Tuesday, December 23, 2014


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SKS Microfinance issues CPs aggregating Rs25 cr
SKS Microfinance announced that the Company issued Commercial Papers of an aggregate amount of Rs25 crore on December 19, 2014, which have been rated A1+ by a leading rating agency Instruments with the aforesaid rating are considered to have a very strong degree of safety regarding timely payment of financial obligations. Such instruments carry the lowest credit risk.

Jet Airways successfully concludes a 5-year syndicated loan facility
Jet Airways has successfully concluded a five year syndicated loan facility of USD 150 million. The transaction was fully subscribed to, by banks spread across the Middle East region.

Allahabad Bank board approves fund raising

Allahabad Bank announced that the Board of Directors of the Bank at its meeting held on Dec 22, 2014, have discussed and approved in principle the raising of capital of the Bank through preferential/ QIP issue in compliance with the applicable laws, rules and regulations, Govt. of India Guidelines and in such a manner that the equity shareholding of the Govt. of India shall not go below 52%.

BOB up on fixation of Record Date

Bank of Baroda rose over 2%, touching to Rs1079.8, after the bank set January 23, 2015 as the record date for 5-for-1 stock split. Bank of Baroda has announced that January 23, 2015 has been fixed as the Record Date for determining the Shareholders of the Bank, who are entitled to receive the equity shares of the Bank upon the sub division/ reduction in the face value of ONE existing equity share of Rs10 each fully paid up into FIVE equity shares of Rs2 each fully paid up.

RBI tightens regulations for 'non-cooperative' borrowers; + for PSU BanksReserve Bank India has allowed banks to classify defaulters, who deliberately stonewall efforts to recover their dues, as non-cooperative, which will stop further fund flow to such borrowers. The definition of non-cooperative borrowers to include all those who have the ability to pay but still thwart lenders’ efforts to recover dues, including by not providing necessary information for accounts. If any entity is reported as non-cooperative, any fresh exposure to such a borrower will by implication entail greater risk necessitating higher provisioning.

HCL Tech: Q2FY15 revenues to get 2.1% negative impact
In a pre-quarter briefing note, HCL Technologies has indicated at 2.1% negative impact on reported USD revenues for Q2FY15, we expect reported revenues to be around 0.6% (QoQ) growth on reported basis, however on a constant currency basis the revenues expect to deliver 2.7% (QoQ) growth. However, on rupee term, QoQ growth expects to be around 2.4% led by 1.7% (QoQ) depreciation in rupee during the quarter.

Alstom T&D secures order from NTPC

Alstom T&D India has secured an order worth around Rs1800 million from NTPC to supply a 765 kV switchyard at the 2x800 MW Darlipalli Super Thermal Power Project ( STPP) in Sundergarh, Odisha. The 765 kV switchyard will facilitate evacuate the 1600 MW of power produced by STPP to the state grid of Odisha.

Cipla Medpro wins ARV tender for three years in South Africa
Cipla’s South African arm Cipla Medpro has won an ARV tender worth Rs1100 crore in South Africa. The contract would be effective from April 01, 2015 and will be valid for three years. Cipla Medpro contributed Rs774 crore of revenue in FY2014 for Cipla (8% of sales). The new tender has potential to see a 40% annual growth for Cipla Medpro in FY2016. We currently have Hold rating on the stock with a price target of Rs658.

Yes Bank raises $ 200 mn Unsecured Loan from ADB

Yes Bank has successfully raised USD 200 million unsecured loan facility from the  Asian Development Bank. The loan will be used by Yes Bank to lend the Indian  rupee equivalent amount to finance working capital and investment loans targeted towards small farm households and rural women in Self Help Groups (SHGs).Additionally,  ADB will also provide a Capacity Development Technical Assistance grant upto $ 1 million which will be used by Yes Bank towards capacity building, improving the financial literacy of women borrowers, and for leveraring. YES LEAP program for Agriculture value chain integration.

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