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CAPITALSTARS – TOP CORPORATE NEWS – 14 FEB 2018

Equity Tips

BHEL bags Rs560cr order from NTPC

Bharat Heavy Electricals Ltd. (BHEL) announced that it has won a Rs560cr order for emission control equipment from NTPC. The scope of the order includes supply and installation of the Flue Gas Desulphurization (FGD) system at its 2x490MW National Capital Power Station (NCPS) at Dadri in Uttar Pradesh.

The order is of great significance to BHEL as the Indian power sector is moving towards stricter emission norms notified in December 2015. The notification calls for installation of equipment to control various harmful emissions, both in existing as well as new thermal power projects. This has led to an increase in ordering of emission control equipment’s.

PNB slips more than 9% on account of reported fraudulent transactions

Punjab National Bank extended its losses and tanked more than 9% as investors fear the bank may have to take a one-time write-off for the $1,771.69mn (~Rs11,378.68cr) fraud in Q4FY18.

The market capitalization of the bank as on February 12, 2018, was Rs39, 209.62cr. The fraud transaction is close to one-third of the market cap of the bank.

The banking secretary commented that the government may order a forensic audit of PNB’s accounts, as per the media reports. Also, the bank’s ten employees have been suspended and that CBI has started its investigation in the case.

KRBL stock gains after Mohnish Pabrai’s fund buys 2.7% stake

Shares of KRBL gained 7% after prominent investor Mohnish Pabrai’s fund bought 2.7% stake in the company.

Pabrai’s Pabrai Investment Fund bought 6.4 mn shares or 2.7% stake in the company at Rs594 apiece through bulk deals on BSE on Monday.

On Monday, Abdullah Ali Balsharaf sold 32.50 lakh shares of KRBL at Rs594 and Omar Ali Obaid Balsaraf sold 32.50 lakh shares at Rs594 on the BSE, as per BSE data.

Apollo Tyres to acquire 40% stake in KT Telematics

Apollo Tyres Limited (ATL) is set to acquire a 40% stake in KT Telematics Solutions Private Limited (KTT) for Rs9cr. The announcement was made to stock exchanges on February 13, 2018.

ATL will acquire up to 40% stake in KTT over the next one year in one or more tranches at an investment of Rs9cr. Incorporated in June 2016, KTT is engaged in the business of fleet management solutions, providing telematic analytics for truck and bus. This helps fleet customers to track and manage their fleet efficiently.

ATL is a dominant player in CV tyres in India, deriving 41% revenues from truck tyres (FY17). It commands 25% market share among truck tyre manufacturers in India. Hence, the acquisition of a fleet management solutions company complements its tyre portfolio very well.

Board of Idea Cellular approves equity issue of up to Rs3, 500cr via QIP

The Board of Directors of Idea Cellular gave its final approval to raise Rs3, 500cr through an equity issue via the QIP route. The shareholders of the company had approved for this round of capital raising in a meeting on January 30, 2018. This decision is part of capital raising plan that would raise ~Rs6, 750cr in capital. A few days ago, the Board had allotted 32.66cr shares to the promoters of Idea Cellular. The total capital raised from this preferential issue stood at ~Rs3, 250cr.

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