LATEST BUSINESS NEWS

BHEL commissions 660 MW supercritical thermal power plant in Uttar Pradesh

The commissioning of the unit will result in significant improvement of electricity availability in Uttar Pradesh

Bharat Heavy Electricals (BHEL) has commissioned another 660 MW coal based supercritical thermal power plant in Uttar Pradesh. The commissioning of the unit will result in significant improvement of electricity availability in Uttar Pradesh. In past 15 months, company has added 4,300 MW of power generation capacity in the state of Uttar Pradesh. The unit has been commissioned at the 3x660 MW Prayagraj Super Thermal Power Project, located in Bara tehsil in Allahabad district of Uttar Pradesh. The project is owned by Prayagraj Power Generation Company (PPGCL), a subsidiary company of Jaiprakash Power Ventures. This is the second unit of the project to be commissioned. The first unit was commissioned earlier by BHEL in December, 2015 and the third unit of the project is also in an advanced stage of construction.

BHEL’s scope in the project consisted of design, engineering, manufacture, supply, erection and commissioning of the Boiler and Turbine-Generator (BTG) package. The key equipment for the project has been manufactured by BHEL at its Haridwar, Trichy, Hyderabad, Ranipet and Bengaluru works, while the construction of the plant was undertaken by the company’s Power Sector - Northern Region.

BHEL is India’s largest engineering and manufacturing company of its kind. It is a power plant equipment manufacturer and operates as an engineering and manufacturing company.
source:Ventura

 

RCom in advance talks with Brookfield to sell its tower arm: Report

The deal for 44,000 towers, which has been pending for about six years, is valued at Rs 19,000-21,000 crore

Reliance Communications (RCom) is reportedly in advanced talks with Brookfield, the world's 2nd biggest manager of alternative assets like real estate and private equity from Canada, to complete the sale of its tower arm. The deal is likely to be completed by this week.

Brookfield Asset Management is looking to acquire a controlling stake in the tower asset. The deal for 44,000 towers, which has been pending for about six years, is valued at Rs 19,000-21,000 crore. The transaction will help RCom bring down its debt. Both the entities have completed the due diligence and are in the last lap of closing the deal and signing the term sheet.

Currently, the tower subsidiary Reliance Infratel is 96 per cent owned by RCom. Minority and institutional investors such as George Soros’ Quantum (M), NSR Partners, Galleon, HSBC Daisy Investment (Mauritius), Drawbridge Towers, Investment Partners B (Mauritius) - which invested $287 million in 2007 - own the remainder. The minority partners are also expected to exit with any sale.
source:Ventura

 

Cairn India reports 4.34% fall in oil and gas production in Q2FY17

The company’s production for the H1FY17 also declined 5.27% to 35.98 million barrels of oil equivalent

Cairn India has reported a 4.34% fall in oil and gas production (Gross operated) for the second quarter of fiscal 2016-17 at 18.07 million barrels of oil equivalent as compared to 18.89 barrels of oil equivalent in the same quarter last year. The company’s production for the H1FY17 also declined 5.27% to 35.98 million barrels of oil equivalent as compared to 37.98 million barrels of oil equivalent in the previous fiscal.

Gross production from Rajasthan was marginally higher by 0.5% q-o-q to 167,699 barrels of oil equivalent per day (boepd). Encouraging results from Mangala EOR, driven by enhanced well productivity and new wells coming online, increased the EOR contribution to production from 42 kboepd in Q1 FY17 to 52 kboepd in Q2 FY17. Production optimization and maximization of liquid handling capacity helped maintain strong performance from Bhagyam and Aishwariya. Gross production from Development Area DA1 and DA2 averaged at 151,880 boepd and 15,820 boepd, respectively.

Gas production from RDG field also increased to 33 mmscfd in Q2 FY16 from 28 mmscfd in Q1 FY17, aided by superior initial well productivity results obtained from the hydro-frac campaign.
source:Ventura

 

Johnson Controls-Hitachi Air Conditioning India informs about closure of trading window

Johnson Controls-Hitachi Air Conditioning India has informed that a meeting of the Board of Directors of the Company will be held on October 24, 2016, to consider and take on record Unaudited Financial Results of the Company for the quarter ended on September 30, 2016. Further, in view of the aforementioned Board Meeting, the trading window of the Company will remain closed from October 14, 2016 to October 26, 2016.

