LATEST BUSINESS NEWS

Manali Petrochemicals resumes operations at both of its Plants

Plant 1 remained shut-down for 27 days and Plant 2 for 18 days
Manali Petrochemicals has resumed operation at its Plant 1 and the production is being ramped up to the full levels. Production at Plant 2, which was being operated since the second week of December 2015 at a lower load with the available material has also been scaled up with resumption of Propylene supplies by CPCL to both the Plants.

In all, Plant 1 remained shut-down for 27 days and Plant 2 for 18 days. In order to minimize the impact of the closure, actions have been taken to scale up the production to the maximum extent possible in the coming months. The company has adequate Industrial All Risks cover including for loss of profits. The company’s production at both the Plants remained affected since December 02, 2015 due to flooding and the resultant power disruptions.

Manali Petrochemicals (MPL) is a leader in the production and marketing of Propylene Oxide, Propylene Glycols and Polyols in India. The Company operates two grassroot production facilities at Manali to manufacture Propylene oxide (PO), Propylene Glycol (PG) and Polyols.
source:ventura

 

Coal India’s arm unveils mobile app for live monitoring of field operations

The new application is capable of distant monitoring of coal mining and dispatch operations through smartphones
Coal India’s subsidiary Mahanadi Coalfields (MCL) has unveiled a mobile app for live monitoring of field operations, as a part of vigilance initiative in MCL. The new application is capable of distant monitoring of coal mining and dispatch operations through smartphones.

MCL targets 150 million tonnes coal production and dispatch during the current financial year and has already dispatched over 100 MT of the dry fuel, which includes power generation plants in various states.

Coal India is the world’s largest coal mining company. It also produces non-coking coal and coking coal of various grades for diverse applications.
source:ventura

 

Tomorrow (05.01.16) foll stocks will go ex bonus : Kothari Products (Bonus Ratio 1:2)

 

Nse KOTAKBANK 2 lacs @ 711.70 value 14.27 crs (Bulk/Block Deals)

 

SBI to buy four premium flats from Air India for Rs 90 crore

Centre gave go-ahead to state-owned Air India to sell the flats to SBI for about Rs 90 crore as part of the airline’s asset monetisation plan
State Bank of India (SBI) is all set to buy four premium flats in Mumbai’s posh Peddar Road area from the loss-making Air India for Rs 90 crore. In this regard, a legal team of Air India is preparing a draft sale agreement which will then be given to the counterparts from the SBI, the country’s largest lender.

Recently, the Centre gave go-ahead to state-owned Air India to sell the flats to SBI for about Rs 90 crore as part of the airline's asset monetisation plan.
source:ventura

 

Nse RELIANCE 38 lacs @ 1000 value 380 crs (Bulk/Block Deals)

 

IDBI Bank raises Rs 900 crore through Basel-III compliant bonds

The instrument--IDBI Omni Tier-II 2015-16 series-II--carries a coupon rate of 8.62% per annum
In order to strengthen its capital adequacy, IDBI Bank has raised Rs 900 crore by way of issuing Basel-III compliant tier-II bonds on private placement basis. The instrument--IDBI Omni Tier-II 2015-16 series-II--carries a coupon rate of 8.62% per annum. The bond maturity date is January 2, 2026.

IDBI Bank is the youngest, new generation public sector universal bank that rides on a cutting edge Core Banking platform with strong service orientation. The bank reported 0.85% rise in its net profit at Rs 119.5 crore for the quarter ended September 30, 2015 as compared to Rs 118.49 crore for the same quarter in the previous year.
source:ventura

 

PNC Infratech completes sale of 8.51% stake in Jaora-Nayagaon Toll Road Company

The company has completed sale of 2,44,23,700 equity shares to Viva Highways and received an aggregate consideration of Rs 34.19 crore
PNC Infratech has completed the sale of 2,44,23,700 equity shares representing 8.51% of the share capital of Jaora - Nayagaon Toll Road company (a Special Purpose Vehicle) to Viva Highways and received an aggregate consideration of Rs 34.19 crore.

The sale is pursuant to the satisfaction of the conditions precedent mentioned in the Share Purchase Agreement (SPA), including receipt of approvals of the lenders of the SPV.

