TOP CORPORATE NEWS
RBI allows ARCs
resolutions period beyond 8 years
Asset
reconstruction Companies can now take more than eight years to recover loans
that are under a restructuring. This easing is valid for assets that are
seeking some form of restructuring through corporate debt restructuring (CDR),
the Board for Institutional and Financial Reconstruction (BIFR) or joint
lenders’s forum (JLF).
Patel Engineering
gains on receiving Rs1700 crore loan
As
per media reports, bankers to Patel Engineering have sanctioned additional term
loans of Rs1,700 crore and enhanced working capital limits by Rs805 crore after
the company failed to make payments on time for existing term loans and working
capital line of credit totaling Rs7,000 crore. The development provides interim
relief to patel engineering.
High level
committee approves land for ITC food park
A
high level committee on land allotment to industrial units has decided to
provide 30 acres of land to ITC for establishment of a food park at Khurda
district in Orissa, the emerging hub for food processing units. The final
decision on land allotment will be taken by the government after the committee
submits its recommendations.
Tata Motors
rallies after Rights issue subscribed 1.21 times
Shares
of Tata Motors gained 4% at Rs 506 on the NSE in early morning trades as its
rights issue, which closed on May 2, was oversubscribed by 1.21 times. Tata
Motors has announced closure of its Rs7,500 crore Rights issue. The issue received
a positive response and the ordinary shares were subscribed 1.17 times while
the DVR shares were subscribed 1.51 times.
Biocon, Mylan
drug discovery programme to treat cancer
Biocon
said two molecules for treating cancer and arthritis under the drug discovery
programme with Mylan have entered global Phase 3 of clinical trials. The
molecules are Pegfilgrastim (PEG-G-CSF) and Adalimumab. While the PEG-G-CSF
trial is well underway the Adali mumab trial has been recently initiated. In
addition, the phase 3 global clinical trial for Trastuzumab, aimed at treating
breast cancer, is progressing in more than 100 sites around the world.
SPARC board to
consider rights issue; stk gains
Sun
Pharma Advanced Research Company ( SPARC) rose over 4%, touching to Rs392.05,
after the company said its board will meet on May 12, 2015 to consider rights
issue of equity shares.
RInfra–Pipavav
Defence deal gets CCI nod
The
competition commission of India has approved Reliance Infrastructure’s
proposed acquisition of controlling stake in Pipavav Defence and Offshore
engineering in a Rs2000 crore deal.
Triveni Turbines
surges on robust results, upgraded to Buy
Robust
growth in earnings aided by other income: Triveni Turbines Ltd (TTL) reported a
revenue growth of 47.3% YoY in Q4FY2015, mainly driven by a spectacular growth
in exports. Due to a higher share of orders, the operating margin fell to 17.4%
from 20.8% in Q4FY2014. The other income tripled to Rs16.3 crore led by a
foreign currency gain. This led to a 67% growth in the adjusted PAT, which was
much above our expectation.
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