Wednesday, 21 February 2018

Shares Of Ambuja Cements Were Up Over 2 Percent Intraday On Wednesday

Shares of Ambuja Cements were up over 2 percent intraday on Wednesday as investors reacted to the December quarter performance of the company.

The company’s Q4CY17 beat analyst expectations as standalone net profit growth of 88.8 percent year-on-year at Rs 338 crore was far ahead of CNBC-TV18 poll estimates of Rs 251 crore.

Profit in year-ago quarter stood at Rs 179 crore.

The cement maker said standalone revenue from operations increased 21.9 percent to Rs 2,712.6 crore in Q4, compared to Rs 2,224.5 crore in same quarter last year.

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Shares Of Coal India Lost Around 2 Percent Intraday After The Government On Tuesday

Shares of Coal India lost around 2 percent intraday after the government on Tuesday allowed private sector to mine coal and sell it for commercial use.

The move ended state-owned CIL's monopoly in a bid to cut imports by raising domestic output.

The Cabinet Committee on Economic Affairs approved the auctioning of coal mines to any firm bidding the highest per tonne price, Minister for Coal and Railways Piyush Goyal said briefing the media.

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Tuesday, 20 February 2018

Tata Steel Was Among Top Sensex Gainers After CLSA Bet Big On The Indian Steel

Benchmark indices continued to trade higher, with the Sensex rising more than 100 points supported by private banks, technology, metals stocks.

Tata Steel was among top Sensex gainers after CLSA bet big on the Indian steel industry, saying tightening demand-supply will aid stock performance. Macquarie too maintained outperform rating on the stock, saying the recent correction has made the risk-reward attractive.

PNB fell for fifth consecutive session, falling another 3 percent after 3 new arrests were made in the fraud case. Gitanjali Gems was locked at another 10 percent lower circuit, taking total loss to more than 56 percent in February so far.

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JSW Energy Shares Gained As Much As 2.5 Percent In Morning

JSW Energy shares gained as much as 2.5 percent in morning on signing pact with Maharashtra government for setting up manufacturing unit for electric vehicles and energy storage systems in the state.

"The company has now entered into another MoU with the Government of Maharashtra for setting up facilities for the manufacturing of EV and Energy Storage Systems in the state of Maharashtra, subject to receipt of internal corporate approvals," Sajjan Jindal-led company said in a BSE filing.

This agreement was in addition to the earlier MoU with the Government of Gujarat with respect to EV manufacturing and associated businesses.

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Friday, 16 February 2018

Sensex Trades Lower, Midcap Index Falls 1%; IT Stocks Outperform

Shares of Union Bank of India declined more than 3 percent intraday after the lender said it has an exposure of Rs 1,900 crore to the PNB fraud case.

"We wish to inform you that the bank through our foreign branches has been taking exposure with Punjab National Bank as counterparty under various Letters of Undertakings issued through authenticated SWIFT message," Union Bank of India said in late night filing to stock exchanges.

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Reliance Communications Said The Shareholders Approved The Monetisation

Reliance Communications said the shareholders approved the monetisation of its assets. The company announced the results of postal ballot on February 15, 2018,

whereby the shareholders approved the resolution to monetise the spectrum, towers, fiber, telecom infrastructure and other assets with overwhelming majority of 99.91 percent.

"RCom's asset monetisation is proceeding on fast track to close by March 2018, subject to lenders’ consents and other regulatory approvals," the company said.

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Thursday, 15 February 2018

Idea Cellular Will Raise Up To Rs 3,500 Crore By Issuing Equity Shares

Idea Cellular will raise up to Rs 3,500 crore by issuing equity shares to eligible investors through qualified institutional placement route.

"The Board of Directors today accorded final approval for issuance of equity shares for an amount not exceeding Rs 3,500 crore by way of QIP to the eligible investors," Idea said in a regulatory filing.

The floor price in respect of QIP, based on pricing formula, has been fixed at Rs 86.84 per share, it said in another filing.

The company may give a discount of up to 5 percent on the floor price in the QIP, it added.

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