Companies and Markets

Companies & Markets

CVD perks up Jindal Stainless, sends steel maker’s scrip flying

The progressive recovery of steel market and recent imposition of countervailing duty (CVD) on flat stainless steel products has given a fresh lease of life to stressed steel maker Jindal Stainless.

The company’s scrip is flying on the bourses, gaining more than six times its value in the last one year. 

ICICI Pru’s top holders weigh $570 million offering

ICICI Prudential Life Insurance’s two biggest shareholders are weighing a sale of about a 6 per cent stake in the Indian insurer, according to people with knowledge of the matter.

Prudential and ICICI Bank are considering a possible deal to pare their stakes as soon as in the next few months, said the people, who asked not to be identified as the information isn’t public.

The stockholders are weighing a sale to help the Mumbai-based company meet the requirement of a minimum 75 per cent public float, according to the people.

Danfoss seeks to double turnover from India operations in 3 years

Danish energy efficiency equipment provider Danfoss, which wants to double its turnover from India operations to Rs 2000 crore in three years, is preparing MSME suppliers to meet its quality specifications.

Danfoss had moved to a new facility at Oragadam near Chennai couple of years back. It had invested Rs 500 crore on the facility located in a 50-acre land. Currently, local manufacturing accounts for 20 per cent of the sales of the company in India. It produces energy efficient electronic controls for power sector, refrigeration, air-conditioning and commercial compressors.

Thyssenkrupp works council softens stand on Tata deal

Thyssenkrupp’s works council is prepared to consider a merger of the group’s European steel operations with those of Tata Steel, even though it remains opposed to such a move as a way to restructure the business.

“Negotiations will be difficult,” Wilhelm Segerath, head of Thyssenkrupp’s works council and member of the group’s supervisory board, told reporters on Tuesday. “We will examine it and if in the end our conditions are fulfilled and the whole unit is debt-free then it’s a possibility.”

The works council wants job and plant guarantees and investment pledges.

Tata stocks get a boost as Chandra begins rejig of group structure

Select Tata Group stocks notched up handsome gains on Tuesday as the group is on a drive to reduce crossholdings. This exercise of the $104 billion group is aimed at lowering debt burden and interest expenses.

Shares of Tata firms holding stake in other group companies rose between 1 per cent and 5 per cent on BSE. Tata Motors, Tata Motors DVRs, Tata Chemicals, Tata Power and Tata Global Beverages have kicked off the process of reducing cross holdings.

Infosys’ Sikka man and senior VP Rajagopalan quits

Infosys senior vice president Sanjay Rajagopalan has resigned, a month after Vishal Sikka stepped down as the company's MD and CEO.

In his Linked In profile, Sanjay Rajagopalan described himself as a "free man."

He also mentioned that he was employed with Infosys from August 2014 to September 2017, a duration of three years and two months.

It was widely anticipated that Rajagopalan would quit after Sikka had put down his papers.

Sikka had brought some of his former SAP colleagues to Infosys to help him implement his new initiatives.

'Frothy' assets spark concerns as cash floods Indian markets

From officials of India’s central bank and the market regulator to fund managers, people are fretting over elevated asset prices.

The nation’s equities and bonds have rallied even as economic growth sags to its weakest since 2014, and earnings remain stubbornly weak. The reason: a surge in local flows after last year’s cash ban and buoyant global markets.

Sebi allows Reits, InvITs to issue bonds

In an effort to make Real Estate Investment Trusts (Reits) and Infrastructure Investment Trusts (InvITs) more attractive to investors, markets regulator Sebi on Monday relaxed rules to allow these trusts to raise funds by issuing debt securities.

Sebi also updated its board on action being taken against suspected shell firms.

Reits and InvITs that are listed on stock exchanges will be allowed to issue these bonds, the regulator said in a statement after its board meeting.