LATEST BUSINESS NEWS

Yes Bank raises Rs 1,500 crore under BASEL-III Compliant Tier-II Bonds

The issue was rated ‘AA+ hyb’ by ICRA and ‘AA+’ by CARE
Yes Bank has successfully raised Rs 1,500 crore of Basel III Compliant Tier II bonds. The issue was closed on December 31, 2015. The bonds will be listed on the Bombay Stock Exchange (BSE). The issue was rated ‘AA+ hyb’ by ICRA and ‘AA+’ by CARE.

Yes Bank is a new age private sector bank. The bank offers a full-range of client-focused corporate banking services, including working capital finance, specialized corporate finance, trade and transactional services, treasury risk management services, investment banking solutions etc.
source:ventura

 

KEC International secures new orders worth Rs 1,001 crore

The company has secured orders in its Transmission & Distribution, Cables and Solar businesses
KEC International (KEC), a global infrastructure EPC major, an RPG Group Company has secured new orders worth Rs 1,001 crore in its Transmission & Distribution, Cables and Solar businesses.

Under, Transmission & Distribution Business, the company has secured orders in Saudi Arabia, Oman, India, Afghanistan, Zambia and the Americas amounting to Rs 822 crore. The order of Rs 663 crore is for construction of various Transmission Lines and Substations in Saudi Arabia. An order of Rs 45 crore is for construction of Transmission Line in Oman. The orders of Rs 54 crore are in India, Afghanistan and Zambia while orders of Rs 60 crore is for supply in Mexico, Brazil, the US and Chile.

Under Cables Business, the company has secured various orders of Rs 160 crore for the supply of Power and Telecom Cables while under Solar Business the company has secured an order of Rs 19 crore for setting up of grid interactive solar photovoltaic power plant in Andhra Pradesh.

KEC International is a global infrastructure Engineering, Procurement and Construction (EPC) major. It has a presence in the verticals of power transmission, power systems, cables, railways, telecom and water.
source:ventura

 

Novartis India concludes transfer of its Animal Health Division to Elanco India

This is pursuant to the approval received from the Foreign Investment Promotion Board, Government of India and the Competition Commission of India
Novartis India has completed the transaction for the transfer of its Animal Health Division to Elanco India on December 31, 2015. This is pursuant to the approval received from the Foreign Investment Promotion Board, Government of India and the Competition Commission of India.

The company had earlier entered into transaction for transfer of its Animal Health Division as a going concern by way of a slump sale to Elanco India, or another affiliate of Eli Lilly and Company.

Novartis is a world leader in the research and development of products to protect and improve health and well-being. The company has core businesses in pharmaceuticals, vaccines, consumer health, generics, eye care and animal health.
source:ventura

 

IOC cuts Petrol price by 63 paise, diesel by 1.06 paise

The current level of international product prices of Petrol & Diesel and INR-USD exchange rate warrant a decrease in prices, the impact of which is being passed on to the consumers
State-owned Indian Oil Corporation (IOC) has reduced Petrol prices by 63 paise per litre and Diesel prices by 1.06 paise per litre with effect from the midnight of December 31, 2015/ January 1, 2016. The price of petrol in Delhi will become Rs. 59.35 a litre, while diesel will be Rs. 45.03 a litre. The current level of international product prices of Petrol & Diesel and INR-USD exchange rate warrant a decrease in prices, the impact of which is being passed on to the consumers with this price revision.

IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.
source:ventura

 

Bharat Petroleum enters into binding gas sale and purchase agreement with Petronet LNG

The company has entered into agreement for supply of an additional quantity of 0.1 MMTPA of RLNG with effect from January, 2016
Bharat Petroleum Corporation (BPCL) has entered into a binding Gas Sale and Purchase Agreement (GSPA) with Petronet LNG (PLL) for supply of an additional quantity of 0.1 MMTPA of RLNG with effect from January, 2016. This is in addition to the existing long term GSPA of 0.75 MMTPA, which was executed in September, 2003. The terms of existing agreement have also been amended to adjust some aspects, which will protect and preserve the overall value of the contract.

BPCL is into exploration, production and retailing of petroleum and petrol related products. The retail business unit of BPCL is into marketing of petrol, diesel and kerosene.
source:ventura

 

Corporation Bank allots over 2.8 crore shares to LIC

The bank has allotted 2,81,60,693 equity shares at an issue price of Rs 50.78 apiece to Life Insurance Corporation of India on a preferential basis
Corporation Bank, public sector lender has allotted over 2.8 crore shares to Life Insurance Corporation of India (LIC) to raise around Rs 143 crore. Consequent upon these issues, LIC's holding in Corporation Bank has increased to 21.22 per cent.

