Monday, August 31, 2015
TOP CORPORATE NEWS-31 Aug 2015
JSW Energy considering to refinance Rs6000 crore of debt
JSW Energy considering to refinance Rs6000 crore of debt under 5/25 refinance scheme- positive read thru .JSW Energy is in talks with banks to refinance debt worth Rs.6,000 crore under the so-called 5/25 refinance scheme for long-gestation infrastructure projects, according to media reports. JSW Energy will refinance the debt component of the Rs9,700 crore transaction to buy two hydropower assets from Jaiprakash Power Ventures Ltd. Under the 5/25 scheme, banks can extend loan repayment periods up to 25 years, with an option of refinancing the loan every five years.
Acrysil eyes Rs1,000-crore sales in 7 years
Acrysil eyes Rs1,000-crore sales in 7 years, to enter new geographies – positive read through for the stock. Acrysil is targeting over seven-fold increase in total turnover at Rs1,000 crore in 7 years as it enters new product categories. Commercial kitchen equipment business used by restaurants is an untapped category dominated mostly by unorganised players with Chinese imports.
IOC to invest Rs16000 crore to produce synthetic ethanol
IOC to invest Rs16000 crore to produce synthetic ethanol – Positive read thru .Indian Oil Corp. Ltd (IOCL), the nation’s biggest refiner, plans to spend Rs6,000 crore ($2.4 billion) to build a plant for producing synthetic ethanol as it seeks to secure supplies of the bio fuel to meet mandatory blending norms. The company will seek investment approval from its board next year, after which the facility, to be located at Paradip in eastern India, will take about four years to complete.
GCPL rises after RBI allows increase in foreign investment limit
Godrej Consumer Products Ltd ( GCPL) after the Reserve Bank of India ( RBI) on Friday, August 28, 2015, notified increase in foreign investment ceiling to 40% of the company's paid-up capital from earlier 35%.
The Reserve Bank of India ( RBI) on Friday, August 28, 2015, notified that Foreign Institutional Investors ( FIIs)/Registered Foreign Portfolios Investors ( RFPIs) can now invest up to 40% (revised from earlier 35%) of the paid-up capital of Godrej Consumer Products ( GCPL) under the Portfolio Investment Scheme ( PIS).
HDFC Bank wins Best Asian Bank 2015 award
HDFC Bank is the newly crowned winner of this year’s Best Asian Bank award, a standout among the 15 winners of 2015 Finance Asia’s Country Awards programme for generating high growth and steady profitability as well as maintaining a low nonperforming loans ratio and high asset quality.HDFC Bank’s is among the best performing banks and is well recognized outside India too. We have buy rating on HDFC Bank with price target of Rs1260.
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