Crompton Greaves won three orders from Energy Efficiency Services (EESL), a joint venture set up by the Power Ministry comprising of four public sector undertakings - NTPC, PFC, REC and Power Grid, for the implementation of energy efficiency projects in the country. Crompton Greaves will supply close to 4 million LED lamps to EESL for its different projects, the first of which was launched in Andhra Pradesh to distribute 7W LED lamps to consumers at an affordable price, followed by the project in Delhi. The move is part of the government's plan to boost energy efficiency through widespread use of Light Emitting Diode (LED) technology-based lighting solutions in the country.
JSW Steel won the Moitra coal block in Jharkhand for Rs 1512 per tonne, according to the results of e-Auction for Schedule III coal mines announced by the Ministry of Coal on 4 March 2015.
Adani Power won the Jitpur coal block in Jharkhand for Rs 302 per tonne, according to the results of e-Auction for Schedule III coal mines announced by the Ministry of Coal on 4 March 2015.
The coal ministry has started auctioning coal blocks after the Supreme Court in September last year cancelled the allocation of more than 200 coal mines allotted between 1993 and 2010 after ruling that they were arbitrary and illegal.
Meanwhile, Adani Power signed a definitive Share Purchase Agreement for acquisition of 100% shares of Korba West Power Co. (KWPCL) from Avantha Power & Infrastructure for which a binding term sheet was signed on 24 November 2014. KWPCL owns a completed 600 megawatt (MW) coal based power plant at Korba and an expansion phase, which is in progress. APL expects the transaction to be completed by 30 June 2015 subject to receipt of all requisite approvals from the various authorities.
The enterprise value of this deal would be around Rs 4225 crore, which would be paid by combination of acquisition debt and cash. Adani Power is India's largest private sector power generation company with a current operational capacity of 9,240 MW, comprising of 4,620 MW at Mundra in Gujarat, 3,300 MW at Tiroda in Maharashtra and 1,320 MW at Kawai in Rajasthan. The acquisition of 1200 MW Udupi power plant which is likely to achieve closing shortly and along with WPCL, the installed thermal power generation capacity of APL will increase to 11,040 MW.
Adani Ports and Special Economic Zone and Essar Ports will be watched. With reference to media reports titled, Adani may be eyeing Essar port assets, Adani Ports and Special Economic Zone after market hours yesterday, 4 March 2015, clarified that the company is not aware of any event or development of the nature reported in the article.
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Asian Paints said that Berger International Limited, Singapore (BIL), indirect subsidiary of the company, had completed the acquisition of 51% stake in Kadisco Paint and Adhesive Industry Share Company, Ethiopia (Kadisco). Asian Paints said that the Ethiopian Investment Agency, Ethiopia (ElA) has granted capital registration to Kadisco with respect to the investment made by BIL for the acquisition. Kadisco is one of the leading paint companies in Ethiopia, incorporated in the year 1979, and is engaged in the manufacturing & selling of decorative paints, industrial paints, automotive paints, other coatings and adhesives in Ethiopia.
Cairn India after market hours yesterday, 4 March 2015 said that in continuation of its communication at the end of Q3 FY 2015 and in light of the current oil price environment, Cairn is taking a proactive approach to capital allocation and shareholder returns. The company will be undertaking projects that are economically viable at current oil prices, Cairn India said. Additionally management focus is on reengineering projects and re-negotiating contracts to improve project economics, it added. With close to $1.1 billion of capex invested in FY 15, the company is revising the capex for FY 16 from the projected $1.2 billion to $500 million, while deferring the rest, Cairn India said. The company will remain agile to make investments to enhance volumes, it added. Despite the partial deferment of capex, the volumes will yet see growth in the coming fiscal, Cairn India said. Cairn India said it has received Management Committee approval for the Raag Deep Gas Project. As always, the focus will be on free cash flow after capex and dividend payout, Cairn India said in a statement.
Mr. Mayank Ashar, Managing Director and CEO of Cairn India said, We would like to give confidence to our shareholders that we are more focused than ever to drive operational efficiencies in the current crude price environment. Our cash rich balance sheet and best-in-class cost profile provide a solid foundation to operate our high margin core fields. This gives us the optionality to be selective about growth projects in these challenging times.
