Transcript 28 th may, 2016 News 2 - Rudra Shares and Stock Brokers LTD.

28th may, 2016
News 1 :
Titagarh Wagons board approves jt venture pact with
Matiere SAS, France
The board of Titagarh Wagons has approved execution of a joint
venture agreement with Matiere SAS, France. Accordingly, a joint
venture company would be incorporated in India to pursue
manufacture of metallic and modular bridges in India and its marketing
in neighbouring territories. The joint venture company would be in
addition to the company’s existing business of manufacture and sale of
Bailey Bridges.
28th may, 2016
News 2 :
BPCL to improve margins further with start of Kochi
Refinery: Finance Director
State-run Bharat Petroleum Corp Ltd posted sound Q4 earnings and
declared a bonus issue to reward investors. Robust gasoline demand
was helping oil companies like BPCL grow their business in double
digits.
The company will soon commission the Kochi refinery, which will
further improve the GRM by $1-2 per barrel. Overall, the margin
should be somewhere around $5-6 in the current financial year.
28th may, 2016
News 3 :
HPCL begins the process of clearing dues to Iran
Hindustan Petroleum Corporation Ltd (HPCL) has received clarity from
the Centre to clear its $23-million oil dues to Iran. The company said
“We have already started the process to clear $17. 5 million of dues
and we will clear the dues through Turkey-based Halkbank.”
The company is also in talks to source 2 million tonne per annum of
crude from Iran through a term contract. This will be utilised by both
HPCL and HPCL Mittal Energy Ltd’s refinery in Bhatinda.
28th may, 2016
News 4 :
Strides gets USFDA nod for antibiotic drug
Strides Shasun today said it has received approval from the US health
regulator for antibiotic and anti-protozoal tablets Metronidazole. The
product has received approval in 17 months under the USFDA’s new
product clearance regime of GDUFA. The product is ready for
immediate launch. The company will manufacture the product at its
oral dosage facility in Bengaluru.
28th may, 2016
News 5 :
Sembcorp Gayatri synchronises 660 MW unit of
Krishnapatnam project
The company owns and operates one of the two supercritical coal-fired
power plants in the 2,640 MW Sembcorp Gayatri Power Complex in
Krishnapatnam in Andhra Pradesh’s SPSR Nellore district.
The first power plant, Thermal Powertech Corporation India,
commenced commercial operation in September 2015 and is supplying
power to Andhra Pradesh and Telangana. The second power plant is
expected to be fully operational in the fourth quarter of 2016.
28th may, 2016
News 6 :
Edelweiss gets CCI nod on purchase of JPMorgan’s India
mutual fund business
The transaction, announced in March, marks the exit of another
foreign fund house from the over Rs.13 trillion domestic mutual fund
industry.In the past few years, a number of other global players have
exited the Indian MF business. The CCI, which keeps a tab on unfair
business practices, cleared the deal, as per the regulator’s
website.Under the deal, Edelweiss would acquire all onshore fund
schemes managed by JPMorgan Asset Management in India including
its country-based onshore mutual fund business and the international
fund of funds.
28th may, 2016
News 7 :
United Spirits aims to cut debt by Rs2,000 crore from
asset sales
The company, controlled by Britain-based spirits maker Diageo Plc, had
outstanding debt of Rs.4,250 crore as of 31 March.
“We would stick to our overall guidance that we would look forward to
Rs.1,000-2,000 crore of debt reduction through divestments over the
period of next two years. On an annualised basis, it would be around
Rs.1,000-odd crore,” USL chief financial officer Sanjeev Churiwala said
on a conference call.
28th may, 2016
News 8 :
Tech Mahindra to buy Target Group in £120 million deal
The acquisition will allow Tech Mahindra to capture a larger share of
the £45-60 billion annual spend by UK financial firms on software and
services and also the acquisition will make the company a formidable
player in the UK banking, financial services and insurance market.
The acquisition will catapult Tech Mahindra to one of the top three
processors in UK financial services for certain complex lending and
investment product categories.
28th may, 2016
News 9 :
Sun Pharma ends Daiichi umbrella pact
The India's largest drug maker Sun Pharma on Friday announced that
it has terminated the umbrella agreement as well as the transaction
agreement with Japanese drug maker Daiichi Sankyo as the latter has
divested its stake from Ranbaxy pharma. Daiichi which owned Sun
Pharma shares worth $3.6 billion as part of the Ranbaxy transaction
had sold its stake in April 2015, ending its run in the India pharma
market .The termination agreement does not apply to other business
relationship that the parties to the said termination agreement may
have in force," Sun Pharma said.