Companies and Markets

Companies & Markets

PNB to sell part of non-core assets

Punjab National Bank (PNB) is looking at selling its non-core assets valued at Rs 12,000 crore, including offloading a portion of its stake in the housing finance arm where it holds a 39 per cent stake.

Apart from stake in PNB Housing Finance, which has market capitalisation of about Rs 25,000 crore, the key non-core assets of the bank includes stake in PNB Gilts and UTI Asset Management.

HDFC Life: subscribe for long-term

Private life insurer HDFC Life Insurance will launch its Rs 8,700 crore IPO on Tuesday. The price band has been fixed from Rs 275 to Rs 290 per share. At the upper end of the price brand, the insurer has been valued at Rs 58,260 crore. The issue closes on Thursday.

HDFC Life will offload 29.98 crore equity shares of face value of Rs 10 in the IPO. The IPO comprise of an offer for sale of 19.12 crore equity shares by HDFC and up to 10.85 crore equity shares by the joint venture partner Standard Life (Mauritius Holdings).

Three PSBs get rating upgrade over recapitalisation plan

Following the government’s plans to infuse capital in public sector banks, global rating agency Moody's Investors Service on Monday changed the outlook for three state-owned banks to stable from negative.

The three banks are Bank of India (BoI), Union Bank of India (UBI) and Oriental Bank of Commerce (OBC). The government last month announced its plans to infuse Rs 2.11 lakh crore into the struggling state-run banks over two years. This, the rating agency said, is credit positive for the banks.

Sensex, Nifty flat in late morning deals

The benchmark Sensex was trading flat in late morning deals hovered by lower Asian cues and crude jumped as Saudi Arabia's shake-up on anti-corruption crackdown.

Remain light, sell on rallies

The market remained on a roll and made fresh highs. To add to the momentum, FPIs, who had been sellers for quite some time, turned buyers as well. The momentum in mid-cap and small-cap stocks saw them outperforming the benchmark indices. The Sensex gained 528.34 points, or 1.57 per cent, while he Nifty gained 129.45 points, or 1.24 per  cent. The BSE Midcap Index gained 2 per cent while the BSE Smallcap was up 3.09 per cent.

Moody’s cuts RIL credit outlook to stable

Citing a likely negative free cash flow situation from heavy debt repayments over the next 18 months, global ratings agency Moody's has lowered the credit outlook on Reliance Industries to 'stable' from 'positive' but retained the Baa2 ratings its long-term debt.

Moody's said the company will see large cash outflow over the next 18 months towards paying back its creditors for huge capex it had incurred on the telecom business as well in expansion of the refining and petrochemical business in the past few years.

Promoters, PEs corner lion's share of IPOs

Companies have raised a record Rs 57,000 crore through initial public offerings this year, but more than Rs 45,000 crore of that has gone to promoters and other existing shareholders, leaving only 20 per cent funds for the firms.

Out of the total IPO funds raised by 31 companies so far in 2017, nearly 80 per cent (Rs 45,755 crore) has gone to existing shareholders. This has left Rs 11,115 crore for the companies in the form of fresh capital, according to an analysis of the IPO data available with stock exchanges.

Reliance Nippon AMC could become group’s largest post-listing

Another sector will join the Indian stock market on Monday with the listing of Reliance Nippon Life Asset Management, the first among 42 Sebi-registered mutual funds. The insurance sector joined the stock market in 2016 with the listing of ICICI Prudential Life Insurance Company and it has been followed by five more insurance IPOs so far, including HDFC Standard Life Insurance issue opening on Tuesday.

Air India to sell 2 properties to SBI, may fetch Rs 50 crore

Scouting for funds, Air India is in advanced discussions with public sector lender SBI for sale of at least two residential properties that could net nearly Rs 50 crore, airline and banking sources said.

While the government moves ahead with the process for strategic stake sale, the loss-making airline continues to work on the strategy to divest non-core assets.

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