TOP CORPORATE NEWS
Govt to adjust
Rs4,200 cr shares of Cairn India against tax payment
The
Delhi High Court gave Cairn India time till April 22 to decide on the manner in
which the company would make upfront payment of 10,000 crore out of total
Rs20,494-crore tax demand liability.
The
government proposed that shares of the company worth Rs4,200 crore (10% of
outstanding shares), frozen as part of the January tax demand, form a part of
the upfront payment. The remaining Rs6,000 crore would need to be paid in two
forms — Rs3,000 crore as cash payment and another Rs3,000 crore as bank
guarantee.
Blue Star looks
to set up new mfg facility in South India
Blue
Star is looking to commission a new manufacturing facility in South India and
will be making an investment of about Rs150 crore this year. The company is
looking at various states to identify the location of the new plant and intends
to finalise by August 2015. Overall, management expects room air-conditioner
market to grow by 15-20% and the company hopes to outperform.
MRF Tyres plans
to invest Rs980 crore in Telangana
MRF
Tyres plans to invest Rs980 crore in Telangana for capacity expansion. The
company’s facility in Medak district has been operational since 1990.
Positive for the company.
Natco Pharma may
get USFDA approvals for Copaxone
The
USFDA has approved the generic version of Copaxone (glatiramer acetate) to
Sandoz. This clears the way for Natco Pharma as well (in association with
Mylan) to get approval for glatiramer acetate shortly.
Copaxone
is used to treat multiple sclerosis and it generated close to US$3bn of revenue
in US last year. Copaxone is likely to be limited competition product with only
two set generic players in the field (Natco/Mylan and Sandoz/Momenta).
Lupin drops as
Aurobindo gets USFDA nod for Suprax
Shares
of drug maker Lupin dipped over 5% to Rs1795, extending its previous day’s
nearly 3% fall on the National Stock Exchange (NSE), after Aurobindo Pharma got
final approval from the US Food and Drug Administration ( USFDA) to make and
sell its generic version of oral suspension of antibiotic Cefixime. The stock
opened at Rs1901 and touched a low of Rs1785 on the NSE so far.
M&M plans to
buy Italian design firm Pininfarina
As
per media reports Mahindra & Mahindra is close to buying Italian design
firm Pininfarina. The design firm was established in 1930 and has worked with
prestigious clients such as Ferrari, Rolls Royce and Maserati. The company has
a market cap of Euro 169mn.
Jindal Saw agrees
to enter into contract with JSW Steel
Jindal
Saw shareholders have approved a proposal for entering into a contract worth up
to maximum Rs10,000 crore from FY2015 onwards with group firm JSW Steel, from
which it purchases raw material- Positive read thru for Jindal Saw (a
manufacturer of large diameter submerged as well as spiral pipes) as it will
ensure raw material availability at reasonable cost on a regular interval.
Oilex discovers
huge gas reserves in Gujarat
Oilex,
Australian oil company, has discovered huge gas reserves (could be in range of
12 trillion cubic feet) across various zones of its Cambay basin block in
Gujarat. The blocks are close to oil fields on Selan Exploration and implies
positive implications for the company in terms of positive surprise on
potential oil&gas reserves from its five fields – Positive read thru
for Selan Exploration.
Unilever PLC
posts better than expected performance in Q1
Unilever
PLC posted better than expected performance in Q1, emerging market sales grew
by 5.4% (sales improvement seen in India, while China’s demand
environment remained more stable) – positive read through for HUL, more
clarity would emerge from management commentary post Q4FY2015 results.
CapitalStars Financial Research Private Limited is an advisory company incepted with a vision of providing fair and accurate trading and investment calls in share and commodity market. CapitalStars also aveliable on twitter, linkedin andfacebook.
CapitalStars is a research house and an investment advisory company carrying out operations in the Indian Equities and commodity market. We generate intraday as well as delivery calls in Stock cash and F&O in NSE & BSE, Commodities including bullions, metals & Agro- commodities traded in MCX and NCDEX.
0 comments:
Post a Comment