Adani Ports to acquire Kattupalli Port from L&T Shipbuilding

The company has entered into an in principle agreement for strategic acquisition of the Kattupalli Port in Tamil Nadu from L&T Shipbuilding

Adani Ports and Special Economic Zone (APSEZ), India’s largest port developer and operator has, through its subsidiary Adani Kattupalli Port Private Limited (AKPPL), entered into an in principle agreement for strategic acquisition of the Kattupalli Port in Tamil Nadu from L&T Shipbuilding Limited(LTSB) a subsidiary of Larsen & Toubro Limited. This is subject to receiving the necessary approvals from the Government of Tamil Nadu and Central Government, and the port being demerged from LTSB. Currently L&T operates both the port and shipyard under a single entity, “L&T Ship Building Limited”.

While awaiting the necessary approvals, APSEZ through its subsidiary AKPPL has entered into an arrangement to take over the operations of the Port.

Kattupalli is a deep water all weather port with an international container terminal located 35 kms from Chennai, Tamil Nadu and well connected to the hinterland. The Port commenced commercial operations in January 2013 and has two berths with a total quay length of about 710 meters. The berths are equipped with six quay cranes and designed to handle container, dry bulk & break-bulk cargo. Currently, the port has a cargo handling capacity of 1.2 Million TEUs per annum. There is an environmental approval for further expansion.

Speaking on the development, Mr Gautam Adani, Chairman, Adani Group said, “The Kattupalli agreement is yet another step by us to continue to enable the development of the port infrastructure that is critical for our country. The Kattupalli port is a strategic complement to our Ennore Container terminal which is getting commissioned next year. Both these ports will substantially help reduce congestion in the region and will thereby help contribute to the rapid growth of the State of Tamil Nadu and the surrounding regions.

The Kattupalli Port is located adjacent to and north of Ennore Port, where APSEZ is developing the Ennore container terminal. This move of APSEZ is yet another step to continue to build out a network of ports across the Indian coastline and further expand its footprint across the South East Coast.

Adani Ports & Special Economic Zone Ltd is currently trading at Rs. 279.65, down by Rs. 5.25 or 1.84% from its previous closing of Rs. 284.9 on the BSE.

The scrip opened at Rs. 281.5 and has touched a high and low of Rs. 283.4 and Rs. 276.75 respectively. So far 2692207(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 59001.42 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 374.7 on 20-Aug-2015 and a 52 week low of Rs. 266.55 on 09-Dec-2014. Last one week high and low of the scrip stood at Rs. 302.65 and Rs. 281.35 respectively.

The promoters holding in the company stood at 56.26 % while Institutions and Non-Institutions held 38.27 % and 5.47 % respectively.

The stock is currently trading above its 200 DMA.

Cairn tells Govt to appoint arbitrator by Nov 11

The Indian Government initially disagreed with Cairn, saying that the tax disputes are not covered under the bilateral treaty.

Cairn Energy Plc is reportedly willing to suspend its appeal to International Court of Justice (ICJ) seeking appointment of an arbitrator on behalf of the Government of India to resolve the Rs. 10,247-crore tax dispute, provided an arbitral panel is put in place by November 11.

Cairn will press the ICJ to name an arbitrator on behalf of the Indian Government, if New Delhi fails to name an arbitrator by November 11, reports a business daily.

Cairn has already named former Bulgarian minister Stanimir A Alexandrov as its arbitrator in the matter.

Late last month, the British company wrote to Finance Minister Arun Jaitley reminding him of the Government's promise to appoint an arbitrator to resolve the issue.

In March, Cairn sought arbitration under the India-UK Bilateral Investment Protection Agreement, disputing the tax demand raised on a 2006 internal business reorganisation.

The Indian Government initially disagreed with Cairn, saying that the tax disputes are not covered under the bilateral treaty.

Then in September, Cairn moved the Hague-based International Court of Justice, seeking appointment of an arbitrator on behalf of the Government of India.

At this stage, the Indian Government told Cairn as well as the ICJ that an arbitrator will be appointed soon, but nothing concrete has come out so far.

Vijaya Mallya denies he is in talks with Diageo to sell 5% stake in USL

Earlier reports indicated that Vijaya Mallya will step down as United Spirits Chairman post the deal.

Vijaya Mallya has reportedly denied that he is in talks with Diageo to sell 5% stake in the United Spirits.

