Stocks In Action, 08 October 2012
DSIJ Intelligence / 07 Oct 2012
From the media reports London-listed Vedanta Resources has tied up funds to repay 95% of its $4.1 billion debt maturing in the current fiscal. The mining-metals-oil conglomerate, led by Anil Agarwal, had a gross debt of $17 billion as on March, 2012, including $7.7 billion debt of its subsidiaries. Of this, $4.1 billion debt is maturing in the current fiscal. This is positive news for the company as on a consolidated basis the company is sitting on huge debt which was one of the major overhang on the stock’s performance. Other group companies listed on the Indian markets like Sterlite Ind, Sesa Goa, and cairn India will see some positive momentum today.
According to the media TCS is expected to bag a deal that is worth approximately 400 million pounds and the contract period lasting about 8 to 10 years. The UK Home department is in talks with the IT giant to support its new Disclosure and Barring Services (DBS) operations. This would bring about volatility with an upward bias in stock prices of TCS today.
Kingfisher Airlines, which was in talks with its striking staff over negotiations about payment of overdue salaries took a hit with the suicide of a staff member’s wife on which the staff held a protest march. The airline has grounded its fleet since last Monday. The aviation regulator, DGCA is now seeking a legal option towards the cancellation of KFA’s licence, said aviation minister Ajit Singh on Friday. This move has been on account of concerns over safety and the ability to maintain operations. The already suffering stock price of Kingfisher is expected to see a further downfall.
Suzlon, on Friday bagged a contract from Surat Municipal Corporation for setting up a 8.4 MW project in Gujarat that would comprise of four Suzlon turbines. Surat Municipal Corporation, while commenting on the deal said they’re looking at Suzlon as a long-term partner. Suzlon had earlier provided the municipal body with 3 turbines in 2010. Share prices of the wind turbine maker are expected to see a rise today.
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