Parag Milk Foods to set up R&D centre for value added milk products

Out of the total fresh issue of Rs. 300 crore to be raised through the IPO, the Company is planning to utilise Rs. 147.7 crore for expansion and modernisation plan.

Parag Milk Foods Limited (the “Company”) proposes to set up a research and development centre at Manchar facility (near Pune) to develop new products and processes and a technology centre at subsidiary for training and development activities and focus on animal husbandry. Out of the total fresh issue of Rs. 300 crore to be raised through the IPO, the Company is planning to utilise Rs. 147.7 crore for expansion and modernisation plan.

The Company recently launched flavoured milk with higher protein content under its ‘Topp Up’ brand and buttermilk under ‘Go’ brand with a few variants each. It has also introduced milk variants on the basis of specific end-use and introduced T-Star milk to be used to make tea and coffee and introduced Go Kidz milk with high protein content for growing children. It now intends to increase dairy based beverages portfolio under ‘Go’ brand and introduce milk based high protein drinks.

Mr. Devendra Shah, Chairman, Parag Milk Foods Ltd. said, “We constantly focus on research and development to distinguish ourselves from our competitors to enable us to introduce new products based on consumer preferences and demand. We intend to increase the share of our value-added product portfolio by focusing on health and nutrition to cater to evolving consumer trends. We believe that we can increase our margins by focussing on increasing sales of our value-added products and that such initiatives will assist us in further diversifying our business.”

Parag Milk Foods Ltd. is the second largest cheese player in India with 32% market share. It also has the largest cheese plant in India where the addressable market is Rs. 1,200 crore. It is a pioneer and the biggest player in Cow ghee segment where the addressable market size is Rs. 61,800 crore. It is the largest private player in UHT milk market where the addressable market is Rs. 2,600 crore. In fresh milk, it is the largest private brand in Mumbai, 2nd Largest in Pune and 3rd largest in Nagpur; amongst top 5 in Bangalore & Chennai. It is a pioneer in frozen & flavored yoghurt segment and an important player in curd market in West & South India.

The Company proposes to open on Wednesday, May 4, 2016, a Public Issue of its equity shares of face value of Rs. 10 each (the “Equity Shares”) for cash at a Price Band from Rs. 220 to Rs. 227 per Equity Share. The Company in consultation with the Investor Selling Shareholders and the BRLMs will offer a discount of up to Rs. 12 per Equity Share on the Issue Price to Eligible Employees and a discount of up to Rs. 12 per Equity Share on the Issue Price to the Retail Individual Bidders. The Bid/Issue Period will close on Friday, May 6, 2016.

While the current product portfolio includes plain curd, it proposes to introduce a new variant of curd with a higher protein and lower fat content and cream cheese with a lower fat content for health conscious consumers. It also intends to introduce colostrum products, which can be consumed as a daily supplement to improve community and general health, introduce several cheese products with low fat, high protein and mineral content. It seeks to add value to and convert milk powder into food supplements and nutritional products for different age groups. Further, it intends to sell premium quality butter and ghee through the farm-to-home concept under ‘Pride of Cows’ brand.The Company’s current range of whey products include whey protein concentrates, whey permeate and demineralised whey powders. It sells whey proteins to institutional customers including Nestle India Limited and UTH Beverage Factory Private Limited and whey powders to bakeries and confectionaries. As of December 31, 2015, it had incurred Rs. 31.85 crore in setting up whey products processing infrastructure and is in the process of commissioning additional technological infrastructure to increase the concentration and grading of whey proteins that it manufactures, and sell them directly to retail consumers in the form of branded health supplement foods and beverages.

The BRLMs to the Issue are Kotak Mahindra Capital Company Limited, JM Financial Institutional Securities Limited, IDFC Securities Limited and Motilal Oswal Investment Advisors Private Limited. 

Reliance Defence gets 16 Industrial licenses for Missiles, Ammunition

Of the 16 new licenses given to Reliance Defence Ltd, 11 pertain to Land Systems, 3 for the Naval Systems and remaining 2 covering niche technologies across the Defence spectrum.

Reliance Infrastructure Ltd’s wholly owned subsidiary, Reliance Defence Ltd, has received 16 Industrial Licenses for manufacture of a wide array of high technology equipment ranging from Small Arms, Heavy Weapons, Armoured Vehicles, Ammunition, Explosives, Electronic Warfare Systems, Missiles, UAVs and Directed Energy Weapon Systems, Laser Systems for target destruction and C4I Systems for all Defence Platforms.

