Auto stocks will be in focus as companies will start announcing monthly sales numbers for September 2018 from today, 1 October 2018.
Bharat Petroleum Corporation (BPCL) said that its board approved the proposal for setting up facilities for production of Polyols, Propylene Glycol and Mono Ethylene Glycol at Kochi Refinery at an estimated investment of Rs 11,130 crore. The announcement was made after market hours on Friday, 28 September 2018.
Tata Power said that its wholly owned subsidiary, Coastal Gujarat Power, has completed refinancing of the outstanding external commercial borrowing (ECBs) loans amounting to ~$770 million (approximately Rs 5,500 crore) through a mix of Rupee-denominated debt instruments and equity funding from the proceeds of divestment of non-core assets of the company. The refinancing of USD loans of CGPL will help in rescheduling the cash requirements as well reducing the effective interest cost apart from reducing foreign exchange related volatility for CGPL. This is also expected to ease cash flow burden resulting from the continuing losses due to the continuing under-recoveries in the Mundra ultra mega power project. The announcement was made after market hours on Friday, 28 September 2018.
Bandhan Bank will be watched. The Reserve Bank of India (RBI) has communicated that since Bandhan Bank was not able to bring down the shareholding of non operative financial holding company (NOFHC) to 40% as required under the licensing condition, general permission to open new branches stands withdrawn and the bank can open branches with prior approval of RBI and the remuneration of the MD & CEO of the bank stands frozen at the existing level, till further notice. The bank is taking necessary steps to comply with the licensing condition to bring down the shareholding of NOFHC in the bank to 40% and shall continue to engage with RBI in this behalf. The announcement was made after market hours on Friday, 28 September 2018.
Vakrangee announced that Ministry of Corporate affairs (MCA) has ordered Inspection of Books of Accounts for a period of three financial years to be conducted in terms of Section 206(5) of the Companies Act 2013. The scope shall include resignation of Price Water House and Co Chartered Accountants LLP as Statutory Auditors of the Company, Income Tax Assessment order and Tax Audit report for the last 5 years, number of Vakrangee Kendras located in India and deposit amount, if any, collected from franchisees, shareholding structure of the company. Vakrangee said it welcomes the decision by MCA as it would help the company clear all the doubts and rumours with respect to its financials and books of accounts. The firm will fully co-operate on this and will try to complete this exercise at the earliest.
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