Shares of public sector oil marketing companies (PSU OMCs) will continue to be on radar as brent crude hit a nine-month high of more than $115 a barrel on Thursday, 19 June 2014, after the United States said it would send military advisers to Iraq, raising concerns about the escalating conflict.
Higher crude oil prices could increase under-recoveries of PSU OMCs on domestic sale of diesel, LPG and kerosene at controlled prices. The government has already freed pricing of petrol.
Shares of state-run upstream oil firms may also drop on concerns their subsidy burden will rise along with increase in crude oil prices. ONGC and Oil India share part of the under-recoveries of PSU OMCs arising from the government-imposed price caps on prices three key fuels -- diesel, LPG for domestic use and kerosene.
Bharat Heavy Electricals (Bhel) and BGGTS (BHEL-GE JV) have successfully completed the overhauling of the 104 MW Gas Turbine Generator Unit-1 of Pragati Power Corporation, Indraprastha, Delhi in record time. The job was awarded to Bhel and BGGTS for the Generator and Gas Turbine respectively for this combined cycle plant at Pragati, the company said in a statement.
As this was a major overhaul job of the unit, it had encountered many unforeseen problems. As this particular plant is connected to the city load end, its immediate synchronization with the grid was critical. The Ministry of Power sought BHEL's help in bringing back the Unit on war footing.
In order to meet this challenge, a combined team of BHEL and BGGTS engineers showcased their engineering and servicing capabilities through meticulous planning and executing this job by working round the clock. The unit was brought to 'Turning Gear' on 16th June, 2014 and thereafter synchronized after a series of Electrical and C&I (Controls & Instrumentation) test on 18th June. The unit is now contributing 145 MW of power to the grid in the combined cycle mode, Bhel said.
TVS Motor Company announced the launch of its all new motorcycle, StaR HLX 125, in Tanzania. Designed especially to suit riding conditions in the African continent, StaR HLX 125 is an ideal combination of power, mileage and comfort. The company currently exports its StaR range, Max range, Victor range, Apache RTR 160, Apache RTR 180 and Jive to African markets. StaR HLX 125 is now being introduced in Tanzania.
Orchid Chemicals & Pharmaceuticals announced that it has received approval from the US Food and Drug Administration (US FDA) for its Abbreviated New Drug Application (ANDA) for Eszopiclone tablets, I mg, 2 mg, and 3 mg strengths.
L&T Finance Holdings said it intends to raise funds through issue of cumulative non-convertible compulsorily redeemable preference shares (CRPS) for an amount not exceeding Rs 500 crore, through private placement basis, on such terms and conditions as may be decided by the board.
Mahindra & Mahindra Financial Services said that its shareholders have approve hiking borrowing limit of the company to Rs 45000 crore.
Indian Hotels Company said that a meeting of the Rights Issue Committee - 2014 has been convened on 24 June 2014, to consider the terms and conditions of the compulsorily convertible debentures (CCDs) to be issued, including entitlement ratio, pricing, tenor, coupon of the CCDs and such other terms and conditions as the committee may deem appropriate, by way of rights issue to the existing shareholders of the company on the record date for an amount not exceeding Rs 1000 crore.
Atul Auto said that its board will meet on 26 June 2014, to consider a stock split.
UPL said that it has completed the transaction to sell its entire stake of 50% in the Brazilian Agrochemical company Sipcam UPL Brasil S.A.
Texmo Pipes and Products said that commercial production of one of our most prestigious and much awaited project of CPVC pipes and fittings has been started with effect from 19 June 2014. There are very few manufacturers of CPVC pipes and fittings in India as raw material and technology is very costly. Also there are very few suppliers of CPVC raw material in the world who gives material only after getting into agreement. CPVC Pipes and Fittings are mainly used in bathroom and sanitary. The special characteristic it possesses is of sustaining temperature upto + and - 100 degrees, the company said.
The company is already present in the market with full range of UPVC and SWR pipes and fittings. Now with commencement of CPVC pipes and fittings, the company will be covering full range of bathroom and sanitary. In the near future, the company will get big market share and sale will get major boost accordingly, Texmo Pipes said.
Future Consumer Enterprise said that its board approved acquiring 35% stake in Sarjena Foods. Sarjena Foods is engaged in the business of manufacturing and distribution of branded bakery products under the name and style 'Baker Street'.
Apollo Tyres said that the committee of directors (preferential issue) allotted 50 lakh equity shares of Re 1 each to Classic Auto Tubes (a promoter group entity) at Rs 86.20 per equity share (including Rs 85.20 towards share premium) against receipt of the full payment on exercise of option of conversion of 50 lakh warrants into equity shares in accordance with the terms and conditions of issue of warrants. The above shares shall rank pari passu with the existing equity shares of the company and shall be entitled to dividends and corporate benefits, if any paid/declared by the company after the allotment.
The board of Mandhana Industries will meet on 23 June 2014, to consider raising funds by way of qualified institutions placement (QIP)/ external commercial borrowings (ECBS) with rights of conversion into shares/ foreign currency convertible bonds (FCCBS)/ American depository receipts (ADRs)/ global depository receipts (GDRS)/ follow-on public offer (FPO)/ composite issue.
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