Corporate News For Today

·         Ahluwalia Contracts bags new order worth Rs220.47 cr

Ahluwalia Contracts has secured new orders aggregating to Rs220.47 crore for construction of Institutional/ commercial buildings. The company is currently L1 in projects valued at Rs412 crores and projects bidded under pipeline are Rs1800 crores. The company’s current order book stands at Rs4300 crores. The development is positive for Ahluwalia Contracts.

                                                                                                                                                                                          ·         Asian Paints to invest Rs2,300-crore on new plant in Karnataka

Asian Paints plans to invest up to Rs2,300 crore to set up a (6 lakh KL per annum) manufacturing plant at Mysuru in Karnataka. The proposal for setting up the manufacturing facility in Karnataka is towards fulfilling the long term capacity requirements of the company and is subject to the future demand conditions.

·         Maruti Suzuki board approves pact with parent for Gujarat plant

Maruti Suzuki board approves pact with parent for Gujarat plant; paves way for minority shareholder approval.The Maruti Suzuki board has approved the contract manufacturing agreement with parent, Suzuki Motor Japan for its upcoming Gujarat facility. The contract manufacturing agreement is for 15 years and will be automatically extended for another 15 years.

                                                                                                                                                                                         ·         AAI asks SpiceJet to pay additional Rs70 lakh per day

Airports Authority of India ( AAI) has asked SpiceJet  to pay an additional Rs70 lakh per day over and above the daily payment of Rs1.3crore (towards landing, parking and other support services) to clear its dues, totaling around Rs150 crore –sentimentally negative for the stock.

·         Government to take up on SEB debt recast issue

Union Cabinet is likely to consider to recast Rs 4.3 lakh crore loan of 9 discoms. The proposal is that for these 9 discoms the interest on loans could be brought down to 9% compared to 14% currently which could bring a lot of relief for these nine discoms (UP, Tamil Nadu, Telengana, MP, Rajasthan, Jharkhand etc). These discoms are facing interest burden with poor tariff structure.

·         Biocon acquires Vishakhapatnam-based company's mfg plant

Biocon acquires Vishakhapatnam-based company's manufacturing plant – Positive for the company Biocon has acquired a manufacturing unit of Vishakhapatnam- based Acacia Life sciences for an undisclosed amount. The company has acquired business assets of the pharmaceutical manufacturing unit of Acacia Life sciences with effect from October 1 2015.  

                                                                                                                                                                   

·         Godrej Consumers to target urban consumers with new launches

Godrej Consumer Products to launch new products targeting urban consumers; impact of deficient monsoon on rural demand will be lesser for the company – positive read through for the stock .Godrej Consumer Products Ltd (GCPL) is banking on new products, mainly targeted at urban consumers, to offset impact of decline in rural demand due to deficient monsoon. The company is set to launch new products in personal care and home care segments in the next two weeks which is expected to boost its urban sales in the coming quarters.