• Sadbhav Engg has been declared as a successful bidder
Sadbhav Engineering has announced that the Company has been declared the successful bidder (LI) in respect of the bid invited by National Highways Authority of India (Ministry of Road Transport and Highways) for the two projects for continuous stretch of 86.36 km for aggregating value of Rs 904.50 crores.
• KPR plans to add large Green field facility of 36 mn Garments
Coimbatore-based KPR Mill will invest Rs175 crore to set up a green field manufacturing facility with a capacity of 36 million garments per annum. The development comes on the backdrop of increase in interest from global customers in the knitwear hub of Tirupur. According to the company, with the consumerism and disposable income on the rise, the Indian Textile & Apparel sector has experienced a swift growth in the past few years with several international players having entered Indian market.
• Government to hold off issuing new MAT claims on foreign investors
The Central Board of Direct Taxation, said that it would take no coercive action to pursue claims that have already been filed under the minimum alternate tax (MAT). The decision comes after the imposition of retrospective MAT tax claims totalling Rs602 crore. This is sentimentally positive for markets as it partly allays the concerns by foreign investors.
• Gulf Oil International increases stake in Gulf Oil Lubricants
Gulf Oil International (Mauritius) Inc, a promoter group entity of the Hinduja group company Gulf Oil Lubricants India, has increased its stake in the company to 64.94% from 62.5% by acquiring shares in the open market through block deals.
• Eicher Motors enters into agreement on May 11
Eicher Motors has announced that the Company has entered into a Business Purchase Agreement on May 11, 2015, relating to the purchase of the business and assets of Harris Performance Products Limited, UK.
• Aberdeen and Vanguard to exit HUL and offer 45 million shares
As per media flash, Aberdeen and Vanguard to exit HUL and likely to offer 45 million shares @838-40, block to happen later this week. Reacting to the news piece, HUL stock was down 3% in trade to close at Rs 864.70 yesterday.
• Union Bank Q4 profit hit by Tax Write Back; Asset Quality Improves
Union Bank of India reported 23% YoY decline in earnings mainly due to slower growth in net interest income and higher tax rates (31% Vs -45% in Q4FY14). The non- interest income showed a strong growth of 47.6% YoY and supported earnings. The asset quality showed improvement on QoQ basis as gross and net NPAs declined to 4.96% and 2.71% respectively (from 5.08%/ 2.95% inQ3FY15. The provision coverage improved to 59.23% Vs 57.25% in Q3FY15.
• Star Ferro Q4FY2015 Conference call key takeaways
Star Ferro and Cement Q4FY2015 Conference call key takeaways – Positive stance (viewpoint) .The company’s Q4FY2015 revenue growth of 33%YoY was primarily driven by cement volume growth of 37% YoY and 43%QoQ to 7.34 lakh tonnes. The management is confident of maintaining better volume growth on the back of rising housing and infrastructure investments in the north eastern region.
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