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TOP CORPORATE NEWS- 11 JULY 2019

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CARE Ratings revise Dish TV’s banking facilities to A3+ from A3
Shares of Dish TV extended rally on the stock exchange after CARE upgraded its credit rating on bank facilities. The company said in its filing that CARE Ratings has revised the rating for its banking facilities of the company from CARE A3 to CARE A3+.
“CARE Ratings Limited has revised the rating for the banking facilities of the Company from CARE A3 (A Three) to CARE A3+ [A Three Plus],” as per BSE filing.

Reliance Power’s Samalkot Project recasts Rs2,430cr loan from US- EXIM
Reliance Power Limited, a part of the Reliance Group, has said in the press note that Samalkot Project successfully has recast at Rs2,430cr (around $347mn) loan from US-Exim.
Also, the company is in advanced stages of development of Bangladesh project and relocating Samalkot modules to Bangladesh, the filing added.
Reliance Power Ltd is currently trading at Rs4.31 up by Rs0.32 or 8.02% from its previous closing of Rs3.99 on the BSE.

Reliance Infra climbs 12% on lenders’ pact for debt resolution
Shares of Reliance Infrastructure climbed 12% on the BSE after the company 16 lenders signed the Inter-Creditor Agreement (ICA).
As per the RBI Circular of June 7, 2019, 100% of its lenders have signed the ICA for the resolution of Reliance Infrastructure debt. Reliance Infrastructure has now achieved standstill for 180 days as per the ICA.
According to the RBI Circular, the Resolution Plan of Reliance Infrastructure is to be implemented within 180 days. Reliance Infrastructure is confident of implementing its Resolution Plan well before the 180-days deadline based on advanced progress of its various asset monetization initiatives.

Bharat Forge up 3.5% on receiving $100mn order from RAFAEL Advanced Defense Systems, Israel
Shares of Bharat Forge are up 3.5% after it received an order worth Rs100mn.
The company’s filing on the BSE said, “At a ceremony earlier today, RAFAEL Executive Vice President & General Manager of the Air
& Missile Defense Systems Division, Brigadier General (ret.) Pini Yungman, presented to Kalyani Rafael Advanced Systems Ltd, India (KRAS) a $100 Million contract for manufacturing 1,000 BARAK-8 MRSAM missiles’ kits which in turn would be supplied to BDL for further integration. KRAS is a 49:51 ratio Joint Venture between RAFAEL Advanced Systems and Kalyani Strategic Systems Ltd (KSSL), with the Indian partner holding 51%.”

Cox & Kings slumps 5% on another commercial paper default
Shares of Cox & Kings extended losses for the twelfth consecutive session on the BSE after the company defaulted on commercial paper of Rs125cr. This is the company’s third default in the past fortnight, totalling Rs325 cr.
CARE Ratings revised the company long-term bank facilities of Rs1,760cr to ‘CARE D’ from ‘CARE C’. The revision in ratings assigned to Cox and Kings takes into account default in CP (carved out) redemption due on July 9 and overdue in bank accounts,” the company said in the filing on Wednesday.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

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