Of the 16 new licenses given to Reliance Defence Ltd, 11 pertain to Land Systems, 3 for the Naval Systems and remaining 2 covering niche technologies across the Defence spectrum.

The Land Systems include design, development and production of Heavy Weapons (Artillery Guns, Air Defence Guns, mortars, multi barrel rocket launchers, heavy machine guns) of all calibres, Electronic Warfare Systems, ammunition ,explosives, tanks, Infantry Combat Vehicles (ICV), Directed Energy Weapon Systems, Small Arms Laser Systems for target destruction and C4I Systems for various Land Platforms.

Reliance Land Systems Ltd, a wholly owned subsidiary of Reliance Defence Ltd will be the lead venture for the manufacturing of Missiles, explosives heavy weapons, tanks and ICVs and Reliance SED Ltd will be the lead entity for manufacture of Electronic Warfare Systems, Directed Energy Weapon systems and Laser Systems for target destruction.

The key programs in these segments have budgetary allocation in excess of Rs.50,000 croreThe Indian Army will spend an additional Rs.50,000 crore over next 10 to 15 years on differentCombat Vehicles. 

The Defence Acquisition Council (DAC) has already given go ahead for Air Defence Missile Systems worth Rs.40,000 crore, Air Defence Guns valued at Rs.17,000 crore and Mounted Gun Systems worth Rs.15,800 crore. Other projects cleared include upgrades for BMP2 and T‐72 tanks, digitization of Pechora Air Defence System and Electronic Warfare System worth Rs.30,000 crore. Total opportunities, already approved are thus in excess of Rs.200,000 crore for the Land Systems.

Castrol India Q1 net profit at Rs.172 crore

The total income was at Rs.855.7 Cr as compared to Rs.799.2 Cr (YoY).

Castrol India Q1 net profit stood at Rs.172 crore.

The total income was at Rs.855.7 Cr as compared to Rs.799.2 Cr (YoY).

EBITDA margin was at 29.8% as against 23.9% (YoY).

Castrol India Ltd is currently trading at Rs. 391.9, up by Rs. 3.3 or 0.85% from its previous closing of Rs. 388.6 on the BSE.

The scrip opened at Rs. 394.95 and has touched a high and low of Rs. 394.95 and Rs. 386.85 respectively. So far 245657(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 19218.65 crore.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 513.15 on 30-Jul-2015 and a 52 week low of Rs. 360.1 on 01-Mar-2016. Last one week high and low of the scrip stood at Rs. 401.1 and Rs. 386.55 respectively.

The promoters holding in the company stood at 71.03 % while Institutions and Non-Institutions held 13.77 % and 15.2 % respectively.

The stock is currently trading above its 200 DMA.

IVRCL rallies 4%

The company has made an allotment of 2,29,52,029 equity shares at a price of Rs. 24.39/- each and 3,06,15,483 equity shares at a price of Rs.8.765/- each, to the lenders.

IVRCL Ltd was higher by 4% at Rs. 5. The company has made an allotment of 2,29,52,029 equity shares at a price of Rs. 24.39/- each and 3,06,15,483 equity shares at a price of Rs.8.765/- each, to the lenders.

The scrip opened at Rs. 5.1 and has touched a high and low of Rs. 5.2 and Rs. 4.96 respectively. So far 906243(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 351.95 crore.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 15.49 on 11-May-2015 and a 52 week low of Rs. 4.49 on 12-Apr-2016. Last one week high and low of the scrip stood at Rs. 5.13 and Rs. 4.79 respectively.

The promoters holding in the company stood at 5.77 % while Institutions and Non-Institutions held 53.47 % and 40.77 % respectively.

The stock is currently trading below its 200 DMA.

Coal India to build 15 washeries by October 2017

"The process of setting up the washeries is well on track. Construction has already started at several locations," Coal Secretary Anil Swarup said on Wednesday.

Coal India Ltd will set up 15 washeries across the country by October 2017 following which coal with more than 34 per cent ash content will be washed and supplied to consumers, reports a business daily.

"The process of setting up the washeries is well on track. Construction has already started at several locations," Coal Secretary Anil Swarup said on Wednesday.

