LATEST BUSINESS NEWS

RIL temporary shuts down its PTA and PET plants at Dahej

This step has been taken owing to shortage of the right quality of industrial water at Dahej complex

Reliance Industries (RIL) has temporarily shut-down its PTA and PET plants located at Dahej, Bharuch in state of Gujarat. This step has been taken owing to shortage of the right quality of industrial water at Dahej complex due to lower release of dam water and the significantly increased salinity of water supply.

RIL has 2.3 MMTPA of PTA capacity and 650 KTPA of PET capacity at its Dahej manufacturing complex. RIL has initiated alternative arrangements for water and is closely monitoring the situation. It has also used the current situation to carry out planned maintenance and reliability activities. It is in a state of readiness to resume full supplies as soon as the water availability and water quality issues are resolved. The company is ensuring a continued supply of PTA to the domestic market from its Hazira and Patalganga manufacturing complexes.

Reliance Industries has businesses across India, engaged in energy, petrochemicals, textiles, natural resources, retail and telecommunications.
source: ventura

 

Tata Motors inks MoU with Automotive Skills Development Council

This partnership will help Tata Motors’ skill development centres across its six plants in India and will comply as per competency levels of the NSQF

Tata Motors has signed a Memorandum of Understanding (MoU) with the Automotive Skill Development Council (ASDC), a Government of India recognized Skill Council for a collaborative skill development program in the automotive sector. The program will comprise of modules based on the skills for design, engineering, manufacturing, automobile production, sales & service as well in various support functions with a focus on quality, productivity, dexterity, discipline and safety.

This partnership will help Tata Motors’ skill development centres across its six plants in India and will comply as per competency levels of the NSQF (National Skills Qualification Framework). The automotive industry is a significant generator of employment in India. Till date, the ASDC has contributed to the development this industry by creating 188 Qualification Packs (QPs) comprising of 938 National Occupational Standards (NOS) related to automotive sector.

Tata Motors’ partnership with ASDC will further enhance the expertise in conducting research, developing training course curriculums and certification of trainers and students, in consultation with experts from the automotive industry and from academia.
source: ventura

 

Andhra Bank plans to raise Rs 2700 crore for FY17

The raising of capital will be made at an appropriate time depending on the market conditions, to meet the additional capital requirements during 2016-17

In order to meet the capital requirement in the current financial year, Andhra Bank is planning to raise Rs 2,700 crore. The Board of Directors of the bank at its meeting on May 30, 2016, reviewed the projections of ICAAP (Internal Capital Adequacy Assessment Process) requirements for the financial year 2016-17 and estimated the requirement of capital/funds of Rs 2,700 crore. The raising of capital (Equity/ Tier 1/ Tier 2 Bonds) will be made at an appropriate time depending on the market conditions, to meet the additional capital requirements during 2016-17.

The bank has reported a steep 82.9% decline in net profit at Rs 34.46 crore for the quarter ended December 2015 on the back of higher provisioning towards bad debt and lower income growth. The net profit for the corresponding quarter previous year stood at Rs 201.71 crore while was in the last quarter ending September 2015 it was Rs 251.26 crore.
source: ventura

 

Zee Learn holds on amalgamation plan of Tree House Education

The board also approved re-constituting the MEC with the authority to look into and suggest ways to salvage the deal

Zee Learn has received its board’s approval to keep on hold the scheme of amalgamation of Tree House Education and Accessories (THEAL) with itself. The company will not be going ahead with the currently agreed share exchange ratio of 53 fully-paid equity shares of Rs 1 each of Zee Learn for 10 fully-paid equity shares of Rs 10 each of THEAL.

The board also approved re-constituting the merger evaluation committee (MEC) with the authority to look into and suggest ways to salvage the deal, which will best keep the interests of Zee Learn’s stakeholders intact. The MEC will appropriately inform THEAL of the above decisions.

Zee Learn is one of the leading companies in Education in India with the fastest growing chain of K-12 schools and India’s No 1 chain of pre-schools in its portfolio. Zee Learn acts as a consultant to local entrepreneurs who wish to setup K-12 schools, under its brand name Mount Litera Zee Schools and provides end to end Education management and Advisory services.
source: ventura

 

Eicher Motors’ JV reports 43% rise in May sales

Exports of Eicher trucks and buses surged nearly three-fold at 1,005 units in May

Eicher Motors and Volvo Group’s joint venture firm, VE Commercial Vehicles (VECV) has reported 43% increase in total sales in May at 5,770 units, as against 4,035 units in the same month last year. Eicher-branded trucks and buses recorded total sales of 5,709 units in May compared with 3,962 units in the corresponding month last year, up by 44.1%.

In the domestic market, sales of Eicher trucks and buses stood at 4,704 units in May compared with 3,617 units in the year-ago month, up 30.1%, while exports of Eicher trucks and buses surged nearly three-fold at 1,005 units in May as against 345 units in the same month last year.

Volvo trucks recorded a 16.43% decline in sales at 61 units last month compared with 73 units in May 2015.

