Eros Intl says working with CARE on credit rating

Eros International Plc, listed on the New York Stock Exchange, denied short-seller allegations about financial misappropriations at the the India-based content aggregation company said it was also working with CARE Ratings to address their concerns. It also announced a $20 million (Rs 138 cr) share repurchase program. The company’s stock also took a knock last […]

Nifty likely to remain below 10,000 as stocks enter long-term correction

The key Nifty 50 stock index in India is likely to breach the 10,000 support mark this week as the Indian stock market enters what many have called its deepest correction since the 2008 financial crisis. The Nifty, which reflects the stock prices of 50 bluechip stocks traded on the National Stock Exchange, had gone […]

Reliance Industries 10 rupees away from $100 bln market cap, after TCS

Three months after Tata Consultancy Services became the first Indian company to achieve a market capitalization of $100 bln (Rs 6.85 lakh cr), Reliance Industries is close to the $100 bln mark as well. At present, there are only around 100 companies in the world whose shares are worth $100 bln or more, including the […]

Moody’s downgrades IDBI Bank over lower govt support

Moody’s Investors Service has downgraded debt issued by IDBI Bank over concerns on “reduction in the amount of extraordinary government support incorporated into the bank’s ratings and its weak standalone credit profile,” the bank said. While earlier, Moody’s used to assume that government support for IDBI Bank was at the top-end of the ‘very high’ […]

Glaucus questions stock price of Hong Kong-listed Fullshare Holdings Ltd

Glaucus Research Group, a California-based short seller, said it was selling Hong Kong-listed developer Fullshare Holdings due to peculiar trading patterns seen in the stock’s counter. “Fullshare is supposedly a commercial and residential property developer, but this business is tiny compared to its market capitalization. In FY 2016, Fullshare generated a paltry RMB 132 million […]

Vodafone Idea merger to save Rs 7,000 cr per year; one-time cost Rs 3,000 cr

The Idea Cellular-Vodafone merger announced today will save about Rs 14,000 cr in operating expenses per year for the combined entity after four years of merger, the two companies said. However, due to the applicability of spectrum caps on the combined entity, the deal will also cost Rs 3000 cr in present value in terms […]

Vodafone merger values Idea at Rs 109.76 per share

The merger deal between Idea Cellular and Vodafone India values equity shares of the Aditya Birla Group company at about Rs 109.76 at the time of completion of the merger, 2% below its present trading value. According to the terms of the contract, when the merger of Vodafone India with Idea is completed, Idea will issue a […]

Investors starting to understand Mukesh Ambani’s telecom game – Angel Broking

Investors are only now starting to realize the plan that Mukesh Ambani and his telecom brainchild, Reliance Jio, have put into practice, and are therefore driving stock prices of his company higher, said Angel Broking, a retail-only stock-broker. Reliance Industries share prices surged 11% on Wednesday, the first time it has moved so much in […]

Nandan Denim to issue 50 lakh warrants at Rs 200 each

Nandan Denim Limited (NDL), a Gujarat- based fabric manufacturer, said it is planning to issue 50 lakh convertible warrants to foreign investors at Rs 200 each, aggregating to Rs 100 cr. “The company will be issuing 25 lakh fully convertible warrants each to Foreign Portfolio Investors, LTS Investment Fund Ltd and LGOF Global Opportunities Ltd […]

Jet Airways denies rumors of Etihad stake increase

Jet Airways, one of India’s top three airlines, denied rumors of its foreign partner Etihad Airways, approaching the government for permission to increase its stake in the Indian airline. “With reference to news item appearing in leading newspaper dated June 24, 2015 titled, “We would like to state that certain media reports about Etihad Airways […]

Edelweiss downgrades Nestle India to ‘reduce’ on Maggi muddle

Edelweiss, one of India’s biggest brokers, has downgraded Nestle India to ‘reduce’ from ‘hold’ over the controversy surrounding one of its biggest revenue drivers – Maggi noodles. Some state governments have alleged that the noodles contain lead and high levels of MSG, which the company denies. Sales of Maggi noodles are expected to have halved […]

Valuation of IT stocks like TCS, Infosys at historic lows, not much downside – Edelweiss

Stocks of Indian IT service providers like Tata Consultancy Services, Infosys Ltd, HCL Technologies etc. are near their historic lows in terms of valuation and do not have much more scope for further correction, Edelweiss Financial Services said. “IT stocks have corrected sharply in the past couple of months led by INR appreciation and portfolio […]