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

 

Fiem Industries to enter into two new JVs for product diversification:

The company is all set to ink JV with Honda Motor Co-owned firm Honda Locks soon

Fiem Industries is reportedly planning to enter into two new joint ventures (JVs) for product diversification. The company is all set to ink JV with Honda Motor Co-owned firm Honda Locks soon. This will help it leverage the opportunity in sensor technology, automotive locks, etc. Moreover, the company is also in the final round of discussion with another Japanese component manufacturer Toyo Denso to sign a joint venture for manufacturing automotive switches, etc.

Also, the company is tapping newer opportunities to achieve four-fold growth in its revenue in the next four to five years.

Fiem Industries is one of the leading manufacturers of automotive lighting & signaling equipments and rear view mirrors. The company is supplying its products to almost all major OEMs in the domestic market as well as few global OEMs.
source:Ventura

 

JSW Steel reports crude steel production of 3.98 MT in Q2FY17

The production of rolled products (long) increased to 0.79 MT compared to 0.64 MT in Q2FY16

JSW Steel has reported highest ever quarterly crude steel production of 3.98 million ton (MT) for Q2FY17 with a growth of 22% over the corresponding quarter (Q2FY16). The production of rolled products (long) increased to 0.79 MT compared to 0.64 MT in Q2FY16, representing a growth of 24%. The production of rolled products (flat) during the quarter increased to 2.86 MT as compared to Q2FY16 of 2.57 MT, a rise of 12%.

JSW Steel is part of the JSW group which, in turn, is a part of the O P Jindal group. JSW Steel is one of the largest steel manufacturing companies in India having units in Karnataka and Maharashtra producing crude steel, long steel and flat steel products.
source:Ventura

 

Alembic Pharma to raise product filings for US:

The Vadodara-based company has increased the number of its projects for product development from 40 in 2013-14 to 200 now


Alembic Pharmaceuticals is reportedly planning to increase its annual product filings for regulated markets from 7 now to 30 within two years. The Vadodara-based company has increased the number of its projects for product development from 40 in 2013-14 to 200 now. The projects are largely to develop products in injectables and dermatology. These include its own, partnered, and in-licensed products.

Alembic Pharmaceuticals, a vertically integrated research and development pharmaceutical company, has been at the forefront of Healthcare since 1907. The company manufactures and markets generic pharmaceuticals products all over the world.
source:Ventura

 

Bajaj Electricals to shut down manufacturing unit at Kosi in UP

The Board of the company has decided to close the unit with effect from October 13, 2016

Bajaj Electricals has decided to shut down its bulbs and tube lights manufacturing unit at Kosi in Uttar Pradesh (UP). The board of directors of the company at its meeting held on October 10, reviewed the performance/operations of the GLS bulbs and tube lights manufacturing unit at Kosi and decided to close the unit with effect from October 13, 2016.

The decision was taken on factors which included declining demand for GLS bulbs and their phasing out in the wake of increased popularity of long-lasting and energy saving LED products; higher cost of fluorescent tube lights in comparison with competitors and declining market of the same, besides non-availability of and difficulty in retention of skilled manpower because of losses made by the unit.

Bajaj Electricals, part of the Rs 20,000 crore Bajaj Group, is engaged in business appliances, fans, lighting, luminaries and engineering and projects.
source:Ventura

 

Asian Granito India completes acquisition of Crystal Ceramics

With this, expansion production capacity of Crystal Ceramics has reached 27,000 square meters a day

Asian Granito India (AGIL) has completed a major expansion at its step Subsidiary, 'Crystal Ceramics Industries (Crystal Ceramics)'. AGIL acquired Artistique Ceramic in FY 2015-16 through amalgamation scheme approved by Hon: Gujarat High Court, which holds 70% in Crystal Ceramics through Kediya Ceramics.

