LATEST BUSINESS NEWS

Nse ZEEL 17.39 lacs @ 410 value 71.32 crs (Bulk / Block Deal)

 

Tech Mahindra enters into strategic alliance with MetricStream

The strategic alliance is to deliver GRC Solutions across the globe
Tech Mahindra, a leading provider of IT, Networks & Engineering solutions and BPO services, has entered into a strategic alliance with MetricStream, Inc the global market leader in Governance, Risk and Compliance (GRC) Management Apps to deliver GRC Solutions across the globe.

MetricStream’s leading enterprise and cloud apps for GRC allow clients to strengthen risk management, regulatory compliance, vendor governance and quality management while driving business performance. Tech Mahindra has been working with MetricStream products and solutions on integration and acceptance testing as well as defining, implementing and testing of end-to-end GRC processes.

Further, Tech Mahindra has established a dedicated MetricStream Center of Excellence (CoE) in Bangalore, India, which will be supported by expert consulting services worldwide in various geographical markets. The GRC offering will target verticals such as BFSI, Retail, Manufacturing, Healthcare, Telecom and Infrastructure.
source:ventura

 

Seamec enters into contract worth $3 million with ONGC

The tenure of the contract will continue till Mid-February 2016
Seamec’s vessel SEAMEC III has been mobilized in Mumbai High North for Redevelopment of Phase III Pipeline projects, ONGC contract awarded to Valentine Marine. The tenure of the contract will continue till Mid-February 2016. The value of the Charter would be around $3 million.

Seamec is engaged in the business of operating multi-support vessels for diving and for providing underwater/sub-sea engineering services, deep sea diving, and inspection of underwater structures, repairs and maintenance of offshore platform fire-fighting services and rescue operations.
source:ventura

 

L&T-McDermott consortium wins ONGC’s Rs 2,450 crore contract

The prestigious contract has been won against competitive international bidding
L&T Hydrocarbon Engineering (LTHE), a fully owned subsidiary of Larsen & Toubro (L&T), in consortium with McDermott has bagged an offshore contract from Oil & Natural Gas Corporation (ONGC) valued at Rs 2450 crore for the development of its Vashishta and S1 deepwater fields situated off the East Coast of India. LTHE’s share in the consortium is Rs 640 crore.

The prestigious contract has been won against competitive international bidding, and encompasses complete ‘EPCI’ work - engineering, procurement, construction and installation of major subsea facilities in ONGC’s Deepwater fields. The full scope of the contract includes the supply and installation of subsea structures at seabed in water depths ranging from 200 metres to 700 metres and subsea pipelines interconnecting subsea wells to ONGC’s onshore facilities at Odalarevu in Andhra Pradesh. The project is part of ONGC’s strategy to monetize its Deepwater Oil & Gas fields on the East Coast. Upon final commissioning, the facilities will add about 4.55 MMSCM of hydrocarbon gas per day to India's domestic gas production.

The consortium developed a cost-effective solution which included utilization of LTHE’s strategically located Kattupalli facility in Chennal for fabrication and setting up of a local spoolbase in India and schedule improvements using a combination of reel lay and S lay methods for laying of subsea pipelines by McDermott.
source:ventura

 

Bajaj Auto plans to roll out a series of new products

The country's second largest producer of motorcycles will launch new products in the budget, executive and sports segments
Bajaj Auto is planning to roll out a series of new products, double capacity at one of its factories and launch a new brand this year. The country's second largest producer of motorcycles will launch new products in the budget (100cc), executive (110-150cc) and sports (150cc and above) segments, despite the broadly sluggish demand.

A budget motorcycle under an existing brand is also to be launched later this month and a new product in the Rs 1-2 lakh category under the Pulsar brand. Currently, the Pulsar RS200 is the only model priced above Rs 1 lakh.

