United Spirits, IndusInd Bank, Tata Steel in Focus Today
- United Spirits' board is meeting today to decide on FY14 audited financial results. It is going to be the fourth attempt by the company to declare its financial results. During last three attempts the company failed to explain status of loans provided to UB Holdings. As per estimates of Nomura its Q4 revenue for FY14 is likely to grow 6 per cent year-on-year to Rs 2,177 crore and its net profit is expected to grow 4 per cent to Rs 72 crore.
- IndusInd Bank: Private equity firm General Atlantic Global Investments is likely to sell 6.5 million shares in IndusInd Bank today. General Atlantic currently holds 4.83 per cent stake in the bank and post the proposed stake sale its holding is likely to come down to 3.59 per cent.
- Tata Steel Europe has hiked steel prices by 20-30 euro per tonne. Tata Steel Europe had reported 11-quarter high ebitda/tonne at $52/tonne in the Q1 of FY15. Post this hike in price its September-December quarter ebitda/tonne is likely to improve further.
- Unitech is planning to sell its non-core land parcels to reduce debt by 15-20 per cent and to improve cash-flows for faster execution of ongoing projects.
- Power Grid Corporation of India has raised around Rs 4,500 crore through bond issue. The company has sold bonds with 5-, 10- and 15-years maturities at 9.3 per cent coupon.
- MT Educare: The Reserve Bank of India has notified that foreign shareholding limit in the stock has reached the trigger limit. Further purchase of shares in the company by foreign investors will be allowed after approval from RBI.
- Tata Motors has received orders for over 2,700 buses from various state transport corporations of India under the Jawaharlal Nehru National Urban Renewal Mission-II scheme.
- Jet Airways India has announced Rs 500 fare offer on domestic routes. Booking under this offer can be made only in two days for travel after January 16, 2015. The offer came in one day after its rival SpiceJet announced its Rs 499 per ticket offer on domestic routes.
- NMDC has decided to keep prices of lump ore and iron ore fines unchanged for September. With this NMDC has kept prices unchanged for three months in a row in contrast to weakening global ore prices.
- Hindalco Industries will seek shareholder's approval to raise around Rs 6,000 crore through issue of non-convertible debentures to fund their expansion plans.
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