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April 23, 2015 6:16 pm Posted TIPS Agri King, Bullion King, CapitalStars, Equity King, Free stock tips, positional calls
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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