Welcome to StockBox Daily News Update podcast for 17th May 2018. Important corporate announcements published on 17th May 2018.
Order Book - Larsen & Toubro Limited - Power Transmission & Distribution Business of L&T Construction Wins Orders Valued Rupees 2,440 Crores.
Fund Raising - Andhra Bank considering raising of equity as among other things through Qualified Institutional Placement, Follow-on Public Offer etc.
Divestiture - Reliance Power Limited has transferred its entire holding held in Jharkhand Integrated Power Limited, a Special Purpose Vehicle created for development of Tilaiya UMPP, to Jharkhand Urja Vikas Nigam Limited, the Lead Procurer, acting on behalf of Procurers of Tilaiya UMPP for a consideration of Rupees 112.64 crores.
Bottom Fishing - Plungers - PTC India Limited is among the top losers plunging by 9% in large cap category!
Business Update - Reliance Power Limited’s subsidiary Sasan Power Limited (SPL) has filed a Special Leave Petition in Hon'ble Supreme Court for levy of tax on value of mineral bearing land for captive coal mines allocated to SPL, under Madhya Pradesh Gramin Avsanrachna Tatha Sadak Vikas Adhiniyam, 2005 ('Act') Hon'ble Supreme Court has admitted the SLP & issued notice on stay application to be heard in July 2018
Special Dividend - Take Solutions Limited announces Rupees 0.60 per share as special one-time dividend for commemorating their 10 years after being listed in the market.
Capital Expansion - SOMANY CERAMICS Limited's subsidiary, Amora Ceramics Private Limited to produce 3.80 million square meters of ceramic wall tiles per annum is successfully completed & commercial production has commenced from May 16th, 2018.
Regulatory Update - Punjab National Bank was warned by SEBI for reporting lapses and delays in disclosure of frauds and other details in Feb and March 2018.
Business Update - Titagarh Wagons becomes the first private sector Company from West Bengal to launch a ship for Indian Navy.
Fund Raising - Minda Corporation Limited Qualified Institutional Placement of equity shares of Rs. 2 each of Minda Corporation Limited with Qualified Institutional Buyers at floor price of Rupees 182.59 per share.
Capital Expansion - Orient Refractories Limited informed that expansion of Isostatic production capacity from 9,300 tons per year to 11,700 tons per year at Bhiwadi, the plant has been successfully commissioned on 17 May 2018 and the commercial production will start from June'2018.
Acquisition - JK Paper Limited - Resolution Plan submitted for insolvency resolution of The Sirpur Paper Mills Limited (the Corporate Debtor) by JK Paper Limited as Resolution Applicant, has been approved by the Committee of Creditors at their meeting held on16th May, 2018
Offer Update - Board of Fortis Healthcare Limited has received Revised Offer from IHH Healthcare Bhd with a proposal to invest in the Company. It is hereby informed that it today has received a letter from IHH for extension of the acceptance period for the Enhanced Revised Offer.
Divestiture - Biocon Limited, the promoter of the Company, on May 16, 2018, has sold 3,765,574 equity shares held in Syngene International Limited constituting 1.88% of Paid-up share capital through open market sale.
Capital Expansion - Creamline Dairy Products Limited, subsidiary Company of Godrej Agrovet Limited as a part of its expansion plans, intends to invest rupees 400 crores in 3 greenfield milk processing plants in Tamil Nadu, North Karnataka and Maharashtra over the period of next 3 years.
Capital Expansion - KEI Industries Limited plans for capital expenditure of rupees 30 to 35 crores for new plant at Alwar Rajasthan. This investment is expected to generate a revenue of Rupees 200 crores per annum at full capacity.
Divestiture - Agreement has been signed amongst India Tourism Development Corporation Limited (ITDC), Arunachal Pradesh Industrial Development & Financial Corp Ltd (APIDFC), Donyi Polo Ashok Hotel Corporation Limited (DPAHCL) and Government of Arunachal Pradesh (GoAP) for transfer of 51% equity stake of ITDC in DPAHCL, the Joint Venture Subsidiary Company, to APIDFC/GoAP on a consideration amount of Rupees 1,98,17,580.
Credit Rating - Punjab National Bank CRISIL downgraded rating from developing implications to negative implications.
Credit Rating - SPECIALITY RESTAURANTS Limited CRISIL has reviewed its Ratings of the total bank loan facilities of rupees 60 Crore & has rated as on date Long term facility as "CRISIL A-/Negative" (Downgraded from CRISIL A/Negative) and Short-term facility as "CRISIL A2+" (Downgraded from CRISIL A1).
Credit Rating - Rane Engine Valve Limited - ICRA Limited has - re-affirmed - for the Rupees 150.23 crores line of credit - long term rating to BBB with revision of outlook from 'Positive' to 'Stable'; & re-affirmed - short term rating for Rupees 4 crores line of credit A2 (pronounced as ICRA A two).
Fund Raising - Adlabs Entertainment Limited approved obtaining enabling approval of shareholders for the issue of securities to Qualified Institutional Buyers up to Rupees 200 crore
Acquisition - Quess Corp Limited Approved further investments in the following entities, through the Company's wholly owned subsidiary, Quesscorp Holdings Pte Ltd., Singapore:
A. 36% equity in Comtel Solutions Pte. Ltd., Singapore with an investment up to SGD 22 Million.
B. 49% equity in ComtelPro Pte. Limited, Singapore with an investment up to SGD 500,000.
Product Update - SUN PHARMACEUTICAL INDUSTRIES Limited today announced that one of its wholly owned subsidiaries has launched in US, the Authorized Generic (AG) version for Daiichi Sankyo Inc.’s Welchol (colesevelam hydrochloride) 625mg tablets.
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