IFC, PTC India Financial to boost financing for renewable energy projects

PFS becomes the first institution in India, and the twenty-sixth globally, to sign IFC’s master cooperation agreement.

IFC, a member of the World Bank Group, and PTC India Financial Services Ltd. (PFS) will partner to provide much-needed infrastructure financing for renewable energy projects in India. These investments will, in turn, help boost growth and create jobs.

PFS becomes the first institution in India, and the twenty-sixth globally, to sign IFC’s master cooperation agreement. This collaboration will help standardize steps that lenders take when co-financing projects with IFC. The ultimate aim is to make local currency financing available in shorter time-frames and reduce financing costs for borrowers, enabling them to operationalize projects faster.

“This partnership will deepen our cooperation with IFC and other development financiers in areas such as renewable energy,” said R.M. Malla, Managing Director and CEO, PFS. “In addition to reducing costs, our clients will also have access to global best practices including IFC’s environmental and social guidelines.”

IFC’s master cooperation agreement was created in 2009 in response to calls for finance institutions to collaborate more closely to help meet shortfalls in private sector financing during the global financial crisis.

“IFC and PFS can work more efficiently with Indian companies to spur private sector development by providing long-term risk capital where it is needed most,” said Hyun-Chan Cho, IFC’s Head of Infrastructure and Natural Resources – Asia Pacific. “With this partnership, we can respond more swiftly to private sector financing needs, and boost job creation.”

Since the master cooperation agreement was created, signatories have co-invested more than $3 billion with IFC to support private sector development across the world. This partnership will spur private sector investments in India’s renewable energy sector. 

S&P: Bank of India's proposed US dollar senior unsecured notes rated 'BBB-'

The proposed notes will constitute direct, unconditional, unsecured, and unsubordinated obligations of Bank of India. 

Standard & Poor's Ratings Services today assigned its 'BBB-' long-term issue rating to a proposed issue of U.S.-dollar-denominated senior unsecured notes by Bank of India (BBB-/Stable/A-3). The rating on the notes reflects the long-term counterparty credit rating on the India-based bank.

The proposed notes will constitute direct, unconditional, unsecured, and unsubordinated obligations of Bank of India. They shall at all times rank at par among themselves and with all other unsecured obligations of the bank.

The rating on the notes is subject to our review of the final issuance documentation. 

State Bank of Mysore cuts rate

The Bench-Mark Prime Lending continues to be at 15%. 

State Bank of Mysore has informed BSE that the Bank has revised downward the Base Rate of the Bank from 10.25% to 10% to be effective from May 01, 2015.

The Bench-Mark Prime Lending continues to be at the same level of 15%. 

Bharti, Idea gain ahead of results

Bharti Airtel had dropped to a low of Rs. 384, from where the stock recovered and rallied to a high of Rs. 400. The stock is now up 0.5 percent at Rs. 394. 

Telecom majors - Bharti Airtel and Idea Cellular are trading on a positive note, having recovered from intra-day losses, ahead of their results today.

Bharti Airtel had dropped to a low of Rs. 384 on BSE, from where the stock recovered and rallied to a high of Rs. 400. The stock is now up 0.5 percent at Rs. 394.

Similarly, Idea Cellular dipped into red to a low of Rs. 184, before bouncing back to Rs. 190. The stock is now up 1.3 percent at Rs. 189.

Meanwhile, the Sensex is down 10 points at 27,167.

Sugar stocks up; Govt may announce package for sugar

The government is expected to take a call on demands raised by sugar millers, farmers and others to lower sugarcane payment arrears to farmers

Sugar stocks gained on reports that the government may announce package for the sugar sector.

The government is expected to take a call on demands raised by sugar millers, farmers and others to lower sugarcane payment arrears to farmers, which reached Rs 19,000 crore by the end of financial year 2014-15, in the next few days, according to a media report.

Sakthi Sugars stock has rallied 8% at Rs. 14.25 on BSE.

Shree Renuka Sugars stock is trading up 1.2 at Rs. 12.66 on BSE.

Balrampur Chini Mills stock has also gained 1.39% at Rs. 47.70.

Reliance Comm to offer 4G services in Gujarat

At present, RCOM is trading at Rs. 62.55, up by 1.30 points or 2.12% from its previous closing of Rs. 61.25 on the BSE 

Reliance Communications (RCOM) plans to offer 4G services, starting in Gujarat, according to a media report.

