Tag: industry

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.

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.

BSE SME platform receives 214 draft prospectus

BSE SME platform receives 214 draft prospectus

20/06/2017 12:06

BSE’s small and medium enterprise (SME) platform seems to be generating significant interest from investors with as many as 214 firms filing draft papers to raise funds through IPOs since the launch of the segment, nearly five years ago.

Out of 214 companies, 183 of them are already listed and have raised Rs 1,440 crore from the market. Currently, these firms have a market capitalisation of Rs 18,832 crore.

Of these 183 firms listed on BSE SME platform, 29 have migrated to BSE main board. Asia’s oldest bourse is the leader in this segment with more that 80 per cent market share.

Moreover, a total of 26 SMEs are expected to launch their initial public offerings soon.

BSE had launched its SME platform in March 2012 and since then, several companies have got listed on them and some have even shifted to the main board.

The platform provides opportunity to SME entrepreneurs to raise equity capital for growth and expansion. It also provides immense opportunity for investors to identify and invest in good SMEs at an early stage.

“BSE’s SME has become the first SME platform in India where 214 companies have filed their prospectus for getting listed,” the exchange said in a statement issued today.

Indian SME sector has emerged as a highly vibrant and dynamic sector of the economy over the past few years. SMEs not only play crucial role in providing large employment opportunities at comparatively lower capital cost than large industries but also help in industrialisation of rural areas.

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.

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.

Jet Airways signs MoU with Aeromexico for codeshare flights

Jet Airways signs MoU with Aeromexico for codeshare flights

08/06/2017 13:05

Naresh Goyal-promoted private carrier Jet Airways today said it has partnered with Mexican flag carrier Aeromexico for codeshare flights and frequent flyers programme.

The two airlines have signed a memorandum of understanding (MoU) to give effect to the partnership, Jet Airways said in a release.

The MoU, signed by Jet Airways Chairman Naresh Goyal and Aeromexico Chief Executive Officer Andres Conesa on the sidelines of the IATA Annual General Meeting in Cancun (Mexico), outlines cooperation in the areas of enabling codeshare flights and frequent flyer programmes, it said.

As part of the arrangement, both carriers will code on each other’s services between India and Mexico via common gates in Europe (London Heathrow, Paris Charles De Gaulle and Amsterdam).

Codesharing allows an airline to book its passengers on its partner carriers and provide seamless travel to destinations where it has no presence.

To begin with, Jet Airways will place its marketing code ‘9W’ on Aeromexico flights from London Heathrow to Mexico City, the release said adding that in turn, Aeromexico will place its marketing code on Jet Airways’ direct services from London Heathrow to Mumbai and Delhi.

The initial codeshare flights via London Heathrow will open for sale as well as travel later this year, subject to government approvals, Jet Airways said in the release.

The codeshare partnership will offer passengers enhanced connectivity and seamless access to the combined networks of both the airlines, with convenient connections via Jet Airways’ European gateways, it said.

The comprehensive MoU signed between the two carriers, also includes cooperation in the area of reciprocal frequent flyer benefits for members.

At the MoU signing ceremony, Goyal said, “We are delighted to announce our partnership with Aeromexico which will significantly enhance the international reach of both airlines bringing increased benefits to all our guests.”

“We are confident that this new codeshare partnership will stimulate the demand for business and tourist travel between India and Mexico,” he said.

“The new relationship between Jet Airways and Aeromexico illustrates our commitment as well as strategic efforts to continuously strengthen our network, connecting India with the rest of the world as well as providing opportunity and convenience to our guests who can now connect to Mexico from India via our European gateways and vice versa,” Goyal said.

Conesa said, “It is a great pleasure for us to settle this code share partnership with Jet Airways that will build new bridges and connect Mexico to India more easily.”

“This achievement is a manifest of our will to continuously offer new flight destinations to our passengers. Also, by connecting with an important country as India, Aeromexico creates new cultural bonds and tourism exchange between both nations,” Conesa added.

Biocon gains over 2% on bonus issue plan

Biocon gains over 2% on bonus issue plan

08/06/2017 11:47

Shares of Biocon climbed over 2 per cent on the Bombay stock Exchange after the biotechnology major said that its shareholders have approved issue of bonus shares.

Buoyed by the development, shares of the company gained as much as 2.04 per cent to hit an intra-day high of Rs 1018.90 apiece on the Bombay Stock Exchange. The scrip was currently trading at Rs 1014.95 against previous close price of Rs 998.50.

In a similar fashion, stocks of company were trading 1.82 per cent higher at Rs 1,015.95 apiece on the National Stock Exchange.

Meanwhile, the broader benchmark BSE Sensex was trading at 31,243.18, down 28.10 points or 0.09 per cent, at 11:50 hours.

Federal Bank plans Rs 4k cr fund raise from home & foreign market

Federal Bank plans Rs 4k cr fund raise from home & foreign market

07/06/2017 16:02

Federal Bank plans to raise up to Rs 4,000 crore by issuing various debt securities in tranches from domestic and overseas markets, reported PTI.

The bank said it will seek approval of the shareholders for the fund raise plan at its forthcoming annual general meeting.

The board of directors of the bank have approved the proposal and nod from the shareholders is pending.

The bank said it will seek shareholders’ approval for “raising of funds by way of issuance of debt securities including but not limited to non-convertible debentures, tier II bonds, long term bonds (infrastructure and affordable housing), masala bonds, green bonds up to Rs 4,000 crore in Indian currency in one or more tranches in domestic/overseas market on private placement.”