Earlier, reports stated that Vijaya Mallya will step down as  United Spirits Chairman post the deal. Reports had also stated that Vijay Mallya in talks with Diageo to sell 5% stake in USL at premium to market price and that the deal was valued at Rs. 3,000 crore.  

The proceeds would be used to repay ingfisher dues, the report had speculated.  

ET Now carried a clarification stating that Vijay Mallya has denied plans to sell stake in USL. Diageo did not comment on speculation, the television report added. 

United Spirits Ltd is currently trading at Rs. 3539.65, up by Rs. 90.45 or 2.62% from its previous closing of Rs. 3449.2 on the BSE.

The scrip opened at Rs. 3401 and has touched a high and low of Rs. 3548.95 and Rs. 3365 respectively. So far 124918(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 50127.22 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 4080 on 05-Mar-2015 and a 52 week low of Rs. 2501 on 01-Dec-2014. Last one week high and low of the scrip stood at Rs. 3548.75 and Rs. 3131 respectively.

The promoters holding in the company stood at 58.87 % while Institutions and Non-Institutions held 28.59 % and 12.03 % respectively.

The stock is currently trading below its 200 DMA.

BPCL Q2 net profit stands at Rs. 1,018 crore, up 119%

The company’s total income has decreased by 32 per cent to Rs.62,280.3 crore for the quarter under review from Rs. 47,160.1 crore for the corresponding quarter of the previous year.

BPCL Ltd has announced the following results for the quarter ended September 30, 2015.

The company reported 119 per cent increased in its net profit at Rs.1,018 crore for the quarter ended September 30, 2015 as compared to Rs.464.2 crore for the same quarter in the previous year.

The company’s total income has decreased by 32 per cent to Rs.62,280.3 crore for the quarter under review from Rs. 47,160.1 crore for the corresponding quarter of the previous year.
 

Bharat Petroleum Corporation Ltd is currently trading at Rs. 892, down by Rs. 3.9 or 0.44% from its previous closing of Rs. 895.9 on the BSE.

The scrip opened at Rs. 886 and has touched a high and low of Rs. 910 and Rs. 879.45 respectively. So far 943552(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 64780.74 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 987 on 23-Jul-2015 and a 52 week low of Rs. 622.45 on 15-Dec-2014. Last one week high and low of the scrip stood at Rs. 899.35 and Rs. 862 respectively.

The promoters holding in the company stood at 54.93 % while Institutions and Non-Institutions held 30.36 % and 14.71 % respectively.

The stock is currently trading below its 100 DMA.

Royal Enfield to launch two new models by 2017

"The first model based on the new engine platform will be out next year. Another model will follow in 2017," Lal said.

Royal Enfield is looking to expand its product line-up by introducing two new models by 2017, which will be based on the two new engine platforms, Eicher Motors MD & CEO Siddhartha Lal said. 

"The first model based on the new engine platform will be out next year. Another model will follow in 2017," Lal said. 

Multiple products could be launched on the two new engine platforms, he said, adding that the new products would be in the range of 250 cc and 750 cc. 

In addition, the company is focusing on launching its Royal Enfield bikes in major global cities and plans to leverage on the brand pull created abroad to gain traction. 

"We aim to build interest at city level first. We want to introduce our products first in major cities and we believe the brand's pull will follow in the rest of the country. This is going to be our focus in the next few years," Royal Enfield President Rudratej Singh said.

The company aims to augment its total installed production capacity to 4.5 lakh units by the end of this year and double it to 9 lakh units by 2018 with the setting up of its third plant in Tamil Nadu. 

Eicher Motors Ltd is currently trading at Rs. 15882, down by Rs. 810.75 or 4.86% from its previous closing of Rs. 16692.75 on the BSE.

The scrip opened at Rs. 16500 and has touched a high and low of Rs. 16500 and Rs. 15859 respectively. So far 112223(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 45308.1 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 21618.3 on 21-Jul-2015 and a 52 week low of Rs. 12629.8 on 10-Nov-2014. Last one week high and low of the scrip stood at Rs. 18300 and Rs. 16448.15 respectively.

The promoters holding in the company stood at 54.91 % while Institutions and Non-Institutions held 31.32 % and 13.77 % respectively.

The stock is currently trading above its 100 DMA.

ONGC sees better volumes in FY16: AK Srinivasan

“We had a good realisation compared, but that was definitely not very good as compared to Q1. My realisation was something about 48.83 in the second quarter. However, we had certain expenses also, and that has brought down our profits to some extent. And we look forward that in the coming year, if the crude remains around stable, then we should be able to move forward in a better way”, said AK Srinivasan, Director-Finance, ONGC.

