TOP CORPORATE NEWS-12 APRIL 2016

World Bank expects India to grow at 7.7% in FY17

The World Bank, India’s economic activity is expected to accelerate from 7.5% in FY2016 to 7.7% in FY2017 based on the expectation of strong private investment, a push in infrastructure spending, an improved investment climate, and improved corporate financials.

SKS Microfinance to cut lending rate

Leading microfinance company, SKS Microfinance has said that it is planning to cut lending rates which will enable micro loans to become cheaper. The company may decrease rate by around 15 basis points as it prepares to defend its position from the probable rise of small finance banks soon. Commenting on the issue, SKS Microfinance President Dilli Raj said that a 10-15 basis points rate cut was a certainty. They would do it within a month. Keeping lending rate low was their primary st rategy.'

L&T bags orders worth Rs2,456 crore from Oman

Larsen and Toubro ( L&T):  L&T Hydrocarbon Engineering (LTHE), a Wholly-owned subsidiary of Larson and Toubro bagged orders worth Rs2, 456 crore from Petroleum Development Oman. The company has already executed three projects for Petroleum Development Oman.

Hero MotorCorp gains on plans to begin production at Chittoor plant

Hero MotorCorp gained 3% to Rs3055 on NSE on reports that the company has plans to begin production at Chittoor plant by December 2018. Hero MotoCorp Ltd (HMCL) has submitted plans to begin production at its proposed plant in Chittoor in Andhra Pradesh. HMCL will commence production of 5 lakh units (per annum) in the first phase by December 2018 with an investment of Rs800 crore, It will add another 5 lakh units in the second phase by December 2020, and an additional 8 lakh units in the final stage by December 2023 with an additional investment of Rs800 cr.

Adani Ports raises Rs500 crore via NCDs

Adani Ports and Special Economic Zone has raised Rs500 crore on April 11, 2016 by allotment of 5,000 Rated, Listed, Secured, Taxable, Redeemable, Non-Convertible Debentures ( NCDs) of the face value of Rs10,00,000/- each on private placement basis. The said NCDs will be listed on the Wholesale Debt Market segment of BSE Limited.

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TOP CORPORATE NEWS- 11 Apr 2016

Tata Motors surges on reporting good global wholesales

Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range in March 2016 rose 18% to 45,235 units in March 2016 over March 2015. Global wholesales of all passenger vehicles rose 8% to 73,515 units in March 2016 over March 2015. Global wholesales for Jaguar Land Rover were 64,579 vehicles including CJLR wholesales of 6,388 units in March 2016. CJLR is a joint venture between JLR and Chery Automobiles and is an unconsolidated subsidiary for JLR. Jaguar wholesales for the month were 13,370 vehicles while Land Rover wholesales were 51,209 vehicles in March 2016.

JSW Energy is set to acquire 1,000 MW unit of Jindal Power

JSW Energy is set to acquire 1,000 MW unit of Jindal Power in a deal that involves the former taking over debt of Rs4,000 crore along with the asset.

The acquisition will help JSW Energy to expand its capacity which could be well supported by relatively healthy balance sheet.

Ashok Leyland explores new avenues in Defence Segment

Ashok Leyland is eyeing massive expansion of its defence business as it forays into manufacturing of Field Artillery Tractor (FAT) platforms for manufacturing battle guns, 4x4 armoured vehicles and ambulances for the Indian armed forces.

The company has recently bagged an order worth Rs800 crore from the Ministry of Defence to develop 455 units of 6x6 FAT’s, 825 high-tech army ambulances and other super stallions ranging from 6x6, 8x8 to 10x10 heavy military trucks and vehicles under the ‘Make In India’ program.

RIL, BP discuss with government to drop arbitration

RIL and its partner BP Plc. have initiated discussions with the government to drop the arbitration.

Further, RIL- BP JV has also signalled their intention to invest $10 billion over the next few years to recover about 2.5 trillion cubic feet (tcf) of gas from deep sea fields. Sentimentally positive for RIL.

Sun Pharma gets USFDA nod for BromSite

Drug major Sun Pharmaceutical Industries has received approval from the US health regulator for its non-steroid drug BromSite used to treat inflammation and prevent pain in patients undergoing cataract surgery.

