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.
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.
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.
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.
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.
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.”
Maruti Suzuki said that it’s production of the compact segment comprising Swift, Ritz, Dzire, Celerio, Baleno/ Ignis/ Dzire Tour increased to 68,562 units in May this year, as against 58,253 units last year.
Further, its production of mini (Alto/ Wagon R) segment jumped to 41,669 units during May 2017, from 34,805 units in the same month a year ago.
MSIL said production of its mid-sized Ciaz segment, however, witnessed a slide to 4,378 units during May 2017 as compared to 5,165 units in May 2016.
Besides, in May 2017 production of it’s utility vehicles Gypsy/ Ertiga/ S-Cross/ Vitara Brezza segment jumped significantly to 22,665 units, against 15,656 units in May 2016.
The company’s Vans Eeco/ Omni segment production during May this year too grew to 13,152 units, from 12,864 units during the same month last fiscal.
Moreover, its CV segment of supper carry (less than 2 ton) reported a production of 836 units in May current year, against 153 unit in May previous year.
Meanwhile, shares of the company were trading at Rs 7,193 apiece, up 1.07 per cent, from previous close on BSE at 12:37 hours.
“The standalone net loss of the company stood at Rs 1,787.09 crore during the same period a year ago,” GMR Infrastructure Ltd said in a filing to the Bombay Stock Exchange on June 02, 2017.
Further, its standalone total revenue, too, decreased by 31.1 per cent to Rs 272.47 crore during Q4 2016-17, as compared to Rs 395.25 crore during the same period last year.
During the quarter under review, the total expenses of the company jumped to Rs 393.55 crore, as against Rs 292.05 crore in the corresponding quarter a year-ago.
“The company’s gross debt comes down significantly to Rs 19,856 crore from Rs 37,480 crore and net debt to EBITDA for FY 17 improves to 4.3 from 10.2 in FY16,” the company said in a statement.
“With significant reduction of gross & net debt and the improvement of Debt-to-EBITDA improving more than 100 per cent, GMR has substantially brought down its leverage,” it added.
After hitting a 52-week high, shares of the company closed at Rs 17 apiece, up 13.71 per cent, from previous close on BSE.
Tata Motors reported a 4.39 per cent decline in total sales in May at 38,361 units compared to 40,123 units in the same month last year, reported PTI.
Domestic sales of Tata Motors’ commercial and passenger vehicles declined by 3.45 per cent to 34,461 units last month as compared to 35,695 units in May 2016, Tata Motors said in a statement.
Sales of passenger vehicles in the domestic market grew 27 per cent to 10,855 units last month. This was due to continued strong demand for the Tata Tiago, the Tata Tigor and the Tata Hexa.
In the commercial vehicles segment, the company’s domestic sales were down 13 per cent at 23,606 units last month, the auto major said.
The company said market continues to remain weak and the demand has still not picked up. There are early signs of retails of BS4 vehicles but it has still been slow.
Overall sales of Tata Motors’ MHCV trucks were at 6,522 units in May 2017, a decline of 40 per cent over May 2016 base.
“The sale in MHCV was affected primarily due to severe global supply constraints of Fuel Injection Pumps for BS4 engines,” the company said.
ILCV trucks sales were 12 per cent down at 2,368 units last month compared to 2,697 units sold last year in May, impacted by late supplies of fuel injector systems.
“These issues are expected to be resolved on short notice with full capacity available as of July 2017,” Tata Motors said.
Sale of small cargo vehicles (SCV) were up 10 per cent at 10,572 units as against 9,645 units in May 2016.
“On the SCV and Pick-up segments, there is a strong sales recovery with full availability of BS4 products and good market response to new variants like Xenon Yodha and Ace Mega,” the company said.
The company’s sales from exports declined 12 per cent at 3,900 units last month compared to 4,428 vehicles in May 2016.
The company said exports have been impacted in April and May due to retail drop of SCV in Sri Lanka after steep increase in import tariffs in late 2016, as well as fall in Nepal demand in the build-up to their elections.
Sales of its Medium & Heavy Commercial Vehicles (M&HCV) too plunged by 18 per cent at 6,139 units in May 2017, as against 7,469 units in the year-ago period, Ashok Leyland Ltd said in a filing to the Bombay Stock Exchange on June 01, 2017.
However, its Light Commercial Vehicles (LCVs) sales increased by 22 per cent to 2,932 units, as compared to 2,406 units in May 2016.
Meanwhile, shares of the company were trading at Rs 92 apiece, down 2.65 per cent, from previous close on BSE at 13:08 hours.