CORPORATE NEWS 02-Sep-2015

• Punj Lloyd plans to invest Rs2,000 crore in Gwalior unit

 Punj Lloyd – As per media reports, the company plans to invest Rs2,000 crore to expand Gwalior manufacturing unit. The development is positive for Punj Lloyd.

                                                                                                                                                                                                                                                         

• TVS Motor August 2015 dispatch volumes up 0.9% YoY

TVS Motor August 2015 dispatch volumes up a modest 0.9% YoY to 227,653 units; in-line with estimates. TVS Motor reported a 0.9% YoY growth in overall volumes for August 2015 to 227,653 units.

The motorcycle segment volumes were up by 4.6% YoY to 87,044 units. The scooter volumes rose by 10.0% YoY to 72,865 units. Moped volumes were down 14.2% YoY to 56,872 units.

                                                                                 

• Nucleus Software partners with Magnum FinCorp

Nucleus Software Exports announced that Magnum FinCorp will implement Nucleus Software's recently launched flagship lending product, FinnOne Neo, for its loan origination and loan management operations.

• Govt accepts AP Shah panel report on MAT

The government has accepted recommendation of a high level panel that minimum alternate tax (MAT) should not be imposed on overseas portfolio investors retrospectively (capital gain made by FIIs prior to 1 April 2015, on 25 August). The discrepancy had arisen when Authority for Advance Rulings (AAR) held that Section 115JB was applicable to foreign companies, even if they have no Permanent Establishment or place of business in India.

• DLF plans to raise Rs 7,500 crore

DLF’s shareholders have approved the resolution to create charge, lien or pledge on its over 50% shares in three subsidiaries, holding rental commercial assets for raising up to Rs7,500 crore.

                                                                                                                                                                                                                                                    

• Cigarette Players approach government to curb sales of illicit cigarettes

Cigarette Players and tobacco industrial body approach government to curb sales of illicit cigarettes (constitutes 20% of total cigarette sales in India) – if government illicit cigarettes sales it will positive for ITC and other players.Top cigarette players and the industry body have approached the central government about the booming illegal and smuggled cigarettes sold in India from China and Southeast Asian countries. Illicit/smuggled cigarettes currently form 20% of overall cigarette sales in India.

                                                     

• Crompton Greaves wins order from Korea

Crompton Greaves won orders from Korea electric power corp for 365 kV and 154 kV capacitive voltage transformer to upgrade Korea’s transmission network with latest polymeric technology. The value of the order is not disclosed in the announcement.