RCOM will need to spend about $40 million to pay for equipment and also to enable use of the CDMA spectrum for 4G in Gujarat before the launch, the report added.

At present, RCOM is trading at Rs. 62.55, up by 1.30 points or 2.12% from its previous closing of Rs. 61.25 on the BSE.

RPower arm JIPL terminates Power Purchase agreement for Umpp in Jharkhand

Reliance Power Ltd has announced that its wholly owned subsidiary, Jharkhand Integrated Power Limited terminated Power Purchase agreement for 3,960 MW Tilaiya Umpp in Jharkhand.

Reliance Power Ltd has announced that its wholly owned subsidiary, Jharkhand Integrated Power Limited terminated Power Purchase agreement for 3,960 MW Tilaiya Umpp in Jharkhand.

The stock was flat at Rs 56.

The stock has hit a high of Rs. 56 and a low of Rs. 55. 

Shree Cement acquires Jaypee Cement Unit

Shree Cement Ltd has announced that the acquisition of the above said unit by the Company has been consummated on April 27, 2015 for an aggregate consideration of Rs. 358.22 Crores. 

With reference to the earlier letters dated August 25, 2014, September 19, 2014 and November 18, 2014, with respect to acquisition of 1.50 MTPA cement grinding unit of Jaiprakash Associates Ltd. situated at Panipat in the State of Haryana on a going concern basis, In this connection, Shree Cement Ltd has announced that the acquisition of the above said unit by the Company has been consummated on April 27, 2015 for an aggregate consideration of Rs. 358.22 Crores.

IndianOil's Paradip refinery starts crude processing

IndianOil has started the process of commissioning its 15 MMTPA state-of-the-art Paradip Refinery.

IndianOil has started the process of commissioning its 15 MMTPA state-of-the-art Paradip Refinery. Crude processing has been started in Atmospheric & Vacuum unit (AVU) on April 26, 2015 and products like LPG, Naphtha, Kerosene, Gas Oil, RCO are coming out of the unit. Some of these products will require further processing in secondary units, which are also gearing up for commissioning. The whole complex is likely to take about 6-8 months time for becoming fully operational in an integrated manner. This was disclosed by Mr. Sanjiv Singh, Director [ Refineries ] of the largest Refiner of the country- IndianOil.

Built at cost of Rs. 34,555 Cr., the refinery is designed to process broad basket of crude including cheaper high sulphur heavy crudes and has an overall Nelson complexity factor of 12.2. The refinery is capable to produce Euro-IV / Euro-V quality transportation fuel.

To meet burgeoning energy demands of the future IndianOil is further augmenting its refining capacity by setting up a 15 MMTPA grassroots refinery at Paradip in Odisha. Indian oil's latest refinery at Paradip with an overall Nelson complexity factor of 12.2, makes it capable of processing broad basket of crude including cheaper high sulphur heavy crudes. It is configured to produce LPG , Propylene , Motor Spirit ,ATF and HSD . The refinery will produce Euro-IV/Euro-V quality transportation fuels. The distillate yield from the refinery is expected to be best in class with 81.1% with no black oil production. Energy Intensity Index of Paradip Refinery is expected to be 78.6, which is in 1st quartile.

The products will be dispatched by all modes i.e Pipeline (20-25%), Rail (20-25%), Road (15-20%) & Coastal (40-50%). Coastal movement of products including exports will be through South Oil Jetty of PDRP.

Many first-time technological features, Flue Gas desulphurisation facilities, vapour recovery system from jetty loading, have been the hallmark of Paradip Refinery. These features will ensure environment friendly operation of the refinery with minimum impact to the nature. The INDMAX Unit (4.17 MMTPA), under construction at Paradip Refinery is based on the indigenous technology developed by IndianOil (R&D). Once successful at Paradip, IndianOil would establish itself in the international market for commercial use of this technology. 

Remedial measure! Wockhardt to recall remaining batches in US market

Whereas the Company continues to supply some of the products in the US market manufactured in the same facilities, several batches of other products, manufactured prior to the Import Alerts may still be in the US market. 

Wockhardt Ltd has announced that during the last US FDA cGMP inspection of the facilities at L1- Chikalthana and Waluj in Aurangabad, Maharashtra, some observations were reported pertaining to batches of some products manufactured prior to the US FDA Import Alerts.

