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  • Stock Alert - Detailed News

Bharti Airtel in focus after board approves fund raising
01-Mar-19   08:16 Hrs IST

Bharti Airtel said that its board approved raising upto Rs 32,000 crore through rights issue of upto Rs 25,000 crore and perpetual bond with equity credit upto Rs 7000 crore. Rights issue price is set at Rs 220 per fully paid equity share. The company will issue 19 rights shares for every 67 equity shares held by eligible shareholders as on the record date. The announcement was made after market hours yesterday, 28 February 2019.

Jet Airways (India) will be watched after media reports suggested that Naresh Goyal has agreed to step down as chairman of the company to allow the board to move ahead with a debt recast plan.

Meanwhile, Jet Airways (India) said that an additional six aircraft have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements. As mentioned earlier, the company is actively engaged with all its aircraft lessors and regularly provides them with updates on the efforts undertaken by the company to improve its liquidity. Aircraft lessors have been supportive of the company's efforts in this regard. The company is also making all efforts to minimize disruption to its network due to the above and is proactively informing and re-accommodating its affected guests. The company also continues to provide required and periodic updates to the Directorate General of Civil Aviation in this regard. The announcement was made after market hours yesterday, 28 February 2019.

Kotak Mahindra Bank revised the marginal cost of funds based lending rate downwards by up to 5 basis points (bps) with effect from 1 March 2019 for various tenors. The announcement was made after market hours yesterday, 28 February 2019.

HDFC Bank said it will buy a 9.11% stake in CSC E-Governance Services. The acquisition, for Rs 14.62 crore, which HDFC Bank termed as a strategic investment, will be on cash basis. The bank executed an agreement for subscribing to 37,993 equity shares of face value of Rs 1,000 each to be issued by CSC E- Governance Services India at Rs 3,848 per equity share. The announcement was made after market hours yesterday, 28 February 2019.

Infosys notified that Kiran Mazumdar-Shaw, lead independent director of the company, had inadvertently, through her portfolio management services, sold 1,600 shares of Infosys without obtaining pre-clearance of trade. The trade was carried out by the portfolio manager without the knowledge of Mazumdar-Shaw. The portfolio manager unilaterally took the decision to conduct the trade. The company imposed a penalty of Rs 9.50 lakh on Mazumdar-Shaw, which shall be payable to a charitable organization of her choice. The announcement was made after market hours yesterday, 28 February 2019.

Orissa Minerals Development Company (OMDC) said the management proposed to pay Rs 400 crore lump sum to the Government of Odisha as penalty towards violation of environmental clearance (EC), forest clearance (FC), mining plan (MP) and consent to operate (CTO) of OMDC mines of earlier years, which is approved by the board. The company is in process of making the payment which will be completed within a day or two. The announcement was made after market hours yesterday, 28 February 2019.

Shares of sugar companies will be watched. To help the sugar industry to clear its cane dues arrears, the Cabinet Committee on Economic Affairs (CCEA) chaired by the Prime Minister approved the proposal to provide soft loans to the extent of about Rs 7900-10540 crore to the sugar industry. Government will bear the interest subvention cost at 7-10% to the extent of Rs 553 crore to Rs 1054 crore for one year.

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