TOP CORPORATE NEWS
Bharti Airtel hits
global bond market with $1-bn issue
Bharti Airtel
has approached the global debt market to raise up to $1billion dollar in a 10
year bond sale programme. As per the sources, the bond pricing is likely to fix
at 220 basis point above the US treasury, which is currently trading at 2.6%,
resulting in effective cost of debt at 4.8%. The money raised would be utilized
to fund capex of the company.
Lupin gets USFDA approval of
Exforge HCT
Lupin has got
USFDA approval for generic version of Exforge HCT (Amlodipine, Valsartan,
Hydrochlorothiazide) Tablets, marketed by Novartis Pharmaceuticals. The drug
had annual sales of approximately $158 million in the United States, according
to IMS data as of September 2014. Teva had 180 days exclusivity on this product
starting from December 1, 2014.
Nestle drops on withdrawal of
Maggi noodles in India after food scare
Shares of Nestle India dropped 4% to Rs5775 on NSE as the company withdraws
Maggi stocks from local stores amid lead crisis.The stock opened at Rs5830
marking days low at Rs5711 and hit an intraday high of Rs5949.95 on NSE so far.
NMDC rolls over existing iron
ore prices to June month
NMDC Limited,
has rolled over the existing iron ore prices to June month in anticipation of
demand growth even as the off-take from the domestic steel sector remained
subdued in the past couple of months.
Bhushan Steel spurts as
lenders extend loan tenure
Shares of
Bhushan Steel locked 20% upper circuit at Rs60.50 on the Bombay Stock Exchange
amid media reports citing sources said that the company's lenders have agreed
to extend the loan tenure.
The stock opened
at Rs50.10 and touched a high of Rs60.50 on the BSE. The company's lenders have
agreed to restructure the loans and extend the tenure of the loans to 25 years
from 8 years earlier under the Reserve Bank of India's 5:25 scheme.
Bajaj Finance to come up with
Rs1400 crore QIP
Bajaj finance
has launched QIP to raise Rs1400 crore, the SEBI floor price has been set at
Rs4407 per share of FV 10 and a premium of Rs4397 per share. This capital
raising will help strong growth in balance sheet and hence positive for the
company.
Coal India surges after
production rise
Shares of Coal
India rose over 5%, touching to Rs409, after production of the company in May
rose by about 13% as against the corresponding period previous year. Also, the
government has announced that it will be resuming coal block auctions by
offering 10 mines with a total annual production of 13.14 million tonnes to
cement, steel and aluminium companies and captive power producers.
The ministry of
coal will auction linkages to Coal India’s production for the span of
five years.
Third round of coal auction
to be conducted in August
After successfully concluding the first
two rounds of coal block auctions, that netted over Rs3.35 lakh crore by the
government, now the government is planning to conduct the third round from
August 11-17, 2015 which will complete on August 31, 2015. In this third round,
around 10 coal mines will be auctioned with total extractable reserves of 356
million tone. In this round, the auction will be for the unregulated (steel,
cement, sponge) sectors, hence the bidding will be conducted on a forward
auction basis.
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