The bank has allotted 28,160,693 equity shares at an issue price of Rs 50.78 apiece to LIC on a preferential basis. The shares allotted to LIC shall be locked-in for a period of one year from the date of trading approval.

Corporation Bank is a Mangalore-based mid-sized public sector bank which was established in 1906. Government of India is the majority shareholder holding 59.82% stake in the bank. Overall, the Bank has a wide network of over 9,000 centres across India, including 2,061 branches, 2,599 ATMs and 4,349 branchless banking units.
source:ventura

 

Orient Green trims stake in Pallavi Power

The board of Pallavi Power, its subsidiary, has allotted it 2.10 lakh equity shares of Rs 100 each
Orient Green Power Company has trimmed its stake in Pallavi Power and Mines in favour of its joint venture partner Shalivahana Green Energy. The board of Pallavi Power, its subsidiary, has allotted it 2.10 lakh equity shares of Rs 100 each. It has also allocated 6.42 lakh shares of Rs 100 each to Shalivahana Green Energy, the joint venture partner. This brings down Orient Green’s holding in Pallavi Power to 38.87 percent from 51 percent previously.

Pallavi Power is a special purpose vehicle created for a small hydro power project in Orissa, while Orient Green Power is the largest independent operator and developer of renewable energy power plants in the country based on aggregate installed capacity. The company’s portfolio currently includes biomass, biogas, wind energy and small hydroelectric projects at various stages of development.
source:ventura

 

Vivimed Lab gets CCI’s nod for products sale deal with Clariant

The company had signed a pact for sale of some products in its specialty chemicals division to Clariant Chemicals India
Vivimed Laboratories has received Competition Commission of India’s (CCI) approval to sell some of its products in its specialty chemicals division to drug firm Clariant Chemicals India. Earlier in September, Vivimed had signed a pact for sale of some products in its specialty chemicals division to Clariant Chemicals India for a consideration of about Rs 380 crore.

Vivimed Labs is a listed company engaged in the business of manufacturing products (active ingredients, formulations, etc) for pharmaceutical, personal care and colour chemistry industry. VLL (Consolidated) has manufacturing facilities in India and Overseas.
source:ventura

 

GAIL enters into gas sale and purchase agreement with Petronet LNG

Both the entities have entered into an agreement to adjust some aspects of their existing long term GSPA of 4.5 MMTPA
GAIL has entered into a binding Gas Sale and Purchase Agreement (GSPA) with Petronet LNG (PLL) for supply of an additional quantity of 0.30 MMTPA of RLNG with effect from January, 2016. Further, both the entities have entered into an agreement to adjust some aspects of their existing long term GSPA of 4.5 MMTPA.

GAIL is India’s flagship natural gas company integrating all aspects of the natural gas value chain including exploration and production, processing, transmission, distribution and marketing and related services.
source:ventura

 

Mutual funds pump in $11 billion in stocks; plan to remain bullish



Taking advantage of low valuations, domestic mutual funds pumped in a staggering $11 billion in the stock market during 2015 and plan to remain bullish in the New Year to maximise the returns for their investors.

Given the sluggish trends in the real estate market and continued fall in gold prices, the mutual fund industry also expect to begin attracting a larger share of the Indian households' savings from this year.
Mutual funds invested almost $11 billion (Rs 70,716 crore) in domestic equities in 2015, more than 2.5-times of about $4 billion infused last year, as per the latest data.

Retail money flew into equities through mutual funds route supported the benchmark indices at a time when the foreign portfolio investors (FPIs) went on a selling spree.

FPIs were net buyers of equities to the tune of just $3.2 billion in 2015. Before that, they had invested $20 billion each in stock markets in the preceding three years.

"We look forward to a similar scenario like this year's where FPIs invested $3 billion in 2015, whereas domestic mutual funds have seen strong inflows. This means that while FPIs are considerably important, it is the domestic inflows that are here to stay for the long term that will fuel growth," Quantum AMC CEO Jimmy Patel said.

The industry players feel that the outlook remains bullish for the New Year in terms of equity markets.

"Considering softer commodity prices, muted real estate market and flattish debt market scenario in 2016, the outlook for equity in 2016 continues to remain encouraging. While the current years inflow number may not be matched, the inflows nevertheless are likely to remain positive," Jayesh Shroff, Fund Manager (Equities) at SBI Mutual Fund said.

