Corporate Announcement

The Union Cabinet has approved a new policy on urea to incentivise domestic manufacturers and freed transportation of P (phosphorus) and K (potassium) fertilisers. The urea policy will be in force for next four financial years starting from 2015-16. The government says the new urea policy will increase annual production by 2mn tonnes and cut the yearly subsidy bill by Rs.48bn, of which direct saving would be Rs.26bn.

In two policy moves designed to provide a renewed thrust to the highways sector, the Centre has allowed developers to exit projects two years after completion and National Highways Authority of India (NHAI) to intervene in projects facing a funds crunch. The former move is expected to unlock investments worth Rs.45bn that could be re-invested in new projects and help boost private sentiment in the public-private-partnership (PPP) model.

India's food grains production is estimated to have declined by 5.25% to 251.12mn tonnes in 2014-15 crop year due to poor monsoon and unseasonal rain in past two months.

The country had registered a record food grain production of 265mn tonnes in 2013-14 crop year (July-June). Wheat, rice, coarse cereals and pulses are part of food grain basket. 

Prime Minister Narendra Modi's pet Ganga cleaning and protection programme was cleared yesterday and given a whopping Rs.200bn budget, a four-fold increase over the money spent in the last three decades for the river's conservation.

The Cabinet Committee on Economic Affairs (CCEA), led by Prime Minister Narendra Modi, approved the disinvestment department's plan to sell stakes in Indian Oil and NTPC as part of the Centre's Rs410bn divestment target for public sector undertakings.

Idea Cellular will be investing around Rs.55bn as capex for the current fiscal (FY 2015-16).

Nitesh Estates Ltd has bought Park Plaza Centre, a shopping mall, in Pune's Koregaon area for Rs.2.5bn from Israeli firm Elbit Imaging Ltd as the developer looks to expand its retail project portfolio. 

Indian Oil Corp. Ltd (IOCL) and GAIL (India) Ltd have booked regasification capacity at the upcoming Dhamra liquefied natural gas (LNG) terminal in Odisha. The two companies signed a memorandum of understanding (MoU) with Dhamra LNG Terminal Pvt. Ltd, a firm owned by Adani Enterprises Ltd. 

Kansai Nerolac is all set to come up with a manufacturing plant at the Saykha industrial estate being set up by the Gujarat Industrial Development Corporation (GIDC) near Bharuch.

CBI has initiated a probe into alleged favouritism shown by the previous UPA government to the GMR group in handing over land near Delhi Airport at a throwaway price, thereby causing a loss to the exchequer.

Ranbaxy Laboratories Ltd was accused in a lawsuit of conspiring with a web of lawyers and consultants to manipulate the US Food and Drug Administration (FDA) and block competition in the generic drug business.

Reliance Jio Infocomm, a part of Reliance Industries has tied up a funding of $750 million (Rs. 4,800 Cr) to finance purchase of goods and services from Samsung Electronics and Ace Technologies Corp.

 

Reliance Industries - BP joint venture, excelerate Energy of US and Japan's Mitsui are among the four in race to set up a Rs. 2,740 Cr floating LNG import terminal at Mumbai. 

Lupin announced the acquisition of 100% equity stake in Medquímica Indústria Farmacêutica, Brazil, (Medquímica) for an undisclosed amount, thus getting a foothold in the sixth-largest market in the world.

 

Nitesh Estates has bought the one million sq ft Plaza Centre Mall in Pune from Israeli firm Elbit Imaging in a deal valued at Rs. 250 Cr. 

Tata Steel will create a new research and development hub in the UK focused on low carbon technology, after signing an agreement with the University of Warwick in the UK. 

Canara Bank has issued 4 Cr fully paid-up equity shares to LIC on preferential basis valued at about Rs. 1,396.80 Cr.

 

Tata Motors allots 15.05 Cr shares & 2.65 Cr 'A' ordinary shares via rights issue.

 

Man Industries gets export orders worth Rs. 150 Cr. 

U.S. retail sales were flat in April as households cut back on purchases of automobiles and other big-ticket items. 

US import prices fell 0.3% in April after slipping 0.2% in March. 

GDP in the 19 countries sharing the euro rose 0.4%QoQ and 1%YoY. Germany's GDP grew 0.3% on the quarter, down from 0.7% in the previous three months.

Adani Enterprises 4QFY15 consolidated net profit witnessed negative growth of 74%YoY to INR 7.3bn. Total Income grew marginally by 0.5%YoY to INR 165.07bn. 

Lupin 4QFY15 consolidated net profit witnessed negative growth of 1.1%YoY to INR 5.47bn. Total Income de-grew marginally by 1%YoY to INR 30.9bn. 

Ashoka Buildcon 4QFY15 net profit grew 116% YoY to INR 0.69bn. Total Income grew 23.3% YoY to INR 6.76bn. 

Emami 4QFY15 consolidated net profit grew 24.5%YoY to INR 1.4bn. Total Income grew 25.7%YoY to INR 5.8bn. 

Aarti Industries 4QFY15 net profit witnessed growth of 12.6%YoY to INR 0.53bn. Total income de-grew 9%YoY to INR 6.7bn. 

Capital First 4QFY15 consolidated net profit grew 22.3%YoY to INR 0.37bn. Total Income grew 33.8%YoY to INR 3.85bn. 

Dalmia Bharat 4QFY15 consolidated net profit stands at INR 472.8mn compared to loss of INR 51.7mn in 4QFY14. Total Income grew 22.3%YoY to INR 364.7mn. 

Pennar Industries 4QFY15 consolidated net profit witnessed growth of 116%YoY to INR 0.16bn. Net sales grew 14.2%YoY to INR 3.67bn.