TOP CORPORATE NEWS
Gujarat Gas gains
on PNGRB nod for gas network in Thane
Shares
of Gujarat Gas Company rose 2% at Rs846, extending its over 20% rally in the
past one week on the National Stock Exchange (NSE), after the company received
approval from Petroleum and Natural Gas Regulatory Board ( PNGRB) to expand its
distribution network in Thane and Dadra & Nagar Haveli.
Havells India
acquires 51% stake in Promptec Renewable Energy
Havells
India has acquired 51% stake in Bengaluru-based LED and solar lighting products
maker Promptec Renewable Energy Solutions for an enterprise value of Rs65
crore. Promptec had clocked revenue of Rs35 crore in the year to March 2015.
Promptec is considered to be an suitable acquisition for Havells as it is
expected to provide substantial impetus to Havells' growth plans in the high
potential segments of LED and Solar Solutions.
Aegis Logistics
gets 5-acre land for new port at Kandla
Aegis
Logistics gets 5-acre land for new port at Kandla – Positive for Aegis
Logistics.
HCL Technologies
slumps on disappointing Q3 nos
Shares
of HCL Technologies dipped almost 10% to Rs835.10 on the National Stock
Exchange (NSE) in early morning trade, after reporting a 12% quarter-on-quarter
(q-o-q) decline in its consolidated net profit at Rs1,683 crore for the third
quarter ended March 2015 (Q3FY15). The company had reported a profit of Rs1,915
crore in December 2014
quarter.
Sun Pharma tanks
on stake sale by Daiichi Sankyo
Shares
of Indian Oharma major, Sun Pharma tanked over 10% to Rs937 on NSE in morning
deals after Daiichi Sankyo offered to sell part of full stake in Sun Pharma
through block deals (negative read through)
The
stock is among the top losers in BSE HC index after opening at Rs951, hitting
intraday low of Rs930 and touched the day’s high of Rs974.25.
Vertex hikes
stake in GVK Power & Infrastructure
Vertex
hikes stake in GVK Power & Infrastructure – Positive for GVK Power
& Infrastructure. Vertex projects bought 3.12 crore shares for a value of
Rs29.69 crore in GVK Power & Infrastructure which was announced during
market hours. After the share purchase, Vertex Projects stake in the company
rose to 10.88 percent from 8.91 percent.
Bajaj Finance to
raise capital via QIP
Bajaj
Finance to raise capital via QIP—ROE may get diluted in near term though
positive for medium term.The Board of Bajaj Finance have approved proposal to
raise Rs 1400 crore via QIP issue. The company will also issue warrants
(convertible into equal number of equity shares) to promoters (Bajaj Finserv)
on preferential basis. The company’s operational performance has remained
strong and capital raising will further aid balance sheet growth though it
could result in some dilution of ROEs in near term. We have a positive view on
stock from medium to long term perspective.
GMR Infra allots
equity shares on right basis; stk down
GMR
Infrastructure shares dipped nearly 6%, touching to Rs16.2, after the company
said it has allotted 93.45 crore equity shares at Rs15 per share on rights
basis to the eligible equity shareholders. GMR Infrastructure has announced
that the Management Committee of the Board of Directors of the Company at its
meeting held on April 18, 2015, has approved the allotment of 93,45,53,010 equity
shares of face value of Re1 each.
M&M to bid
for Italian car design firm Pininfarina
As
per media reports, Mahindra & Mahindra (M&M) is expected to make a
formal bid for Italian car design firm Pininfarina by April 29 i.e. before the
Italian firm’s shareholder meeting. The design firm has a market cap of
Euro 162 million.
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