However, LIC Nomura Mutual Fund Chief Investment Officer (Equity and Debt) Saravana Kumar said: "Maintaining the same momentum (in terms of inflows) may be a challenge if 2016 turns out to be as volatile as the past year."

The fund houses also saw a growing interest from retail investors, indicating an emerging shift in their investment preferences from physical assets to financial assets.

The inflows from retail category were close to Rs 1.7 lakh crore in 2015, a major upswing compared to Rs 1.3 lakh crore seen in the entire 2014.

"Retail participation has shown remarkable resilience to market volatility and we are confident that it will continue in 2016," Reliance Mutual Fund CEO Sundeep Sikka said.

Patel said that retail participation could provide the much needed liquidity to the stock markets that have been largely driven by FPIs for the past few years.

Just 10 million people of the 1.2 billion plus population of India are estimated to be mutual fund investors.

"Equities are likely to emerge as one of the best performing asset classes over the long run and investor are expected to prefer the asset class on higher growth potential coupled with relatively lower attractiveness of alternative investment options," he said.

Besides, equity-oriented mutual funds would remain preferred vehicle for equity market exposure.

Equity assets crossed Rs 4 lakh crore mark for the first time in the history of Indian mutual fund industry, signaling the return of domestic investors taking the mutual fund route.

Overall net investment in MF in 2015-16 is more than the cumulative investment during the entire previous bull-run, which took place between 2003-04 and 2007-08.

"While we could continue to see a soaring retail participation in MFs, power reforms package announced already several times could be finally undertaken, the expectation of 2016 could be a LaNina year is favouring the Indian monsoon, inflation, Oil and Rupee balancing out and last but not the least the Fed rate hike are some factors that could influence the next year for the MF industry," Patel said.
source : Businesstoday

 

Yday FIIs+1123cr in Cash,-827cr in FNO. DIIs-258cr in Cash.

 

Atul Auto reports 8.01% sales growth in December 2015

The company’s total sales from April to December this year rose by 6.49% and stood at 33,372 units
Atul Auto has reported 8.01% growth in sales for the month of December 2015 at 4,005 units as compared to 3,708 units sold in December 2014. The company’s total sales from April to December this year rose by 6.49% and stood at 33,372 units as compared to 31,338 units in the same period last year.

Atul Auto is a leading manufacturer of 3-Wheeled Commercial Vehicles in the state of Gujarat, presently engaged in the manufacturing of Three Wheelers like 6-seater Auto Rickshaws, Pick-Up Vans and Chassis of Passenger Vehicles.
source:ventura

 

M&M reports 4% growth in December sales

The company’s exports for December 2015 stood at 3,076 units registering a growth of 65%
Mahindra & Mahindra (M&M), India’s leading SUV manufacturer, has reported its auto sales numbers which stood at 37915 units during December 2015 as against 36328 units during December 2014, registering a growth of 4%. The Passenger Vehicles segment (which includes UVs, Cars and Vans) sold 18,197 units in December 2015 as against 17,980 units during December 2014, up by 1.21%.

The company's domestic sales stood at 34,839 units during December 2015 as against 34,460 units during December 2014. In December 2015, the Medium and Heavy Commercial Vehicles segment sold 528 units, registering a growth of 74%. The company’s exports for December 2015 stood at 3,076 units registering a growth of 65%.

Mahindra & Mahindra (M&M) is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.
source:ventura

 

Eicher Motors’ JV reports 44.3% rise in December sales

Eicher-branded trucks and buses recorded sales of 4,951 units in December as compared to 3,398 units in the same month last year, a gain of 45.7%
Eicher Motors and Volvo Group’s joint venture firm, VE Commercial Vehicles (VECV) has reported 44.3% jump in total sales in December 2015 at 5,068 units as against 3,512 units in the same month last year. Eicher-branded trucks and buses recorded sales of 4,951 units in December as compared to 3,398 units in the same month last year, a gain of 45.7%.

Domestic sales of Eicher trucks and buses registered a growth of 36.5% to 4,114 units in December 2015 as against 3,013 units in the same month in 2014. Exports of Eicher trucks and buses stood at 837 units in December as against 385 units last year, up 117.4%.