Acquisition of Crystal Ceramics was a strategic decision as along with the product range it also enjoyed a Natural Gas supply arrangement with ONGC which is significantly lower than the prevailing market price. With this, expansion production capacity of Crystal Ceramics has reached 27,000 square meters a day. The new plant will be making double charged vitrified tiles in the large format of 800 X 800 mm and 1000 X 1000 mm for Domestic as well Exports.

Asian Granito India is engaged in manufacturing of flooring solutions. It is one of the leading wall tile manufacturers in India. The company manufactures products such as wall tiles, vitrified tiles, ceramic floor tiles, marble and quartz stone and Aquart.
source:Ventura

 

Jindal Steel and Power defaults on interest payments on NCDs

The NCDs had a coupon rate of 9.8 percent and IDBI Trusteeship Services was the trustee

Jindal Steel and Power (JSPL), one of the largest players in steel market in India, has defaulted on payment of interest on non convertible debentures (NCDs), due on October 08, 2016. The NCDs had a coupon rate of 9.8 percent and IDBI Trusteeship Services was the trustee. According to the company, the said non-payment is due to short-term cash flow mismatches and will be paid in due course.

JSPL is a part of Jindal Group and is a leading player in Steel, Power, Mining, Oil & Gas and Infrastructure. The company produces economical and efficient steel and power through backward integration from its own captive coal and iron-ore mines and passes on the benefits to its customers.
source:Ventura

 

Gruh Finance reports 20% jump in Q2 net profit

Total income of the company increased by 17.84 % at Rs 367.43 crore for quarter under review

Gruh Finance has reported results for second quarter ended September 30, 2016.

The company has reported 19.86 % rise in its net profit at Rs 61.98 crore for the quarter under review as compared to Rs 51.71 crore for the same quarter in the previous year. Total income of the company increased by 17.84 % at Rs 367.43 crore for the quarter under review as compared Rs 311.81 crore for the corresponding quarter in the previous year.

Gruh Financehas is primarily engaged in the business of providing long term finance to individuals for construction, purchase, extension, repair and renovation of their homes. It also provides loans to professionals for office premises.
source:Ventura

 

Dr. Reddy’s launches Lamotrigine Orally Disintegrating Tablets in US

Dr. Reddy’s Lamotrigine Orally Disintegrating Tablets 25 mg, 50 mg, 100 mg, and 200 mg are available in bottle count sizes of 30s

Dr. Reddy’s Laboratories has launched Lamotrigine Orally Disintegrating Tablets in 25 mg, 50 mg, 100 mg and 200 mg, a therapeutic equivalent generic version of Lamictal ODT (lamotrigine) Orally Disintegrating Tablets in the United States market approved by the US Food & Drug Administration (USFDA).

Dr. Reddy’s Lamotrigine Orally Disintegrating Tablets 25 mg, 50 mg, 100 mg and 200 mg are available in bottle count sizes of 30s. The Lamictal ODT brand and generic had US sales of approximately $65.5 million MAT for the most recent twelve months ending in July 2016, according to IMS Health. Lamictal ODT is a registered trademark of GSK group of companies.

Dr. Reddy’s Laboratories is a multinational pharmaceutical company based in Hyderabad, Telangana in India. It manufactures and markets a wide range of pharmaceuticals in India and overseas.
source:Ventura

 

Tata Motors plans to launch Hexa in January 2017: Report

The SUV is expected to be priced between Rs 13 lakh and Rs 18 lakh (ex-showroom)

Tata Motors, the country’s largest commercial vehicles manufacturer, is reportedly planning to launch its much awaited sport utility vehicle (SUV) Hexa in January 2017. The SUV is expected to be priced between Rs 13 lakh and Rs 18 lakh (ex-showroom). Furthermore, Hexa will come with four driving modes, called as 'Super Drive Modes' - Auto, Comfort, Dynamic, and Rough Road. The new ‘Super Drive Modes’ feature is a combination of the vehicle’s engine performance, new-generation Electronic Stability Programme (ESP), Instrument Cluster displays and the vehicle’s ambient lighting and can be activated through a well-placed rotary knob on the centre console.

