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Tuesday, 23 January 2018

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Capitalstars Updates: Top Corporate News :- 23 Jan 2018

Capitalstars Updates:  Top Corporate News

Top Headlines Of The Day:- 23 Jan 2018

ONGC gains 3%, gets nod to sell stake in IOC and GAIL to fund HPCL deal
IOCL gains as company's board to mull bonus share issue
Kalpataru Power zooms on growing order book
Torrent Pharma to consider fundraising
MCX gains 2% as SBI MF buys 1.6% stake in the company

ONGC gains 3%, gets nod to sell stake in IOC and GAIL to fund HPCL deal
Oil and Natural Gas Corporation (ONGC) signed a deal to acquire 51.11% government stake in Hindustan Petroleum Corporation Limited (HPCL).
As per media reports, ONGC has got approval from the government for selling its stake in IOC and GAIL to help fund its acquisition with HPCL for which it requires ~Rs36, 915cr.
ONGC currently holds 13.77% stake in IOC which at current Mcap values to ~Rs 26,000cr. In GAIL, it holds ~4.86% stake valuing to ~Rs3900cr bringing the combined stake sale value to ~Rs29, 900 cr.
The company is currently evaluating various options for funding its HPCL acquisition. ONGC management is considering its cash first, followed by its liquid assets, although it won’t sell its liquid assets in distress. Company also has offers over Rs50, 000cr debt at very competitive rates.

IOCL gains as company's board to mull bonus share issue
Shares of Indian Oil Corp (IOCL) gained nearly 3% ahead of its board meeting on Jan 30, where the company will consider a bonus share issue. The stock was the best performer among Nifty 50 constituents.
While a bonus share issue does not change fundamentals of a company, it increases liquidity in the stock, often pushing up share prices.

Kalpataru Power zooms on growing order book
Kalpataru Power Transmission Limited (KPTL) has secured new orders for construction of substations, transmission lines, and railway electrification
The scope of the orders include the following :
Design, supply, and construction of substations and associated transmission line work from APTRANSCO for Rs282cr
400kV double circuit transmission line from Power Grid Company of Bangladesh and an order for 132 kV Transmission Line from Nepal Electricity Authority for ~Rs100cr
Design, supply, erection, testing and commissioning of railway electrification work for Rs123cr Pipeline augmentation work in Rajasthan for Rs366cr from a private client.

Torrent Pharma to consider fundraising
Torrent Pharma has indicated that its board will consider raising funds in a meeting scheduled on January 25. This fundraising could be either in form of issuance of equity shares (including convertible/non-convertible debentures/bonds) through QIP or depository receipts or by way of private placement or any other mode.
Torrent Pharma has recently completed two acquisitions i.e. domestic formulations business of Unichem Laboratories acquired in December 2017 and US-based generic, OTC player Bio-Pharm Inc in January 2018. Both the acquisitions are to solidify its business in India and US respectively. Bio-Pharm, Inc has a USFDA registered manufacturing facility in the US and Torrent is planning to scale this facility up and start filling more products from there.

MCX gains 2% as SBI MF buys 1.6% stake in the company
Shares of Multi Commodity Exchange (MCX) rose nearly 2% today after SBI Mutual Fund bought 1.61% stake in the company through a bulk deal on the NSE on Monday. The fund house bought the shares at 840.50 rupees apiece.
In a separate deal, Barron International Growth Fund sold 1.13 mn shares or 2.2% stake in the company.
MCX is currently trading at Rs850.5, up by Rs9.35 or 1.11% from its previous closing of Rs841.15 on the BSE. The scrip opened at Rs857.05 and has touched a high and low of Rs858 and Rs847.75 respectively. So far 141378 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs4289.87cr.

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