TOP CORPORATE NEWS
ARCs buy NPAs
worth Rs20,000 cr in FY15
Banks
managed to sell non-performing assets (NPAs) worth Rs20,000 crore to asset
reconstruction companies(ARCs) in FY15 out of more than Rs 90,000 crore of
assets put on sale. This was largely due to RBI circular on increasing
the mandatory upfront investment from 5% to 15%. This is sentimentally negative
for Edelweiss Financial which holds asset reconstruction business.
Government plans
to sell highway projects worth Rs1.0 lac crore
The
government plans to sell highways projects worth Rs1.0 lac crore (Out of total
planned Rs5.0 lac crore) to foreign pension and insurance funds to attract
overseas investments into the sector. Positive read through for road developers
like IRB Infrastructure, Sadbhav Eng, Ashoka Buildcon, ITNL etc.
BPCL signs MOU
with Bangladesh for petroleum products
Bharat
Petroleum Corporation Ltd's Assam based refinery, Numaligarh Refinery Limited
(NRL) has signed MOU with Bangladesh Petroleum Corporation (BPC) for export of
petroleum products.
The
export will be through proposed Indo-Bangla Friendship Pipeline (IBFPL)'
of length 130 kms and capacity 1 MMTPA. Bangladesh has shortfall of 1.5 million
metric tonnes of petroleum product. NRL is planning for expanding its refining
capacity from 3 to 9 MMTPA.
ITC, Ultratech in
no mood to acquire Century Textiles
ITC
and Ultratech has clarified that they are not planning to acquire the paper and
cement business respectively of Century Textiles.
M&M
inaugurates extended facility at Zaheerabad
Mahindra
& Mahindra has inaugurated its additional capacity at its existing plant at
Zaheerabad in Telengana. The company has invested Rs250 crore in the new plant
for a capacity of 92,000 units per annum.
The
company will be manufacturing its upcoming small commercial vehicle (SCV) which
will be positioned below the Maxximmo at the extended facility. The vehicle is
expected to be launched in H1FY2016. Positive for the company.
Biocon files
prospectus for Syngene IPO
Biocon
has filed prospectus with market regulator SEBI for the initial public offer of
its research arm Syngene. The fund raised though IPO will be used to fund its
R&D programmes.
The
company plans to sell 22 million equity shares, including reservation of up to
two million shares for Biocon shareholders, through an offer for sale. Although,
management of Biocon has not disclosed the amount to be raised, media
reports say it will raise Rs600 crore. The stake dilution will be 11% of the
post issue diluted equity capital of Syngene.
Ashoka Buildcon
approves QIB to raise Rs500 crore
Ashoka
Buildcon approved the issue and allotment of 2.84 crore equity shares to
eligible QIB at the issue price of Rs175.80 per equity share, aggregating
approximately Rs500.00 Cr. The development is positive for Ashoka Buildcon.
8K Miles acquires
US-based firm Cintel for $3.75 mn
8K
Miles software is cloud computing service provider acquired Us-based IT firm
Cintel System for $3.75 million, a move aimed at strengthening its portfolio of
services. while providing greater opportunities for employees, partners and
associates. Cintel has more than seven years of experience developing
user interfaces for desktop, mobile and tablets across a wide range of industry
segments. This agreement includes acquisitions of Intellectual Property client
contracts and employees.
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