He said that Coal India has set a target of producing 598 million tonnes (MT) coal during FY17. 

With this higher production, the Government aims to save INR 40,000 crore in its thermal coal import bills compared to rS. 28,000 crore saved in FY16, an official statement said.

Swarup was speaking at an event in New Delhi to launch the Contract Labour Payment Management System portal.

The portal will provide transparency on salary payments of Coal India's contract workers. 

Contract workers will also get to know the number of days they have worked so that they can rectify discrepancies, if any, quickly.

Piyush Goyal, Minister of State for Power, Coal and Renewable Energy, said that in FY17 his ministries plan more web-based applications to bring transparency in its functioning. 

SKS Microfinance decides to change corporate name to Bharat Financial Inclusion

SKS Microfinance Ltd has announced that the Board of Directors of the Company at its meeting held on May 04, 2016, has approved change in name of Company from "SKS Microfinance Limited" to "Bharat Financial Inclusion Limited", subject to the approvals of the shareholders,

SKS Microfinance Ltd has announced that the Board of Directors of the Company at its meeting held on May 04, 2016, has approved change in name of Company from "SKS Microfinance Limited" to "Bharat Financial Inclusion Limited", subject to the approvals of the shareholders, Reserve Bank of India, Stock Exchanges, Ministry of Corporate Affairs and/or any other appropriate authority(ies).

SKS Microfinance Ltd ended at Rs. 596.15, down by Rs. 18.1 or 2.95% from its previous closing of Rs. 614.25 on the BSE.

The scrip opened at Rs. 614.8 and touched a high and low of Rs. 617.95 and Rs. 590.6 respectively. A total of 2545499(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 7591.02 crore.

The BSE group 'A' stock of face value Rs. 10 touched a 52 week high of Rs. 634.6 on 03-May-2016 and a 52 week low of Rs. 369.45 on 18-Sep-2015. Last one week high and low of the scrip stood at Rs. 634.6 and Rs. 581.75 respectively.

The promoters holding in the company stood at 2.65 % while Institutions and Non-Institutions held 77.05 % and 20.28 % respectively.

The stock traded above its 50 DMA.

NTPC asks BSES to clear Rs. 1,300-cr dues or face supply cut

“A notice for regulation has been served on the BRPL and BYPL for regulation of power supply with effect from 00:00 hours of May 10, 2016 for a total quantum of 2,027 MW,” NTPC said in a statement.

NTPC has asked Anil Ambani Group’s electricity distribution utilities in Delhi - BSES Rajdhani and BSES Yamuna - to clear INR 1,300 crore of dues by midnight 9th May or face a cut in power supply, reports a business daily.

BSES Rajdhani has dues of INR 892.30 crore for the electricity supplied from December 2015 till March 2016. 

BSES Yamuna owes NTPC INR 402.93 crore for the same months. 

“A notice for regulation has been served on the BRPL and BYPL for regulation of power supply with effect from 00:00 hours of May 10, 2016 for a total quantum of 2,027 MW,” NTPC said in a statement.

NTPC said that despite repeated follow-ups from its senior officials, BSES Rajdhani and BSES Yamuna have failed to clear their dues. 

The company had also sent letters to the two electricity distribution utilities on March 23, April 21, April 25 and May 2, this year.

NTPC said that it has to pay in advance to its fuel suppliers, which constitute about 75-80 per cent of its monthly energy bills. If the situation persists, NTPC power stations may face outages on account of shortage of fuel.

NTPC supplies 1,349 MW from 16 of its stations to BSES Rajdhani while 678 MW is supplied to BSES Yamuna. 

Its monthly average energy bill to the two electricity distribution utilities is ~INR 390 crore. 

Delhi’s peak power requirement stands at anywhere between 5,500 MW and 6,000 MW.

Repco Home Finance plans to raise $40 mn from IFC and other Top Corporate News

Check out the most important news stories, which captured the headlines at the corporate level in India and internationally.

JSW Energy announced its plans to acquire Jindal Steel & Power's (JSPL) Chhattisgarh power plant for Rs65bn. JSPL has been looking to sell its assets as part of monetisation plans to generate cash flows.

Repco Home Finance (RHFL) plans to raise Rs2.68bn  (around USD40 mn) from International Finance Corporation.

