SBI to come up with roadmap for merger of subsidiaries
SBI
Chief Mrs Arundhati Bhattacharya said that, the bank will come out with
roadmap of merger of its associate banks in a month’s time. The merger
of associate banks with result in further expansion in market share and
hence will be positive for bank over medium to long term.
Sun Pharma-Ranbaxy: Court approves merger
Sun
Pharma-Ranbaxy merger: Gujarat High Court approves merger;
sentimentally positive. The Gujarat High Court has approved the proposed
merger of Sun Pharma and Ranbaxy. However, a crucial clearance from
competition commission of India (CCI) and competition commission in US
remains pending.
ICICI Bank gains 2% on stock split plans
Shares
of private banking leader ICICI Bank Ltd gain 2% to Rs1763 on NSE as
the bank has fixed record date as December 05, 2014 for the purpose of
ascertaining the eligible shareholders who would be entitled to receive 5
(Five) equity shares of nominal value of Rs2 each in lieu of 1 (One)
equity share of nominal value of Rs10 each of the Bank. Today the stock
gained another 2 per cent as the stock rallied to a fresh all-time high
of Rs 1,770. The stock is now up 1.8 per cent at Rs 1,766, and around
142,000 shares have changed hands at the counter so far on the BSE.
Tata Steel’s Thai unit expects net profit for 2014-15
Tata
Steel’s Thai unit expects net profit for 2014-15; Sentimentally
positive. It expects to post a net profit for the FY2015, bouncing back
from a H1FY2015 loss by boosting sales of high-margin products. During
H1FY2015, it reported a net loss of USD2.14mn due to weak construction
demand and the impact of imports of steel bar products from China. It
expects sales of more than 1.1 million tonne in the current financial
year (as against 1.3 million tonne in previous year).
Aurobindo Pharma to consider raising of funds via securities
Aurobindo
Pharma to consider raising of funds through securities; positive. The
Board of Aurobindo Pharma is likely to meet on November 25, 2014, inter
alia, to consider raising of funds through issue of securities.
Aurobindo Pharma has recently announced to bidding for Natrol in US for
US$132.5 million plus certain liabilities and it also plans Rs1300 crore
capex over next two years. The company currently has debts close to
US$440mn. The additional equities will ease off pressure on balance
sheet.
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