CORPORATE NEWS 05-Nov-2018

Jet Airways gets into another round of discussions with TATAs for stake sale

According to media reports on Nov 5, 2018, Jet Airways is in the second round of discussions with TATA Group for stake sale in the company. Earlier, almost a week back, Jet Airways promoter Mr Naresh Goyal had approached Reliance Industries’ Mukesh Ambani and TATA Group’s Ratan Tata for raising capital through stake sale (Read more). However, Mr Goyal did not get any response from Mr Ambani, while TATA Group had sought full control on the airline. If the deal goes through Jet Airways is expected to get merged with Vistara (TATA's JV with Singapore Airlines Limited). In addition, TATA may buy Etihad’s stake in Jet Airways. Mr Goyal currently holds 51% stake in Jet Airways, while Abu Dhabi-based Etihad Airways holds 24% in the company.

Adani Transmission to acquire KEC Bikaner Sikar Transmission

The company inked an agreement with KEC International for purchasing entire stake in KEC Bikaner Sikar Transmission.

As per a Share Purchase Agreement (SPA), the acquisition will be valued at Rs227.5cr and is subject to regulatory and other approvals, the company said in a press note to exchanges on Saturday. "This acquisition is a part of the company's strategy to enhance the value for its stakeholders, through organic as well as inorganic opportunities. With this acquisition, the cumulative network of the company will reach around 12,923 ckt kms, out of which approximate 10,357 ckt kms are under operation and 2,566 ckt kms under various stages of construction", the company added.

Lupin gets USFDA nod for Doxercalciferol injection

Pharma major Lupin announced that it has received approval for its Doxercalciferol Injection, 4 mcg/2 ml (2 mcg/ml) Multi-dose Vials from the USFDA to market a generic version of Sanofi Genzyme's Hectorol Injection.

There are already 7 approved ANDAs in the product. Competitors include Akorn, Amneal, Hospira, Sandoz, etc.

Lupin's Doxercalciferol Injection, 4 mcg/2 ml (2 mcg/ml) Multi-dose Vial is the generic version of Genzyme's Hectorol Injection. It is indicated for the treatment of secondary hyperparathyroidism in patients with chronic kidney disease on dialysis, as per BSE filing.

Sun TV tanks 7% after Q2FY19 results

The shares of SUN TV were down by 7% after its Q2FY19 results were declared. Sales rose 10.9% yoy to ~Rs750cr in the quarter ended September 2018 as against Rs 675.90cr during the corresponding quarter previous year. The top-line was driven by strong subscription revenue growth.

EBITDA came in at Rs554cr, up 11.7% yoy and down 24.6% qoq. EBITDA margin expanded by 51bps yoy and 833bps qoq to 73.91%. Adjusted PAT grew by 23.4% yoy and down 14.1% qoq to Rs351cr. PAT came above estimate of Rs318cr. Company has said that Digitisation in Tamilnadu is on track and is likely to be completed by FY19E end.

Cipla declines ~5% as Q2 numbers miss estimates

Shares of Cipla down 7% on Monday after the company’s numbers for the second quarter of FY19 missed the consensus expectations.

Cipla’s revenue in Q2FY19 declined 1.7% yoy to Rs4,011.9cr vs. Rs4,082.4cr in Q2FY18. EBITDA in the quarter declined 12.7% yoy to Rs702.2cr in Q2FY19 vs. Rs804.4cr in Q2FY18.

EBITDA margins stood at 17.5%, down 220bps, in Q2FY19 vs. 19.7% in Q2FY18 and 18.4% in Q1FY19. PAT declined 10.8% yoy to Rs377cr in Q2FY19 vs. Rs422.6cr in Q2FY18. All numbers are below the consensus expectations. The consensus estimate of revenue growth was 8.4%, EBITDA margin was ~19%, while PAT was expected to be at Rs468cr.

