Oil India (OIL) announced after market hours yesterday, 29 December 2014, that it successfully completed the installation and commissioning of its 5 megawatts (MW) solar power plant at Village Raghwa, Ramgarh, Rajasthan. The plant was setup at a total cost of Rs 41.49 crore with an operations and maintenance (O&M) contract for 25 years for an amount of Rs 20.63 crore. The plant consisting of 20408 solar modules each having a capacity of 245 watts, has been contributing towards the growing energy needs of our country since its commissioning. An over head transmission line of 11.49 kilometres has been constructed to feed in the generated power to the DISCOM grid.
PSU OMCs, airline and auto stocks may gain as crude oil prices hit five-year low.
With respect to news titled "KfW to lend to Power Grid,"Power Grid Corporation of India clarified after market hours yesterday, 29 December 2014, Power Grid had increased its borrowing limit to Rs 130000 crore in December, 2013. The Notice and the approval of the Shareholders were sent to the Stock Exchanges as well. In the said Notice, the financial requirements for 2014-15, included KfW Loan of EUR 560 million proposed to be tied up for Green Energy Corridors project of Power Grid. The said KfW Loan has been tied up for EUR 500 million. However, investment approval of the project, for which the said loan has been tied up, is yet to be approved. On investment approval of the said project by Power Grid Board of Directors, the Stock Exchanges will be duly informed as in the past.
Hindustan Unilever (HUL) announced after market hours yesterday, 29 December 2014, HUL and Housing Development Finance Corporation (HDFC) have signed an agreement for assignment of HUL's leasehold rights of the land and building situated on Plot Nos. 165 and 166 of the Backbay Reclamation Estate, Fort Division, Mumbai.
Reliance Capital will be watched. With respect to news titled, "RCap eyes foreign funds in insurance ventures," Reliance Capital clarified after market hours yesterday, 29 December 2014, that it is continuously engaged in discussions with various international players for potential partnerships in relation to its business. As and when these discussions result in a disclosable event, it would promptly inform the stock exchanges as required in law.
IDBI Bank announced after market hours yesterday, 29 December 2014, that its board has approved the sale of IDBl Bank's part or whole shareholding of 48.18 lakh equity shares in Credit Analysis & Research in one or more lots subject to compliance with all applicable laws, regulations and guidelines.
Lanco Infratech announced after market hours yesterday, 29 December 2014, that the Board of Directors of the company passed Circular Resolution on 29 December 2014 approving the allotment of 5.45 crore shares at an issue price of Rs 6.23 per share to ICICI Bank, CDR Lender, as per CDR Package approved for the company. The said allotment is made on preferential basis under Chapter VII of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009.
Rohit Ferro-Tech announced after market hours yesterday, 29 December 2014, that the Board of Directors of the company at its meeting held on 29 December 2014, has approved the proposal to sell, transferor otherwise dispose off the Jaipur manufacturing unit of the company located at Kalinganagar industrial Complex, P.O.: Duburi - 755 026, Dist.: Jajpur, Orissa as going concern by way of slump sale or otherwise, subject to the such approvals and permission as may be required for such sale. Mr Rohit Patni, Managing Director and Mr Suresh Kumar Patni, Director of the company has been authorized to negotiate the proposed deal with the prospective acceptable purchasers.
Godrej Properties announced after market hours on Monday, 29 December 2014, that its wholly owned subsidiary, Godrej Projects Development (GPDPL), has acquired 49% of the paid-up share capital and entire debentures of Godrej Premium Builders (GPBPL), a subsidiary of the company, from Madhavi SA Investments LLC and Madhavi Ventures (the investors).
Separately, company announced after market hours yesterday, 29 December 2014, that it has entered into an agreement with Godrej & Boyce (G&B) to develop a new mixed-use project on the property at Pirojshanagar, Vikhroli West, Mumbai.The potential saleable area in this project will be approximately 110,000 square meters (1.2 million sq. ft.). Godrej Properties will act as development manager and will work with G&B on the conceptualisation, design, sales, and marketing of the project. For its services, Godrej Properties will receive a fee equal to 10% of the revenue generated from the development. The costs for design and construction of the development will be borne by Godrej & Boyce in its role as owner-developer while the cost for sales and marketing will be borne by Godrej Properties in its role as development manager.
IFCI will be in focus. The Union Cabinet chaired by the Prime Minister, Narendra Modi, on Monday, 29 December 2014, approved the infusion of Rs 60 crore in Industrial Finance Corporation of India (IFCI) to make it a Government company by way of acquisition of preference shares from existing share holders.
Airline stocks will be in focus as Minister of Civil Aviation P. Ashok Gajapathi Raju has said that the Government is examining stakeholders' comments invited on the draft Civil Aviation Policy and holding detailed discussions with each segment of aviation industry such as airlines, helicopter and general aviation operators, cargo sector, airports sector etc. to arrive at solid measures required to quickly put the aviation industry back on its growth trajectory. The Minister was addressing the meeting of the Parliamentary Consultative Committee of Civil Aviation held in New Delhi today to discuss the draft Civil Aviation Policy. Raju said India is witnessing a rapid growth in air traffic. Passengers carried by domestic airlines during 2013-2014 were 602.3 Lakh as against 576.5 lakhs during the corresponding period of previous year thereby registering a growth of 4.5%. He added that India's domestic passenger traffic has risen 7.4% in August, reflecting solid growth over the past two or three months. Latest IATA data shows that the growth is the second highest globally after Russia's 10%.
Civil Aviation Minister informed the members of the Committee that there are nearly 400 aircraft operated by scheduled airlines, which may increase substantially in the next ten years. He said new airlines have come up with foreign investments which indicate global interest and confidence in Indian aviation market.
On rationalization of price of ATF, Raju said the Centre will take up the issue with all State Governments in a meeting called on 30th December and request them again to reduce VAT on ATF. He said the Ministry of Petroleum & Natural Gas has also been requested to review the pricing mechanism for ATF, as in India the price of ATF is about 30% higher than other countries in the region.
The Minister informed that in order to achieve better air connectivity to under-served areas and the need for air transport services to different regions and remote areas in the country, the Ministry of Civil Aviation is reviewing the existing route dispersal guidelines. Raju said as the number of aircraft in India grows, there will be an increasing requirement for aircraft maintenance and repair facilities within the country. He said as most of MRO work is outsourced by airlines to foreign MROs, it will be the intention to do much of the work, including engine maintenance, within the country. This will give employment to skilled persons and save outflow of foreign exchange. He said the required taxation and infrastructure issues are being addressed by the Ministry in consultation with Ministry of Finance to facilitate development of Indian MROs.
Infrastructure stocks will be in focus as the Union Cabinet, chaired by the Prime Minister Narendra Modi, has approved certain amendments in the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013. Proposed amendments meet the twin objectives of farmer welfare; along with expeditiously meeting the strategic and developmental needs of the country.
Ganesha Ecosphere announced after market hours yesterday, 29 December 2014, that the commercial production of Recycled Polyester Staple Fibre (RPSF) has been started at the company's unit situated at Temra, Bilaspur, Distt. Rampur (UP), from 1 December 2014. The unit is having installed capacity of 21,000 tonnes per annum (TPA) and taking this into account the consolidated RPSF capacity of the company will reach to 87,600 TPA.
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