Tag: Company

L&T Construction bags Rs 2,552 cr orders

L&T Construction bags Rs 2,552 cr orders

27/06/2017 12:28

Country’s leading multinational conglomerate Larsen & Toubro Ltd on Tuesday said that its construction arm, L&T Construction, has secured orders worth Rs 2,552 crore across its transportation infrastructure business and water effluent treatment business segments.

“The construction arm of L&T has won orders worth Rs 2,552 crore across its various business segments,” the company said in a filing to the Bombay Stock Exchange on June 27, 2017.

It’s transportation infrastructure business and water effluent treatment business segments jointly bagged Rs 1,223 crore EPC order from Aurangabad Industrial Township Ltd (AITL) for construction of roads, drains, bridges, potable water network, sewage and common effluent treatment plants, sewerage and recycled water network, firefighting system and power distribution system including GIS substation, in the Bidkin industrial area of Aurangabad, the company said in a statement.

Besides, the company’s water effluent treatment business has also received another EPC order worth Rs 1,329 crore from Mumbai Metropolitan Region Development Authority for implementation of Surya Regional Bulk Water Supply Scheme for western sub region of Mumbai, it added.

The scope of work includes construction of intake structures, a 419 MLD water treatment plant, a clear water pump-house along with associated electro mechanical & instrumentation works, pipeline network, tunnels and storage structures at Mira Bhayandar & Vasai Virar, it said.

Meanwhile, shares of the company were trading at Rs 1,699.15 apiece, down 1.39 per cent, from previous close on BSE at 12:32 hours.

MindTree board to consider buyback of equity shares

MindTree board to consider buyback of equity shares

22/06/2017 16:22

Mindtree, an Indian IT and outsourcing company, on Thursday said that its board would consider the proposal to buyback the fully paid-up equity shares of the company.

“A meeting of the board of directors of the company will be held on June 28, 2017 to consider the proposal to buyback the fully paid-up equity shares of the company,” said Mindtree in a filing to the Bombay Stock Exchange.

Further, pursuant to company’s code for prevention of insider trading, the trading window of the company will be closed from June 26, 2017 to June 30, 2017 (both the days inclusive) for the designated Persons and others, it informed the exchange.

Meanwhile, shares of company closed day’s trade at Rs 520.35 apiece, up 0.21 per cent, on the BSE.

Reliance Defence and Engineering delivers largest dry bulk carriers

22/06/2017 15:40

Reliance Defence and Engineering Limited delivered a new-built vessel Ice-class Panamax Bulk Carrier Golden Opal today to an international customer, the company said.

The vessel has been built as per one of the best-in-class international standards meeting the toughest environmental emission norms as well as fuel economy (EEDI) standards.

CG Power and Industrial Solutions to sell its US power biz

CG Power and Industrial Solutions to sell its US power biz

21/06/2017 12:17

CG Power and Industrial Solutions Ltd, formerly known as Crompton Greaves, on Wednesday said it has accepted the binding offer of Weg SA for acquisition of the company’s power business in USA at an enterprise value of USD 37 million.

In a filing to the Bombay Stock Exchange, CG Power and Industrial Solutions said, “The company has accepted a binding offer of WEG S.A for acquisition of the company’s power business in USA comprised in the company’s step down overseas subsidiary, CG Power USA Inc. (PSUS), at an enterprise value of USD 37 million.”

“In this regard CG Power Systems Belgium N.V., the company’s step down overseas subsidiary has executed a Stock Purchase Agreement (SPA) on June 20, 2017 with WEG Electric Corp for sale of its 100 per cent stake in PSUS, comprising exclusively of the company’s power business at closing,” it added.

Further, the SPA is expected to close by July 31, 2017 upon which CG Power USA Inc. will cease to be an overseas subsidiary of the company, it said.

The copany further added that, the move is part of the company’s stated strategy of debt reduction and on focusing on its core operations and core market in India. Meanwhile, shares of the company were trading at Rs 85.10 apiece, up 0.35 per cent, from previous close on BSE at 12:22 hours.

Adani Ports rises nearly 3% on ratings upgrade

Adani Ports rises nearly 3% on ratings upgrade

19/06/2017 13:05

Shares of Adani Ports and Special Economic Zone Limited (APSEZ) soared nearly 3 per cent on the Bombay stock Exchange after Moody’s Investors Service revised the company’s Baa3 issuer and senior unsecured rating to stable from negative the outlook.

Boosted by the development, shares of the company gained as much as 2.95 per cent to hit intra-day high of Rs 373.35 apiece on the Bombay Stock Exchange. The scrip was currently trading at Rs 371.35 against previous close price of Rs 362.65.

In a similar fashion, stocks of company were trading 2.44 per cent higher at Rs 372.00 apiece on the National Stock Exchange.

Meanwhile, the broader benchmark BSE Sensex was trading at 31,205.00, up 148 points or 0.48 per cent, at 13:15 hours.

Indiabulls Housing Finance raises Rs 1100 cr via bonds

Indiabulls Housing Finance raises Rs 1100 cr via bonds

16/06/2017 15:35

Indiabulls Housing Finance said that it has raised Rs 1100 crore by issuing Non-Convertible Debentures on a private placement basis.

“Indiabulls Housing Finance has allotted its second tranche of Secured, Redeemable, Non-Convertible Debentures of face value Rs 10 lakh each (‘NCDs’) aggregating to Rs 1100 crore on a private placement basis,” the company said in a filing to the Bombay Stock Exchange.

