SpiceJet share price fell as much as 4.77 per cent on Friday on reports that the company has allegedly defaulted on payments to the Airports Authority of India

SpiceJet share price fell as much as 4.77 per cent on Friday on reports that the company has allegedly defaulted on payments to the Airports Authority of India (AAI) towards landing, parking and route navigation charges, among others, and its total dues stand at Rs 155.49 crore.

At 1.23 pm, the share price of SpiceJet was trading 3.43 per cent down at Rs 64.80. The scrip opened at Rs 67.40 and had touched a high and low of Rs 67.45 and Rs 63.90, respectively, in trade so far. Sensex was down 190.25 points at 25,062.07.

However, SpiceJet in a statement to PTI said that there is no default in payment to AAI since January this year. “There is no default in payment to AAI since January 2015. SpiceJet has been making regular payments to AAI as per agreed payment terms between SpiceJet and AAI,” the airline said in the statement.

In the past one year, the share price of SpiceJet climbed 314.20 per cent to Rs 67.10 on December 10. Sensex fell 9.27 per cent during the same period.

For the quarter ended September 2015, the company posted net profit of Rs 23.77 crore, up 107.66 per cent, against net loss of Rs 310.45 crore in the corresponding quarter a year ago.

At 12.25 pm, Tata Steel, Jindal Steel, SAIL and JSW Steel were up 3.41 per cent, 2 per cent, 1.47 per cent and 1.33 per cent, respectively. Sensex was down 142 points at 25,109. (Photo: Reuters)

Share price of steel majors gained over 3 per cent on reports that government is likely to impose more curb on steel imports. Government in September imposed 20 per cent import tax on some steel imports which failed to contain losses for producers.

At 12.25 pm, Tata Steel, Jindal Steel, SAIL and JSW Steel were up 3.41 per cent, 2 per cent, 1.47 per cent and 1.33 per cent, respectively. Sensex was down 142 points at 25,109.

According to market analysts, duty on minimum import price (MIP) or increase in MIP likely in next few weeks. In November steel imports declined 6.9 per cent to 0.76 mt tonnes, its first decline in almost eight months.

SBI Securities in a research report said, “We expect an upward bias in steel prices, mainly driven by curtailment in steel production across regions, including China, due to decline in spreads. We believe this curtailment will likely slow down the pace of steel exports from China. We have ‘Buy’ rating on Tata Steel and JSW Steel and have ‘Hold’ rating on SAIL. The likely revival in earnings is yet to be factored in stock price.”

The government is considering imposing safeguard duty on certain steel imports to protect the domestic industry from the surge in shipments from countries like China and Korea. Dometic steel companies, which have taken huge loans for capacity expansion, are under severe stress as cheap imports are eating into their domestic share.

Earlier, SAIL, Essar Steel, JSW Steel and Jindal Steel & Power moved the Directorate General of Safeguard for imposing levy on imports of ‘hot-rolled flat sheets and plates of alloy or non-alloy steel’ to “protect the domestic producers” from increased imports.

In September, the government imposed a provisional safeguard duty of 20 per cent on import of hot-rolled flat products of non-alloy and other alloy steel.

In August, the government had hiked import duty on base metals, including iron and steel, by 2.5 per cent, in a move aimed at helping domestic players battle out cheap Chinese imports after the currency devaluation by China.

In June, India also slapped anti-dumping duty of up to $316 per tonne on imports of certain steel products from three countries, including China.

(With inputs from agencies)

Narayana Hrudayalaya IPO plans: (From L-R)Indraneil Borkakoty (Jefferies India private Limited), Kesavan Venugopalan (Group CFO, Narayana Hrudayalaya Limited), Ashutosh Raghuvanshi (Managing Director & CEO, Narayana Hrudayalaya Limited), Dr Devi Shetty (Chairman, Narayana Hrudayalaya Limited), Viren Shetty (Executive Director Narayana Hrudayalaya Limited), Dr. Subramanian (Axis Capital Limited), Anish Damania (IDFC Securities Ltd.)

After the success of Alkem Laboratores and Dr Lal Pathlabs initial public offers, another healthcare company ‘Narayana Hrudayalaya’ is set to hit Dalal Street with its initial public offering (IPO) on December 17.

Narayana Hrudayalaya was founded in 2000 by promoter, Devi Prasad Shetty, who has over 30 years of medical experience as a cardiac surgeon, the company is one of the leading private healthcare service providers in India, operating a chain of multispecialty and primary healthcare facilities.

The IPO, which would close on December 21, would be made through an offer of sale of up to 2.45 crore equity shares representing 14.04 per cent stake in the company by the promoters and other existing shareholders. Post IPO, the promoters will hold 65 per cent stake in the company.

Going by the Rs 245 – Rs 250 price band offered per equity share, Narayana Hrudayalaya would raise up to Rs 601 crore – Rs 613 crore. The minimum bid lot is for 60 equity shares and in multiples of 60 shares thereafter.

The book running lead managers to the offer are Axis Capital, IDFC Securities and Jefferies India.The anchor investor shall bid on the anchor investor bidding date which is one Working Day prior to the offer opening date.

The hospital has a headquarter in Bengaluru, it operates a national network of hospitals in India with a particularly strong presence in the southern state of Karnataka and eastern India, as well as an emerging presence in western and central India.

As of September 30, 2015, it had 11,163 employees, which included 344 doctors, 5,587 nurses, 1,996 paramedical staff and 3,236 administrative personnel.