Whereas the Company continues to supply some of the products in the US market manufactured in the same facilities, several batches of other products, manufactured prior to the Import Alerts may still be in the US market.

As a measure of preparedness and as an abundant precaution, the Company has decided to recall, as a part of remedial measure all the remaining batches in the US market that were manufactured prior to the US FDA Import Alerts even though there is no evidence of risk to patient safety from the products currently available in the US market.

Additionally, the MHRA, UK has restored the EU GMP certification of the Company's potent product facility at Kadaiya, Daman.

Alembic Pharma stock plunges 5% post Q4 results

The Group has posted a net profit after taxes and Shares of Profit of Associates of Rs. 703.30 million for the quarter ended March 31, 2015 as compared to Rs. 612.90 million for the quarter ended March 31, 2014. 

Alembic Pharma stock was lower by 5% at Rs. 445 after company posted Q4 results.

The stock has hit a high of Rs. 454 and a low of Rs. 443.

The Group has posted a net profit after taxes and Shares of Profit of Associates of Rs. 703.30 million for the quarter ended March 31, 2015 as compared to Rs. 612.90 million for the quarter ended March 31, 2014. 

Total Income has increased from Rs. 4668.00 million for the quarter ended March 31, 2014 to Rs. 5048.30 million for the quarter ended March 31, 2015.

Gold prices gain above $1200 /Oz

U.S. gold futures for June delivery settled up 2.4 percent, at $1,203.20 an ounce 

Gold surged above $1,200 an ounce Monday since January, amid market reports surrounding a deal between Venezuela and Citigroup to swap $1 billion in cash for part of the country's gold reserves.

Spot gold was up 2.1 percent at $1,203.30 an ounce at 2:56 p.m. EDT (1856 GMT), well above the prior session's five-week low. U.S. gold futures for June delivery settled up 2.4 percent, at $1,203.20 an ounce. 

Reliance Communications raises $300 mn

The bonds have been rated 'Ba3' by Moody's and 'BB-' by Fitch Ratings. The issue arrangers were Standard Chartered Bank and DBS Bank. 

Reliance Communications conducted its first international bond issue on Monday. The company has raised $300 million through Regulation S (Reg S) bonds for capital expenditure or any other permissible end-use as prescribed by the RBI.

The bonds have been rated 'Ba3' by Moody's and 'BB-' by Fitch Ratings. The issue arrangers were Standard Chartered Bank and DBS Bank.

RCom said in a statement that the company has launched, closed and priced the issue of notes on April 27, 2015. The notes have a tenor of 5-1/2 years due in 2020 and carry a coupon of 6.5 per cent per annum, payable semi-annually. The notes are expected to be settled by May 6, 2015. The notes will be listed on the Singapore Stock Exchange.

According to Fitch, RCom will use part of the note proceeds to fund the $173 million up-front payment for spectrum won in the March auction and the rest for capital expenditure.

Indices to open on a flat note

With F&O expiry this week, the indices could again witness wild gyrations. While a host of companies are losing weight, sectors like Metals and PSU Banks are seeing some interest. 

The​ Nifty has been witnessing wild swings in the April series. The series of falls have led to the Nifty wiping off ~650 points taking it below its 200DMA in a matter of 10 trading sessions. With F&O expiry this week, the indices could again witness wild gyrations. While a host of companies are losing weight, sectors like Metals and PSU Banks are seeing some interest. 

Meanwhile, the rupee has snapped its two-day losing trend, recovering by 8 paise to close at 63.48 against the US dollar.   The outlook is a flat start. Results will remain in focus and mid-cap counters could again see a sell-off in some counters. Bharti Airtel, Idea Cellular will be in action as they announce their numbers. Global cues are not encouraging for now. 

The Dow fell 0.23%, S&P 500 dipped 0.41% and Nasdaq dropped 0.63%. Asian markets are mixed with Japan's Nikkei 225 rising 0.64%, Hong Kong's Hang Seng index flat and China's Shanghai index trading lower.   Amtek Auto could see action on reports that it will announce a deal to buy the iron casting, forging and machining business of Asahi Tec Corporation of Japan.   The RBI on Monday said the stake of FIIs and registered foreign portfolio investors in Kaveri Seed had reached the 22 per cent ceiling. To acquire further stake in Kaveri Seed, they need RBI approval.  

