Stocks in the news: Cox & Kings, Sadbhav Infra, Lupin, Tata Steel & Sun Pharma
NMDC has terminated a Rs 1,400-cr contract with BHEL for building the raw material handling system.
Sadbhav Infra: Care Ratings has slashed rating of long-term bank facilities assigned to a special purpose vehicle (SPV) of Sadbhav Infrastructure to ‘default’ grade.
Cox & Kings: The travel and tour company said it has defaulted on the payment of commercial papers due to cash flow mismatch and a situation exacerbated by rating downgrade.
Lupin: Drug maker Lupin said it has received tentative approval from the US health regulator for generic version of Mirabegron Extended Release (ER) tablets of Astellas Pharma Global Development Inc used to treat overactive bladder.
Vedanta: A Zambian court has ordered the provisional liquidator of the country's largest copper mining firm, the Vedanta PLC-owned Konkola Copper Mines (KCM), to not sell any of the mine's assets.
Cafe Coffee Enterprises: Café Coffee Day founder VG Siddhartha is seeking a valuation of between Rs 8,000 crore and Rs 10,000 crore from Coca-Cola for the coffee chain he set up over two decades ago, according to people directly aware of the development, while also aiming to retain a controlling stake in the business.
IT stocks: Peer Accenture reported a healthy set of Q3FY19 numbers with revenue at USD11.1bn exceeding Street’s USD11bn expectation. CLSA has buy rating on Infosys with a target of Rs 900.
Mindtree: The IT firm may see growth slowdown in the April-June period as clients defer deals by at least three months seeking stability amid a takeover bid by Larsen & Toubro, two people aware of the matter told ET.
HDFC Bank: Shares of HDB Financial, the NBFC arm of HDFC Bank, are being valued at over Rs 80,000 crore in the grey market, making it the country’s fourth most valuable non-bank lender at the existing prices.
Sun Pharma: India's largest drug maker has entered into a licensing agreement with a subsidiary of China Medical System holdings (CMS) for development, regulatory filings and commercialisation of its psoriasis drug Tildrakizumab in China, Hong Kong, Macau and Taiwan.
Tata Steel: European business chief executive Hans Fischer will step down, effective July 1. However, Fischer will continue to serve on the board of Tata Steel Europe (TSE) as non-executive director.
BHEL, NMDC: State-owned miner NMDC has terminated a Rs 1,400-crore contract with BHEL for building the raw material handling system (RMHS) at its upcoming Rs 17,000-crore steel plant in Chhattisgarh after the government-run contractor failed to complete the project that had an initial deadline set in 2014.
Electrosteel Castings: Kolkata-based Umang Kejriwal promoted Electrosteel Castings has received a legal notice from UV Asset Reconstruction Company that has taken “symbolic possession” of the company's land in Elavur in Tamil Nadu to recover its dues.
Axis Bank: The private lender plans to raise as much as Rs 10,000 crore in a share sale to raise capital buffer to drive its loans growth, mostly in retail and select corporate working loans, two persons familiar with the matter said.
DLF: Promoters of realty developer DLF have infused nearly Rs 2,250 crore in the company with the allotment of equity shares against warrants issued in 2017.