Additionally, it had 487 students, which included 469 doctors, 14 paramedics and 4 administrative trainees. Further, it had 1,750 doctors on a consultancy basis (including visiting consultants) engaged in the system. In FY 2015, the facilities provided care to over 1.97 million patients.

The initial public offerings of drug maker Alkem Laboratories and diagnostic chain Dr Lal PathLabs got robust investor response, with 44.23 times and 33.31 times over subscription, respectively, on the last day of bidding on December 10. Both of these IPOs were opened for suscription on December 8.

(With agency inputs)

The BSE Sensex and NSE Nifty opened on a flat note to cautious note on Friday tracking Asian markets. Sensex opened 29.45 points up at 25,281, while NSE Nifty opened 16.30 points up at 7,699.60. (Reuters)

10.11 am: Healthcare services major Narayana Hrudayalaya Ltd on Thursday fixed the price band between Rs 245 and Rs 250 for its initial public offer (IPO), which will
hit the capital market on December 17. Sensex was down 51 points at 25,200.

9.46 am: Cipla has received an approval for transfer of the consumer healthcare business of the company to Cipla Health on a going concern basis by way of a slump sale for a lump sum consideration of Rs 16 crore. The board of directors at their meeting held on December 10, 2015 has approved for the same. Cipla Health is a newly incorporated subsidiary of the company and was incorporated on August 27, 2015. It will focus its business activities in the consumer healthcare space. The consumer healthcare business to be transferred to Cipla Health includes the scope of the business as approved on July 09, 2015, along with certain additional business. The share price of Cipla was up 0.78 per cent at Rs 640.15.

9.23 am: Sensex was down 51.73 points at 25,196. Share price of Texmaco Rail and Engineering were up 6.58 per cent at Rs 147.30. The share price of the company jumped after it informed BSE on Thursday post market hours that a four-company consortium of Texmaco Rail & Engineering, Kolkata, Hitachi Ltd, Mitsui & Co and Hitachi India, a Hitachi subsidiary has won a contract for the design and construction of Signal and Telecom works – STP5, a part of the dedicated freight corridor traversing India’s biggest industrial cluster between Delhi and Mubai from the Dedicated Freight Corridor Corporation of India. The sector covered by the contract, which is worth a total of approx Rs 1,800 crore will cover 915 km distance between Rewari in the State of Haryana and Vadodara in the State of Gujarat.

9.21 am: In the NSE Nifty50 index, Tata Steel, Hindalco, Vedanta, HUL and Bosch were up between 0.50 per cent and 2.10 per cent. On the other hand, ITC, TCS, Mahindra & Mahindra, HCL Tech and Bharti Airtel were down between 0.45 per cent and 0.60 per cent. Nifty was marginally down 2 points at 7,681.25.

9.16 am: Shares of Maruti Suzuki will remain in focus on Friday as the nation’s biggest carmaker by sales, plans to raise prices of its cars by up to Rs 20,000, starting January 1, to offset cost increases and unfavourable foreign exchange rates. Shares of Maruti Suzuki were up 0.34 per cent at Rs 4511.80. Sensex was marginally down 14 points at 25,238.

9.15 am: The BSE Sensex and NSE Nifty opened on a flat note to cautious note on Friday tracking Asian markets. Sensex opened 29.45 points up at 25,281, while NSE Nifty opened 16.30 points up at 7,699.60.

Asian shares slumped on Friday, on track for a weekly loss as plunging crude prices heightened fears about receding global growth, while China’s yuan hit its weakest level in more than four years.

A supply glut in oil markets and cooling growth in China, the world’s biggest commodities consumer, have pressured many asset markets ahead of a widely expected hike to US interest rates by the Federal Reserve next week.

Back home, domestic shares rebounded from an oversold position on Thursday to rise for the first time in seven days as the benchmark BSE Sensex perked up by more than 216 points on value-buying in recently beaten-down commodity stocks, led by Reliance Industries, Hindalco and Tata Steel.

The initial public offerings of drug maker Alkem Laboratories and diagnostic chain Dr Lal PathLabs elicited robust investor response, with 44.23 times and 33.31 times over subscription, respectively, on the last day of bidding on Thursday.

(With agency inputs)

The BSE Sensex and NSE Nifty are likely to open flat with negative bias on Friday tracking SGX Nifty and Asian markets. (Photo: Reuters)

The BSE Sensex and NSE Nifty are likely to open flat with negative bias on Friday tracking SGX Nifty and Asian markets.

At 8.29 am (IST), SGX Nifty was marginally down 9 points, or 0.12 per cent, at 7,690.

Asian shares slumped on Friday, on track for a weekly loss as plunging crude prices heightened fears about receding global growth, while China’s yuan hit its weakest level in more than four years.

A supply glut in oil markets and cooling growth in China, the world’s biggest commodities consumer, have pressured many asset markets ahead of a widely expected hike to US interest rates by the Federal Reserve next week.

Back home, domestic shares rebounded from an oversold position on Thursday to rise for the first time in seven days as the benchmark BSE Sensex perked up by more than 216 points on value-buying in recently beaten-down commodity stocks, led by Reliance Industries, Hindalco and Tata Steel.

Shares of Maruti Suzuki will remain in focus on Friday as the nation’s biggest carmaker by sales, plans to raise prices of its cars by up to Rs 20,000, starting January 1, to offset cost increases and unfavourable foreign exchange rates, a company spokesman said on Thursday.