Key News Tata Motors, IDBI Bank & JSW Steel Ltd by SPA Securities
Key News
Tata Motors expects CV sales to grow 38% in FY22, beat industry:
Executive Tata Motors expects to grow more than 36 per cent in Financial Year 2021- 22 (FY22) helped by its new models and the economy recovering after the coronavirus pandemic’s economic impact, said a top executive of the company. “Our target is to grow more than the industry and strengthen the leadership position,” Girish Wagh, president, commercial vehicle business unit at Tata Motors, told Business Standard about plans made by India’s largest commercial vehicle maker by sales.
IDBI Bank, out of PCA, faces tightrope act between growth and reducing NPAs
The Reserve Bank of India (RBI) took little more than a year to be certain that IDBI Bank can hold its neck above the water. The regulator freed IDBI from its 'prompt correction action' (PCA) framework on Wednesday, allowing the private sector lender to expand business. Asutosh Mishra, who works for Ashika Stock Broking, is confident that as investors return to public sector bank stocks, IDBI Bank is likely to gain too. “The rerating possibility is very high,” he adds.
Prestige Estates sells assets worth Rs 7,467 crore to Blackstone Group
Prestige Estates Projects has completed phase one of the proposed transaction with Blackstone Group with enterprise value forming part of phase one at Rs 7,467 crore. The total enterprise value including phase two is Rs 9,160 crore as mentioned in the initial disclosure. Prestige said the overall transaction includes a 100 per cent stake sale in six completed office projects including a hotel and a 50 per cent stake sale in four underconstruction projects. It will also include 85 per cent stake sale in nine shopping malls. Phase one of the transaction includes the sale of 12 assets comprising of completed retail, office and hotel assets. Phase two of the transaction is expected to complete by the end of next quarter.
JSW Steel crude steel production at 1.3 mn tn in Feb, down 1% from last yr
JSW Steel, the flagship business of 12 billion dollar JSW Group, on Thursday reported crude steel production of 13.06 lakh tonnes in February, down by one per cent from 13.2 lakh tonnes in the same month of previous year. The average capacity utilisation was 93 per cent, it said in a statement. The production of flat rolled products totalled 9.27 lakh tonnes in February, down 6 per cent from 9.82 lakh tonnes in the year-ago period. But the production of long rolled products rose dramatically by 10 per cent to 3.4 lakh tonnes in February from 3.08 lakh tonnes the same month last year
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