TOP CORPORATE NEWS - 09 SEP 2016

ICICI Prudential IPO to hit markets on Sep 19

The Rs6,000 crore maiden public issue of Prudential"): ICICI Prudential Life Insurance Company, which is a joint venture between banking major ICICI Bank and UK's Prudential Corporation Holdings, is set to open for subscription on September 19, 2016.

This will be the first ever IPO by an insurer in India. The IPO will close on September 21, 2016. The company is aiming to sell up to 18.13 crore shares in a price band of Rs 300-334, making it the biggest IPO of the calendar year.

SAIL dips 6% on weak Q1 earnings

Shares of Steel Authority of India Ltd slipped over 5 per cent on the Bombay Stock Exchange (BSE) after reported a net loss of Rs 535.52 crore during the April-June quarter ended June 30, 2016.

“The standalone net loss of the company stood at Rs 248.18 crore in the same period a year ago,” said Steel Authority of India Ltd in a filing to the Bombay Stock Exchange.

Its total income has decreased from Rs 9,699.98 crore for the quarter ended June 30, 2015 to Rs 9,327.36 crore for the quarter ended June 30, 2016.

IDBI Bank surges as ADB plans to acquire stake

Shares of IDBI Bank surged 5% to Rs79.75 on NSE in an otherwise weak markets on reports that the Asian Development Bank is in talks with the government to acquire stake in IDBI Bank.

This is sentimentally positive for the bank as it will help recapitalize the bank and bring in a strong financial partner.

Maruti Suzuki board to consider stock split proposal

Maruti Suzuki board will consider a stock split proposal given the sharp surge in stock price; sentimentally positive.

Yes Bank falls on advise to defer proposed QIP

Yes Bank has been advised by its appointed Merchant Bankers to defer its proposed QIP due to extreme volatility because of misinterpretation of new QIP guidelines – Sentimentally negative

Owing to this news, shares of Yes Bank fell 3% to Rs1290 on NSE so far.
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