GlaxoSmithKline Consumer Healthcare has become the latest to foray into the whitening toothpaste segment with the launch of Sensodyne Whitening.

PTC India Ltd has emerged as the most successful bidder in the ‘Discovery of Efficient Electricity Price (DEEP)’ e-bidding for short-term power procurement by electricity distribution utilities held last week.

Marico cuts Parachute price in drought-hit markets.

Axis Bank, which is increasing its focus on retail customers after corporate loan book became a drag due to bad loans, is accelerating its growth in high-yielding pre-paid forex cards where it has about half the market from nowhere a few years ago.

SITI Cable in talks to acquire DEN Network; deal pegged at Rs20bn.

The Government of Bangladesh granted in-principle approval for the first phase of Reliance Power's gas based power project of 750MW. This is the largest foreign direct investment in Bangladesh with a potential investment of over USD1.3bn.

NTPC Ltd had commissioned 200MW out of 250MW of Stage-I Ananthapuramu Ultra Mega Solar Power Project on April 30.

International Centre for Genetic Engineering and Biotechnology (ICGEB) has entered into an agreement with Sun Pharma to develop, test and market a novel botanical drug to treat dengue.

L&T Limited, the concessionaire of the Rs160bn Hyderabad Metro Rail, indicated that project was likely to be completed in December 2018, much beyond the five-year deadline that expires in July 2017.

Symphony Ltd is all set to launch the world's first wall-mounted air cooler under the brand name 'Cloud' for which the company has already applied for a global patent.

Indiabulls Real Estate (IBREL) said the company now has a majority stake of 51.18% in Singapore-listed business trust IPIT after acquisition of 27.7mn shares by its subsidiary. 

Canara Bank has revised the lending rates based on the marginal cost of funds (MCLR) for May to 8.80-9.35%.

Sun Pharmaceutical Industries said that two pivotal phase-3 clinical trials for plaque psoriasis drug have shown positive results.

NTPC has asked BSES Rajdhani and BSES Yamuna – to clear Rs13bn of dues by midnight May 9 or face a cut in power supply. 

Top 15 stocks in focus today: JSPL, Hero MotoCorp, Sun Pharma

Check out the companies which will be in focus during trade today based on recent and latest news developments.

JSPL: Steel and energy company, Jindal Steel & Power's consolidated net loss narrowed to Rs.371.34 crore for the quarter ended March 31, 2016 compared to Rs. 519.30 crore in the corresponding quarter of the previous year and Rs. 573.48 crore in the preceding quarter.

NTPC: NTPC has asked Anil Ambani Group’s electricity distribution utilities in Delhi - BSES Rajdhani and BSES Yamuna - to clear Rs. 1,300 crore of dues by midnight 9th May or face a cut in power supply, reports a business daily.

Coal India Ltd: The company will set up 15 washeries across the country by October 2017 following which coal with more than 34 per cent ash content will be washed and supplied to consumers, reports a business daily.

JSW Energy: JSW Energy will fund the acquisition of Jindal Steel and Power Ltd’s (JSPL) 1,000 MW power plant via debt and internal accruals, the company said today while announcing the quarterly and yearly financial results.

SKS Microfinance: The company standalone net profit more than doubled to Rs.84.46 crore in the fourth quarter ended March 31, 2016, compared with Rs.40.53 crore in the corresponding quarter of the previous financial year.

Sun Pharma: Sun Pharma announced that two pivotal Phase-3 clinical trials evaluating the efficacy and safety of the investigational IL-23p19 inhibitor antibody tildrakizumab (MK-3222) in patients with moderate-to-severe plaque psoriasis met their primary endpoints for both evaluated doses.

Symphony Ltd: Symphony Ltd has created a wall-mounted air cooler for household customers called 'Symphony Cloud'.

Hero MotoCorp: The company will announce its Q4 number today. IIFL estimates that the company’s net profit is likely to increase to Rs. 829 crore at 73.80% yoy and 4.1% qoq. 

V-Guard Industries: The company reported standalone net profit of Rs. 41.97 crore for the quarter ended March 31, 2016, registering growth of 109.1% yoy and 95.36% qoq. 

Canara Bank: Canara Bank declared its marginal cost of funds based lending rate (MCLR) for one year at 9.35 per cent.

