Market & News

H D F C

Housing Development Finance Corporation announced that it is raising Rs 2500 crore with option to retain oversubscription of Rs 2500 crore through issue of Senior Secured Redeemable Non Convertible Debentures of Rs 10 lakh each on private placement basis.

The object of the issue is to augment the long term resources of the corporation. The proceeds of the present issue would be utilised for financing / refinancing the housing finance business requirement of the corporation. The issue opens and closes on 21 November 2019.

The NCDs will be listed on BSE and NSE.

The issue has been rated CRISIL AAA and ICRA AAA.

Tata Steel

Tata Steel outlined proposals for a transformation programme in Europe. The programme is needed to ensure the business can thrive despite severe market headwinds which have led to a sharp decline in profitability. At the same time, it aims to secure the foundation for investments required to accelerate innovation and the company's journey towards carbon-neutral steelmaking.

Tata Steel highlighted plans to urgently improve its financial performance to make sure the European business becomes self-sustaining and cash positive, while enabling investment to safeguard its long-term future. The plans include a proposed new way of working to boost productivity and reduce bureaucracy as well as a focus on increasing sales of higher-value steel products and solutions.

The programme is focused on four areas to improve financial performance:

▪ Increasing sales of higher-value steels by improving product mix and customer focus;
▪ Efficiency gains by optimising production processes, supported by the application of big data and advanced analytics;
▪ Lowering employment costs, leading to an estimated reduction in employee numbers of up to 3,000 across Tata Steel Europe's operations, about two-thirds of which are expected to be office-based (‘white collar') roles;
▪ Reduction of procurement costs through smarter sourcing and strengthening cooperation with companies within the Tata Steel group.

Through its proposed transformation programme, Tata Steel Europe is initially targeting a positive cash flow by the end of its financial year ending March 2021. It is also aiming for an EBITDA margin of around 10% throughout the market cycle. Based on full year 2019 revenue figures, this would equate to £750 million in EBITDA. With improved earnings and cash flows, Tata Steel Europe will be a financially self-sustaining business able to invest in asset reliability and improvements while also servicing its financial obligations to its lenders and shareholders.

West Coast Paper

West Coast Paper Mills announced the appointment of Virendraa Bangur as additional Director in the category, Non-Executive, Non-Independent Director of the Company.

Wipro

Wipro announced that Appirio, a Wipro company, has partnered with software provider MuleSoft to provide digital integration solutions that allow businesses to enhance the value and versatility of their customer relationship management (CRM) systems.

Appirio's Salesforce implementation solutions enable businesses to design, build, and deploy omni-channel user experiences, while MuleSoft's Anypoint Platform offers integration capabilities to connect any application, device, or data source in a standardized way. The combination of services will allow organizations to leverage Appirio's ability to develop and execute Salesforce strategies while also utilizing MuleSoft's ground breaking APl-led framework. The result is a 360- degree view of enterprise operations and new customer insights that form the basis for delivering engaging experiences across all consumer touch points.

Alkyl Amines

Alkyl Amines Chemicals announced that the company has on 18 November 2019 sold 29,77,996 equity shares representing 30.44% stake held in Diamines & Chemicals. With this sale, Diamines & Chemicals has ceased to be an associate company of Alkyl Amines Chemicals.

Uttam Value Ste.

Uttam Value Steels will hold a meeting of the Board of Directors of the Company on 22 November 2019.

T N Petro Prod.

Tamil Nadu Petro Products announced that Dr Aneesh Sekhar S, IAS (DIN 07887010), Non Executive Non Independent Director nominated by Tamil Nadu Industrial Development Corporation (TIDCO) has resigned from the Board of the company with effect from 18 November 2019 consequent to withdrawal of his nomination by TIDCO.

Cosmo Ferrites

The Board of Cosmo Ferrites has appointed Rajesh Kumar Gupta as an Additional Director in capacity of Non Executive Independent Director of the Company w.e.f 19 November, 2019.

Elcid Investment

Elcid Investments will hold a meeting of the Board of Directors of the Company on 12 December 2019.

S A I L

Steel Authority of India has received revision in credit ratings from India Ratings and Research as under -

Long Term Bond - IND AA-/ Negative (Affirmed; Outlook Revised to Negative from Stable)

Commercial paper - IND A1+ (Affirmed)

Non fund based limits - IND AA-/ Negative (Affirmed; Outlook Revised to Negative from Stable)

Fund based working capital limits - IND AA-/ Negative/ IND A1+ (Affirmed; Outlook Revised to Negative from Stable)

Non fund base working capital limits - IND A1+ (Affirmed)

Bank loan - IND AA-/ Negative (Affirmed; Outlook Revised to Negative from Stable)

Public Deposit - IND tAAA/Negative (Affirmed; Outlook Revised to Negative from Stable)

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