Eicher Motors is one of the leading manufacturers of commercial vehicle. It has manufacturing facilities located in Madhya Pradesh, Tamil Nadu, Maharashtra, and Haryana.
source: ventura

 

Bajaj Auto reports 1% rise in May sales

The sales of the motorcycles increased by 2% and stood at 3,07,344 units in the month under review against 3,01,862 units in May 2015


Bajaj Auto, the second-largest motorcycle manufacturer has registered rise of 1% in total sales to 347,655 units in May 2016 against 345,438 units in May 2015. The sales of the motorcycles increased by 2% and stood at 3,07,344 units in the month under review against 3,01,862 units in May 2015.

However, the company has reported 7% fall in Commercial Vehicles sales, which stood at 40,311 units as compared to 43,576 units in month of May 2015. The company’s total exports out of the above stood at 1,43,421 units, a fall of 10% as compared to 1,58,824 units sold in the corresponding month last year.

Bajaj Auto 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

 

Ashok Leyland reports 6% rise in May sales

The company has experienced a jump of 8% in its M&HCV products segment to 7469 units in May 2016 as compared to 6,888 units in May 2015

Ashok Leyland, the commercial vehicle manufacturer, has reported an increase of 6% in May 2016 sales to 9875 units, as against 9290 units sold in the same period of last year. The company has experienced a jump of 8% in its medium and heavy commercial vehicle (M&HCV) products segment to 7469 units in May 2016, as compared to 6,888 units in May 2015. Light commercial vehicle (LCV) of the company registered sales of 2406 units in May 2016 as against 2402 units in May 2015.

Ashok Leyland, the Hinduja Group flagship company in India, is engaged in the manufacturing of commercial vehicles and related components. The company’s products include buses, trucks, engines, defense and special vehicles.
source: ventura

 

TVS Motor clocks 11% sales growth in May 2016

The company's total exports registered sales of 35,545 units in the month of May 2016 as against 43,595 units in May 2015

TVS Motor Company has posted a sales growth of 11% during the month of May 2016, with total sales increasing from 220,079 units recorded in the month of May 2015 to 243,783 units in the month of May 2016. Total two wheeler sales increased by 13.0% from 210,843 units recorded in May 2015 to 238,320 units in May 2016.

Domestic two wheeler sales grew by 17.9% increasing from 175,533 units in May 2015 to 206,886 units in May 2016. Scooters sales of the company grew by 20.2% increasing from 54,426 units in May 2015 to 65,434 units in May 2016. Motorcycles sales grew by 5.6% increasing from 91,344 units in the month of May 2015 to 96,485 units in May 2016. Further, Three wheeler of the company registered sales of 5,463 units in May 2016 as against 9,236 units in May 2015.

Meanwhile, the company's total exports registered sales of 35,545 units in the month of May 2016 as against 43,595 units in May 2015. Two wheeler exports registered sales of 31,434 units in May 2016 as against 35,310 units in May 2015.
source:ventura

 

UK court orders Punj Lloyd to pay fine of $26 million

The company is considering various legal options and shall take appropriate steps in respect of such order

Punj Lloyd and its subsidiary Punj Lloyd Upstream (PLUL) have been ordered to pay by the High Court of Justice, Queen’s Bench Division, Commercial Court, UK sum of $26,173,659.16 (plus summary assessment costs amounting to GBP 75000), to International Finance Corporation, towards their claims. The company is considering various legal options and shall take appropriate steps in respect of such order.

Punj Lloyd is a diversified international conglomerate offering EPC services in Energy and Infrastructure along with engineering and manufacturing capabilities in the Defence sector.
source:ventura

 

Tomorrow (03.06.16) foll cos. will go ex dividend : SBI Rs.2.6

 

NMDC cuts lump ore prices by Rs 200 per tonne for June

The company has also reduced Fines prices by Rs 200 per tonne to Rs 1460 per tonne for June

NMDC has reduced Lump Ore prices by Rs 200 per tonne to Rs 1800 per tonne with effect from June 2, 2016. The company has also reduced Fines prices by Rs 200 per tonne to Rs 1460 per tonne for June. These prices exclude royalty, DMF, NMET, cess, forest permit fee etc.

NMDC is a state-controlled mineral producer of the Government of India. It is fully owned by the Government of India and is under administrative control of the Ministry of Steel.
source: ventura

 

Prism Cement to acquire 15.23% stake in BLA Power for Rs 21 crore

The company shall enter into a power supply agreement with BLA Power for the purchase and consumption of 25 MW of RTC power

Prism Cement has agreed to acquire 15.23% equity stake for approximately Rs 21 crore in BLA Power, which is in the sole business of generating thermal power.

The company shall enter into a power supply agreement with BLA Power for the purchase and consumption of 25 MW of RTC (round the clock) power from BLA Power for its cement plants - Unit I and Unit II at Satna, Madhya Pradesh under the Group Captive Arrangement under the Electricity Rules, 2005. This agreement is expected to reduce the cost of cement production.

