LIC board approves to acquiring majority stake in IDBI Bank
LIC's board on Monday approved the acquisition of 51% stake in IDBI Bank. This majority buyout is a positive for the lender as it will get much-needed capital to grow further. The preferred option for the stake purchase is a preferential issue. The open offer may not be triggered as public holding in the bank is low.
IDBI Bank's GNPA and NNPA ratio were higher for FY18 and stood at 27.95% and 16.69%, respectively. The poor asset quality of the bank adversely affected its capital position. It is among the banks which fall under RBI’s prompt corrective action (PCA) list. Its weak capital position with low provision cover and high net NPAs coupled with the expectation of further weakening in asset quality will restrict its internal capital generation. Its capital adequacy ratio at 10.41% for FY18.
Lupin’s Goa facility get UK MHRA clearance
Lupin has announced that its Goa facility has received approval from the UK MHRA. The unit was inspected in March 2018 and there were no critical or major observations cited. The company said that the outcome of this inspection is a positive and encouraging sign for the company.
The company had, last year, received a combined warning letter for two of its facilities -- Goa and Indore (Pithampur II), for violating cGMP norms.
DCB Bank stock falls 9% after Q1FY19 numbers
Shares of DCB Bank Ltd fell 9% after the bank reported its Q1FY19 numbers on Saturday, June 14. The bank’s Q1FY19 NII has improved 17.1% yoy to Rs273cr against Rs233.2cr reported in the same period of the previous fiscal. Its net profit was also in-line with estimates and has improved 6.6% yoy to Rs69.5cr as against Rs65.2cr reported last year.
Just Dial stock down as board to consider share buy-back proposal
Shares of Just Dial were trading over 3% lower on the BSE after the company announced is going to consider buy-back of shares.
A meeting of the board of directors of the company will be held on Friday, July 20, to consider, approve, and take on record the unaudited financial results for the first quarter ended June 30, 2018 (Q1FY19).
PC Jeweller down 23% after withdrawal of Rs 424cr buy back
Shares of PC Jeweller are down ~23% after board in its meeting has decided to withdraw proposed buy back offer. The filing on BSE mentioned that the board has withdrawn the buyback because of non-receipt of the requisite NOC from the company's bankers.
Company has mentioned that as a part of the standard loan covenants the company has to take permission from its Bankers, if there is any change in the capital of the company. Accordingly, it had approached its Bankers for the requisite permission.
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LIC's board on Monday approved the acquisition of 51% stake in IDBI Bank. This majority buyout is a positive for the lender as it will get much-needed capital to grow further. The preferred option for the stake purchase is a preferential issue. The open offer may not be triggered as public holding in the bank is low.
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| CapitalStars Investment Adviser |
IDBI Bank's GNPA and NNPA ratio were higher for FY18 and stood at 27.95% and 16.69%, respectively. The poor asset quality of the bank adversely affected its capital position. It is among the banks which fall under RBI’s prompt corrective action (PCA) list. Its weak capital position with low provision cover and high net NPAs coupled with the expectation of further weakening in asset quality will restrict its internal capital generation. Its capital adequacy ratio at 10.41% for FY18.
 |
| CapitalStars Investment Adviser |
Lupin’s Goa facility get UK MHRA clearance
Lupin has announced that its Goa facility has received approval from the UK MHRA. The unit was inspected in March 2018 and there were no critical or major observations cited. The company said that the outcome of this inspection is a positive and encouraging sign for the company.
The company had, last year, received a combined warning letter for two of its facilities -- Goa and Indore (Pithampur II), for violating cGMP norms.
 |
| CapitalStars Investment Adviser |
DCB Bank stock falls 9% after Q1FY19 numbers
Shares of DCB Bank Ltd fell 9% after the bank reported its Q1FY19 numbers on Saturday, June 14. The bank’s Q1FY19 NII has improved 17.1% yoy to Rs273cr against Rs233.2cr reported in the same period of the previous fiscal. Its net profit was also in-line with estimates and has improved 6.6% yoy to Rs69.5cr as against Rs65.2cr reported last year.
 |
| CapitalStars Investment Adviser |
Just Dial stock down as board to consider share buy-back proposal
Shares of Just Dial were trading over 3% lower on the BSE after the company announced is going to consider buy-back of shares.
A meeting of the board of directors of the company will be held on Friday, July 20, to consider, approve, and take on record the unaudited financial results for the first quarter ended June 30, 2018 (Q1FY19).
 |
| CapitalStars Investment Adviser |
PC Jeweller down 23% after withdrawal of Rs 424cr buy back
Shares of PC Jeweller are down ~23% after board in its meeting has decided to withdraw proposed buy back offer. The filing on BSE mentioned that the board has withdrawn the buyback because of non-receipt of the requisite NOC from the company's bankers.
Company has mentioned that as a part of the standard loan covenants the company has to take permission from its Bankers, if there is any change in the capital of the company. Accordingly, it had approached its Bankers for the requisite permission.
 |
| CapitalStars Investment Adviser |
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