Crompton Greaves after market hours yesterday, 10 March 2016, announced that its consortium with Cofely Fabricom, lemants has secured a new contract for the EnBW Hohe See offshore wind farm in the North Sea. The consortium will design, supply and install the complete offshore substation for the German utility EnBW, Crompton Greaves said in a statement.
Oil & gas exploration stocks will be in focus. In a major policy drive to give a boost to petroleum and hydrocarbon sector, the Government has unveiled a series of initiatives yesterday, 10 March 2016. The Union Cabinet and the Cabinet Committee on Economic Affairs in its meeting has approved Hydrocarbon Exploration Licensing Policy, HELP, an innovative policy for future which provides for a uniform licensing system to cover all hydrocarbons such as oil, gas, coal bed methane etc. under a single licensing framework. There will be marketing and pricing freedom for new gas production from Deepwater, Ultra Deepwater and High Pressure-High Temperature Areas. Policy outlines grant of extension to the Production Sharing Contracts for small, medium sized and discovered fields.
Hero MotoCorp announced after market hours yesterday, 11 March 2016 that it has inauguarated Hero Global Centre of Innovation and Technology (CIT) with an investment of Rs 850 crore in Jaipur, Rajasthan. CIT will design and develop world class products for the global markets.
Shares of Jindal Steel & Power (JSPL) will be in focus. In the backdrop of various media reports about the company's weak financials, JSPL in a press release issued after market hours yesterday, 10 March 2016, said that the company's investment in enhancing steel capacities in Angul and power capacity in Jindal Power (JPL) Tamnar have been completed/commissioned and are in stable level of operation. With these additional capacities and better outlook for steel demand/fair sales price realisation and better outlook for power demand/realization, JSPL said it will be in a better position to generate higher cash flows as compared to last four quarters. The company's efforts in bringing cash through divestment of assets and strategic collaborations through joint ventures (JVs) will add to its cash flows, and also result in reduction in bank borrowings, JSPL said. The company added that it has an excellent track record of meeting all its financial commitments and recent reduction in credit rating, in its opinion, merely presents rating downgrade on technical grounds. JSPL said it had met all its financial commitments till November-December 2015. In discussion with banks, the company has launched 5/25 scheme, and also exploring various options with all lenders to reschedule payments considering likely short/medium term cashflow mis-matches, JSPL said. When these are completed, there will not be any overdue situation, the company added.
Considering better cash flow outlook from better demand/realization for steel/power, rescheduled financial commitments through 5/25 scheme and others and cash flow from disinvestments/JVs, JSPL will be in much stronger position to meet all its liabilities and emerge as financially strong and sustainable company in 2016-17, the company said in a statement.
Linde India announced that it has commissioned the first air separation unit in Odisha, which has started gas supplies to Tata Steel's steel-works at Kalinganagar. It may be recalled that Linde India had entered into a long term gas supply contract with Tata Steel, for catering to the gases requirement at its Kalinganagar steel works project. The company had undertaken construction of two air separation units with a total capacity of 2,400 tonnes per day at Tata Steel's premises at Kalinganagar, Odisha for supply of gases to Tata Steel as well as for additional liquid products for merchant markets. The announcement was made after market hours yesterday, 10 March 2016.
Educomp Solutions announced that India Education Fund, a Sebi registered venture capital fund, redeemed all its units issued to the company. Educomp Solutions said it has received an amount of Rs 15 crore from the redemption of all its units held in India Education Fund. The announcement was made after market hours yesterday, 10 March 2016.
Container Corporation of India will be in focus. The government said yesterday, 10 March 2016, that offer for sale (OFS) for 5% divestment of paid-up equity out of Government of India for equity shares of 97.48 lakh shares amounts to Rs 1165 crore at floor price. The total demand for the OFS from retail and non retail investors, which got over yesterday, 10 March 2016 was for 1.93 crore equity shares amounting to Rs 2317.20 crore.
Welspun Corp announced before market hours today, 11 March 2016, that the company has won an order for supply of 2 lakh metric tonnes pipes for an offshore project in the Middle East. With the addition of this order, current order book of the company has crossed 11.36 lakh metric tonnes worth Rs 6500 crore.
Sri Adhikari Brothers Television Network announced before market hours today, 11 March 2016, that the board of directors of the company at its meeting held on 10 March 2016,approved issuance and allotment of 23.81 lakh fully paid-up redeemable preference shares of the company to the shareholders of Sri Adhikari Brothers Assets Holding on proportionate basis pursuant to the Composite Scheme of Amalgamation and Arrangement between Maiboli Broadcasting and Sri Adhikari Brothers Assets Holding and Sri Adhikari Brothers Television Network and UBJ Broadcasting and HHP Broadcasting Services and MPCR Broadcasting Service and TV Vision and SAB Events & Governance Now Media and their respective shareholders.
Skipper announced after market hours yesterday, 10 March 2016 that the company has secured two new orders from Power Grid Corporation of India for the supply of transmission towers in the domestic market. The total order is valued to be approximately worth Rs 120 crore.
Balasore Alloys announced after market hours yesterday, 10 March 2016 that a meeting of the board of directors of the company will be held on 15 March 2016 for issuance of the securities to the promoters group companies on preferential basis for the purpose of funding growth, expansion and modernization projects to be undertaken by the company.
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