PNC Infratech is one of the front ending Indian infrastructure construction, development and management companies in the country, with wide experience and proven expertise in the execution of major infrastructure projects, including highways, bridges, flyovers etc.
source:ventura

 

Punj Lloyd announces four highway contracts

Punj Lloyd has informed that the company announces four Highway contracts worth Rs 1555 crore pan India.

The above information is a part of company’s filings submitted to BSE.
source:ventura

 

Chinese stock markets halted for day after shares fall 7%

Source : Economic times

 

EUROPEAN MARKETS UPDATE: FTSE-65, CAC-98, DAX-245

 

Chinese stock markets halted for day after shares fall 7%

SHANGHAI: Trading on the Shanghai and Shenzhen stock exchanges was ended early on Monday after shares fell seven percent, the first time China's new "circuit breaker" intervened to curb market volatility.

The drop in the CSI300 index, which covers both bourses, for the first time triggered an automatic early closure under the new system, after an initial 15-minute trading halt failed to stem the declines.

The falls followed poor data from official and private surveys of manufacturing in the world's second-largest economy. In addition, measures introduced to curb China's mid-2015 share slump are about to expire.

The trading halt mechanism -- dubbed a "circuit breaker" -- went into force on Monday, the first trading day of 2016.

Under the system, intended to reduce wild swings on the Chinese markets, a five percent drop in the CSI300 index sees trading suspended in both Shanghai and Shenzhen for 15 minutes before resuming.

If the index falls seven percent the markets are closed for the rest of the day.


Monday's slumps were triggered by a combination of market factors and fundamentals, analysts said.

"The market is worried about the upcoming lifting of the rule that bans shareholders from selling," Central China Securities analyst Zhang Gang told AFP.

"The pressure will continue to weigh on the market in the following days."

China banned shareholders with holdings of more than five percent in a company from selling shares in July as part of efforts to stem a rout that wiped trillions off market capitalisations. The ban will expire on Friday, triggering fears of a big sell-off by major shareholders.

At the early close the benchmark Shanghai Composite Index had tumbled 6.85 percent, or 242.52 points, to 3,296.66 on turnover of 240.9 billion yuan ($37.0 billion).

Official and private Purchasing Manager Index (PMI) surveys of manufacturing activity both showed contraction, heightening concerns over the health of the key sector.

China on Monday also cut the yuan's value against the greenback, making it weaker than 6.5 for the first time in more than four-and-a-half years, as pressure on the unit mounts from the country's growth slowdown.

"The weaker PMI and the weaker yuan are the likely triggers," Michael Every, head of financial markets
research at Rabobank Group in Hong Kong, told Bloomberg News.

Every said he believed the yuan in Shanghai and Hong Kong had a lot further to fall. "Fundamentals will see the market struggle," he said.


source :economictimes

 

Gateway Distriparks commences construction of Logistics Park in Andhra Pradesh

The company is targeting to commence operations of the first phase of general warehousing and reefer and cold store by September 2016 and the CFS by end of December 2016
Gateway Distriparks has commenced construction of its Logistics Park at Krishnapatnam Port in Andhra Pradesh after receiving all necessary state government approvals. Targeting the trade in the Andhra Pradesh, Telengana and Karnataka region, the Logistics Park will offer comprehensive supply chain solutions through a CFS, general warehousing and reefer/cold storage services, along with transportation facilities. The Company is targeting to commence operations of the first phase of general warehousing and reefer and cold store by September 2016 and the CFS by end of December 2016.

The CFS at Krishnapatnam port, which is strategically located between Chennai and Visakhapatnam ports, will be the Company's 7th CFS. The Logistics Park will be the first of its kind at Krishnapatnam Port and drawing on its experience as a market leader in the industry, the company has planned the 48 acre area with world class infrastructure tailored to the trade's requirements and state-of-the-art technology to maximize efficiency once operations commence. The total Capex of this project will be to the tune of Rs 150 crore, with Rs. 80 crore utilised towards cost of land and construction of the first phase, and the balance Rs 70 crore for the second phase.

Gateway Distriparks is engaged in the business of warehousing, container freight stations, providing handling and clearance of sea borne export-import trade in containerized form. The company operates CFS located at Dronagiri, Navi Mumbai, New Manali, Chennai, Vishakapatnam and Inland Container Depot at Garhi Harsaru (near Delhi) and Haryana.
source:ventura

 

Mahindra Two Wheelers sells 12,112 units during December 2015

The company’s domestic sales during December 2015 stood at 10,488 units
Mahindra Two Wheelers (MTWL), part of the $16.9 billion Mahindra Group, has reported its sales numbers for December 2015, which stood at 12,112 units. The company’s domestic sales during December 2015 stood at 10,488 units. Exports for the month stood at 1,624 units.

