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Maintain ‘buy’ on Bajaj Auto with TP of Rs 3,450
Source:  The Financial Express
Thursday, 24 May 2018 02:50

The demand pipeline looks promising with states such as Telangana, Karnataka and Delhi expected to follow suit.

Wall Street ends up as Federal Reserve seen keeping gradual approach to rate hikes
Source:  The Financial Express
Thursday, 24 May 2018 02:44

US stocks ended with small gains on Wednesday after minutes from the Federal Reserve's latest meeting suggested higher inflation may not result in faster interest rate hikes.

Gujarat success in checking pink bollworm catches Maharashtra attention
Source:  The Financial Express
Thursday, 24 May 2018 02:42

Villages will be advised to go in for one or two varieties of cotton, to go for pickings at the same time, retain cotton only for 140 days so that the pest does not proliferate and also use Phermone traps in case the problem gets serious.

Jake Gyllenhaal To Play Villain In Spider-Man: Homecoming Sequel?
Source:  IPA Newspack
Thursday, 24 May 2018 02:42


The star of Nightcrawler could feature in the webby wall-crawler’s next outing, having entered discussions over a part as the villain in Spider-Man Homecoming 2.

Jake Gyllenhaal To Play Villain In Spider-Man: Homecoming Sequel?
Image: Reuters Pictures
After the international success of Spider-Man: Homecoming, a sequel is in active development.

With Tom Holland back on board as the title character, Jake Gyllenhaal is in discussions to play Marvel Comics nemesis Mysterio, a stuntman and costumed illusionist whose abilities are capable of nullifying Spider-Man’s skills.

Despite being one of the more popular Marvel supervillains, Mysterio has not yet appeared in the Marvel Cinematic Universe thanks to his association to Spider-Man; the webslinger is only one solo film into his MCU existence.

First time out he tangled with Michael Keaton’s Vulture, and Keaton is confirmed to return for the Spider-Man: Homecoming sequel due July 5, 2019.
Marisa Tomei and Zendaya also reprise their roles, with Jon Watts retaining the director’s chair.

Also Watch






via News18

The post Jake Gyllenhaal To Play Villain In Spider-Man: Homecoming Sequel? appeared first on Newspack by India Press Agency.


Madhya Pradesh: 'Vanishing jumbo' has magician in trouble
Source:  Deccan Chronicle
Thursday, 24 May 2018 02:41

Animal rights activists move Indore court seeking action against use in show.

Bhushan Acquisition Likely to Raise Tata Steel’s Leverage: Fitch
Source:  IPA Newspack
Thursday, 24 May 2018 02:38


New Delhi: Rating agency Fitch on Wednesday said Tata Steel’s acquisition of controlling stake in Bhushan Steel is likely to raise its leverage over the next two to three years.

Tata Steel Ltd (TSL), which won the bid for Bhushan Steel Ltd (BSL) under the insolvency process, completed the acquisition of controlling stake of 72.65 percent in the debt-laden firm last week.

“Tata Steel Ltd’s acquisition of a controlling stake in Bhushan Steel is likely to raise TSL’s leverage over the next two to three years…” Fitch Ratings said in a statement.

It has now cleared all the regulatory hurdles needed to proceed with the acquisition after India’s National Company Law Tribunal (NCLT) approved TSL’s debt resolution plan for BSL on May 15, 2018, it said.
BSL, which has steelmaking capacity of around 5 million tonnes per annum (MTPA), was one of five key distressed steel assets put up for bidding under insolvency proceedings in India.

“Under the resolution plan, Bhushan’s financial creditors will receive Rs 352 billion for settlement of existing financial debt. This amount will be financed with new secured debt of Rs 165 billion and cash on TSL’s balance sheet. TSL will subsequently acquire a 72.65 percent equity stake in Bhushan (Steel),” Fitch said.

TSL’s projected steelmaking capacity will increase to 23mtpa with the Bhushan acquisition and including TSL’s own 5mtpa capacity expansion scheduled to be completed in 2022, it said.

This is in line with management’s intention of doubling capacity in India from 13 MTPA in the next five years. Bhushan’s main plant is relatively close, about 150 km away from TSL’s Kalinganagar plant in Odisha in eastern India. Bhushan’s plant is underutilised, producing around 3.5mtpa currently.

TSL believes its turnaround plan will enable the plant to reach close to 100 percent utilisation in two years, it added.

Bhushan’s plant, unlike TSL’s, does not benefit from use of captive raw materials currently. However, TSL envisages gains from improvement in operating metrics and from unified marketing and procurement.

Bhushan’s product mix is enhanced by downstream facilities like its cold-rolling mill and galvanizing units. TSL also has the option to increase capacity at Bhushan’s site in the future, which is useful given the significant time required to set up a green field plant in India.

The BSL acquisition will enable TSL to improve its domestic market share, but Fitch estimates it will raise TSL’s leverage, in terms of net debt to EBITDA, to 4x over the next two to three years from around 3x at end-March 2018.

It said TSL’s net debt will increase by around Rs 35,000 crore due to the acquisition, excluding additional working capital debt at Bhushan.

“We assume additional EBITDA of around INR45 billion in the second year following the acquisition, based on an output of 5 million tonnes and an EBITDA per tonne of around Rs 9,000, based on TSL successfully improving operations at Bhushan to near-optimum levels within two years,” the Fitch statement said.

TSL has also shown interest in acquiring a controlling stake in another steel asset – Bhushan Power and Steel Ltd. The result of that bidding process is likely to be known within the next few months. A successful bid is likely to further increase TSL’s leverage over the medium term, Fitch added.

Also Watch






via News18

The post Bhushan Acquisition Likely to Raise Tata Steel’s Leverage: Fitch appeared first on Newspack by India Press Agency.


12 UP MLAs get threats from Dubai; SIT to probe
Source:  Deccan Chronicle
Thursday, 24 May 2018 02:38

Yogi Adityanath has directed top police officials to investigate the matter at the earliest and ensure strict punishment for the offenders.

Cardamom prices seen weak on robust supply, sluggish demand
Source:  The Financial Express
Thursday, 24 May 2018 02:38

“Market is surprised by the robust supply in these months which is considered off-season for cardamom. Supply of cardamom is now round-the-year and robust while consumption is seasonal,” he said. He estimates that cardamom market will be under pressure if the supply remains unabated when fresh arrivals resume in June-July.

Dejected DK Shivakumar now eyes KPCC president post
Source:  Deccan Chronicle
Thursday, 24 May 2018 02:34

Vokkaliga strongman seems to be pulling the strings to get a plum portfolio in the new ministry besides the KPCC president's post.

One more dead; HC stays Tuticorin plant expansion
Source:  Times of India
Thursday, 24 May 2018 02:34


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