Gujarat Gas gains on PNGRB nod for gas network in Thane
Shares of Gujarat Gas Company rose 2% at Rs846, extending its over 20% rally in the past one week on the National Stock Exchange (NSE), after the company received approval from Petroleum and Natural Gas Regulatory Board ( PNGRB) to expand its distribution network in Thane and Dadra & Nagar Haveli.
Havells India acquires 51% stake in Promptec Renewable Energy
Havells India has acquired 51% stake in Bengaluru-based LED and solar lighting products maker Promptec Renewable Energy Solutions for an enterprise value of Rs65 crore. Promptec had clocked revenue of Rs35 crore in the year to March 2015. Promptec is considered to be an suitable acquisition for Havells as it is expected to provide substantial impetus to Havells' growth plans in the high potential segments of LED and Solar Solutions.
HCL Technologies slumps on disappointing Q3 nos
Shares of HCL Technologies dipped almost 10% to Rs835.10 on the National Stock Exchange (NSE) in early morning trade, after reporting a 12% quarter-on-quarter (q-o-q) decline in its consolidated net profit at Rs1,683 crore for the third quarter ended March 2015 (Q3FY15). The company had reported a profit of Rs1,915 crore in December 2014 quarter.
Sun Pharma tanks on stake sale by Daiichi Sankyo
Shares of Indian Oharma major, Sun Pharma tanked over 10% to Rs937 on NSE in morning deals after Daiichi Sankyo offered to sell part of full stake in Sun Pharma through block deals (negative read through)
The stock is among the top losers in BSE HC index after opening at Rs951, hitting intraday low of Rs930 and touched the day’s high of Rs974.25.
Bajaj Finance to raise capital via QIP
Bajaj Finance to raise capital via QIP—ROE may get diluted in near term though positive for medium term.The Board of Bajaj Finance have approved proposal to raise Rs 1400 crore via QIP issue. The company will also issue warrants (convertible into equal number of equity shares) to promoters (Bajaj Finserv) on preferential basis. The company’s operational performance has remained strong and capital raising will further aid balance sheet growth though it could result in some dilution of ROEs in near term. We have a positive view on stock from medium to long term perspective.
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