TOP CORPORATE NEWS
M&M expands
automotive plant at Zaheerabad
Mahindra
& Mahindra ( M&M), India's largest maker of utility vehicles and
tractors, opened its extended automobile manufacturing facility at Zaheerabad
in Telangana on Wednesday.The facility, which was expanded with an investment
of Rs250 crore, comes with an enhanced production capacity of 92,000 vehicles a
year, while the overall plant capacity will be 140,000 units per year.
Claris gets USFDA
supplemental nod for Fluconazole injection
Drug
firm Claris Life science has received supplemental approval from the US health
regulator to market Fluconazole injection in 50 ml PVC bags, used for treating
fungal infections, in the American market.
The
firm is already marketing Fluconazole in 2 mg/ml formulation packed in 100 ml
and 200 ml PVC bags. At present, the company has 13 approved ANDAs while 25
ANDAs are in the registration pipeline.
Coal India to
invest Rs5000 crore to procure wagons
Coal
India is in talks with the Indian Railways for an investment of Rs 5,000 crore
to procure wagons that carry coal. Coal India had approved a plan to acquire
2,000 railway wagons in December, with a total plan to procure 9,500 wagons. This
would be positive for the Coal India in long run, as the supply of coal could
improve as wagon availability has been mentioned as one of the constraint
several times. Apart from that it’s a good news for wagon players like
Texmaco.
Godrej Consumers
expects 6x increase in Africa business
Godrej
Consumer Products expects 6x increase in Africa business revenues 15% of
consolidated revenues) by 2020 through strategic acquisitions and new product
launches – augurs well for GCPL from long term perspective. Godrej
Consumer Products Limited (GCPL) proposes to increase its African business
revenues (15% of consolidated revenues and 30% of international business
revenues) six times by 2020 from around Rs1,200 crore now through aggressive
acquisition of local brands.
Mahindra Reva
slashes prices for electric car e2o to Rs1.77 lakh
Mahindra
Reva has slashed the prices for its electric car e2o by up to Rs1.77 lakh. The
price reduction is on account of the incentive available from the Central
government under the FAME (Faster Adoption and Manufacture of Electric
vehicles) initiative and is expected to spur some demand for the product and
hence is positive for M&M.
ITC in talks to
buy Century's paper business
India's
largest cigarette maker, is in talks with Century Textile and Industries to buy
its paper division in a bid to diversify revenue to non-tobacco businesses, as
per reports. In separate transactions, Century's textile division will be
merged with Aditya Birla Nuvo and the cement unit will be merged with UltraTech
Cement, as part of the company's restructuring, reports. Axis Bank is advising
Century Textile on the restructuring process, reports.
Deepak Nitrite issues
Commercial Papers worth Rs60 crores
Deepak
Nitrite Ltd has issued Commercial Papers (CP) aggregating to Rs60 crores value
dated April 17, 2015. These have been subscribed by HDFC Bank Limited for Rs30
crores each with maturity date on July 16, 2015 and September 04, 2015. The
aforesaid issuance of CP is to fund working capital requirement of the Company.
Government clears
pending urea subsidy of Rs27477 crore
The
Government has cleared pending subsidy payments of Rs 27477 crore to indigenous
urea manufacturers for 2014-15. There was an estimated shortage of funds for
payment of subsidy on indigenous urea to the tune of Rs27477 crore in 2014-15
due to carried-over liability. However, after allocation of funds the pending
subsidy claims on indigenous urea are being cleared. Government is not considering
to revise the Nutrient-Based Subsidy Scheme.
Century Textiles
to spin off cement business, merge UltraTech
As
per media reports Century Textiles to spin off cement business, merge UltraTech
in all-share deal: Positive for the Ultratech Cement. Century Textiles will
carve out its cement business and merge it in an all-share deal with UltraTech,
The enterprise value of Century's cement business has been put at Rs10,500
crore. The merged entity's capacity would add up to 87 million tonnes. Post merger,
UltraTech will gain access to the eastern market while strengthening its
presence in Maharashtra, Chhattisgarh and Madhya Pradesh.
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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.
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