Ranbaxy, United Spirits, SpiceJet in Focus Today
- United Spirits shares will be excluded from F&O (Futures and Options) trading with effect from September 19, 2014 as the company has not yet submitted its financial results for the Q4 of FY14 and Q1 of FY15. All existing contracts of United Spirits will expire on September 18, 2014.
- SpiceJet will issue 18.91 crore convertible warrants to its promoter Kalanithi Maran. This would be an indicative investment between Rs 275-Rs 300 crore. The company's board has also increased its authorised capital to Rs 1,500 crore from Rs 1,000 crore. Analysts say this fund raising will be EPS dilutive.
- Ranbaxy Laboratories: The State of Texas has reportedly imposed a fine of around Rs 240 crore on the company for matters relating to slippages from the US-prescribed manufacturing practices and overcharging the state of Texas on one or more drugs under its public-funded Medicaid programme.
- Tilaknagar Industries: Allied Blenders and Distillers (ABD) have acquired 50 per cent ownership rights in the brands Mansion House and Savoy Club from Herman Jansen Beverages Nederland. This will allow ABD to produce and market Mansion House brandy in India. Currently these brand are sold in India by Tilaknagar Industries and United Spirits.
- Cyient will acquire majority stake in Invati Insights, which is a start-up data science company.
- Canara Bank plans to sell Rs 900 crore worth of bad loans to asset reconstruction companies.
- Gammon India on Thursday said that it will sell 52.8 crore shares held in its subsidiary Gammon Infrastructure Projects to its another subsidiary Gammon power.
- Voltas: CLSA has initiated coverage on the stock with a buy for a target price of Rs 292. The brokerage says Voltas has strong franchise in Indian AC market and expects its earnings per share to witness 26 per cent CAGR (Compound Annual Growth Rate) over FY15-17.
- HCL Technologies: Citi has maintained buy on the stock with a target price at Rs 1,785 per shares. Citi says concerns over slowdown seem overdone and demand environment remains decent. Near-term catalyst will be pick-up in infrastructure services, added the brokerage.
- ONGC: Macquarie has maintained buy on ONGC with a target price of Rs 510 per share. The brokerage says ONGC is a reform play and had maximum potential to gain.
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