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HDIL slips as Union Bank says co defaults on loan settlement
Housing Development & Infrastructure Ltd (HDIL), a Mumbai based realty firm, slipped today after Union Bank of India said that the company has defaulted on loans worth Rs143cr, media reports suggested.
In an interaction with CNBC TV18, HDIL’s management clarified that it had approached Union Bank for an extension for the loan repayment. It also clarified that the loan taken from Andhra Bank has been fully paid.
HDFC AMC to list on bourses on August 6
HDFC AMC is scheduled to get listed on BSE and NSE on August 6, 2018. The public issue was subscribed 83.06 times receiving bids for 156.19cr equity shares against IPO size of 1.88cr shares (excluding anchor portion).
The reserved portion of qualified institutional investors oversubscribed by 192.26 times, non-institutional investors 195.15 times and retail 6.73 times.
SBI signs MoU with NHAI; stock trades flat
State Bank of lndia and National Highways Authority of lndia (NHAI) completed documentation on Friday for a Term Loan facility of Rs25,000cr sanctioned by the Bank, at a function held in Delhi.
The Memorandum of Undertaking was signed between NHAI and SBI to strengthen the existing relationship and to develop cooperation in financial services on the basis of mutual interest, in the presence of the Union Minister for Road Transport & Highways, Nitin Gadkari, Minister of State, Mansukh Mandaviya, the Chairman of SBl, Rajnish Kumar, the Chairman of NHAI, Y. S. Malik and other senior dignitaries from both the organizations.
Jet Airways stock declines 7.5%
Shares of Jet Airways declined 7.5% on the BSE in the afternoon trade on Friday. The airline company said it is in talks with employees and key stakeholders to implement cost reduction measures like pay cuts, as per media reports.
The airline company said in the statement that it has been implementing several measures to help it reduce cost as well as realize higher revenues for desired business efficiencies, reports added.
Bharat Forge surges over 3% as Class 8 truck sales touch multi-year high
Sales of North America Class 8 trucks jumped to a multi-year high of 52,400 units in July 2018. This number was 180% yoy higher compared to 18,726 trucks sold in July 2017 and 24% mom higher compared to 42,200 trucks sold in June 2018. Class 8 trucks contribute close to 10% to Bharat Forge Limited’s (BFL) consolidated revenues. Consequently, the stock jumped more than 3% at the high point of the day. As per industry data, Class 8 truck demand is running high due to pick up in infrastructure and high freight demand. In some cases, OEM production is unable to keep pace with demand due to component shortage.
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