Shares of companies whose fortunes are linked to orders from Indian Railways will be in focus as the Railway Budget for 2013-2014 will be presented to the Lok Sabha today, 26 February 2013, immediately after Question Hour.
Bharat Heavy Electricals (Bhel) will be in focus after the Ministry of Railways after trading hours on Monday, 25 February 2013, said that a Memorandum of Understanding (MoU) was signed on Monday, 25 February 2013, between Indian Railways and Bhel for setting up of Greenfield MEMU coaches manufacturing facility by Bhel at Bhilwara in Rajasthan. The entire cost of the project will be borne by Bhel. The state government of Rajasthan will provide land to Railways, for setting up the project. In order to make the project viable, the Ministry of Railways will give Assured Off- Take orders to Bhel.
Main Line Electric Multiple Unit Trains, popularly known as MEMU trains were first introduced in Indian Railways in the Year 1994-95, as a mode of rapid transit system, to cater to non-suburban passengers, residing in small towns and villages surrounding urban and industrial centres. MEMU trains have higher passenger carrying capacity and higher average speed as compared to conventional loco hauled passenger trains due to faster acceleration and braking characteristics. MEMU trains increase the line capacity utilisation, and therefore are more suitable for running on high traffic density routes, the Ministry of Railways said.
There are demands coming from all over the country for running more and more MEMU trains, the Ministry of Railways said. The demand for these coaches will further increase as Indian Railways have plans to Electrify approximately 15000 route kilometre during the next 10 years, in addition to the existing 22,000 route kilometre of electrified track, the Ministry of Railways said. Overall it is expected that the requirement of MEMU coaches will grow to nearly 9,000 coaches during the next 10 year period. Setting up of factory for conventional MEMU coaches will go a long way in meeting this demand, the Ministry of Railways said.
Cairn India said after market hours Monday, 25 February 2013, that following endorsement of the exploration work programme for the Rajasthan Block (RJ-ON-90/1) by the management committee less than two weeks ago, the company has commenced drilling of the first exploration well, after a gap of more than four years, in the prolific Barmer Basin. This is pursuant to the clarity in policy by the Government of India (GoI), allowing for exploration operations in development blocks. This has enabled Cairn India to commence its planned aggressive exploration drilling programme to help harness the full potential of the Barmer Basin in Rajasthan.
Renewed exploration activity in the block will be beneficial for all stakeholders and will help realise the estimated half a billion barrels of oil equivalent of risked recoverable prospective resource which amounts to about a third of the Estimated Ultimate Recovery potential in the Rajasthan block, Cairn India said in a statement. This will help the joint venture (JV) to realise the basin production potential of 3 lakh barrels of oil per day (bopd) from the Rajasthan block, Cairn India said. The JV is currently producing 1.7 lakh to 1.75 lakh bopd from the Rajasthan block with a strong focus on exiting the year fiscal year 2013-14 at a production rate of 2 lakh to 2.15 lakh bopd from the block, Cairn India said.
Kingfisher Airlines may edge lower after the Ministry of Civil Aviation after trading hours on Monday, 25 February 2013, said that Minister of Civil Aviation, Mr. Ajit Singh has decided to withdraw all International Bilateral Traffic Rights allocated to Kingfisher Airlines with immediate effect. Under the International Bilateral Traffic Rights, Kingfisher Airlines was allowed to fly the sky of 8 countries namely Bangladesh (14 services per week), Hong Kong (14 services per week), Nepal (7 services per week), Singapore (7 services per week), Sri Lanka (14 services per week plus 21 services per week from unlimited 18 destinations), Thailand (21 services per week), UAE Dubai (21 services per week) and UK (7 services per week each from Mumbai, Delhi and Bangalore). These international traffic rights have been withdrawn from Kingfisher Airlines on account of non-utilisation by the airline, the aviation ministry said. The Civil Aviation Minister has decided to make these international traffic rights available to other carriers for use. This would give additional availability of approximately 25,000 seats per week for use by other Indian carriers to these 8 countries, some of which are much in demand by these carriers, the aviation ministry said.
The aviation ministry has also been decided to withdraw the domestic slots which were allocated to Kingfisher Airlines at different airports for domestic flights. Airports Authority of India has been directed to make these slots available to other domestic carriers as per their demand, the aviation ministry said.
Ranbaxy Laboratories unveils Q4 December 2012 and year ended 31 December 2012 (FY 2012) results today, 26 February 2013.
CORE Education & Technologies clarified that that none of the shares that it has pledged with financial institutions has been sold and the company has confirmed with all the financial institutions that they continue to hold the same. The company added that its business model continues to be intact with its strong order book of around Rs 1000 crore from India, spanning across next 5 years and about Rs 540 crore from the US. The company issued the clarification after its stock witnessed unusually high trading volumes, along with a steep fall in the share price on Monday, 25 February 2013.
Jaypee Infratech, the developer of the six-lane Yamuna Expressway, has reportedly raised Rs 6600 crore in loans from IDBI Bank at reduced interest rates to repay its high-cost debt and improve profitability. According to the media report, Jaypee Infratech had borrowed Rs 6000 crore in 2010 at interest rates ranging from 13.50% to 14% from 11 banks. This month, it pre-paid the entire loan by raising from IDBI a long-term loan of Rs 4600 crore and a fixed rate short-term loan of Rs 2000 crore at interest rates ranging from 12% to 12.75%, report added.
Gitanjali Gems said it proposes to open an issue of step-down foreign currency convertible bonds (FCCBs) due 2018 on 25 February 2013. The floor price for the conversion of the bonds will be Rs 570.76.
Jindal Photo said that its board has decided to withdraw the scheme of demerger of investment division of Jindal Photo into Jindal Photo Investments and Finance. The company said it will soon apply to Bombay High Court in this regard.
Power Finance Corporation (PFC) said that S. C. Gupta has ceased to be the Director of the company from 24 February 2013.
Ramkrishna Forgings said that its CNC Division, which was not working from 18 February 2013 to 23 February 2013, has become operational from 25 February 2013.
Manjushree Technopack said that it new facility set up in Bangalore has commenced production.
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