Cabinet approves additional funds for interest subvention on loans to sugar mills
The Cabinet Committee on Economic Affairs (CCEA) on Thursday granted approval for funds of Rs2, 790cr towards interest subvention for extending indicative loan amount of Rs12, 900cr by banks to the sugar mills.
Post the announcement, sugar stocks were trading on a mixed note. Shares of Balrampur Chini Mills, Dhampur Sugar Mills, and Bannari Amman dropped 3%, 4%, and 2%, respectively. However, Bajaj Hindusthan Sugar and Shree Renuka Sugars rose 1% each.
NHPC gains 5% Cabinet approval for investment in Chenab valley
Shares of NHPC gained 5% on Thursday after the Cabinet Committee on Economic Affairs (CCEA) approved an investment proposal of the company for Chenab valley power project and acquisition of Lanco's Teesta hydro project.
As per media reports, Cabinet chaired by Finance Minister Arun Jaitley on Thursday granted approval for the investment sanction for construction of Kiru Hydro Electric Project (624 MW) by Chenab Valley Power Projects Private Limited (CVPPPL). CVPPPL is a Joint Venture Company of NHPC Limited, JKSPDC and PTC (India) Limited.
GIC to invest Rs5,000cr in Bharti Airtel via rights issue
Bharti Airtel in its filing to the exchanges on Thursday informed that GIC will invest Rs5, 000cr in the company through a rights issue of shares.
The company gave further details of its largest capital infusion plan involving a mix of rights issue and perpetual bond issue to raise a total of up to Rs32, 000cr to further bolster its capital structure in a press note to the exchanges on Thursday.
DHFL stock falls 2% after rating agency revises long-term ratings
Rating agency CARE Ratings has downgraded long-term rating of Dewan Housing Finance Corporations Ltd's (DHFL) debt worth about Rs1.13 lakh cr, saying that the company has made limited progress on the sell down of its builder book and inflows from securitization deals.
CARE Ratings said that it will keep monitoring the progress of various initiatives, including a sale of builder portfolio, inflows from the retail pool securitization, and plans to explore strategic partnership and fresh capital infusion.
Reliance Capital aims to cut debt by Rs10,000cr to Rs12,000cr in 3-4 months
Reliance Capital is in the process of monetizing its entire 42.88% stake in Reliance Nippon Life Asset Management Limited, which at the current market price, is valued at over Rs5,000cr.
Based on the above information, the company expects to realize minimum proceeds of Rs10,000-12,000cr within the next 3-4 months, and slash its debt by a substantial 50-60% besides clearing all short term maturities.
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