LATEST BUSINESS NEWS

BHEL commissions 660 MW thermal unit in Uttar Pradesh

The unit has been commissioned at the upcoming 3x660 MW Prayagraj STPP at Bara in Allahabad district
Bharat Heavy Electricals (BHEL) has commissioned 660 MW coal-based supercritical thermal unit in Uttar Pradesh. The unit has been commissioned at the upcoming 3x660 MW Prayagraj Super Thermal Power Project (STPP) at Bara in Allahabad district of Uttar Pradesh. This is the first supercritical thermal unit in Uttar Pradesh to achieve capacity addition on attaining full load.

The greenfield thermal power project is owned by Prayagraj Power Generation Company (PPGCL), a subsidiary company of Jaiprakash Power Ventures. The commissioning of this unit comes close on the heels of the synchronisation of two 660 MW supercritical units at Lalitpur STPP (3x660 MW) in UP.

The units are successfully operating at maximum load as permitted by the grid. One more 660 MW unit at Lalitpur and two units of 660 MW each at Bara are also in advanced stage of construction. In addition, one 500 MW Unit at Anpara Thermal Power Station in Uttar Pradesh is also nearing completion.

All these Units executed by BHEL will significantly improve the power availability in the state of Uttar Pradesh. BHEL is the leading power equipment manufacturer in the country with 43 sets of supercritical boilers and 38 sets of supercritical turbine generators ordered on it by various customers. These orders have been received from Central, State as well as private sector utilities, who have reposed confidence in the company.

Supercritical units are more efficient, consume lesser coal and are also eco-friendly. BHEL-supplied supercritical sets have already been commissioned at 2x660 MW Barh Stage-II (Boilers and Turbines) and at the 2x800 MW Krishnapatnam (Boilers). BHEL has already commissioned 4,410 MW of power plants in the utility sector during the financial year 2015-16 and is on track to achieve the target set by the government for the year.
source : ventura

 

Nse RELIANCE 1 lac @ 1015.10 value 10.17 crs (Bulk / Block Deal )

 

Nse RAMCOCEM 2.94 lacs @ 385.05 value 11.35 crs ( Bulk /Block Deals )

 

Prakash Steelage to offload 12.47% stake in SPV to Tubacex

The stainless steel tubes & pipes manufacturer holds 32.47 per cent stake in the SPV
Prakash Steelage is planning to offload its 12.47 per cent additional stake in the newly formed special purpose vehicle (SPV) to its joint venture partner Tubacex S A of Spain. At present, the stainless steel tubes & pipes manufacturer holds 32.47 per cent stake in the SPV - Tubacex Prakash India, while Tubacex holds the remaining stake.

Prakash Steelage, a company of the Prakash Group, was started in the year 1996 to manufacture Stainless Steel Welded and Seamless Pipes, Tubes & U-tubes under one roof in India, through its Silvassa Division,PSL is one of the leader in Indian Stainless Steel Pipe and Tube industry.
source : ventura

 

Nse KOTAKBANK 1.45 lacs @ 708.50 value 10.29 crs( Bulk /Block Deals )

 

NDTV’s new e-commerce venture raises funds at a valuation of $12 million

Smartcooky.com is a platform that will sell healthy foods and personal care products from across the country
NDTV has closed funding for a new e-commerce venture smartcooky.com, a platform that will sell healthy foods and personal care products from across the country through its subsidiary- Smartcooky Internet.

Smartcooky.com is based on NDTV’s current food site - food.ndtv.com which has “almost 3 million unique visitors a month.” SmartCooky Internet has raised funds at a valuation of $12 million from multiple investors.

NDTV operates as a television media company in India and internationally. Its channels offer news and current affairs, lifestyle, entertainment, and youth programs, as well as family and realty shows, chat shows, and period dramas.
source : ventura

 

State Bank of Travancore to raise funds up to Rs 1,250 crore

The company has received approval to raise funds by way of issue of Basel III compliant Tier II Bonds
State Bank of Travancore has received an approval for raising of up to Rs 1,250 crore by way of issue of Basel III compliant Tier II Bonds. The Executive Committee of the board of directors of the bank in its meeting held on December 28, 2015 has approved for the same.