ONGC announced a net profit fall of 11.3 percent to Rs 4,842 crore in Q2FY15 against Rs 5,460 crore qoq and the decline in revenue of 9.4 percent to Rs 20,679 crore. Also, The EBITDA fell 17 percent to Rs 8,775 crore qoq. The gross realisations were around 20,000 whereas the net realisations were USD 48.93 per barrel in Q2FY15. ONGC shared about Rs 596 crore in the form of subsidy in the current quarter. The overall oil and gas production volume reached to 5.66 percent in the second quarter which is a positive rise in volume. The realisation for the first half of the year calculated 53.72 per dollar.

“We had a good realisation compared, but that was definitely not very good as compared to Q1. Our realisation was something about 48.83 in the second quarter. However, we had certain expenses also, and that has brought down our profits to some extent. And we look forward that in the coming year, if the crude remains around stable, then we should be able to move forward in a better way”, said AK Srinivasan, Director-Finance, ONGC said to a television channel.

Srinivasan added that the offshore volumes grew at a faster pace than the on-shore volumes this quarter with crude oil production being up by 1.9 percent and gas volumes up by 0.44 percent. He expects more than 26 million metric tonnes (MMT), volume production in FY16 in which joint venture shares will also be included.

HDIL Q2 net profit dips 6%

Total Income is Rs. 2426.70 mn for the quarter ended September 30, 2015 where as the same was at Rs. 3048.40 mn for the quarter ended September 30, 2014.

Housing Development and Infrastructure Ltd posted a net profit after taxes, minority interest and share of profit of associates of Rs. 577.90 mn for the quarter ended September 30, 2015 where as the same was at Rs. 618.80 mn for the quarter ended September 30, 2014. 

Total Income is Rs. 2426.70 mn for the quarter ended September 30, 2015 where as the same was at Rs. 3048.40 mn for the quarter ended September 30, 2014.

The scrip opened at Rs. 65 and has touched a high and low of Rs. 65.85 and Rs. 63.75 respectively. So far 4927827(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 2832.44 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 143 on 13-Apr-2015 and a 52 week low of Rs. 54.25 on 04-Sep-2015. Last one week high and low of the scrip stood at Rs. 72.4 and Rs. 66.6 respectively.

The promoters holding in the company stood at 36.16 % while Institutions and Non-Institutions held 45.11 % and 18.73 % respectively.

The stock is currently trading above its 200 DMA.

Aurobindo Pharma surges on robust Q2 earnings

The company reported 21.4% rise in its net profit at Rs.451.8 crore for the quarter ended September 30, 2015 as compared to Rs.372 crore for the same quarter in the previous year.

Aurobindo Pharma Ltd stock was up by 4% at Rs. 845. The company reported 21.4% rise in its net profit at Rs.451.8 crore for the quarter ended September 30, 2015 as compared to Rs.372 crore for the same quarter in the previous year.

The scrip opened at Rs. 790 and has touched a high and low of Rs. 848.4 and Rs. 790 respectively. So far 1062250(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 47490.92 crore.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 860.8 on 29-Oct-2015 and a 52 week low of Rs. 490.5 on 26-Feb-2015. Last one week high and low of the scrip stood at Rs. 854.3 and Rs. 808.5 respectively.

The promoters holding in the company stood at 53.92 % while Institutions and Non-Institutions held 34.97 % and 11.11 % respectively.

The stock is currently trading below its 50 DMA.

Tata Motors, Maruti Suzuki top ​Nifty gainer​s​; Sun Pharma, BHEL ​among loser​s​

The NSE Nifty opened at 7,788 hitting a high of 7,772 and low of 7,771.70 and trading at 7,868.

On a day when the equity market has tanked following the Bihar election verdict, ​Tata Motors, Maruti Suzuki, Punjab National Bank, Bank of Baroda, State Bank of India, BPCL and Tata Steel are top gainers on NSE. Sun Pharma, BHEL, Idea Cellular, Dr.Reddy's Lab, Cairn India and Ambuja Cement are top losers on NSE.

The NSE Nifty opened at 7,788 hitting a high of 7,772 and low of 7,771.70 and trading at 7,868.

PSU OMC stocks slip; BPCL bucks trend ahead of Q2 nos

The Govt hiked excise duty on petrol by Rs.1.60 per litre and on diesel by 40 paisa a litre in a bid to raise additional revenue to meet budgetary targets.

