Bharat Heavy Electricals (Bhel) announced on Friday, 25 September 2015, that it successfully commissioned a 250 megawatts (MW) coal-based thermal power plant in Gujarat. The unit has been commissioned at Gujarat State Electricity Corporation's (GSECL) Sikka Thermal Power Station (TPS) by Bhel, on Engineering, Procurement and Construction (EPC) basis. Sikka TPS is located near Jamnagar in Gujarat.
This is the second unit of 250 MW rating to be commissioned by Bhel at Sikka TPS. The company had earlier commissioned the first 250 MW unit at Sikka in March, 2015. In addition, two units of 120 MW each, supplied and executed earlier by Bhel, are already in operation at Sikka.
Adani Ports and Special Economic Zone (APSEZ) replaces NMDC as a constituent in the 50-unit CNX Nifty index with effect from today, 28 September 2015.
Bank stocks will be in focus after the Reserve Bank of India (RBI) announced measures to enhance commercial banks' ability to recover loans to borrowing entities which are under stress primarily due to operational/managerial inefficiencies of the existing promoters. The RBI has allowed banks to upgrade the credit facilities extended to the borrowing entities whose ownership has been changed to 'Standard' category, subject to certain conditions. The RBI has also allowed banks to refinance the existing debt of the borrowing entity whose ownership has been changed without treating the exercise as restructuring of loan. However, banks will have to make provisions for any diminution in fair value of the existing debt on account of the refinance. The RBI has also allowed banks to reverse the provision made against the loans to the borrowing entity whose ownership has been changed once all the outstanding loan/facilities of the borrowing entities perform satisfactorily during the specified period as defined in the extant norms on restructuring of advances.
Separately, the RBI has allowed commercial banks to provide partial credit enhancement (PCE) to bonds issued by corporates/special purpose vehicles (SPVs) for funding all types of projects, subject to certain conditions. Initially, banks will be allowed to offer PCE only in the form of a non-funded irrevocable contingent line of credit. The RBI will in due course take a call on whether to allow PCE as a funded loan facility.
Power Grid Corporation of India (PGCIL) said after market hours on Thursday, 24 September 2015 that Pole-I of 800kV Agra-Bishwanath Chariali HVDC Line has been completed and power flow has commenced. This project is first 800kV HVDC Transmission Line in the country and world's longest multi terminal HVDC transmission line with line length of about 1,750 kilometres (KM) and capacity of 6,000 MW HVDC bipole line from Bishwanath Chariali (3,000 MW HVDC Station) in Assam to Agra (6,000 MW HVDC Station) in UP via Alipurduar (3,000 MW) in West Bengal, PGCIL said.
Chennai Petroleum Corporation (CPCL) said after market hours on Thursday, 24 September 2015 that the Committee of Directors constituted by the board of directors of the company, accorded approval for allotment of 100 crore non-convertible cumulative redeemable preference shares (NCCRP shares) of Rs 10 each for cash at par amounting to Rs 1000 crore to Indian Oil Corporation (IOCL) on private placement preferential allotment basis subsequent to receipt of subscription amount. The tenure of NCCRP shares would be 10 years, with put and call option. Dividend rate equivalent to the post tax yield of AAA rated corporate bond i.e. prevailing 10 year G-sec yield plus spread on AAA rated corporate bond i.e., 6.65% would be payable on the NCCRP shares, CPCL said in a statement.
IOCL held 51.89% stake in CPCL (as per the shareholding pattern as on 30 June 2015).
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Shares of GMR Infrastructure (GMR Infra) will be in focus. With regard to news item titled "Rating slashed to default for GMR's road project", GMR Infra clarified after market hours on Thursday, 24 September 2015 that the company has been making payments to all its lenders in line with the RBI guidelines. The loans availed by the GMR Hyderabad Vijaywada Expressway Pvt Ltd (GHVEPL) are without recourse to either GMR Infra or any other group company, GMR Infra said. GHVEPL is located in Telangana and Andhra Pradesh. Post bi-furcation of the erstwhile Andhra Pradesh, both Telangana and Andhra Pradesh have formulated the sand mining policy, banning movement of minor minerals (especially sand) across the state border, GMR Infra said. Further, states have imposed levy of new taxes like octroi and entry tax on movement of goods across the state border. Due to such changes in the policies, the commercial vehicle traffic on account of movement of sand has drastically reduced from the projected traffic, GMR Infra said. Commercial vehicles contribute significant amount of revenues, the company added. This has severely impacted the revenues and cash flow of the company resulting in slight delay in payments, GMR Infra said. The company is in discussion with the authorities for identifying an amiable resolution to the issues which are force majeure as per the concession agreement, GMR Infra said.
ARSS Infrastructure Projects said at the fag end of trading session on Thursday, 24 September 2015, that it has completed the transfer of its entire 51% stake in subsidiary ARSS Bus Terminal to Welspun Enterprise. Post this transaction, ARSS Bus Terminal ceases to be subsidiary of ARSS Infrastructure Projects.
Gammon India said after market hours on Thursday, 24 September 2015 that it has secured a highway construction contract from National Highways Authority of India (NHAI) for four-laning of Udhampur to Ramban Section of NH-1A in Jammu & Kashmir Under NHDP Phase-II. The contract is to be executed on engineering, procurement & construction (EPC) basis. The value of the contract is Rs 1709.99 crore.
Indian Hume Pipe Company said on Friday, 25 September 2015 that it has secured two work orders aggregating to Rs 1230.77 crore from Rural Water Supply and Sanitation Department of Telangana state government to provide drinking water to Mahabubnagar and Nizamabad districts.
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