The coupon/interest offered will be 7.85 per cent per annum payable annually and at maturity.

The debentures have tenure of 731 days and the date of maturity is 17th June 2019.

Meanwhile, shares of the company closed trading at Rs 1129.60 apiece, down 1.78 per cent from the previous close on BSE.

DIC India gets board nod for disposal of Mumbai land

DIC India gets board nod for disposal of Mumbai land

13/06/2017 13:08

Specialty chemicals company, DIC India said that its board has approved the disposal of Mumbai land.

“The board in its meeting held on Monday, June 12 approved the start of the process for the sale of land at Chandivali farm, off Saki Vihar road, Mumbai,” DIC India said in a statement.

The transaction completion is subject to the fulfillment of customary and statutory conditions precedents, if any. Appropriate announcements shall be made on deal completion, it added.

The company’s first unit to manufacture printing inks, surface coatings and allied products came up in 1947 in Calcutta, and other manufacturing units were established in Chennai (1958), Mumbai (1960), Delhi (1966) and Noida (1990) in a phased manner, to cater to the demands of the local market.

In August 2013, DIC India informed the stock exchange regarding the closure of the Mumbai unit.

Meanwhile, shares of the company were trading at Rs 543.70 apiece, up 20 per cent from the previous close at 13:15 hours on BSE.

EPFO to invest Rs 22,500 cr in ETFs for FY18

EPFO to invest Rs 22,500 cr in ETFs for FY18

12/06/2017 11:07

Retirement fund body EPFO will park about Rs 22,500 crore in the exchange traded funds this fiscal following the approval of its trustees to enhance investments in equity or equity linked schemes last month, a senior official has said.

Last month, the Employees Provident Fund Organisation’s (EPFO) apex decision making body had approved the proposal to increase the investments in exchange traded funds from 10 per cent to 15 per cent of the investible deposits.

“The EPFO had invested Rs 1.5 lakh crore 2016-17. The investible deposits are also estimated at Rs 1.5 lakh crore during the current fiscal. Thus the EPFO investments in ETF in 2016-17 would be about Rs 22,500 crore,” EPFO’s Central Provident Fund Commissioner V P Joy told PTI

Joy further said, “The EPFO has invested Rs 23,000 crore in ETFs so far. The annualised return on these investments has been over 12 per cent so far.”

The EPFO has an investment mix of government securities, state loans, corporate bonds and others like Special Deposit Scheme (SDS). The EPFO, however, gets returns even lower than 8 per cent on some of its investments particularly government bonds and schemes.

The EPFO had entered the stock market by investing 5 per cent in the ETFs in August 2015, which was raised to 10 per cent last year.

In 2015, the finance ministry had allowed private provident funds to invest 5-15 per cent of its investible deposits in equity or equity-linked schemes.

HPCL gets green nod for Rs 230 cr RBPL expansion proj

HPCL gets green nod for Rs 230 cr RBPL expansion proj

State-owned fuel retailer Hindustan Petroleum has received environment clearance for expansion of Ramanmandi Bahadurgarh Petroleum Products Pipeline (RBPL), whose project cost is Rs 230 crore.

Hindustan Petroleum Corp Ltd (HPCL) operates a 243 km long cross-country pipeline RBPL for transportation of various petroleum products. Its existing capacity is 4.71 million tonnes per annum and the company has proposed to enhance up to 8 million tonnes per annum for transportation of additional petroleum products.

This pipeline is catering to the demand of Bahadurgarh and other northern areas via Bathinda-based Guru Gobind Singh Refinery in Punjab.

“A proposal by HPCL to increase the existing capacity of Ramanmandi Bahadurgarh Petroleum Products Pipeline (RBPL) has been approved by the environment ministry. The environment clearance certificate has been issued to the company,” a senior government official said.

The expansion project, which is estimated to cost Rs 230 crore, has been approved based on the recommendations of an expert panel. The approval has been given with some riders, the official said.

The Ramanmandi Bahadurgarh pipeline project was commissioned during November 2012. The pipeline passes through eight districts and 85 villages in Punjab and Haryana.

HPCL has informed the environment ministry that the proposed expansion will reduce the dependency of transporting petroleum products through road trucks and rail wagons and result in considerable reduction in road/rail traffic congestion and environmental pollution.

HPCL owns two refineries with wide network of distribution and marketing infrastructure throughout the country. It owns two refineries at Mumbai and Visakhapatnam and operates several cross-country petroleum products pipelines.

Besides Ramanmandi-Bahadurgarh Pipeline, the company is operating a 1,052 km long Mundra (Gujarat)-Delhi pipeline, 572 km long Visakha-Vijaywada-Secunderabad pipeline and a 505 km Mumbai-Pune-Solapur pipeline among others.


09/06/2017 14:32

GPT Infraprojects bags order worth Rs 210 cr in West Bengal

09/06/2017 12:08

GPT Infraprojects said that it has bagged an order worth Rs 210 crore from Office of the Superintending Engineer, Public Works (Roads) Directorate, Government of West Bengal.

The order is for construction of ROB and its approaches in lieu of Level Crossing on NH-60 and construction of ROB and its approaches in lieu of Unmanned Level Crossings on NH-60 in West Bengal, the company said in a filing to the Bombay Stock Exchange.

The completion period of the contract is 24 months.

Meanwhile, shares of the company were trading at Rs 272.60 apiece, up 2.37 per cent from the previous close at 12:15 hours on BSE.