Bajaj Auto is a $2.3 billion company founded in 1926. It is world’s fourth largest two and three-wheeler manufacturer. Bajaj Auto has three plants in all, two at Waluj and Chakan in Maharashtra and one plant at Pant Nagar in Uttaranchal.
source:ventura

 

Technocraft Industries to incorporate JV

The proposed JV will procure fabric and manufacture and market garments for specialized market
Technocraft Industries (India) has decided form a Joint Venture (JV) in the form of LLP, under the name and style of ‘Technocraft Garments LLP’ with Rangappa Ramaraj who is having more than two decade’s experience in Textile Industries and who is capable of generating and executing garment business. The proposed JV will procure fabric and manufacture and market garments for specialized market.

The capital contribution of the LLP will be Rs 1,00,000 out of which the company’s contribution will be Rs 95,000. The Profit/(loss) Sharing Ratio of the company and the other partner will be 60:40.

Technocraft Industries (India) is one of the leading manufacturers of Drum Closure including Title Seal Flanges and Plugs, Tite Seal Gaskets, Tite Seal Leak Locks Plugs, Octagon base Drum Flanges & Auto Closure Systems.
source:ventura

 

Canara Bank raises Rs 900 crore under BASEL-III Compliant Tier-II Bonds

The bank has raised Rs 2,400 Crore under BASEL-III Compliant Tier-II Bonds during the current financial year - 2015-16
Canara Bank has successfully raised Rs 900 crore under BASEL-III Compliant Tier-II Bonds on January 07, 2016 with a coupon of 8.40% per annum. With this, the bank has raised Rs 2,400 Crore under BASEL-III Compliant Tier-II Bonds during the current financial year - 2015-16.

Earlier, as per the powers delegated by the board of the bank, the bond committee has decided to raise Basel III Compliant Tier -II Bonds amounting to Rs 900 crore (as Series - II) by way of Private Placement.

The bank has reported 40.65% fall in its net profit at Rs 478.84 crore for first quarter ended June 30, 2015 as compared to Rs 806.86 crore for the same quarter in the previous year. However, total income of the bank has increased by 4.47% at Rs 12252.64 crore for quarter under review as compared to Rs 11728.01 crore for the quarter ended June 30, 2014.
source:ventura

 

Seamec enters into contract worth $900,000 with Synergy Subsea Engineering

The tenure of the contract would be around 30 days
Seamec has entered into a contract for the charter hire of vessel ‘Seamec Princess’ with Synergy Subsea Engineering LLC, for undertaking job in Persian Gulf. The tenure of the contract would be around 30 days. The contract commenced on January 10, 2016. The value of charter would be around $900,000.

Seamec is engaged in the business of operating multi-support vessels for diving and for providing underwater/sub-sea engineering services, deep sea diving, and inspection of underwater structures, repairs and maintenance of offshore platform fire-fighting services and rescue operations.
source:ventura

 

Government may sell 11.7% stake in Axis Bank: Report

At the current market price, the Government's about 11.7% stake is worth around $1.8 billion
In order to meet its asset sales target, the Central government is reportedly considering a plan to dilute its 11.7% stake in Axis Bank. At the current market price, the Government's about 11.7% stake is worth around $1.8 billion. The sale will boost efforts by finance minister Arun Jaitley to narrow India’s budget deficit to 3.9% of the gross domestic product (GDP) in the year to March 31, 2015. So far, the government has managed to raise only Rs 12700 crore from selling state assets, less than one-fifth of the target.

Axis Bank is the third largest private sector bank in India. The bank offers the entire spectrum of financial services to customer segments covering Large and Mid-Corporates, MSME, Agriculture and Retail Businesses.
source:ventura

 

Coal India’s arm crosses 100 million tonne production milestone

MCL has crossed the 100 million tonne coal production milestone in a record 281 days during current financial year 2015-16
Coal India’s arm Mahanadi Coalfields (MCL) has crossed 100 million tonne production milestone and is taking steps to achieve the target of 150 million tonne output for the current fiscal.