State Bank of Travancore (SBT) was incorporated in 1945 as Travancore Bank sponsored by the erstwhile princely state of Travancore. Under a special statute of the Indian Parliament (SBI subsidiary Banks Act 1959) it has been made an Associate of the State Bank of India and a member of the State Bank Group, the largest banking group in India.
source : ventura

 

GIC Housing Finance to buy 16% stake in LIC Nomura AMC

The board of company at its meeting held on December 29, 2015 has approved for the same
GIC Housing Finance has decided to acquire up to 16% stake in LIC Nomura Mutual Fund Asset Management Company for Rs 22.68 crore. Furthermore, a similar stake will be bought by the company in LIC Nomura Mutual Fund Trustee Company for Rs 1.26 lakh. The board of company at its meeting held on December 29, 2015 has approved for the same.

GIC Housing Finance offers loans on fixed and floating basis. Apart from this, it is having Flexi- Fixed, Step Up/ Step Down schemes and mortgage loans.
source : ventura

 

Cadila Healthcare gets warning letter from US FDA

The company has received the warning letter issued by the USFDA for its Moraiya formulation facility and Ahmedabad API facility
Cadila Healthcare has received a Warning Letter issued by the US FDA relating to its Moraiya formulation facility and Ahmedabad API facility (Zyfine). The company will respond to US FDA to address the observations within the statutory time permitted in the letter. The company is committed to resolve all the issues and revamp its quality systems and processes as the top most priority.

Cadila is an innovative, global pharmaceutical company that discovers, develops, manufactures and markets a broad range of healthcare therapies. It is the only Indian pharma company to launch its own patented NCE - Lipaglyn, the world’s first drug to be approved for the treatment of diabetic dyslipidemia.
source : ventura

 

Cadila Health stock today down Rs. 325 ( - 15.47 %)

 

Videocon Industries redeems FCCBs worth $200 million

The company has paid an amount of $ 97,200,000 along with the applicable interest and fees in cash
Videocon Industries has fully redeemed Foreign Currency Convertible Bonds (FCCB) aggregating to $194.40 Million which were issued in December 2010. The company has paid an amount of $ 97,200,000 along with the applicable interest and fees in cash and issued another series of Foreign Currency Convertible Bonds of amount of $ 97,200,000 on 30th December 2015 as part of the redemption.

Videocon Industries, established two decades ago, is a global conglomerate. Videocon’s businesses consist of manufacturing, marketing and distribution of consumer electronics products and oil & gas extraction.
source : ventura

 

Nse INDHOTEL 10 lacs @ 116 value 11.60 crs ( Bulk /Block Deals )

 

Essar Oil completes largest delisting in India's corporate history



Oil Bidco (Mauritius) Ltd, promoter of Essar Oil (EOL), is pleased to announce the successful completion of EOL's delisting offer process, which has emerged as the largest privatisation bid in the history of corporate India, valuing EOL at Rs 38,000 crore of market capitalisation, the company said in a statement.

source :Business today

 

Reliance Capital acquires 6.82% stake in Saregama India

Financial services major Reliance Capital has acquired 6.82 per cent stake in popular music publishing label Saregama India for Rs 43.17 crore through open market transactions.

According to bulk deals data available with BSE and NSE, the Anil Ambani-led Reliance Group firm acquired 11,88,000 shares, or 6.82 per cent stake, in Saregama India.

While, 7,65,000 shares were bought at an average price of Rs 364 on BSE, 4,23,000 shares were bought on NSE.

On National Stock Exchange, the shares were acquired at an average price of Rs 362.37.

