IT major Wipro announced a strategic partnership with Schneider Electric, a global specialist in energy management and automated systems, to develop convergent solutions for India's Smart Cities. Wipro and Schneider Electric will collaborate to enable the delivery of cost-effective and efficient citizen services to urban and rural communities. Both organizations will jointly develop solutions in the smart city space for India and global markets. Smart Cities have a strong and equal play of operational technology (OT) along with information technology (IT) to provide convergent solutions. Wipro and Schneider already have a strong partnership around IT, Data Centers, connectivity, Intelligent Building Management Systems and Data Center Infrastructure Management solutions. Both the companies are now collaborating to focus on key OT areas like energy optimization, analytics and citizen service improvement for smart cities, Wipro said in a statement. The announcement was made after market hours yesterday, 15 March 2016.
Realty stocks will be in spotlight after the Lok Sabha yesterday, 15 March 2016, approved the Real Estate (Regulation and Development) Bill, 2016. The bill seeks to create a set of rights and obligations for both the consumers and developers and encourage both of them to live up to the expectations of each other as per the agreement entered into by both of them. The bill got passed in Rajya Sabha on 6 March 2016.
Cipla announced that its wholly owned subsidiary Cipla (EU) Limited, UK (Cipla UK) has made an additional investment of $3 million in Chase Pharmaceuticals Corporation Inc., US (Chase) towards full settlement of its obligation under the agreed arrangement for investment in Chase. Consequently, Cipla UK's total investment in Chase would aggregate to approximately $5.12 million for a 16.7% stake on a fully diluted basis. The announcement was made before market hours today, 16 March 2016.
Reliance Power announced after market hours yesterday, 15 March 2016, that a meeting of the board of directors of the company will be held on 18 March 2016 to consider and approve issue of non-convertible debentures on private placement basis.
Balasore Alloys' board of directors at its meeting held yesterday, 15 March 2016, approved the issuance of upto 2.30 crore convertible warrants of Rs 5 each, to the promoters group companies on a preferential allotment basis. Out of these warrants, 1 crore warrants shall be converted into equity shares in the next financial year (FY 2017) and the remaining 2.30 crore warrants shall be converted into equity shares in FY 2018 subject to necessary statutory compliances/approvals. Balasore Alloys said that the funds shall be utilized for funding growth, expansion and modernization projects to be undertaken by the company. The announcement was made after market hours yesterday, 15 March 2016.
Puravankara Projects said that ratings agency ICRA has reaffirmed (ICRA) BBB rating for Rs 1650 crore long term credit line of the company including [ICRA] A3+ rating for short term limits (interchangeable). The outlook on the long term rating has been revised from positive to stable. ICRA has also assigned [ICRA BBB] rating for Rs 500 crore long term credit line of the company with a [ICRA]A3+ for short-term limits (interchangeable) for Provident Housing Limited, a 100% and material unlisted subsidiary of the company. Puravankara Projects made the announcement after market hours yesterday, 15 March 2016.
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Rana Sugars announced after market hours yesterday, 15 March 2016, that a meeting of its board of directors will be held on 26 March 2016, to give effect to the sale/transfer of power units of Rana Sugars situated in Uttar Pradesh to Rana Energy and Rana Green Power.
Alphageo (India) announced after market hours yesterday, 15 March 2016, that it has received a contract from Oil India for provision of 2D seismic acquisition services in the areas covering parts of Assam & Arunachal Pradesh for an estimated contract value of Rs 102.42 crore. The contract is to be executed by November 2018. This contract is under National Seismic Program for acquisition of 2D Seismic Data in unappraised areas of North East India entrusted to Oil India.
NCC announced after market hours yesterday, 15 March 2016, that its subsidiary, NCC Infrastructure Holdings, has entered into share sale agreement with Sembcorp Utilities for sale of a portion of the stake held in Sembcorp Gayatri Power.
As a part of its strategic initiatives to divest the stake held in the various special purpose vehicles (SPVs) in which it has invested, NCC Infrastructure Holdings (NCCIHL), a subsidiary of NCC, has entered into share sale agreement with Sembcorp Utilities (SCU) for sale of the stake held in Sembcorp Gayatri Power (SGPL) (formerly NCC Power Projects) which is linplementing the 1,320 megawatts (MW) Coal Fired Power Project near Krishnapatnam, Nellore, Andhra Pradesh. The present transaction involves sale of 25.68 crore equity shares of Rs 10 each held by NCCIHL in SGPL to SCU for a gross consideration of Rs 352 crore. NCC is the engineering, procurement, and construction (EPC) contractor for the power project being implemented by SGPL, NCC said in a statement.
SCU is a leading developer, owner and operator of energy and water assets with strong operational and technical capabilities. SCU has over 10,600 MW of power capacity installed and under development with an established presence in Asia and a strong growing presence in emerging markets around the world, NCC added.
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