Shares of public sector oil marketing companies (PSU OMCs) and GAIL (India) will be in focus after the Ministry of Petroleum & Natural Gas after trading hours yesterday, 4 March 2015, said that 81% active LPG consumers (11.74 crore) have joined the Direct Benefit Transfer for LPG (DBTL) scheme called PAHAL as on 2 March 2015. In a short period, the enrollment has achieved a satisfactory level of penetration of over 80%, the oil ministry said. PAHAL will save subsidy by reducing the incentive to divert subsidized cylinders and also provides an easy exit route for those who do not want to avail subsidy on domestic gas cylinders, the oil ministry said. The scheme is aimed at transferring the subsidy benefit directly to the beneficiary and curb diversion/black marketing of LPG cylinders.
Shares of insurance companies will be in focus after the Lok Sabha yesterday, 4 March 2015, passed the Insurance Laws (Amendment) Bill, 2015, that proposes to raise the foreign investment cap to 49% from 26% in the insurance sector. The bill now faces its real test in the upper house of parliament viz. Rajya Sabha where the ruling Bharatiya Janata Party (BJP) is in a minority and is dependent on opposition parties to pass the legislation. The BJP-led NDA government has a commanding majority in the 543-member Lok Sabha with 334 seats, but is in a minority in the 245-seat Rajya Sabha, where it has just 57 members. The government had promulgated an ordinance last year for allowing higher foreign investment in the insurance sector after the opposition parties stalled the passage of the bill in Rajya Sabha.
TCS after market hours yesterday, 4 March 2015, announced the release of a new platform for next generation underwriting for the digital era. TCS said its Underwriting Workbench solution is a multi-faceted platform that combines dynamic case management, intelligent workflow, and decision support systems with robust geospatial functions such as mapping and visualization capabilities to form a solution that augments the efficiency and effectiveness of the entire underwriting process. The solution automates the ability to capture, analyze and make use of data in order to determine risk exposure and risk aggregation, TCS said.
IDBI Bank said that the board of directors of the bank at its meeting held on 4 March 2015, has approved the proposal for Rupee Bond Issuance Limit of Rs 20000 crore to be borrowed in one or more tranches comprising of Senior / Infrastructure Bonds, Basel III compliant Tier II / Additional Tier 1 Bonds by way of private placement / public issue during FY 2015-16 subject to Government of India's approval and compliance with all applicable laws, regulations & guidelines as well as the approval of shareholders in terms of Section 42 of the Companies Act, 2013 to be taken at the ensuing AGM of the bank.
SKS Microfinance said that the company on 4 March 2015 completed the sixth securitization transaction in FY15 of Rs 243.24 crore. With this, the total sum of securitizations completed during FY15 (year to date) is Rs 1107.94 crore. The entire pool qualifies for priority sector treatment as per the Reserve Bank of India's priority sector lending guidelines, SKS Microfinance said. The pool has been rated AA (SO) by a leading rating agency, signifying a high degree of safety regarding timely servicing of financial obligations". Such instruments carry very low credit risk, the company said.
Zuari Agro Chemicals said that The Competition Commission of India vide its Order dated 10 February 2015 which was issued on 2 March 2015 has imposed a penalty of Rs 3 crore on Zuari Fertilisers & Chemicals, a wholly owned subsidiary of the company, and the company pursuant to the provisions of Section 43A of Competition Act, 2002, with respect to notice filed under sub-section (2) of Section 6 of Competition Act, 2002 in connection with the acquisition of shares of Mangalore Chemicals and Fertilisers.
Mecaer Aviation Group (MAG), Inc. the authorized service center of AgustaWestland, yesterday, 4 March 2015 announced that it has chosen Ramco Aviation suite to manage its MRO (Maintenance, Repair & Overhaul) operations which covers both rotary and fixed wing aircraft. Built with industry best practices, Ramco Aviation suite will enable MAG to automate their processes and integrate its Maintenance, Engineering 8- Programs, Materials and Finance, thereby ensuring better customer service and turn-around-time.
Emco said that pursuant to approval given by the shareholder of the company at the Extra Ordinary General Meeting held on 22 January 2015 and also pursuant to receipt of share application money from EMCO Investments (a promoter group company), the board of directors has, at their meeting held on 4 March 2015, approved the allotment of 13.39 lakh shares of Rs 2 each at a price of Rs 41 per share on private placement/ preferential allotment basis to EMCO Investments (a promoter group company).
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