TOP CORPORATE NEWS
BHEL commences NTPC's hydro power plant
Bharat Heavy Electricals Ltd ( BHEL) has successfully commissioned all the four units of NTPC's 4x200 MW Koldam Hydro Electric Project (HEP) in Himachal Pradesh. The Koldam project is capable of generating approximately 3,054 GWH annually. All the four units have been commissioned within a short span of just 75 days, starting with the commissioning of the first unit on March 30, 2015.
Essar Oil hits half century in four days
Shares of Essar Oil locked in upper circuit of 10% at Rs154, also its fresh 52-week high on the BSE, on back of heavy volumes. In past four trading sessions, the stock of oil & gas firm has zoomed 52% from Rs101 on June 9, 2015 compared to a marginal 0.02% gain in the S&P BSE Sensex. On June 12, with reference to the increase in volume, Essar Oil had clarified to BSE that as on date there is no event, information or development in the company which is required to be submitted as per Clause 36 of the Listing Agreement.
PSU Banks put Rs14,000 crore bad loans on block
PSU Banks have put up Rs14,000 crore worth of non-performing assets (NPAs) up for sale, to ease some pressure exerted by stressed loans on their balance sheets. PNB’s Rs5,000-crore bad loans account for a large portion of the total offered for sale. However there are still several hurdles in making effective and meaningful transactions because higher upfront contribution required by ARCs, banks expecting higher price on loans
NTPC intends to buy stressed power generation assets
With a reserve of about Rs5,000 crore, NTPC intends to take over stressed power generation assets from central and state sector units. It is at present in talks with three such entities in Rajasthan (5000 MW), Madhya Pradesh (1300 MW) and West Bengal (2400 MW).
Orchid Chemicals gets USFDA nod for two generic drugs
Drug firm Orchid Chemicals& Pharmaceuticals has received the US health regulator's nod for generic Rivastigmine capsules and Felodipine extended release tablets aimed at treating mild to moderate dementia and hypertension, respectively.
Overseas firms may acquire L&T's valves business
Finnish firm Metso and US-listed Pentair may acquire L&T's valves business – Positive for L&T .Finnish firm Metso and US-listed Pentair emerging as frontrunners to acquire the L&T's valve unit, according to sources aware of the negotiations. The sale of the unit is part of an exercise by L&T to exit non-core businesses and sell stakes in others to streamline operations and focus on businesses with scale. These sales could fetch L&T $1 billion.
ITC announces investments of Rs8000 crore in Telangana
ITC has announced investments of Rs8,000 crore in Telangana. Half of this would go for the expansion of its paperboard capacity. It is going to set up a one-million tonne capacity machine while the firm would set up a star hotel in Cyberabad (IT hub) with an investment of Rs1,000 crore and food processing facility with an investment of Rs800 crore.
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