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CAPITALSTARS – TOP CORPORATE NEWS – 08 JAN 2018

Market-Updates

SBI approves long-term fund raising of up to $2bn via senior unsecured notes

State Bank of India today approved long-term fund raising of up to $2bn through senior unsecured notes in US dollar or any other convertible currency. The fund raising could be in single or multiple tranches through public offer or private placement during the current financial year ending Mar 31, 2018 and financial year 2018-19. In September 2016, SBI had raised $300mn through the issue of additional tier-I dollar-denominated bonds at 5.50%. In March 2017, the lender had raised $500mn through three-year foreign exchange debt as part of its medium-term notes programme. The fund raising would be a positive move for the bank, as it would aid it in improving its capital adequacy ratio, which in turn would partly fund its future loan growth, besides helping it to provide for its bad loans.

L&T bags order worth Rs2,265cr; stock up 1.3%

L&T Construction has bagged Rs2,265cr under its transportation infrastructure and water & effluent treatment businesses from APCRDA. The scope of the order includes investigation, design & construction of roads, drains, culverts, water supply, sewerage, sewerage treatment plants, utility ducts for power & ICT, reuse waterline & avenue plantation for land pooling schemes in zones – 6, 7 and 10 areas of Amaravati capital city.

This order strengthens L&T’s presence in the Amaravati capital region of Andhra Pradesh.The project will provide state-of-the-art infrastructure to the city of Amaravati, including wide trunk roads with flexible and rigid pavements, along with multiple facilities like cycle track, sidewalks & smart street lighting, ICT etc.

Karur Vysya Bank cuts overnight and one month MCLR by 35bps

Karur Vysya Bank has cut overnight and one month marginal cost of funds based lending rates (MCLR) by 35bps each to 8.30%. The rates are now in the range of 8.3-9% effective Sunday. The Reserve Bank of India had asked banks to update their lending rates as per the marginal cost of funds, on a monthly basis. The cut in lending rate would marginally impact NIMs for the short term. However, we expect the bank’s NIM to improve by 20bps to ~3.9% over FY17-19E led by lower cost of funds.

Jindal Steel & Power to raise Rs1,000cr through QIP route

The management of Jindal Steel and Power Ltd (JSPL) has announced that it is planning to raise up to Rs1,000cr through qualified institutional placement (QIP) route in February 2018. The management stated that the purpose of the QIP was to repay debt as well as clear dues relating to working capital and capacity expansion. The company is also planning to raise Rs1,500-2,000cr by listing its Oman subsidiary, Jindal Shadeed, on a foreign exchange.

JSPL had acquired Shadeed Iron and Steel in 2010 and the company has a 2 MT integrated steel plant at Sohar, Oman. This facility also includes a 1.5 MT bar mill. JSPL has also launched Jindal Panther TMT Rebar brand in the Middle East markets. The sales and production volumes for Jindal Shadeed stood at 0.43 MT for Q2FY18, which is a utilization rate of ~81%. The management also stated that the production at the Oman plant is unlikely to face issues with production ramp up. This is due to the fact that the Oman govt has given the plant higher allocation of natural gas.

NBCC to gain on bourses after order of Rs2,200cr
NBCC has received an order for construction of Kotdwar-Ramnagar Kandi road under green infrastructure/ green road project as a project management consultant. The order size is Rs2,000cr.

NBCC is a navratna enterprise under the ministry of urban development. The company’s present areas of operations are categorized into three main segments i.e. (1) Project Management Consultancy (PMC), (2) Real Estate Development & (3) EPC Contracting. PMC contributes to about 80-85% of its annual revenue.

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