ICICI Bank, HDFC Bank, APSEZ to be watched

July 06,2020

ICICI Bank said that the meeting of the board of directors of the bank is scheduled on 8 July 2020 to consider and approve the proposal of raising funds by issue of equity shares and/or other equity linked securities, through permissible mode(s) including but not limited to a private placement, preferential issue, qualified institutions placement, further public offer, etc., or any combination thereof.

HDFC Bank's advances aggregated to approximately Rs 10,045 billion as of June 30, 2020, a growth of around 21% as compared to Rs 8,297 billion as of June 30, 2019 (Rs 9,937 billion as of March 31, 2020). The bank's deposits aggregated to approximately Rs 11,895 billion as of June 30, 2020, a growth of around 25% as compared to Rs 9,546 billion as of June 30, 2019 (Rs 11,475 billion as of March 31, 2020).

Adani Ports and Special Economic Zone (APSEZ) on Friday (3 July) said it achieved a throughput of 41.5 MMT across its nine operating ports in India during Q1 June 2020. During the quarter, Mundra Port surpassed Jawaharlal Nehru Port Trust (JNPT) volume to become the largest container port in India.

NLC India and Coal India, both under the administrative control of Ministry of Coal, executed a joint venture agreement on 3 July 2020 for formation of a joint venture company to develop solar and thermal power assets to the tune of 5,000 MW on pan India basis. The equity participation in the proposed JVC between Coal India and NLC India will be in the ratio of 50:50. This JV company marks a new era in the power sector, with the synergy and expertise of two Central Public Sector Undertakings under the Ministry of Coal, the statement said.

Marico on Friday issued an overall summary of the operating performance and demand trends witnessed in Q1 June 2020. Marico witnessed significant disruptions during the first fortnight of April, but since then has been able to steadily scale up operations to near-normal levels in June. The company said it remains cautiously optimistic about the future as it unfolds, however much will depend on the extent of the spread of COVID-19 in India and overseas and how the on-ground environment evolves in conjunction with the response of respective governments.

Sobha announced sales volume of 650,400 square feet valued at Rs 488 crore, with a total average realization of Rs 7,498 per square feet in Q1 June 2020. Sobha said the price realization remained stable in Q1 June 2020. The company achieved new sales volume of 650,400 square feet in Q1 June 2020 from 1,063,632 square feet in Q1 June 2019. Total sales value dropped to Rs 487.70 crore from Rs 777.70 crore. Sobha's share of sales value declined to Rs 393.10 crore from Rs 660.60 crore. Total average realisation was Rs 7,498 per square feet over Rs 7,312 per square feet.

Indiabulls Housing Finance reported 86.4% drop in consolidated net profit to Rs 137.06 crore on 32% fall in total income to Rs 2954.20 crore in Q4 March 2020 over Q4 March 2019.

Meanwhile, the company's board approved issuing unsecured and/or secured, listed and/or unlisted, redeemable non-convertible debentures, with or without warrants, or any other similar security denominated in Indian rupee, or combination thereof, in one or more tranches for an aggregate amount up to Rs 5,000 crore (equivalent currency) on private placement basis or otherwise. Further, to augment the long term resources of the company, the board also approved raising rupee equivalent of up to $300 million, through one or more qualified institutions placement (QIPs).

Shriram Transport Finance Company is planning to raise funds. The NBFC will raise funds by issuing debt securities in onshore/offshore market by public issue and/or private placement basis and commercial papers. Separately, the NBFC announced that its board will meet on Monday (6 July) to consider the terms of the proposed rights issue, including the rights entitlement ratio, issue price and record date.

L&T Finance Holdings (LTFS) on Friday (3 July) said the agreement to sell its 100% stake in L&T Capital Markets (Middle East) to Proud Securities and Credits has been terminated as the buyer could not receive regulatory approvals to complete the transaction. LTFS had executed the deal with Proud Securities and Credits in November 2019.

PVR has scheduled a board meeting on 6 July to consider rights issue price, record date, rights entitlement ratio, etc. Last month, PVR's board approved raising upto Rs 300 crore through rights issue of equity shares.

Gati reported a consolidated net loss of Rs 62.91 crore in Q4 FY20 as compared to a net profit of Rs 8.28 crore in Q4 FY19. Net sales during the quarter fell 19.4% year-on-year (YoY) to Rs 370.09 crore.

National Fertilizers (NFL) has achieved highest-ever fertilizer sale of 12.85 lakh metric tonnes (LMT) in Q1 June 2020. This is about 21.5% higher than the sales of 10.57 LMT reported in Q1 June 2019.

Hindustan Oil Exploration Company (HOEC) has temporarily suspended operations at PY-1 field from 3 July 2020 considering the Covid-19 situation in Tamil Nadu. The precautionary measure is for ensuring the safety of employees. PY-1 field is in the offshore part of the Cauvery Basin. The field will resume its operations once the situation is improved, the oil & gas exploration and production firm said in a statement.

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