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Wednesday, December 24, 2014

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Cabinet approves ordinance for Insurance FDI; stocks rally
The Union Cabinet has approved the ordinance for Insurance FDI and Coal block allocations. This is positive for insurers like Max India, Bajaj Finserv, Reliance Capital, Exide.Shares of companies engaged in insurance business rose by up 4% after the Union Cabinet clears the Insurance Laws Amendment Bill.

Alstom T&D secures order for Rs180 crore from NTPC
Alstom T&D India secured an order worth around Rs180 crore from NTPC  to supply a 765 kV switch yard at the 2x800 MW Darlipalli super thermal power project (STPP) in Sundergarh district of Odisha.
Alstom T&D India will design, engineer, manufacture, install and commission eleven 765kV bays and fourteen 132kV bays. Positive for Alstom T&D.

JP Associates board approves disinvestment of two cement units
Jaiprakash Associates has announced that the Board of Directors of the Company at its meeting held on December 23, 2014 has approved the disinvestment of cement units to UltraTech Cement. The board has approved the Memorandum of Understanding setting out the broad terms and conditions of the proposed acquisition. The enterprise value of this acquisition has been agreed at Rs5400 crore.The transaction is subject to customary due diligence, definitive agreements and regulatory approvals as may be required. The disinvestment is in line with the Jaypee Group's publicly announced policy of bringing down JAL's debt and improving its balance sheet.

Electrosteel Castings board approves to offload shares in associate firm
Shares of Electrosteel Castings rose over 3% touching Rs18.25, after the company said its board approved to offload 7.20 lakh equity shares of the company's investment in an associate company.Electrosteel Castings' board of directors at its meeting held today, (December 24, 2014), approved to offload 7.20 lakh equity shares of the company's investment in Singardo International Pte., an associate company of Electrosteel Castings.

Panacea Biotech collaborates with international pharmaceutical company
Panacea Biotech has entered into a collaboration with a leading international pharmaceutical company for the development and supply of an immunosuppressant generic product in USA. The collaboration has been established on December 23, 2014 for research, development and subsequent ANDA submission for a generic immunosuppressant drug. Under the terms of the agreement, the Company shall receive an upfront Research Fee, as well as a milestone payment linked with the development of the product.

Essel Propack receives approval to merge EP Lamitubes
Essel Propack received approval to merge EP Lamitubes (wholly owned subsidiary of Essel Propack) from Bombay high court. The merger will cut administrative cost related to overseas investments and help improve profits. The company is also planning to undertake more restructuring to improving profitability in near to medium term – positive read through for the stock

GAIL, RCF, CIL and FCIL sign JVAs to revive fertilizer plant at Talcher, Odisha
GAIL (India) announced that the Company along with Coal India Ltd ( CIL), Rashtriya Chemicals and Fertilizers ( RCF)and Fertilizer Corporation of India signed joint venture agreements to set up an integrated Coal Gasification cum Fertilizer and Ammonium Nitrate Complex at Talcher in Odisha. The project comprises of 3,850 MTPD Urea plant, 2,700 MTPD Ammonia plant, 850 MTPD Nitric Acid plant and 1,000 MTPD Ammonia Nitrate plant. GAIL (India) will put up the Coal gasification plant and RCF and CIL will put up the other downstream plants of ammonia, urea, nitric acid and ammonia nitrate.Subsequent to detailed feasibility study, execution of construction activities is likely to start in year 2015-16 and expected to complete by the year 2019.

Bharati Shipyard surges in weak trend
Shares of Bharati Shipyard rose over 15%, touching to Rs38.75, on buzz that the company is looking to raise funds upto Rs634 crore from foreign investors by April in an effort to infuse liquidity into the cash-strapped shipbuilder.

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