Vedanta Resources: Moody’s Investors Service upgraded Vedanta Resources’ corporate family rating to Ba3 from B1. Moodys has also upgraded the company’s sr. unsecured bond rating to B2 from B3 while marking the outlook marks as ‘stable’.
Mahindra and Mahindra: M&M has opened its new plant with an investment of 230 million dollars in the world’s car capital, Detroit, which got its prime automotive production facility in 25 years. The new plant is expected to generate 250 employment in the US.
Jet Airways: India’s second-largest airline aims to cut costs by up to 15%, increase ancillary revenue by Rs 250 cr, and increase capacity at a CAGR of 10 % over 3 years, as per the report.
Reliance Industries: Reliance Industries has raised USD 800 mln by selling ten-year bonds, making it the first company to take benefits of India’s rating upgrade last week.
Reliance Communications (Rcom): Lenders of RCom approved the sale of its real estate assets in Delhi & Chennai to Canada-based asset management firm Brookfield.
State Bank of India: SBI may consider listing its general insurance arm SBI General Insurance, a JV with Insurance Australia Group, within 24 months to improve its capital cushion as the govt plans to recapitalize the banks. SBI may raise Rs 2500 cr, by divesting 20% in SBI General, based on its current performance.
Report by SEBI Registered Stock Advisory Company.