JP Power likely to default on payments for convertible bonds
Jaiprakash Power Ventures said it was likely to default on payments for convertible bonds worth $200 million due on February 13 this year, as it could not generate enough revenue from its operations.
Jaiprakash, which has been weighed down by debts and a sharp downturn in the performance of the Indian power sector, said in a statement on Wednesday the company was confident of its ability to pay its dues under the bonds by March 31, 2016.
GMR Infra arm raises funds via bonds
GMR Infrastructure announced that its subsidiary, Delhi International Airport has successfully raised US$288,750,000 in the international bond market. DIAL has entered into a Purchase Agreement to issue and allot US$288,750,000 in principal amount of 6.125% senior secured fixed rate notes due 2022. The proceeds from the Notes will be used to refinance one of the current outstanding External Commercial Borrowing ( ECB).
Cyient secures prestigious 2014 Supplier Innovation Award
Cyient announced that it was awarded the 2014 Supplier Innovation Award at the annual supplier event held in East Hartford, Connecticut, USA and hosted by the Global Engineering Sourcing Group of Pratt & Whitney, a division of United Technologies Corporation. This is the third win and second consecutive time when this honour was bestowed on Cyient.
Maruti Suzuki to dedicate capacity of 100,000 at its Gurgaon plant
Maruti Suzuki aims to dedicate a capacity of up to 100,000 at its Gurgaon plant to a new light commercial vehicle (LCV). Likely to be called the ‘Super Carry’, the LCV will be launched in the April-June quarter.
According to industry, the Super Carry would first be launched with an 800 cc diesel engine, and a CNG variant powered by a 1.2 litre engine next year. For the first year, Maruti has provided a production target of 80,000 LCVs to suppliers, which indicates a monthly volume of nearly 7,000. Positive for the stock.
Symphony to launch new air cooler for Indian market
Symphony Limited to launch new air cooler specially for Indian market: Positive for the company.The Company has come out with new range of cooler with capacity of 4,6,10 and 12 tonne which will be largely used by small industries, larges houses and also commercial complex’s. Currently it will be imported from Mexico, post April 2015 it will be full manufactured in India with technical expertise from Impco (Wholly owned subsidiary of Symphony limited).
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