Bharti Infratel, Sharda Cropchem, Pidilite Industries in Focus Today
- Bharti Infratel: Reliance Jio has entered into a partnership with Indus Towers to roll-out its 4G service. Pricing for the tower sharing will be based on prevailing market rates. Bharti Infratel holds 42 per cent stake in Indus Towers. JP Morgan believes this is a positive development for Bharti Infratel.
- Sharda Cropchem's shares will be listed today. Sharda Cropchem's initial public offering (IPO) saw humongous interest among the investors community. The IPO was oversubscribed around 60 times. The company had reported Rs 11.85 earnings per share for the financial year ended March 31, 2014.
- Pidilite Industries which manufactures consumer and speciality chemicals will acquire the adhesive business of Blue Coat for a cash consideration of Rs 263.57 crore. Blue Coat is a manufacturer of industrial adhesives and textile printing chemicals.
- IFCI/ Tourism Finance Corporation of India: IFCI plans to sell partial stake in Tourism Finance Corporation of India (TFCI). IFCI currently holds 42 per cent stake in TFCI.
- Engineers India has secured a consultancy contract from Assam Petrochemicals for their proposed methanol plant and acetic acid plant at Namrup, Assam.
- National Buildings Construction Corporation: Nomura has initiated coverage on NBCC with a buy for a target price of Rs 1,049 per share. Nomura says NBCC has an asset light business model with lower working capital requirement. The brokerage expects its revenue to grow at a cagr of 34 per cent over FY14-FY17.
- Larsen & Toubro has launched a foreign currency convertible bonds (FCCB) issue worth $200 million. Citi, BNP Paribas and Standard Chartered are advisors to the FCCB issue.
- South Indian Bank has appointed VG Mathew as its new managing director and chief executive officer for three years with effect from October 1, 2014. Mr Mathew was the executive vice president of the bank earlier.
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