MCL has crossed the 100 million tonne coal production milestone in a record 281 days during current financial year 2015-16. The company had crossed 100 million tonne dispatch of coal to its various consumers, primarily power producers. The company had produced 121 million tonnes of coal during 2014-15.

Coal India accounts for over 80 per cent of domestic coal production. The government has set a production target of 550 million tonne for the PSU for the current fiscal, while the government has set one billion tonne production goal for Coal India (CIL) by 2020.
source:ventura

 

Nse AXISBANK total 5.99 lacs @ 412.90 value 24.73 crs (Bulk / Block Deal )

 

IVRCL bags orders worth Rs 350.96 crore

The company has bagged orders worth Rs 324.67 crore under Building Division from Cauvery Neeravari Nigama
IVRCL has bagged orders worth Rs 350.96 crore under its Irrigation Division and Water Division. The company has bagged orders worth Rs 324.67 crore under Building Division from Cauvery Neeravari Nigama. The order is for Providing drinking water to 83 tanks of Magadi Taluk, Ramanagara District & Hutridurga Hobli, Kunigal Taluk, Tumkur District, from CH192.3 KM of Tumkur Branch Canal under Hemavathy Project which includes design, supply, installation, testing and commissioning of Vertical Turbine pumping machineries and Rising main with surge analysis and suitable surge protection system, transformer, sub-station, construction of intake arrangements, transitions, sump, pump house, valves, electrical work, HOT crane, Raising main with MS pipe, delivery chamber, gravity distribution pipe network comprising of PSC pipes of suitable diameters including MS specials, valves, valve chambers for feeding design discharge to various impounding tanks including supply of spare parts, tools, main power for operation of the system & maintenance of the system for three years after the date of completion including conducting alignment survey, design and drawings for Raising main and gravity main etc. The project is to be completed in 24 months.

Under Water Division, the company has bagged orders worth Rs 26.29 crore from Karnataka Urban Water Supply & Drainage Board. The order is for the work of ‘PART IA’- Providing and laying of DI Rising & Feeder Mains, HDPE Distribution pipe line, Construction of 5LL and 4LL RCC OHT, Construction of Pure Water Pump house, Pumping machineries and 11KV express feeder lines for Remodeling of Water supply distribution system and allied works in Bannur town under Uidssmt-On Item Rate Basis, PART IB-Design, Construction and commissioning of S MLD capacity WTP with allied electrical & mechanical accessories, piping arrangements and trial run for 3 months - On Lump Sum Tenderbasis, Part II- Operation and Maintenance for a period of Five years under Remodeling of Water supply distribution system to Bannur town (package no WU-bannur-I).

IVRCL is engaged into engineering procurement and construction (EPC) activities in India. It conducts operations in 5 sectors namely Water and Environment, Transportation, Buildings, Power and Industrial Structures.
source:ventura

 

On Monday (11.01.16) Control Prints will go ex dividend(Rs.4) & ex bonus (Bonus Ratio 1:2)

 

Sagar Cements reports 18% drop in December production

The Cement sales for December 2015 stood at 104,373 MT, a drop of 20%, compared to 130,452 MT in December 2014
Sagar Cements has reported the cement production and sales figures for December 2015. The Cement production for December 2015 stood at 106,775 million tonnes (MT), a drop of 18%, compared to 129,805 MT produced in December 2014. The Cement sales for December 2015 stood at 104,373 MT, a drop of 20%, compared to 130,452 MT in December 2014.

Sagar Cements is one of the most modern mini cement plants in the state of Andhra Pradesh. The plant is based on Dry Process Rotary Kiln Technology that is used in ‘Standard Quality' cement companies.
source:ventura

 

Nse M&M 10 lacs @ 1200 value 120 crs (Bulk / Block Deal )

 

Tata Steel’s Kalinganagar steel plant to start commercial production from April 2016

Some units of the plant like coke oven plant, sinter plant have already started production on a trial basis
Tata Steel’s Kalinganagar steel plant will start commercial production from April 2016. Some units of the plant like coke oven plant, sinter plant have already started production on a trial basis. The blast furnace and steel melting shop will be on trial in the current quarter (Jan-Mar). With the 3-MT Kalinganagar steel plant’s first phase, the Tata Steel India’s total capacity will rise to 13 MT.