The board of Crisil is meeting today to consider a share buyback programme. 

  

The board of Shiv-Vani Oil & Gas Exploration Services has approved a proposal by ICICI Bank to subscribe to the exploration and production company’s equity shares on private placement basis.   

S Kumars Nationwide has informed the exchanges that a scheme for restructuring of its debts by banks and financial institutions has been filed with the High Court of Judicature at Bombay on April 8.   

The government has raised the limit of foreign direct investment in pension sector to 49% in line with the FDI cap in the insurance sector.   Fitch Ratings has downgraded Japan's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to 'A' from 'A+'. The issue ratings on Japan's senior unsecured foreign and local currency bonds are also downgraded to 'A' from 'A+'. The Outlooks on the Long-Term IDRs are Stable. The Country Ceiling is downgraded to 'AA' from 'AA+' and the Short-Term Foreign Currency IDR is downgraded to 'F1' from 'F1+'.   

Maruti Suzuki witnessed a sharp rally on the back of strong Q4 earnings. The stock ended 3% higher at Rs. 3646.The company reported 60.5% surge in Q4 net profit at Rs. 1,284.24 crore, as against Rs. 800.05 crore on year-on-year basis.   Ashoka Buildcon slumped 4% to Rs. 161 after the company said it raised Rs. 500 crore through QIP route to fund its growth plans.    Pitti Laminations zoomed nearly 8% to Rs. 70.20 as the company's net profit showed a massive 134 percent jump in Q4FY15 net profit at Rs. 4.60 crore when compared with Rs. 1.96 crore in the corresponding quarter a year ago   Rolta India ended lower by 11% to Rs. 108 after Fitch Ratings cut the company's long-term foreign outlook to 'Negative'.   

Bharti Infratel jumped over 6% to Rs. 396 after the company reported 18 percent increase in its net profit to Rs. 557.5 crore in the March quarter as compared with Rs. 472.4 crore in the same quarter last year.   

Indiabulls Housing Finance gained 1% at Rs. 558 on the back of better-than-expected Q4 earnings. According to a release issued by the company to the BSE, Indiabulls Housing reported 22 percent growth in consolidated Q4 net profit at Rs. 551 crore for the quarter ended March 2015, as compared to Rs. 451 crore for the quarter ended March 2014.   

ICICI Bank stock ended lower by 2% at Rs. 302 on BSE after bank posted Q4 results. The Bank has posted a net profit of Rs. 29220.00 mn for the quarter ended March 31, 2015 as compared to Rs. 26520.10 million for the quarter ended March 31, 2014.    

Bharti Infratel jumped over 6% to Rs. 396 after company has posted Q4 results.The company reported 18 percent increase in its net profit to Rs. 557.5 crore in the March quarter as compared with Rs. 472.4 crore in the same quarter last year.   Varun Shipping Company is locked at 10% upper circuit limit at Rs. 5.40 on the BSE, on the positive news flow.  

According to media reports, Securities Exchange Board of India (Sebi) today directed Varun Shipping to resolve pending investor complaints within 30 days, failing which it would be barred from the securities market till the matters are resolved.   Global real estate consultancy, Cushman & Wakefield’s latest report on Private Equity investments in Real Estate (PERE) revealed that total inflows in the sector for Q1 2015 were Rs. 5,168 crores / Rs. 51.7 bn (bn) (USD 0.8 bn), higher by 85% from the same quarter a year ago (INR 2,800 crores / INR 28.0 bn / USD 0.4 bn). However, it was marginally lower by 5.6% compared to the previous quarter. The residential sector attracted the highest transaction volumes during the quarter with a 53% share in total investment activity, followed by the commercial office sector, which had a 47% share.  

 

Capgemini and IGATE announced that they have entered into a definitive merger agreement under which Capgemini will acquire IGATE for a cash consideration of $48 per share. The transaction will amount to $4.0 billion and is expected to be immediately accretive to Capgemini’s normalized Earnings Per Share (EPS)[1]. The merger agreement has been approved unanimously by both Capgemini’s and IGATE’s Board of Directors. The transaction has also been approved by the written consent of shareholders holding a majority of IGATE’s shares.