Share Market: Indices off day's high with Sensex up 200 pts; metals stocks shine
The promoters of debt-ridden Jaypee Infratech (JIL) have made a last minute offer to withdraw the company from insolvency proceedings, sources aware of the development told CNBC-TV18.JAL is offering an upfront payment of Rs 1,500 crore to the financial creditors of Jaypee Infratech, another Rs 4,858 crore from transfer of 100 percent shareholding of JIL's Land Bank SPV (having a land bank of 1,475 acres) to financial creditors towards settlement of dues via a debt-asset swap and Rs 2,000 crore as optionally convertible debentures at a coupon rate of 0.01 percent per annum.The share price of Jet Airways declined nearly 2 percent after global research house maintained reduce call on the stock. HSBC has cut target of the company to Rs 190 from Rs 200 per share. The company has further received Rs 40 crore towards repayment of outstanding dues of inter corporate deposit. Essel has already received Rs 25.30 crore in last month. The balance amount is expected to be received by March 2019. Shares of Duke Offshore locked at 20 percent upper circuit on the back of contract from Daewoo-Tata projects JV.source- www.moneycontrol.com
The company has been awarded a prestigious contract by Daewoo-Tata projects JV to provide one initial high-speed vessel to support construction for the Mumbai Trans Harbour Link project.
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