Orient Cement: The company’s standalone revenue stood at Rs. 449.29 crore, up 13.94% yoy and 27.03% qoq.

Reliance Power: Reliance Power said that the Bangladesh government has granted "in-principal" approved for the first phase of the company’s power generation project in the neighbouring country.

Mangalam Cement: The company’s standalone revenue stood at Rs. 215.61 crore, down 9.66% yoy but up 1.43% qoq.

Carborundum Universal: Carborundum Universal reported consolidated net profit of Rs.39.74 crore for the quarter ended March 31, 2016, registering decline of 39.84% yoy, but growth of 28.98% qoq. 

Linde India: Linde India will invest Rs. 500 crore in Andhra Pradesh, Managing Director Moloy Banerjee said. The company on Wednesday announced the launch of a light-weight medical oxygen cylinder.

IVRCL: IVRCL Ltd has made an allotment of 2,29,52,029 equity shares at a price of Rs. 24.39/- each and 3,06,15,483 equity shares at a price of Rs.8.765/- each, to the lenders.

Repco Home Finance: Repco Home Finance Ltd  proposes to raise up to US $ 40 million by an issue of Non Convertible Debentures (NCDs) to International Finance Corporation. 

Tata Comm: Tata Communications, the Official Connectivity Provider of Formula 1, announces that it has been selected by Sky to deliver the live broadcast feeds of all 21 Grands Prix starting with the 2016 FIA Formula One World Championship season over its global superfast fibre network – the world’s only wholly-owned fibre network encircling the globe.

TVS Motor: TVS Motor Company announced the launch of its new four stroke TVS XL 100 in Karnataka. 

Hexaware Technologies: Hexaware Technologies Ltd posted a net profit of Rs. 841.852 mn for the Quarter ended March 31, 2016 as compared to Rs. 833.503 mn for the Quarter ended March 31, 2015. 

P&G: P&G , one of India’s leading companies in the health and hygiene space, will announce its Q4 number today. IIFL estimates that the company’s net profit is likely to increase to Rs. 100 crore at 15% yoy; however, the same is likely to fall 31.9% qoq.

Reliance Power gets in-principle nod for Bangladesh LNG plant

Under the approval, first phase of 750 MW LNG-based power plant will be set up around 40 km south-east of Dhaka along with floating storage and re-gasification unit (FSRU) terminal at Maheshkhali Island.

Reliance Power on Wednesday said that the Bangladesh government has granted "in-principal" approved for the first phase of the company’s power generation project in the neighbouring country.

The gas-based power project will bring in the largest foreign direct investment (FDI) into India amounting to ~US$1.3 billion, Reliance Power said in statement.

The company will use equipment it had contracted for its Samalkot project in Andhra Pradesh.

Reliance Power was implementing a 2,400 MW gas-based power project at Samalkot in Andhra Pradesh.

The project was to be allocated gas from Reliance Industries’ KG-D6 block, but due to the sharp drop in production, the project has not received any gas so far.

“Reliance Power is proposing to install the world-class equipment procured from internationally reputed equipment suppliers for combined cycle power project at Samalkot in Andhra Pradesh, including advanced class 9FA machines supplied by GE, in the proposed project at Bangladesh. This will help set up the project on a fast-track basis,” the company said.

The first phase of the Bangladesh project will be commissioned in two years and will fulfill the country’s rising demand for electricity.

Under the approval, first phase of 750 MW LNG-based power plant will be set up around 40 km south-east of Dhaka along with floating storage and re-gasification unit (FSRU) terminal at Maheshkhali Island.

“Power plant land at Meghnaghat will be provided by Bangladesh Power Development Board (BPDB). FSRU based LNG terminal will supply re-gasified LNG for the power project and additional RLNG to PetroBangla,” Reliance Power said.

Hero MotoCorp, Eicher Motors results in focus

The key quarterly results on May 5 include IIFL, Hero MotoCorp, Aarti Drugs, Castrol India, Eicher Motors, Emami, Great Eastern Shipping, Gillette India, Godrej Properties, Procter & Gamble Hygiene.

The key quarterly results on May 5 include IIFL, Hero MotoCorp, Aarti Drugs, Castrol India, Eicher Motors, Emami, Great Eastern Shipping, Gillette India, Godrej Properties, Procter & Gamble Hygiene and Health Care and Talawalkars.