TOP CORPORATE NEWS
· BHEL commissions 600 MW Thermal Unit in Chhattisgarh
Bharat Heavy Electricals has successfully commissioned 600 MW thermal unit in Chhattisgarh. The unit was commissioned at Dainik Bhaskar Power’s upcoming 2×600 MW thermal power project located at Dhabra in Janjgir Champa District of Chhattisgarh. This is the second unit of the power project, commissioned by Bhel. The first 600 MW unit was successfully commissioned by the Company in 2014.
· CPI data for March 2014 expected at 5.44%
CPI data for March 2014 will be out on 13 March (Monday) and consensus estimates stands at 5.44% Vs 5.37% in Feb 2015.
· SBI, HDFC cut home loan rate by 20bps-25 bps
The country’s two largest mortgage lenders SBI and HDFC Limited has reduced their home loan rates for retail borrowers. HDFC has brought down its lending rate by 20 basis points with effect from April 13 and following the reduction the company will extend loans at 9.9%.HDFCs cost of funds is likely to decline post reduction in base rate by banks and drop in wholesale borrowings rates and largely neutral for spreads. SBI too reduced home loan rates by upto 25 bps but for new borrowers hence may not have significant impact on NIMs.
· TNPL plans to set up 30 MW power plant
Tamil Nadu Newsprint and Papers Ltd (TNPL) is planning to set up a 30 mega watt (MW) power plant with an investment of around Rs150crore. It will cater to the upcoming Rs1,500crore multilayer paper board manufacturing plant, which is expected to be ready by the end of 2015. – Positive for TNPL.
· RPP Infra bags new order from Hindustan Prefab; stk up
RPP Infra Projects gained over 8%, touching to Rs162.9, after the company said it has bagged new order worth Rs46.53 crore from Hindustan Prefab an Government of India Enterprise.
The order is for construction of 2071 prefabricated toilet blocks for government schools in the state of Andhra Pradesh, RPP Infra Projects said.
· Apollo Tyres commences construction in Hungary
Apollo Tyres has commenced construction at its upcoming facility in Hungary. The company plans to invest Euro 442 million in Hungary and the production is expected to commence in early 2017. Positive for the company.
· Maruti Suzuki targets growth of 11% in FY16
Maruti Suzuki has targeted a growth of 10-11% in domestic sales for FY16. Along with exports the company targets to sell 1.44million vehicles in FY16 which is in-line with our estimates.
The company has lined up a utility vehicles, a compact diesel car, a small commercial vehicle and a premium hatchback for launch during the year. Positive for the company.
· Positive surprise on IIP, growth improves to 5% in Feb 2015rts production in Panipat Unit
Industrial production grew at 5% in February, which was higher than market estimates and close to 18 month high.This was mainly on account of improvement in manufacturing activity (up 5.2% Vs 3.3% MoM), a rebound in consumer non-durables (10% Vs -0.1% MoM) and also due to a lower base effect. The pick in IIP suggests, revival in industrial segment which is key to improvement in economic growth.
· Hero MotoCorp to launch a new scooter in July
As per media reports, Hero MotoCorp is planning to launch a new metal body scooter in July 2015 which is targeted at the market leader Honda’s Activa. The company has delayed its motorcycle launch so as to focus on the scooter segment. The new scooter will have added features such as telescopic shock absorbers, digital console and integrated braking. View: The added focus of Hero MotoCorp on the scooter segment augurs well for the company. We continue to remain positive on the stock.
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