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TOP CORPORATE NEWS- 9 JAN 2019

Dilip Buildcon plunges 5% on rating downgrade
Shares of Dilip Buildcon lost 5% on Wednesday morning after CRISIL downgraded the companys rating on long-term bank facilities and NCD to A/Stable from A+/Stable, as per media reports.
“The downgrade factors in the company’s stretched liquidity position as reflected by the near full utilisation of bank limits (average 95% over the 12 months through September 2018),” the research house mentioned.

Tata Steel falls as steel sales drop 8% yoy in Q3FY19
Tata Steel Ltd (TSL) reported weak steel sales in Q3FY19 as the slowdown in the domestic auto sector hit its local operations sharply. Production for TSL India in the third quarter of FY19 stood marginally higher (up 1.8% yoy). However, domestic sales shrunk 10% yoy as sluggish auto demand and seasonal weakness dampened activity.
TSL Europe, meanwhile, reported a sharp 12.7% yoy decrease in production and a 5.7% yoy decrease in sales. The fall in production was due to production issues at IJmuiden in North Holland and Port Talbot in Wales.

Yes Banks board to appoint new MD, CEO on Jan 9
The board of Yes Bank is all set to take a decision over the appointment of Managing Director and CEO Rana Kapoors successor on January 9. As per media reports, the Search and Selection Committee of the board has shortlisted three candidates. The banks internal candidate, Executive Director Rajat Monga and Rajesh Sud, former MD, Max Life Insurance are seen as the top contenders for the post. As directed by the RBI, Rana Kapoor will step down at the end of January, and the new MD and CEO is expected to take over from February 1.

Axis Bank climbs ~2% on brokerage upgrade
Axis Bank shares are up ~2% in Wednesday morning trade after international brokerage firm CITI upgraded Axis Bank to buy and set the target price to Rs775, up from Rs610. The research house also raised FY20E/21E PAT by 6-8%. CITI believes that RoA and RoE will expand by 800bps and 900bps over FY19E-21E. It will be driven by improving PPOP and decline in credit costs.

Oriental Bank of Commerce sells stake in NSDL E-governance infra
Oriental Bank of Commerce has sold 0.8425% equity stakes in NSDL e-Governance Infrastructure Ltd. out of 3.125% equity stake held by the Bank prior to such sale, as per BSE filing. The announcement made after market hours on Tuesday. The banks board has also approved the proposal for raising capital for an amount~Rs5, 500cr through the issuance of equity shares to the Govt. of India on preferential basis.

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