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TOP CORPORATE NEWS- 6 NOV 2018

Corporate-News

Jet Airways extends gain on reports of Tata Group buying 51% stake

Shares of Jet Airways extended their gains on Tuesday and the stock was trading at its highest level since September 19, 2018. Jet Airways is in the second round of discussions with Tata Group for a stake sale in the company, according to media reports. Almost a week ago, Jet Airways promoter Naresh Goyal had approached Reliance Industries’ Mukesh Ambani and Tata Group’s Ratan Tata to raise capital through a stake sale. However, Goyal did not get any response from Ambani, while Tata sought full control of the airline. If the deal goes through, Jet Airways is expected to get merged with Vistara (Tata’s JV with Singapore Airlines Limited).

 

Graphite India gains 2% post Q2FY19 numbers

Shares of Graphite India were traded ~2% up on Tuesday after the company’s net profit for the second quarter of FY19 climbed 10.8x to Rs1,113cr vs Rs103cr in the previous year. The company’s revenue in the quarter climbed 4.4x to Rs2,345cr vs. Rs528cr yoy, while EBITDA was up over 11x at Rs1,640cr as against Rs144cr in the previous year. The company’s margins stood at 69.9% in the quarter compared to 27.2% a year-ago. Further, its board has announced a dividend of Rs 20 per share.

 

DHFL gains ~5% on commercial paper repayment

Shares of DHFL surged ~5% in noon trade on Tuesday. Investors cheered as the company announced that it has bought back/repaid commercial papers (CP) worth Rs1, 775 cr aftermarket hours on Monday. DHFL, since September 21, 2018, has repaid commercial paper holders Rs9,465cr, including the buyback of CP worth Rs3,240cr. The company’s outstanding CP as on November 30, 2018, will be 1% of the total borrowing amounting to Rs1,125cr. Further, the firm has successfully conducted a securitization assignment of over Rs6,600cr since September 21, 2018.

 

Balkrishna Industries tanks as Q2 numbers miss estimates, cuts FY19 volume forecast

Off-highway tyre manufacturer, Balkrishna Industries Limited (BKT) stock fell over 9% on the BSE in the morning session
The company reported weak set of numbers in Q2FY19. Its standalone revenue was up 19% yoy (down 3% qoq) at Rs1,325cr, lower than expectation of Rs1,402cr. The company was able to keep input costs in check; however, higher operating expenses led to EBITDA underperformance. Also, the company has cut its volume guidance to 2.1-2.2 lakh MT for the current financial year from 2.25-2.3 lakh MT earlier. The company’s standalone PAT was marginally lower than expectation at Rs222cr, up 10% yoy (down 3% qoq).
The company declared second interim dividend of Rs2/equity share.

 

Natco Pharma to buyback Rs250cr worth shares

Natco Pharma has received an approval from its board of directors for buyback of shares worth Rs250cr at a price not exceeding Rs1,000 per share. The company made an announcement on Monday. The maximum buyback price of Rs1,000 per share is at more than 28% premium to Monday’s closing price of Rs779.70 per share. The buyback size represents 8.10% and 8.22% of the aggregate of the total paid up equity capital and free reserves respectively as on March 31, 2018. The promoters and promoter group hold 48.25% of the existing equity, while others, including public (17.85%), and institutional investors, hold the remaining 51.75%.

 

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