Karur Vysya to raise up to Rs1,200cr through securities
Private sector bank Karur Vysya Bank, in a BSE filing on Tuesday, announced that its Board has approved a proposal of raising Rs1,200cr through domestic funding by issuing “Basel-III-compliant, unsecured, tier-I/tier-II capital instruments in single/multiple tranches on a private placement basis/ preferential allotment/QIP.”
In a separate filing, it declared its decision to issue bonus shares in the ratio of 1:10, i.e., one equity share of Rs2 each for every ten fully paid-up equity shares held. This was, however, subject to approval from the bank’s shareholders.
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| CapitalStars Investment Adviser |
Tata Motors stock hits fresh 52-week low
Shares of Tata Motors declined for the second day in a row and a hit fresh 52-week low of Rs275.10 on the NSE after one international brokerage firm downgraded the stock and another slashed its target price.
BNP Paribas has downgraded the stock to 'reduce' from 'hold' and slashed its target price to Rs240 while CLSA has retained sell rating on Tata Motors with a target price of Rs295.
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| CapitalStars Investment Adviser |
Bank of Maharashtra dips after court reserves order on MD’s bail plea
Bank of Maharashtra’s stock dropped over 1.5% after a special sessions court reserved its order on a bail plea filed by the lender's MD and CEO Ravindra Marathe, as per media reports. This was after the alleged's counsel contended that the arrest was illegal because the police had failed to secure the RBI’s permissions the reports added.
Marathe and other top officials were arrested last week for allegedly colluding with Pune-based builder DS Kulkarni to divert money and cheat depositors of Rs2,043cr through fraudulent investment schemes.
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| CapitalStars Investment Adviser |
Exide Industries bucks a two decade trend, acquires Tudor India’s Gujarat planta
India’s largest battery maker, Exide Industries Limited (Exide) is set to acquire Gujarat plant of Tudor India Private Limited (Tudor). As reported to stock exchanges, Exide has entered into an “Asset Purchase Agreement” with Tudor for acquiring its “immovable assets” admeasuring 64,470 sq. mt. (15.93 acres). The land is situated in Sabarkantha District of Gujarat and the asset purchase is expected to be completed within a month.
As per its website, Tudor is a manufacturer and provider of lead acid batteries for automotive, 2-wheeler and home-UPS applications. It serves the market under the PRESTOLITE brand and other brands. Tudor is owned by Exide Technologies, an American manufacturer of lead-acid batteries, including automotive batteries and industrial batteries.
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| CapitalStars Investment Adviser |
Aurobindo receives USFDA approval to Ertapenem injection
Aurobindo Pharma has received final USFDA approval to manufacture and market Ertapenem Injection 1 g/vial. Aurobindo’s Ertapenem injection is a generic equivalent of Merck Sharp & Dohme Corp’s Invanz Injection. Ertapenem injection is used for the treatment of moderate to severe infections caused by susceptible bacteria.
Aurobindo will launch this product in July 2018. According to IQVIA, approved product has market size of ~$387mn for the 12 months period ending April 2018.
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| CapitalStars Investment Adviser |
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