Tata Power announces CERC passes Tariff order for Maithon Power Plant
Tata Power Company announced that Central Electricity Regulatory Commission has passed the Tariff Order for the 1050 MW power plant of Maithon Power (MPL) for FY 2011-14. MPL is a joint venture between the Company (74%) and Damodar Valley Corporation (DVC) (26%). The new tariff would be applicable from COD for each of the generating units. This will pave the way for meeting the targeted returns from the project.
Aurobindo Pharma to raise $350 million through issue of securities
The board of directors has approved raising of $ 350 million (over Rs2,000 crore) through the issue of securities. This will be through any of the available modes including follow-on offer and QIP. The proceeds would be utilised for expansion and growth of Aurobindo. The company recently emerged as the top bidder for the acquisition of US nutritional supplement maker Natrol with $132.5 million (a little over Rs800 crore) and also disclosed a planned capex of Rs1300 crore in next two years to expand capacities including a new capacity for production of peptide based drugs. We have Buy rating on Aurobindo Pharma with price target of Rs1272
Lupin: FII investment limit increased to 49%
The Foreign Investment Promotion Board ( FIPB) has granted the Lupin’s request to increase the FII investment limit to 49%. Currently, the FII investment in Lupin stands at 32% (by end of September 2014).The large cap company had applied to the Reserve Bank of India (RBI) to increase the FII shareholding limit to 49% in October 2013.The central bank approached the FIPB for clarity on policy. According to government move, investment in brown field needs FIPB approval while investment in green field does not need FIPB approval.
Tech Mahindra launches Telematics Platform for the Insurance Industry
Tech Mahindra announced the launch of Usage Based Insurance ( UBI), a big data and predictive analysis driven platform for auto insurers. It allows them to adjust premiums according to actual usage of individual drivers instead of industry averages. The platform is flexible to fit to the growing needs of global insurance enterprises, where the market is expected to grow $ 100B plus by end of the decade
Hero MotoCorp launches the Xtreme Sports
Hero MotoCorp has launched a new variant of its premium segment motorcycle i.e. Xtreme Sports. The new variant has a different design as compared to the Xtreme. The variant is powered by a 150cc engine with a power output of 15.2PS.The vehicle is priced between Rs67,337 and Rs70,300 ex-showroom Mumbai. Hero MotoCorp has been a fringe player in the premium motorcycle segment and launch of the new variant in the segment is not expected to be a volume generator for the company and hence is neutral for the stock.
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