Tata Motors is India’s largest automobile company, with consolidated revenues of Rs 262,796 crore in 2014-15. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand, South Africa and Indonesia. Among them is Jaguar Land Rover, the business comprising the two iconic British brands. It also has an industrial joint venture with Fiat in India.
source:Ventura

 

Majesco enters into strategic partnership with Life.io

Majesco DigitalConnect platform enables insurers to integrate new and innovative content, data and collaboration capabilities

Majesco, a global provider of core insurance software, consulting and services for insurance business transformation has entered into a strategic partnership with Life.io, a digital consumer engagement platform, transforming how insurers relate to their customers through monitoring and analyzing their behavior, preferences and more through real time data integration.

As a part of this partnership, the two companies are integrating Life.io's Consumer Engagement platform into Majesco DigitalConnect and Majesco's core systems software to enhance the user-experience, improve risk management and support smarter selling and marketing of life insurance to consumers and customers throughout their life-stages. The Majesco DigitalConnect platform enables insurers to integrate new and innovative content, data and collaboration capabilities together to provide a cohesive digital experience for an insurer's customers.

Majesco enables insurance business transformation for approximately 150 insurance customers by providing solutions which include software, consulting and services.
source:Ventura

 

Ashok Leyland plans to set up manufacturing facilities in Andhra Pradesh, Telangana: Report

The company is expanding its manufacturing base into other states to cut down its freight and logistics cost

Ashok Leyland, one of India's premier commercial vehicles manufacturers, in order to expand its manufacturing base into the neighbouring states, is reportedly planning to set up new manufacturing facilities in Andhra Pradesh and Telangana. The company is expanding its manufacturing base into other states to cut down its freight and logistics cost, besides to address inventory related issues and demand.

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

 

Sun Pharma recalls 31,762 bottles of anti-depressant drug in US

This was a ‘Class III’ recall, initiated voluntarily by the company

Sun Pharmaceutical Industries is recalling 31,762 bottles of bupropion hydrochloride extended- release tablets used for treatment of major depressive disorder in the United States due to failed dissolution specifications. The recall has been initiated for 31,762 bottles of bupropion hydrochloride extended-release tablets, USP (SR) in the strength of 150 mg.

This was a ‘Class III’ recall, initiated voluntarily by the company. Such a recall is initiated where use of or exposure to a violative product is not likely to cause adverse health consequences. The tablets were made by the company at its Halol (Gujarat) unit, already under an FDA scanner.

Sun Pharma is the world's fifth largest specialty generic pharmaceutical company and India's top pharmaceutical company.
source:Ventura

 

INFOSYS Q2 cons PAT Rs.3606cr vs Rs.3436cr qoq

 

Coal India ties-up with APGenco for substituting imported fuel: Report

The initiative is part of the company's effort to market Ranigunj coal that has few takers

Coal India, the world’s largest coal miner by output, has reportedly tied-up with Andhra Pradesh Generation Company (APGenco) for substituting imported fuel, used for blending purposes, by high quality Ranigunj coal. The initiative is part of the CIL’s effort to market Ranigunj coal that has few takers.

APGenco procures 5 million tonnes low quality (4100 kilo calorie) fuel from CIL subsidiary, Mahanadi Coalfields in Odisha for its super-critical 2X800 MW power station at Krishnapatnam. The additional fuel requirement is met through imports. As per the new plan, it will procure an additional 1 mt fuel of high energy value (6100 kcal) and low ash Ranigunj coal produced by another CIL arm, Eastern Coalfields, replacing the import demand.

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 (18.10.16) IOC will go ex bonus (Bonus Ratio 1:1)

 

Today (17.10.16) foll cos. will declare Q2 results : DHFL, GIC Housing, Lakshmi Vilas Bank, Orient Paper, Ultratech Cement, Zensar Tech, HIL Ltd.

source: bseindia and ventura