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TOP CORPORATE NEWS – 17 September 2019

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US-China tensions and China’s continued slowdown raise spillover risks to Asia: Moody’s.

Moody’s Investors Service says in a new report that the recent escalation of trade tensions between the US (Aaa stable) and China (A1 stable) will further cloud the trade and economic outlook in Asia, with a predominantly negative effect at the sector level At the same time, US importers will continue to divert some trade away from China over time, a credit positive for some economies and sectors in the region.

Bharti Airtel down 2% after report of talks regarding stake sale in merged tower co.

Shares of Bharti Airtel fell over ~2% intraday on Tuesday after a CNBC report said that talks to sell stake in merged Tower Company were ongoing. The report said that the company was in talks to sell stake in the merged company of Bharti Infratel and Indus Towers.
The report added that ATC and Brookfield are interested parties to acquire the stake in the merged entity.

Tata Communications tumbles after its land bank demerges into separate company.

Shares of Tata Communications tumbled in today trade after its land bank was demerged into a separate company.
The stock was locked in the upper circuit band of 5% at Rs273 on the BSE on Tuesday after the stock turned ex-spin off. On the National Stock Exchange (NSE), the stock was frozen at Rs278.25, it’s the maximum higher limit for the day after opening at Rs265.
On August 8, the company said the Ministry of Corporate Affairs (MCA) approved Hemisphere Properties India (HPIL) demerger scheme on August 5 and filed the order with the Registrar of Companies on September 17.

Tata Power executes divestment of 50% stake in South African JV for $106 mn.

Tata Power has announced the execution of a Share Purchase Agreement between Khopoli Investments Limited (Khopoli) and Exxaro Resources Limited (Exxaro) for the divestment of its entire 50% stake held in Cennergi (Pty) Limited (Cennergi), a South African joint venture, for an amount of ZAR 1,550 mn. (USD 106 mn.}, subject to normal working capital and other adjustments.

Kaveri Seed board to consider share buyback on Sep 24.

Kaveri Seed said in the fling aftermarket hours on Monday that the board will consider a proposal for buyback of fully paid-up equity shares of the company on September 24, 2019. Kaveri Seed Company Ltd is currently trading at Rs539, up by Rs10.45 or 1.98% from its previous closing of Rs528.55 on the BSE. The board of directors of the company will meet on Tuesday, September 24, 2019, to consider a proposal for buyback of fully paid-up equity shares of the Company, quantum & mode of Buy-back and other matters incidental thereto in accordance with the provisions of Sections 68, 69 and 70 of the Companies Act, 2013 and the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018, as amended and other applicable regulatory provisions if any, the company said.

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

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