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Vedanta's Sterlite Copper Plant Shutdown et al

Professor of Financial Economics and Part-time Value Investor, Transfin.
May 29, 2018 12:14 PM 1 min read
Editorial

End of Day Wrap-up (Tuesday / May 29, 2018) #RCom #Reliance #Sterlite #Vedanta #BinaniCement #Fortis #CoalIndia #Transfin

Editor's comment: c.1m bank employees to go on 2-day strike starting Wednesday as negotiations with Union govt on proposed wage hike fail. In light of banking sector's NPA woes the government had offered a 2% wage hike vs. 2012-2017 revision of 15%.

 

RCom's tower and fibre arm Reliance Infratel reach settlement with minority investors allowing its sale to Jio. Business offers additional INR500cr upfront payment to operational creditor Ericsson to clear ongoing dispute. RCom's share price up 4.25% by close of business.

 

Tamil Nadu government shuts down Vedanta's Sterlite copper plant at Thoothukudi in light of 13 people getting killed in last week's protests. Facility said to contribute c.5% of overall EBITDA for Vedanta Group.

 

Committee of Creditors of Binani Cement vote in favour of UltraTech's INR7,960cr acquisition offer. 100% votes case in favour of offer by the Aditya Birla Group firm. The acquisition has been part of resolution plan for the financially distressed cement producer.

 

Fortis board initiates fresh bidding process, terminating Munjal-Burman's initial offer. Also invites original three bidders Munjal-Burman Consortium, TPG-Manipal Consortium, and IHH Healthcare to participate in the process.

 

Coal India, country's largest miner, posts 52.3% dip in consolidated net profit to INR12.95 billion in Q4, on back of higher employee cost.