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

 

RBI allows foreign investors to buy up to 49% in SITI Cable Network

The company has passed resolutions at its Board of Directors’ level, agreeing for enhancing the limit for the purchase of its equity shares by FIIs/RFPIs
Reserve Bank of India (RBI) has notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 49 per cent of the paid up capital of SITI Cable Network under the Portfolio Investment Scheme (PIS). The company has passed resolutions at its Board of Directors’ level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares by FIIs/RFPIs.

Siti Cable is the only vertically integrated company in the Cable TV Industry and is known for its strong backend systems & processes. Backed by Strong Management team, the company is always on the forefront to harness the latest technology and maintain the healthy commercial relations with its business partners.
source:ventura

 

Grasim Industries merges Aditya Birla Chemicals with itself

The share capital of Grasim will increase from Rs 91.88 crore to Rs 93.34 crore
Grasim Industries has completed the merger of the group company Aditya Birla Chemicals (India) (ABCIL) with itself. Grasim will issue 14.62 lakh equity fresh shares to shareholders of Aditya Birla Chemicals, who will receive one share of Grasim for 16 shares of ABCIL they hold. The share capital of Grasim will increase from Rs 91.88 crore to Rs 93.34 crore.

Grasim is the largest chlor-alkali manufacturer and the merger will further consolidate its leadership. The installed capacity of caustic soda will move up to 804,000 tonnes per annum from 453,000 tpa.
source:ventura

 

Gravita ventures into business of plastic recycling

The entering into pet recycling business will enhance the recycling DNA of the group
Gravita India, a leading Indian Multinational Company, has commenced commercial production of Pet Recycling by setting up plant through its step -down subsidiary Gravita Nicaragua S.A. situated in Nicaragua. The entering into pet recycling business will enhance the recycling DNA of the group. The present annual production capacity of the said plant is 3600 MTPA.

Gravita India along with its subsidiaries has business across border in about 44 countries. The company deals in Lead and Lead related products. The major products of the company comprise of pure Lead, Refined Lead Ingots, Lead Alloy, Red Lead, Litharge etc. The company is also engaged into trading activities and supply of Lead plants and turnkey projects.
source:ventura

 

Welspun Corp receives Rs 100 crore tax notice

The demand notice of Rs 100.46 crore includes tax amount of Rs 37.53 crore, and interest and penalty amount of Rs 62.9 crore
Welspun Corp has received provisional Assessment Orders along with demand notices from the Assistant Commissioner of Commercial Tax, Gandhidham for the period starting from February 01, 2014 and ending on September 30, 2015 in respect of its manufacturing unit at Anjar (Gujarat) for an amount of Rs 100.46 crore which includes tax amount of Rs 37.53 crore and interest and penalty amount of Rs 62.9 crore.

Welspun Corp is currently in four businesses viz Line Pipes, Energy, Infrastructure & Steel and enjoys a global leadership position in the first two businesses. It may be recalled that Welspun Corp is already in advanced stages of demerging the parts of its business other than Line Pipes into Welspun Enterprises through a court process.
source:ventura

 

Nse ADVANTA 3 lacs @ 437 value 13.11 crs (Bulk / Block Deals)

 

Force Motors’ LCV production stood at 1569 units in December 2015

The company’s production of SCV, UV & SUV and Tractors stood at 219 units, 702 units and 550 units respectively
Force Motors, a Pune-based commercial vehicle maker, has reported the production, sales and export of the products manufactured by the company during the month of December 2015. The company’s production of Small Commercial Vehicles (SCV), Light Commercial Vehicles (LCV), Utility Vehicles & Sports Utility Vehicles (UV & SUV) and Tractors stood at 219 units, 1569 units, 702 units and 550 units respectively.

The company’s domestic sales for SCV, LCV, UV & SUV and Tractor stood at 12 units, 1283 units, 852 units and 382 units respectively, while the company has exported 182 units of SCV, 6 units of LCV and 11 units of UV&SUV in month of December 2015.

Force Motors is a fully vertically integrated automobile company, with expertise in design, development and manufacture of the full spectrum of automotive components, aggregates and vehicles.
source:ventura