuss the proposal on Friday and, if approved, the deal would move quickly.
Sources further added that the government does not want another airline carrier to be facing troubles. The Tatas may also explore the option of picking up assets and not the entire stake. The talks are aimed at buying Jet Airways’ promoters’ and Etihad’s stakes in the company.
Page Industries falls ~7% post Q2FY19 results
The shares of Page Industries fell by ~7% after it reported below-estimate results for the quarter. Page Industries Ltd’s revenue grew 10.4% yoy and declined 15.3% qoq to Rs691cr.
EBITDA came in at Rs143cr, up 11.2% yoy and down 24.5% qoq. The EBITDA margin expanded 15bps yoy and contracted 254bps qoq to 20.68%.
Adjusted PAT increased by 10.2% yoy and declined 25.6% qoq to Rs93cr. Adjusted PAT came below the estimate of Rs111cr.
NHPC announces record date for buyback of shares
Shares of NHPC dropped 3.5% even as the company announced the record date for buy back of 21.42 lakh equity shares or 2.09% of the total number of equity shares.
"The board of directors of the company, at its meeting held on 14th November, 2018, has fixed Friday, November 30, 2018, as the record date for buyback of shares" said NHPC in a press release on Thursday evening.
The shares will be bought at Rs28 a piece.
Grasim plunges 7.5% despite better than expected Q2FY19 results
Shares of Grasim Industries plunged ~7.5% in early morning trade on Thursday despite reporting a strong set of numbers for the quarter which beat estimates on all fronts.
Revenue for the quarter was up 26.1% yoy to Rs5,118.5cr, ~5% ahead of consensus estimates. EBITDA grew 35.4% yoy to Rs1,070.5cr (~8% ahead of the estimate), with a 144bps expansion in the EBITDA margin, which stood at 20.9%.
The company reported a one-time loss of Rs2,283.4cr on account of fair valuation of its investment in Vodafone Idea Ltd.
Tata Power outbids JSW Energy to buy Jaypee’s Prayagraj Power from lenders
Tata Power and ICICI Bank-backed Resurgent Power Ventures Pte Ltd have signed the agreement to acquire a 75.01% stake in Jaiprakash Associates Ltd’s 1,980MW Prayagraj Power Generation Co. Ltd. from an SBI-led consortium of lenders. Incidentally, this sale marks the first such transaction in the space outside the insolvency framework.
Resurgent and Tata partnered in 2016 to invest $850mn in power projects. While Tata owns 26% stake in Resurgent Power, the remaining 74% stake is held by ICICI Bank and other global investors.
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