Tata Steel, the flagship company of the Tata group is the first integrated steel plant in Asia and is now the world’s second most geographically diversified steel producer and a Fortune 500 Company.
source:ventura

 

GOA CARBON Q3 loss Rs.1cr vs loss of Rs.5cr yoy
source:ventura

 

Anil Ambani to invest Rs 5k crore in naval facility in Andhra Pradesh

Expanding his defence sector play, Reliance Group Chairman Anil Ambani on Sunday announced setting up of a new naval shipbuilding facility with an initial investment of Rs 5,000 crore.

The facility, to be set up at Rambilli along the East Coast near Vizag, would also lead to creation of a multi-tier array of defence ancillaries with further investments of Rs 5,000-10,000 crore and thousands of skilled jobs, he said.

Speaking here at the Andhra Partnership Summit after his group signed an memorandum of understanding (MoU) with Andhra Pradesh government for the facility, Ambani said it would complement Reliance Group’s existing facility at Pipavav in Gujarat and will have a clear focus on building strategic assets for the Indian Navy.

Source : business standard

 

WINDFALL IN ANDHRA PRADESH

• Andhra Pradesh government has lined up investment intents in energy and infrastructure sectors of about Rs 1,73 lakh crore
  
• State has received investment proposals worth Rs 1,37,816 crore with additional capacity of around 21,000 Mw in both renewable and conventional energy sectors
  
• 21 MoUs in energy sector – 12 in wind (7,175 Mw), five in solar power (2,201 Mw), two in thermal (8,060 Mw) and a thermal-hybrid project (2000Mw plus 1,500 Mw) expected to be signed
  
• Suzlon Energy Limited expected to sign MoU to set up a 3,000-Mw wind energy and 1,000-Mw solar power project with an investment of Rs 28,000 crore
  
• Solar Energy Corporation of India to sign MoU to set up 1,250-Mw solar power project
  
• Australia-based Queensland Coal Corporation to set up 5,280-Mw coal-fired thermal power project at an investment of Rs 31,680 crore.
  
• China’s Sany Group to sign an MoU to establish a 3,500-Mw coal-fired thermal power project at an investment of Rs 23,500 crore
  
• National Highways Authority of India to sign MoU to build elevated express way project between Ichapuram to Sriharikota covering around 900 km and estimated at Rs 15,300 crore

SOURCE : business standard

 

Naidu makes strong pitch for investment in ANDHRA PRADESH





The 22nd edition of Confederate of Indian Industry or CII Partnership Summit, kicks off in Visakhapatnam and has been organised to showcase investment opportunities in ‘Sunrise Andhra Pradesh’. The three-day event is expected to see signing of over 100 MoUs.

Union Finance Minister Arun Jaitley, Andhra Pradesh Chief Minister Chandrababu Naidu and several other union ministers such as P. Ashok Gajapati Raju, Nirmala Sitharaman and Y.S. Choudhary are present at the event.

The summit will see signing of MoUs envisaging an investment of Rs.2 lakh crore.



Latest updates:

>> Finance Minister Arun Jaitley says, "After Start Up India, we are going to launch a new programme called Stand Up India. Stand Up India is available to only two sections of society- women entrepreneurs and the SC,ST entrepreneurs."

"Every public sector and private sector bank, each branch in the country has to fund one SC,ST and one woman entrepreneur." adds Mr. Jaitley

Nearly 1,600 delegates including 350 from U.S., China and 39 other countries are present at the summit, says CII Director General ChandrJit Banerjee in opening address. He says this is the largest ever turnout at the Partnership Summit.

Anil Ambani announces setting up of a world-class defence manufacturing facility at Rambilli (south of Visakhapatnam)with an investment of Rs.5,000 crore.

source :thehindu