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TOP CORPORATE NEWS- 8 Apr 2016

Reliance Communications to launch 4G on May 4

Leading telecom giant, Reliance Communications has announced that it will advance its estimated 5 million CDMA customers to a 4G network in segments from May 4. With this decision, the telecom giant joins bigger competitors like Bharti Airtel, Vodafone India and Idea Cellular in unveiling high-speed broadband services.

ITC, Starwood extend partnership, add 3 more properties

ITC Ltd and Starwood Hotels and Resorts today extended their existing partnership for 11 ITC Luxury Collection hotels and one hotel under the Sheraton brand.

Strengthening their partnership further, the two partners also announced three upcoming ITC hotels under Starwood's 'The Luxury Collection' brand in India.

The addition of ITC Kohinoor in Hyderabad, ITC Narmada in Ahmedabad and ITC Royal Bengal in Kolkata will take the inventory up to 15 hotels.

Lupin gains on launching first product from GAVIS pipeline

Lupin surged over 2%, touched to Rs1541.55, after the pharma major said that is US-based subsidiary Lupin Pharmaceuticals Inc., has launched the first product from its GAVIS pipeline. The subsidiary has launched Zolpidem Sublingual Tablets, 1.75mg & 3.5mg which has been approved by the USFDA and final clearance from the FTC with 180 days of exclusivity. Zolpidem Sublingual Tablets, 1.75mg and 3.5mg are AB-rated generic equivalent of Purdue Pharma L.P's Intermezzo Sublingual Tablets, 1.75mg and 3.5mg and is dispensed for the treatment of insomnia.

HUL completes acquistion of Indulekha brand oil.

Hindustan Unilever (HUL) announced that it has completed the acquisition of Masons Group flagship hair oil brand Indulekha.It may be recalled that in December 2015, HUL had announced signing an agreement with Masons Group for acquisition of its flagship Indulekha brand.

IOC to invest Rs20,000 cr in Gujarat refinery

The Indian Government has said that PSU major Indian Oil Corporation was going to devote Rs20,000 crore for brownfield expansion of its refinery in Gujarat.

Commenting on the issue, Union Minister of State for Petroleum and Natural Gas Dharmendra Pradhan after visiting the refinery said that Indian Oil Corporation’s Gujarat Refinery had been asked to jump directly from BS IV to the more strict BS VI norms for petrol and diesel, so that cleaner transport fuels became accessible sooner to bring down vehicular emissions.'

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TOP CORPORATE NEWS- 7 Apr 2016

BHEL gains on better than expected Q4FY16 performance

Shares of BHEL gained over 5% to on NSE in an otherwise weak market after announcing its provisional results which came better than expected performance in Q4FY16.BHEL reported Rs398 crore profit in Q4FY16 which was above our as well as street estimates while the turnover was in-line with our estimates.

Tata Motors JLR March 2016 retail sales grow 30% YoY

JLR global retail sales for March 2016 came in at a record high of 75,303 units up 29% YoY and were ahead of our estimates.Jaguar sales nos were up record 62% YoY on the back of sustained sales momentum for XE (6,521 vehicles) and the all-new XF (5,331 vehicles). Jaguar recorded significant year-on-year growth across all five of its key regions, with Europe excelling, up 151%. Growth.

Hindalco: Novelis in talks with banks on $5.3 billion refinancing

Hindalco: As per media news, Novelis said to be in talks with banks on $5.3 billion refinancing.The loans the Atlanta-based unit of Hindalco Industries is seeking to refinance are currently due by 2017. Hindalco Industries Ltd may initially seek to refinance as much as $3.5 billion of debt.

HDFC to make additional one-time provision of Rs450 crore in Q4

HDFC is set to make additional one-time provision of Rs450 crore in Q4 (Jan-Mar qtr); it also will account for Rs1, 705 crore on stake sa in its life insurance subsidiary, HDFC Standard Life.

Axis Bank takes over Jaypee's Nirman Sadan against Rs700 cr debt

Axis Bank takes over Jaypee's Nirman Sadan against Rs700 cr debt – Positive in terms of some recovery.Jaypee Group's headquarter in Noida - Nirman Sadan, has been taken over by Axis Bank against Rs700 crore owed by the company.

With this deal, Jaypee's exposure to Axis Bank, which stood at around Rs1500 crore, has been reduced to half.

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