TOP CORPORATE NEWS
GMR Infra arm signs MoU with Oman Airport
GMR Infrastructure announced that its subsidiary, GMR Airport Developers has signed a Memorandum of Understanding ( MoU) with Oman Airport Management Company (OAMC) for providing training and consultancy services. As per the MoU, GMR subsidiary will provide services ranging from program management, testing and commissioning of airport systems to development of aeronautical and non-aeronautical revenue streams.
ACC starts limestone mining operations at Bargarh
ACC announced that the Company has resumed limestone mining operations at Bargarh with effect from June 17, 2015. The impact of the closure was not material since cement grinding continued with transfer of clinker from sister works/purchase of clinker.
Glenmark Pharma surges post USFDA nod
Shares of Glenmark Pharmaceuticals surged over 6% at Rs981, extending its previous day’s 4% rally on the NSE, after the company said it has received final nod from the United States Food & Drug Administration ( USFDA) for generic oral contraceptive Levonorgestrel/Ethinyl Estradiol tablets and plans to commence shipping of the product immediately.
BPCL drops on stake sale proposal by Govt
Shares of BPCL dropped 2% to Rs805.70 on NSE post stake sale proposal by the Government which could be sentimentally negative, stock down in trade post the news. The government plans to sell 3% stake in Bharat Petroleum Corp Ltd (BPCL), the nation's second largest state oil firm in FY2016 to raise around Rs1,800 crore. Finance Ministry has moved a Cabinet note for inter-ministerial consultations for this divestment. At the current trading price, the stake sale will fetch the government over Rs1,778 crore.
RIL plans to reopen 1,400 fuel outlets by March 2016
Reliance Industries plans to go slow and reopen all its 1,400 fuel retail outlets by next March, 400 filling stations working now.
PTC India raises money through NCDs
PTC India Financial Services has raised money through issue of Non-Convertible Debentures ( NCDs) - Series 5 by way of private placement for Rs150 crore. The debentures are redeemable over a period of 7 years. The issue has been fully subscribed by FMO, Dutch Development Bank. The NCDs shall augment the long term resources of the Company and will help in lowering the cost of funds for the Company.
Tata Steel workers begin action ahead of planned strike in UK
Tata Steel workers begin action ahead of planned strike in UK; however, Members of four trade unions are also refusing to work overtime before the 24-hour complete strike action on June 22.
We believe the stock would continue to feel pressure until some concrete outcome emerge with mutual understanding between the company and labour union.
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