Tata Steel: Tata Steel UK has signed a definitive sale agreement to sell two of its pipe mills in Hartlepool to Liberty House Group. The sale agreement covers the 42-inch and 84-inch pipe mills, also known as the Submerged Arc Weld (SAW) mills. These mills manufacture steel used in oil and gas pipelines and employ around 140 employees. Incidentally, the two mills use steel plates sourced from outside Tata Steel, and are thus independent of the company’s strip products supply chain.
IndusIndBSE 0.69 % Bank: Brokerage CLSA has raised its target for the stock to Rs 1,870 from from Rs 1,680. The brokerage expects the lender to see 25 per cent CAGR over FY17-20. It has raises the bank’s earnings estimates by 1-2 per cent and said that the strengthening of CASA franchise aids derisking of loans.
ICICI Bank: As per a media report, ICICI Bank and Prem Watsa’s Fairfax Financial Holdings may together dilute a stake of at least 20 per cent in the initial public offering (IPO) of ICICI Lombard General Insurance Co. ICICI Lombard’s IPO will be the first public offering by a general insurance company.
Adani Power: The commerce ministry has deferred a decision on allowing Adani Power to transfer its Mundra power plant to a subsidiary and sought a no-objection certificate from the project’s lenders to consider the proposal. The board of approval (BoA) on special economic zones postponed the decision after noticing that the proposed transfer of the thermal power plant was being done without the transfer of the liability of debt,a commerce ministry official said.
Liquor stocks: Liquor stocks will be in focus on Wednesday after the Supreme Court clarified that the ban on sale of alcohol within 500 m of any state or national highway will not cover roads within city limits if these lose the highway tag post denotification.
Birtannia, ITC: The Supreme Court has asked Britannia IndustriesBSE 0.39 % and ITC to settle their dispute regarding the alleged deceptive packaging of their digestive biscuits out of court. “The matter is adjourned sine die to enable the parties to effect an out-of-court settlement,” a bench of Justices Ranjan Gogoi and Navin Sinha said.