Meanwhile, in separate transactions, Payone Enterprises Pvt Ltd reduced its stake in the RP Sanjeev Goenka Group firm by selling 7.26 per cent stake for Rs 46 crore.

On BSE, Payone Enterprises sold 7,99,877 shares, or 4.59 per cent stake, while on NSE, it sold 4,64,582 shares.

As of September 2015, Payone Enterprises held 7.32 per cent stake in the company.

Formerly known as The Gramophone Company of India Ltd and more popularly as HMV (His Master's Voice), Saregama was established as the first overseas Indian branch of Electrical & Musical Industries Limited (EMI), London.

The company claims to be custodian of over half of all the music ever recorded in the country.

Recently, the firm has put up its entire library of 1.10 lakh songs in 14 languages online for free streaming.

source :Business today

 

Railways to provide exclusive cargo wagons to Coal India



The Indian Railways on Wednesday signed a memorandum of understanding (MoU) with the Coal India Ltd (CIL) for providing cargo wagons for the exclusive use of the state-run firm.

According to the ministry of railways, the MoU will lead to the procurement of 2,000 wagons or 33 rakes in the first outgo, which will facilitate in increased evacuation of coal from CIL. Speaking on the occasion, Railway Minister Suresh Prabhakar Prabhu said that this is "a path-breaking agreement which will result into speedy supply of wagons for coal loading in dedicated circuits".

He also informed that the initial investment of Rs 500 crore will lead to anticipated investment of Rs 5,000 crore.

Stating coal as mainstay of the Railways, the minister informed that the two-third of its revenue comes from the coal.

The agreement was signed in the presence of Prabhu, Union Coal and Power Minister Piyush Goyal, Union Minister of State for Railways Manoj Sinha, among others.

Railways to provide wagons to Coal India Goyal said that the MoU will help in fulfilling the one billion tonne target of Coal India. Appreciating Ministry of Coal, the minister said that there is no single power plant in the country today that falls in critical category.

"This became possible only because of the support of Ministry of Railways," he emphasised.

Under the BJP government, Coal India is targeting production of one billion tonne of coal by 2020.

Experts say that wagon availability will be a key factor for achieving this target by Coal India. "By signing of the MoU today, Railways and Coal India Ltd will be entering into a strategic partnership which would ensure adequate wagon availability for meeting the transportation needs of coal produced by Coal India Ltd. This strategic partnership between Railways and Coal India Ltd would not have been possible but for the motivation and guidance provided by the two ministers," said a senior railway official.

The MoU will benefit the economy as a whole and the Railways, the coal sector and power sector in particular. The remarkable part of this strategic partnership is that the wagons will be procured by Indian Railways on behalf of CIL.

These wagons will lead to additional loading of 8-10 tonne per wagon as compared to the conventional wagons of Indian Railways.
source :Business today

 

Board approves sale of Chola MS stake for Rs 883 crore

The Board of Murugappa Group company Tube Investments has approved sale of 14 per cent stake in Cholamandalam MS General Insurance for Rs 882.68 crore to its Japanese JV partner, Mitsui Sumitomo Insurance Company.

"The Board of Directors (of Tube Investments) at its meeting held today has approved the sale of 14 per cent shareholding in Cholamandalam MS General Insurance to Mitsui Sumitomo Insurance for a consideration of Rs 882.67 crore," the city-based company said in a statement.

The transaction is subject to necessary "regulatory approvals".

Currently, Mitsui Sumitomo Insurance holds 26 per cent stake in Chola MS, and with the additional 14 per cent, it goes up to 40 per cent.

"I am delighted that MSI is increasing its stake in Chola MS to 40 per cent," said Tube Investments chairman M M Murugappan.

"This will further strengthen our relationship with MSI and help realise our vision in making Chola MS the most respected general insurer in India."

Mitsui Sumitomo Insurance Company MD and CEO, Karasawa said: "We are very pleased that the Murugappa Group accepted our offer to increase our stake in Chola MS."