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TOP CORPORATE NEWS -25 FEB 2015

·Budget 2015: Better Tax laws is all one needs
Finance Minister Arun Jaitley is set to deliver his first full Budget which can create history for Indian economy. India’s tax regime has been characterized as complicated, short sighted and fickle. Tax rates change and new taxes are levied almost every new year. This year, the finance minister must simplify the tax code and lay down a broad framework of tax policies that will endure for 5-10 years.
·Budget 2015: All eyes on Investment in Infra and execution of GST
Finance Minister Arun Jaitley is set to deliver his first full Budget which can create history for Indian economy.The government expenditure must be directed towards long-term growth-generating avenues such as roads, railways, and ports development and affordable housing. Government expects investment to the tune of $250bn in the power sector.
·SpiceJet surges on clearing tax dues post stake buy
Shares of debt ridden carrier SpiceJet surged 5% to Rs25.30 on BSE on reports of clearing tax dues post stake buy.SpiceJet cleared all tax dues of Rs100 crore a day after the company received its first tranche of investment of Rs400crore from Mr. Ajay Singh (for stake buy of 58.46% from Kalanithi Maran) – sentimentally positive for SpiceJet.
·Metal shares gain post Chinese economic data
Metal & Mining companies rose, after the data showed that China's flash HSBC PMI index rose to 50.1 in February 2015 compared with a final reading of 49.7 in January 2015. The preliminary HSBC China Manufacturing Purchasing Managers' Index, a gauge of nationwide manufacturing activity, rose to 50.1 in February 2014 compared with a final reading of 49.7 in January 2015, HSBC Holdings PLC said today, (February 25, 2015).
·Jubilant Food Works rises on tie up with Indian Railways
Shares of Jubilant Food Works, which operates the Domino's Pizza brand in India, have climbed 3% to Rs1714 on the BSE after the company declared that it has tied up with Indian railways to deliver pizzas to the passengers. The stock opened at Rs1676.90, touched a high of Rs1719 and a low of Rs1668 intra-day.
·Asian Paints gains on investment plans in new plant
Asian Paints' rose over 1%, touching to Rs812, after the company said it is exploring the possibilities of setting up of a paint manufacturing plant in the southern states of the country.
·Central Bank may review priority sector norms
As per media reports, RBI is set to revise the priority sector lending norms in order to make the targets more achievable for banks. A formal announcement on the issue will be made by Finance Minister during the Budget speech. This would be positive for banking sectors especially private banks (Yes Bank, ICICI bank, Axis Bank etc) as they find relatively difficult to meet PSL norms.
·Government faces stiff opposition on Land Bill
Government face stiff opposition on Land Acquisition ordinance – Sentimentally negative for Infrastructure sector.The government came under fire from opposition over land acquisition ordinance. The finance ministry assured that the government would consult all parties on sensitive issues.
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SENSEX SURGES 206 POINT ON BUDGET HOPES , FIRM GLOBLE CUES

The benchmark BSE Sensex was trading higher by over 200 points due to firm global cues and on hopes of a growth-oriented Budget.
The market continued to see buying interest with the Nifty holding 8800-mark supported by banking & financials, oil & gas and metals stocks.
The 30-share BSE Sensex rose 167.87 points to 29172.53 and the 50-share NSE Nifty climbed 51.10 points to 8813.20. At 10.35 a.m., the 30-share BSE index Sensex was trading up by 205.92 points or 0.71 per cent at 29,210.58 and the 50-share NSE index Nifty was trading higher by 62.65 points or 0.72 per cent at 8,824.75.
All BSE sectoral indices were trading in the green. Among them, oil & gas index gained the most by 1.18 per cent, followed by realty 0.96 per cent, IT 0.87 per cent and TECk 0.82 per cent.
Major Sensex gainers were Infosys 1.84%, ONGC 1.73%, HDFC 1.58%, Bharti Airtel 1.43% and M&M 1.41%, while the top five losers were HUL 0.43%, Dr Reddy's 0.34%, Sun Pharma 0.22%, GAIL 0.15% and Hero Moto Corp 0.14%.
Asian stocks rose on Wednesday, taking their cues from Wall Street’s gains after Federal Reserve Chair Janet Yellen suggested the Fed would not rush into raising interest rates.

Japan’s Nikkei stock average added 0.1 per cent after closing at a fresh 15-year high in the previous session.
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