Index heavyweight and cigarette major ITC's net profit rose 0.67% to Rs 2652.82 crore on 3.46% rise in total income to Rs 9854.66 crore in Q3 December 2015 over Q3 December 2014. The result hit the market at the closing bell on Friday, 22 January 2016.
Cairn India's consolidated net profit fell 99.35% to Rs 8.69 crore on 44.53% drop in total income to Rs 2230.19 crore in Q3 December 2015 over Q3 December 2014. The result was announced after market hours on Friday, 22 January 2016.
HDFC Bank is scheduled to announce its third quarter results today, 25 January 2016.
Shares of four public sector undertakings (PSUs) viz. Coal India, National Aluminium Company (Nalco), Bharat Heavy Electricals (Bhel) and NMDC will be in focus on media reports that the government, in a year-end rush to raise more funds through disinvestment, has asked these companies to consider buyback of shares. Media reports suggested that Coal India and Nalco are in talks with their respective administrative ministries to buy up to 10% of their shares. The Government of India (GoI) held 79.65% in Coal India, 80.93% stake in Nalco and 80% stake in NMDC as per the shareholding pattern as on 30 September 2015. It held 63.06% in Bhel as on 31 December 2015.
Shares of oil exploration and production (E&P) companies, public sector oil marketing companies (PSU OMCs) and aviation companies will be watched as Brent crude oil prices spurted on Friday, 22 January 2016. Brent for March settlement jumped $2.93 a barrel or 10.02% to settle at $32.18 a barrel during the previous trading session.
Tata Power Company announced after market hours on Friday, 22 January 2016, that its 100% subsidiary, Tata Power Renewable Energy (TPREL), issued and allotted guaranteed, unsecured, non-cumulative, redeemable, taxable, listed, rated, non-convertible debentures (NCDs) for an amount of Rs 425 crore on private placement basis. The NCDs have been rated AA (SO) by CARE. The NCDs will carry a spread of 0.13% above Base Rate of State Bank of India (fully floating) payable annually and are guaranteed by the company. The proceeds from the NCDs will be primarily used to prepay existing higher cost debt in TPREL. These NCDs have been issued on a private placement basis through a private placement offer letter cum information memorandum.
In a separate announcement on Friday, 22 January 2016, Tata Power announced termination of a share purchase agreement (SPA) with Ideal Energy Projects (IEPL) for acquisition of 100% stake in a 270 MW coal based thermal power project in Maharashtra, extendable to 540 MW. An agreement was reached earlier between Tata Power and IEPL for sale of 100% stake in IEPL in December 2014. As per the terms of SPA, the acquisition was subject to fulfillment of certain conditions precedent. The Company made all efforts to arrive at a workable solution to salvage a stressed asset along with key stakeholders. However, the stakeholders could not conclude, leading to non-fulfillment of the aforesaid conditions precedent. In view of the above, the company has decided not to pursue this opportunity any further and confirm the termination of the SPA.
Powered by Capital Market - Live News