He added: "We will cooperate with Murugappa to increase the value of Chola MS through this transaction and provide further safety and security to customers in India."

source :Business today

 

SpiceJet to raise funds worth up to Rs 5000 crore

The company is likely to use this fund to expand its fleet
SpiceJet, one of the major aviation players in domestic market, has received its shareholders’ approval to raise funds worth up to Rs 5,000 crore through various instruments. The company is likely to use this fund to expand its fleet. Currently, the company has some 41 planes in its fleet, including 25 Boeing 737s, 14 Bombardier Q400s and two leased Airbus 320 family.

SpiceJet was among the first private companies that stepped into the Indian aviation sector. The airline was launched with an objective to deliver the lowest air fares with the highest consumer value, to price sensitive consumers. The company has alliance with some of the best names known globally like Honeywell, Weber Seats, etc, to ensure highest safety standards.
source:ventura

 

Petronet LNG enters into binding SPA with RasGas, Qatar

Petronet has made similar adjustments to its existing Gas Sales & Purchase Agreement with its intermediate-offtakers, GAIL (India), IOC and BPCL
Petronet LNG has entered into a binding sale and purchase agreement (SPA) with RasGas of Qatar for supply of an additional 1 MTA of LNG to India starting in 2016 for onward sale to four Indian entities i.e. Indian Oil Corporation, Bharat Petroleum Corporation, GAIL (India) and Gujarat State Petroleum Corporation. Further, RasGas and Petronet ING have entered into a binding agreement to adjust some aspects of their existing long term LNG SPA of 7.5 MTA, signed by the parties in 1999, which laid the foundation for the LNG business in India. Such adjustments will protect and preserve the overall value of the contract. As per such agreement, LNG volumes not taken by Petronet from RasGas during 2015 will be taken and paid for by Petronet during the remaining term of the SPA and will maintain its current level of oil indexation with the oil index more closely reflecting the prevailing oil prices. Consequently, Petronet has made similar adjustments to its existing Gas Sales & Purchase Agreement with its intermediate-offtakers, GAIL (India), Indian Oil Corporation and Bharat Petroleum Corporation.

Petronet LNG, one of the fastest growing world-class companies in the Indian energy sector, has set up the country's first LNG receiving and regasification terminal at Dahej, Gujarat, and another terminal at Kochi, Kerala. The company is at the forefront of India's all-out national drive to ensure the country's energy security in the years to come.
source:ventura

 

Bharti Airtel acquires remaining 26% stake in Augere

Augere has become a wholly owned subsidiary of the company
Bharti Airtel has acquired the remaining balance paid up share capital i.e. 26 percent of Augere and with the said acquisition, Augere has become a wholly owned subsidiary of the company. Earlier, the company had acquired 74% capital of Augere Wireless Broadband India. This is in line with the country’s largest telecom provider’s earlier announcement to acquire Augere that will allow Airtel take its 4G operations to nine circles.

Bharti Airtel is a leading integrated telecommunications company with operations in 20 countries across Asia and Africa. The company ranks amongst the top 5 mobile service providers globally in terms of subscribers.
source:ventura

 

Hatsun Agro Product completes acquisition of Feed Mill unit

The acquisition has been done under the Private Treaty Agreement with the Indian Overseas Bank, Mid Corporate Branch, Coimbatore and VKS Farms
Hatsun Agro Product has successfully completed the acquisition of a Feed Mill unit belonging to VKS Farms, Coimbatore on December 31, 2015 under the Private Treaty Agreement with the Indian Overseas Bank, Mid Corporate Branch, Coimbatore and VKS Farms.

The company had earlier on December 23, 2015 received board’s approval towards acquisition of a Feed Mill unit on out-right basis for Rs 13.50 crore in all cash deal basis.

Hatsun Agro, India's largest private sector dairy, sells liquid milk under the brand name Arokya, ice creams under the brand Arun Icecreams, and a wide range of dairy products under the brand Hatsun.
source:ventura