Prism Cement is one of India’s leading integrated Building Materials Company, with a wide range of products from cement, ready-mixed concrete, tiles, bath products to kitchens.
source: ventura

 

Alphageo bags contract worth Rs 1482 crore from ONGC

The company has received Letters of Award of contracts from ONGC for acquisition of 2D seismic Data in un-appraised on land areas of Indian Sedimentary Basins of India


Alphageo (India) has been issued various Letters of Award (LoA) of contracts by ONGC for acquisition of 2D seismic Data in un-appraised on land areas of Indian Sedimentary Basins of India as a part of the National Seismic Program by March 2019.The estimated total value of the awards received is about Rs 1482 crore inclusive of taxes. The company has acknowledged the receipt of these Letters of Awards and has initiated the necessary steps to accept and execute the same.

Alphageo (India) is engaged in providing seismic survey services to the oil exploration and production sector. Its comprehensive service range makes it possible for customers generally oil and gas exploration companies - to identify subterranean deposits with efficiency and effectiveness.
source: ventura

 

NMDC, MOIL to buy back 25% shares; govt may get Rs 6,500 cr The official said the government is expecting Rs 6,500 crore from the two buy backs after considering the proportion of shares that may be tendered by public and promoters.
source: moneycontroldotcom
Read more at: https://www.moneycontrol.com/news/b...s-6500-cr_6824741.html?utm_source=ref_article

 

Lupin recalls over 54,000 vials of anti-bacterial injection in US

The ongoing voluntary recall is a class-III recall for the US and Puerto Rico markets

Lupin has recalled over 54,000 vials of anti-bacterial injection, Ceftriaxone, due to violation of current manufacturing norms. The ongoing voluntary recall is a class-III recall for the US and Puerto Rico markets.

The recall is being initiated by the company’s US arm Lupin Pharmaceuticals Inc covering 54,472 vials of Ceftriaxone for injection in various strengths. The company is also recalling 741.171 kg of Ceftriaxone Sodium (Sterile) active pharmaceutical ingredient as its API intermediates failed specifications.

Lupin is an innovation led transnational pharmaceutical company producing and developing a wide range of branded & generic formulations, biotechnology products and APIs globally. The Company is a significant player in the Cardiovascular, Diabetology, Asthma, Pediatric, CNS, GI, Anti-Infective and NSAID space and holds global leadership position in the Anti-TB segment.
source: ventura

 

TVS Motor eyes 12% market share for its scooter model Jupiter in 110cc segment

The company has recently achieved the landmark of selling one million units of its popular 110cc Jupiter scooter in 30 months

TVS Motor is aiming to increase the share of its best selling scooter model Jupiter to 12% in the highly competitive 110 cc scooter segment in 2016. The company has recently achieved the landmark of selling one million units of its popular 110cc Jupiter scooter in 30 months.

The Jupiter is second largest-selling scooter model in the market with total sales of 537,451 units during FY16, currently commands a 10 percent market share in the segment. TVS Jupiter’s monthly sales averaged close to 45,000 units for the last fiscal.

TVS Motor Company is engaged in manufacturing of two-wheeler vehicles. Its products include automobile component, components distribution, powered two-wheelers, computer peripherals, financial services, contract manufacturing services and software development.
source: ventura

 

IL&FS Transportation receives Rs 109.78 crore for 15% stake sale in GRICL

The company has sold 83,13,800 equity shares of Rs 10 each in GRICL to MAIF

IL&FS Transportation Networks has concluded the divestment of equity stake in Gujarat Road and Infrastructure Company (GRICL). MAIF Investments India (MAIF) has on June 15, 2016 remitted the consideration of Rs 109.78 crore towards sale of 83,13,800 equity shares of Rs 10 each by the company in GRICL. The company has also transferred the aforementioned equity shares in favour of MAIF.

The company had last month signed definitive agreement with MAIF for sale of 83,13,800 equity shares in GRICL, representing 15% of paid up equity capital of GRICL at an aggregate consideration of Rs 109.78 crore.

IL&FS Transportation Networks is an India-based surface transportation infrastructure company. The company is a developer, operator and facilitator of surface transportation infrastructure projects, taking projects from conceptualization through commissioning to operations and maintenance under public to private partnership on build-operate-transfer (BOT) basis.
source: ventura

 

Nse DRREDDY 3.30 lacs @ 3082 value 101.71 crs
source : ventura

 

Nse ZEEL 2.27 lacs @ 453.60 value 10.32 crs
source : ventura

 

Pricol sells 100% stake in Integral Investments for Rs 2.78 crore

Integral Investments is no longer a wholly owned subsidiary company of Pricol and no longer a part of Pricol Group

Pricol has sold its entire shareholding in wholly owned subsidiary company -- Integral Investments for a consideration of Rs 2.78 crore. Subsequent to the aforesaid sale, Integral Investments is no longer a wholly owned subsidiary company of Pricol and no longer a part of Pricol Group.

Pricol is engaged in the manufacture and export of a complete range of automotive components starting from instrument clusters, dashboard meters, fuel sensors, oil pressure switches, speedometer drive cables, fuel cut off valve, filter suction, etc.
source: ventura