Shares of oil marketing companies slipped after the Govt has hiked excise duty on petrol by Rs.1.60 per litre and on diesel by 40 paisa a litre in a bid to raise additional revenue to meet budgetary targets. The basic excise duty on unbranded petrol has been hiked from Rs.5.46 per litre to Rs.7.06 a litre, according to a CBEC notification.

HPCL and IOC are marginally lower at Rs. 785 and Rs. 412 respectively.

BPCL gained 0.6% at Rs.902 on BSE. The company is scheduled to announce its September quarter earnings today. The scrip opened at Rs. 886 and has touched a high and low of Rs. 905.45 and Rs. 879.45 respectively. So far 377900(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 64780.74 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 987 on 23-Jul-2015 and a 52 week low of Rs. 622.45 on 15-Dec-2014. Last one week high and low of the scrip stood at Rs. 899.35 and Rs. 862 respectively.

Qatar Airways keen on buying 49% stake in IndiGo

The Gulf airline could seek a maximum 49% of IndiGo, valued at US$2 billion based on the IPO price, its CEO Akbar Al Baker was quoted as saying on Sunday during the Dubai Air Show.

Qatar Airways is keen to buy a stake in IndiGo once its shares start trading on the stock exchanges following the recent initial public offering (IPO), reports a financial newspaper.

The Gulf airline could seek a maximum 49% of IndiGo, valued at US$2 billion based on the IPO price, its CEO Akbar Al Baker was quoted as saying on Sunday during the Dubai Air Show.

“I couldn’t take a stake in IndiGo because the Indian authorities have restrictions on airlines taking part in IPOs of an airline,” Al Baker said. 

The IndiGo IPO raised about INR 3,000 crore (US$456 million), valuing the budget airline at US$4.2 billion.

“The process to do it would have taken a long time and they were in a hurry. If we can go up to the 49% that’s allowed, we’d like to go as much as that,” Al Baker said.

Shares of IndiGo are due to begin trading on Tuesday.

Tata Steel warns suppliers, Eicher to double Royal Enfield capacity and other Top Corporate news

Thermal coal imports surged 18% at the country's top 12 major ports to 55.90 million tonnes (MT) in the first seven months of the current fiscal amid government efforts to boost domestic output, led by state-owned Coal India Ltd.

Amid a crisis in Britain's steel sector, Tata Steel has warned its suppliers that if they do not slash prices by up to 30% in the long term then they risk losing the steel giant's business. 

IDFC Bank hopes to fill the space being left by the inability of state-run banks to expand their balance sheet due to capital constraints, as it builds its retail franchise. 

Thermal coal imports surged 18% at the country's top 12 major ports to 55.90 million tonnes (MT) in the first seven months of the current fiscal amid government efforts to boost domestic output, led by state-owned Coal India Ltd. 

Videocon is aiming at an annual turnover of USD4bn in the next four years from consumer electronics division on the back of product launches and exports growth. 

NTPC expects to commission the first 800 Mw unit of its 4,000 Mw Kudgi super thermal power project in Karnataka in the current fiscal. 

Eicher Motors plans to double the manufacturing capacity of its two-wheeler arm Royal Enfield to 0.9mn units per annum by 2018 to meet robust demand of its motorcycles. 

Orient Green Power Company Limited to enter into a Memorandum of Understanding (MoU) with Sindicatum Captive Energy Singapore Pte Limited (Sindicatum), to divest entire stake held in Orient Green Power (Maharashtra) Private Limited towards sale of 20 MW co-generation power project in Kolhapur, Maharashtra. 

Piramal Enterprises has acquired baby care brand Little's strengthening its consumer business portfolio. The company did not disclose the deal size. 

Minority shareholders in Essar Oil can expect the floor price for the delisting process to be reset in the Rs147-150 range, according to preliminary calculations made by market experts. The original floor price had been set at Rs108.15 when the delisting had been approved by shareholders in August 2014. 

The Gujarat State Fertilizers & Chemicals Limited (GSFC) will soon export its first consignment of nylon fibre industrial products to African countries, a top company official said. 

Hester Biosciences (HBL), a leading animal health care company, is expanding its footprint in Nepal and Africa to tap the growing vaccine market in the regions.

Dr Reddy's Laboratories suffered a setback after the US Food and Drug Administration issued a warning letter to three of its key manufacturing facilities. The sites located at Srikakulam and Duvvada in Andhra Pradesh and Miryalaguda in Telangana are important contributors to the company's US operations and supply disruptions may hobble growth prospects, experts said.