07 April 2015 TOP CORPORATE NEWS

TOP CORPORATE NEWS

·         Supreme Infra bags EPC work of Rs207.15 cr

Supreme Infrastructure India has announced that the Company has bagged the EPC work of Rs207.15 crores of National Highways Authority of India ( NHAI). The EPC project consists of 4 Laning of Kharar-Kurali Section of NH-21 from km 15.765 to km 29.900 (Design Chainages) (New NH-205) In the State of Punjab. The above contract is the cash contract with the Interest free advance payment from NHAI up to 10% of the contract price.

·         Bosch declares lockout at Jaipur plant due to labour issue

Bosch Ltd has declared a lock-out at its Jaipur plant due to the ongoing worker unrest at the plant. The plant was shut for one day last month and the workers had gone on a go-slow since March 19 which had reduced production by 70%. The labour unrest is on account of the wage negotiations. Bosch continues face labour issues at various plants across the country.

·         RBI Keeps Repo Rate Unchanged at 7.5%

The Reserve Bank of India (RBI) in its first bi-monthly monetary policy statement for 2015-16 kept the repo rate unchanged at 7.5%. Also, the cash reserve ratio ( CRR) was unchanged at 4%.

·         CRISIL assigns 'Negative' outlook to DLF's long-term

CRISIL has assigned 'Negative' outlook to real estate major DLF Ltd's long-term loans and debt instruments on account significantly high debt level, weak operating cash flows - Negative for the stock. 

·         Glenmark gets final ANDA nod from USFDA

Glenmark Pharmaceuticals announced that its US subsidiary, Glenmark Generics Inc., has been granted final abbreviated new drug approval (ANDA) from the United States Food and Drug Administration (USFDA) for Norethindrone Acetate and Ethinyl Estradiol Tablets USP, 0.5 mg/2.5 mcg and 1mg/5 mcg. Glenmark will commence distribution of the product immediately.

·         Ashok Leyland promoter releases 33.4 crore shares

Ashok Leyland promoters Hinduja Automotive Ltd has released 33.4 crore shares from pledge with HSBC. The total pledge shares have reduced from 16.6% of share capital to 4.93% post the release -  Positive for the company.

·         Kansai Nerolac likely to sell land in Chennai for Rs550 crore

Kansai Nerolac is likely to sell its land in Chennai, which could fetch Rs550 crore – positive read through for the company.The 15.86 acres of freehold land that belongs to Kansai Nerolac Paints is likely to be sold for Rs550 crore.

·         Fortis completes sale of its Singapore hospital

Fortis Healthcare International Pvt Ltd, a step down subsidiary of Fortis Healthcare, announced today, that it has received the sum of SGD 55 Mn from the sale of its Singapore hospital to Concord Medical Services (International) Pte Ltd (CCIM). With this, the deal announced on March 27, 2015 now stands completed.

·         Government is likely to extend the subsidy for urea manufacturers

Government is likely to extend the subsidy for naphtha based urea manufacturer beyond April 16th 2015 - Positive Southern Petrochemical (SPIC), Madras Fertilizer and Mangalore Chemicals.

 
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