Shares of power generation companies will be in focus after the government announced at the fag end of the trading session yesterday, 17 June 2015, a sharp increase in India's solar power capacity target under the Jawaharlal Nehru National Solar Mission (JNNSM) by five times, reaching 1,00,000 megawatts (MW) by 2022. The Union Cabinet yesterday, 17 June 2015, approved increase in cumulative targets under National Solar Mission from 20,000 MW to 1,00,000 MW by 2021-22. The target will principally comprise of 40 GW Rooftop and 60 GW through Large and Medium Scale Grid Connected Solar Power Projects. With this ambitious target, India will become one of the largest Green Energy producers in the world, surpassing several developed countries.
The total investment in setting up 100 GW will be around Rs 6 lakh crore. In the first phase, the Government of India is providing Rs 15050 crore as capital subsidy to promote solar capacity addition in the country, according to a government statement. This capital subsidy will be provided for Rooftop Solar projects in various cities and towns, for Viability Gap Funding (VGF) based projects to be developed through the Solar Energy Corporation of India (SECI) and for decentralized generation through small solar projects. The Ministry of New and Renewable Energy (MNRE) intends to achieve the target of 1,00,000 MW with targets under the three schemes of 19,200 MW.
Apart from this, solar power projects with investment of about Rs 90,000 crore would be developed using Bundling mechanism with thermal power. Further investment will come from large Public Sector Undertakings and Independent Power Producers (IPPs). State governments have also come out with state specific solar policies to promote solar capacity addition.
Separately, the Cabinet Committee on Economic Affairs yesterday, 17 June 2015, gave its approval for setting up of over 2,000 megawatts (MW) of Grid-Connected Solar PV Power Projects on Build, Own and Operate basis by Solar Power Developers (SPDs) with Viability Gap Funding (VGF) under Batch-III of Phase-II of the Jawaharlal Nehru National Solar Mission (JNNSM). This would help in creation of additional 2000 MW capacity of grid-connected solar PV power generation projects, according to a government statement.
Realty stocks will be in focus. The Union Cabinet yesterday, 17 June 2015, gave its approval for the National Mission for Urban Housing. A central grant of Rs 1 lakh per house, on an average, will be available under the slum rehabilitation programme. A state government would have flexibility in deploying this slum rehabilitation grant to any slum rehabilitation project taken for development using land as a resource for providing houses to slum dwellers. The slum rehabilitation projects can be undertaken with participation of private developers using land as a resource.
Under the Credit Linked Interest Subsidy component, interest subsidy of 6.5% on housing loans availed upto a tenure of 15 years will be provided to EWS/LIG categories, wherein the subsidy pay-out on NPV basis would be about Rs 2.3 lakh per house for both the categories. Central assistance at the rate of Rs 1.5 lakh per house for EWS category will be provided under the Affordable Housing in Partnership and Beneficiary-led individual house construction or enhancement. State governments or their para statals like housing boards can take up project of affordable housing to avail the central government grant.
NTPC after market house yesterday, 17 June 2015 said that the company has signed an agreement on 15 June 2015 with Jammu and Kashmir State Power Development Corporation (JKSPDCL) for promoting a Joint Venture Company with 67:33 equity participation for undertaking exploration, development and operation of jointly allocated Kudanali-Luburi Coal Block at Odisha by Ministry of Coal.
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Bharti Airtel after market hours yesterday, 17 June 2015 said that the agreements for sale of tower assets in Tanzania and Tchad between the respective subsidiaries of Bharti Airtel and Helios Towers Africa have lapsed and therefore stands terminated.
Tech Mahindra after market house yesterday, 17 June 2015 announced that it is recognized as a Preferred Design House for automotive safety critical applications for the Asia Pacific region by Infineon Technologies Asia Pacific Pte, a leading semiconductor company that offers semiconductor and system solutions addressing three central challenges to modern society: energy efficiency, mobility, and security for automotive, industrial, computing and digital security market segments.
This recognition is also followed by establishment of a Center of Excellence (CoE) where automotive embedded engineering solutions in the area of active safety and passive safety will be developed based on Infineon innovative multicore microcontroller architecture.
Orchid Chemicals & Pharmaceuticals after market hours yesterday, 17 June 2015 said that the company has received approval from the US FDA for the Abbreviated New Drug Application (ANDA) for Gemifloxacin Mesylate Tablets (320 mg) with 180 days of generic drug exclusivity.
Shares of NCC will be in focus. With reference to the media reports captioned The Company will monetise power, road projects to pare debt, NCC after market hours yesterday, 17 June 2015 clarified that the information pertaining to stake sale in NCC Power Projects held through subsidiary NCC Infrastructure Holdings, was intimated stock exchanges earlier on 3 February 2014. As per the definitive agreements entered into with Sembcorb Industries, the proceeds of the stake sale are expected to be received during the current financial year, NCC said.
NCC said that the company has been making efforts to divest the stake held in the Road Projects SPVs, viz., Western UP Tollway, and Bangalore Elevated Tollway, (held through subsidiary NCC Infrastructure Holdings) during the last couple of years and this information has also been in public domain during the last one year in particular. The proceeds of the stake sale will be utilised for bringing down the debt level, the company said.
Bank of Baroda after market hours yesterday, 17 June 2015 said that the Bank have been informed by Indian Banks' Association that the General Secretary, All India Bank Employees' Association (AIBEA) has served a Notice of Strike dated 29 May 2015 informing their decision to go on All India One Day strike on 24 June 2015 in support of the strike call given by State Sector Bank Employees' Association for their demand in respect of certain industry level issues. The Bank is taking all the necessary steps in terms of the existing guidelines to deal with the strike in the event the same materializes, Bank of Baroda said.
City Union Bank after market hours yesterday, 17 June 2015 said that the Board of Directors of the Bank, at its meeting to be held on 22 June 2015, will inter-alia consider an agenda item to seek shareholders approval for passing an enabling resolution to raise capital through QIP route during the forthcoming Annual General Meeting subject to applicable laws, Rules and Regulations including the guidelines issued by SEBI and RBI. The Bank has raised capital through QIP issue recently during July 2014.
SRF after market hours yesterday, 17 June 2015 said that the Government of India, Ministry of Finance (Department of Revenue) has extended the applicability of imposing an anti-dumping duty on the imports of Nylon Tyre Cord Fabric (NTCF) originating in, or exported from, the People's Republic of China.
Shares of Allahabad Bank turn ex-dividend today, 18 June 2015 for dividend of Rs 1.63 per share for the year ended 31 March 2015.
Shares of Dena Bank turn ex-dividend today, 18 June 2015 for dividend of Rs 0.90 per share for the year ended 31 March 2015.
Shares of Kotak Mahindra Bank turn ex-dividend today, 18 June 2015 for dividend of Rs 0.90 per share for the year ended 31 March 2015.
Shares of Syndicate Bank turn ex-dividend today, 18 June 2015 for dividend of Rs 4.70 per share for the year ended 31 March 2015.
Shares of Union Bank of India turn ex-dividend today, 18 June 2015 for dividend of Rs 6 per share for the year ended 31 March 2015.
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