Volvo trucks have recorded sales of 117 units in the month, up by 2.6% as compared with 114 units in the same month last year.
source:ventura

 

Om Metals Infraprojects bags order worth Rs 105.91 crore from UJVN

The contract is to be executed over a period of 25 months
Om Metals Infraprojects, India's leading hydro-mechanical engineering company, has bagged a contract for detailed Engineering & Designing, procurement, Manufacturing, inspection, shop assembly, testing, painting, transportation, site storage, site erection, installation, testing & commissioning of hydro mechanical works of Vyasi HE Project in district Dehradun, Uttarakhand worth Rs 105.91 crore from Uttarakhand Jal Vidyut Nigam (UJVN). The contract is to be executed over a period of 25 months.

Om Metals Infraprojects is the market leader in the niche segment of turnkey execution from Design, Detailed Engineering, Manufacture, Supply, Installation, Testing & Commissioning of complete range of Hydromechanical equipments for Hydroelectric Power & Irrigation projects. It has its credit more than 60 Hydro-mechanical contracts across India and overseas.
source:ventura

 

Bank of India raises Rs 3000 crore under BASEL-III Compliant Tier-II Bonds

The coupon rate is 8.52% and tenor is 10 years
Bank of India has raised Rs 3000 Crore by issue of Basel-III Compliant Tier-II Bonds. The coupon rate is 8.52% and tenor is 10 years.

Bank of India is one of the five largest public sector banks in India, with GOI holding 64.43% as on June 30, 2015. The bank has reported a net loss of Rs 1126.24 crore for the quarter ended September 30, 2015 as compared to net profit of Rs 786 crore for the same quarter in the previous year.
source:ventura

 

M&M inaugurates Bio-CNG plant in MWC, Chennai

The Bio-CNG plant aims to create a carbon neutral ecosystem
Mahindra & Mahindra (M&M) has inaugurated its all new Bio-CNG plant in Mahindra World City (MWC), Chennai. It is a joint CSR initiative between Mahindra Research Valley (MRV) and Mahindra World City Developers (MWCDL).

Spread over an area of 1,000 square metres, the Bio-CNG plant aims to create a carbon neutral ecosystem at Mahindra World City (MWC), Chennai. The Bio-CNG plant will convert 8 tons of food and kitchen waste generated daily at MWC, into 1000m3 of raw biogas.

Mahindra & Mahindra (M&M) is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.
source:ventura

 

TVS Motor reports 4% sales growth in December 2015

The company’s total exports registered sales of 32,771 units in the month of December 2015
TVS Motor Company has registered a rise of 4% in total sales to 2,02,086 units in December 2015 against 1,94,481 units in December 2014. The company’s total exports registered sales of 32,771 units in the month of December 2015 as against 32,969 units registered in the month of December 2014. Two wheeler exports grew by 5.5% with sales increasing from 24,556 units in December 2014 to 25,906 units in December 2015.

Total two wheeler sales increased by 5.2% from 184,474 units recorded in December 2014 to 194,066 units in December 2015. Domestic two wheeler sales grew by 5.2% increasing from 159,918 units in December 2014 to 168,160 units in December 2015. Scooters sales of the company grew by 21.4% increasing from 53,613 units in December 2014 to 65,090 units in December 2015. Motorcycles sales increased from 70,573 units in the month of December 2014 to 71,435 units in December 2015.

The Company registered sales of 8,020 units of Three Wheelers in December 2015 as against sales of 10,007 units in December 2014.
source:ventura

 

Somany Ceramics to raise up to Rs 25 crore through CP

The CAC of the board of directors at their meeting held on January 02, 2016 has approved for the same
Somany Ceramics has received an approval for issuance of Commercial Paper (CP) by the company up to Rs 25 crore. The Company Administrative Committee (CAC) of the board of directors at their meeting held on January 02, 2016 has approved for the same.

Somany Ceramics is a pioneering manufacturer, supplier and exporter of Floor Tiles, Wall Tiles, Sanitary Ware including urinals, basins, etc. Somany strives to bring its customers floor, wall, vitrified, ceramic, porcelain and innovative tiles that are the very latest in the world.
source:ventura

 

IRB Infra bags order worth Rs 10,050 crore

The company will receive semi-annual annuity of Rs 981 crore after the completion of construction of the project
IRB Infrastructure Developers has received Rs 10,050 crore road project in Jammu and Kashmir. The project involves construction of a tunnel spanning a length of 14.08 kilometers. The company will receive semi-annual annuity of Rs 981 crore after the completion of construction of the project.

The concession period of the project is 22 years including construction period of 7 years and the company will receive semi-annual annuity of Rs 981 crore from the Ministry of Road Transport & Highways after completion of construction of the project.

IRB Infrastructure Developers undertakes development of various infrastructure projects in the road sector through several special purpose vehicles.
source:ventura