L&T Hydrocarbon Engineering wins orders worth Rs.1,170 crore

The business has secured a lump-sum turnkey contract from Indian Oil Corporation Limited (IOCL), valued over Rs.355 Crores for a Coke Drum System package of 1.7 MMTPA Delayed Coker Unit at IOCL's Haldia Refinery, West Bengal.

L&T Hydrocarbon Engineering Limited (LTHE), a wholly owned subsidiary of engineering and construction major Larsen & Toubro Limited, has won orders worth Rs.1170 crore across its various business segments.

Onshore Projects
The business has secured a lump-sum turnkey contract from Indian Oil Corporation Limited (IOCL), valued over Rs.355 Crores for a Coke Drum System package of 1.7 MMTPA Delayed Coker Unit at IOCL's Haldia Refinery, West Bengal.

Coke Drum System package is the most critical section of the Delayed Coker Unit and allied facilities being implemented by IOCL under the Distillate Yield Improvement Project, code named as 'Aishwarya Project', at Haldia. The project reinforces LTHE's integrated execution capabilities and is bagged on the strength of its track record of having, executed several complex projects covering almost the entire refinery value chain.

Construction Services
The business is already rendering construction services for Reliance Industries Limited's (RIL) refinery at Jamnagar, Gujarat for their petrochemical units - ROGC, PX04, PCG DTA and PCG SEZ in J3 expansion, and RIL has entrusted LTHE with an additional scope pertaining to their MEG, LDPE and CO shift a AGR shift of DTA units for a value of Rs.500 crores.

The business has also secured an order valued over Rs.200 crores from Hindustan Mittal Energy Limited (HMEL) for composite mechanical works of their Low Cost Expansion Projectand services for capacity expansion, and turnaround during shutdown works at Guru Gobind Singh Refinery, Bathinda (Punjab). The scope of work includes structural fabrication and erection, piping for multiple process units, tankage works, equipment erection, Eftl works and shutdown works.

Modular  Fabrication
The business has received an order valued over Rs.115 Crores from a leading global EPC contractor for their ongoing project in Kuwait for the fabrication of piping spools which will be supplied from L&T's Kattupalli Yard, located near Chennai and supply of static equipment to a leading Indian client from L&T's Hazira Yard, located in Gujarat.

Organized under offshore, onshore, construction services, mcidular fabrication and engineering services verticals, LTHE delivers 'design to build' engineering and construction solutions across the hydrocarbon spectrum.

Indian Oil Corp plans to acquire 37.5% stake in proposed JV

Indian Oil Corp (IOC) is reportedly planning to acquire the largest 37.5 per cent stake in the proposed joint venture to manage fuelling facilities at all airports.

Indian Oil Corp (IOC) is reportedly planning to acquire the largest 37.5 per cent stake in the proposed joint venture to manage fuelling facilities at all airports controlled by the Airports Authority of India.

Report says that Airports Authority of India will have a quarter stake while Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) will have 18.75% each in the joint venture.

Indian Oil Corporation Ltd ended at Rs. 415.4, down by Rs. 2.4 or 0.57% from its previous closing of Rs. 417.8 on the BSE.

The scrip opened at Rs. 418.7 and touched a high and low of Rs. 419.8 and Rs. 412.9 respectively. A total of 840520(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 100857.04 crore.

The BSE group 'A' stock of face value Rs. 10 touched a 52 week high of Rs. 465.4 on 24-Jul-2015 and a 52 week low of Rs. 345.05 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs. 420 and Rs. 408.2 respectively.

The promoters holding in the company stood at 58.57 % while Institutions and Non-Institutions held 16.65 % and 24.78 % respectively.

The stock traded below its 50 DMA.

Indiabulls Housing Finance plans to raise Rs.200 crore

Indiabulls Housing Finance Ltd has announced that the Company proposes to issue 2000 Secured Non-Convertible Redeemable Debentures with a face value of Rs. 10 lakh each

Indiabulls Housing Finance Ltd has announced that the Company proposes to issue 2000 Secured Non-Convertible Redeemable Debentures with a face value of Rs. 10 lakh each aggregating to Rs. 200 Crores (Plus Greenshoe Option), on Private Placement basis, pursuant to special resolution passed by the shareholders of the Company at the 10th Annual General Meeting held on September 7, 2015, on the terms and conditions.

Indiabulls Housing Finance Ltd ended at Rs. 698.7, down by Rs. 7.2 or 1.02% from its previous closing of Rs. 705.9 on the BSE.

The scrip opened at Rs. 703.35 and touched a high and low of Rs. 704.8 and Rs. 690.25 respectively. A total of 559064(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 29441.23 crore.

The BSE group 'A' stock of face value Rs. 2 touched a 52 week high of Rs. 820 on 10-Aug-2015 and a 52 week low of Rs. 551 on 24-Feb-2016. Last one week high and low of the scrip stood at Rs. 737.55 and Rs. 687.4 respectively.

The promoters holding in the company stood at 24.19 % while Institutions and Non-Institutions held 60.63 % and 14.47 % respectively.

The stock traded above its 200 DMA.

Rupee opens at 67.20/$, up 8 paise

On the economy front, India's current account deficit narrowed to $0.30 billion, which is 0.1% of GDP in the Q4FY16 against $7.1 billion, 1.3% of GDP in Q3FY16. The local unit had hit a high of 67.25 and a low of 67.31.

The Indian rupee opened higher by eight paise at 66.20/$ against US Dollar on Friday as against the previous close of 66.27/$. On the economy front, India's current account deficit narrowed to $0.30 billion, which is 0.1% of GDP in the Q4FY16 against $7.1 billion, 1.3% of GDP in Q3FY16. The trade deficit stood at $24.8 billion compared to $31.6 billion in Q4FY15 and $34.0 billion in Q3FY16.

On the international front, Yen marched ahead towards 104 levels, as BOJ maintained status quo on the monetary policy. We reiterate that the recent surge in Yen is unfathomable to us, given that the currency yields negative rates.

British Pound fell to two month low, as BOE warned of the adverse economic consequences of Brexit.

The Indian currency ended lower by 12 paise at 67.27/$. The local unit had hit a high of 67.25 and a low of 67.31. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.20 and for Euro stood at 75.81. The RBI’s reference rate for the Yen stood at 64.55; reference rate for the Great Britain Pound (GBP) stood at 95.2388.

Top 20 stocks in focus today: HDFC, Sugar stocks, IOC

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

HDFC: HDFC Life and Max Life are in talks to create the country's biggest private life insurer, according to reports. Both the companies may announce plans in the next few days. If talks fructify, the merger will be the first among life insurers in more than a decade, the report added.

Sugar stocks in focus: Government imposed 20% customs duty on sugar exports to boost domestic supply and check prices which are ruling high at Rs 40/kg.

Indian Oil Corp: Indian Oil Corp is reportedly planning to acquire the largest 37.5 per cent stake in the proposed joint venture to manage fuelling facilities at all airports.

Oriental Bank of Commerce: The company has now informed BSE that the issue of Basel III Compliant Tier 2 Bonds of Rs.10,00,000/- each for cash at par aggregating to Rs.500 crore with an option to retain oversubscription of up to Rs. 500 crore shall be open from June 17, 2016 to June 22, 2016 and the deemed date of allotment shall be June 24, 2016. The Bonds have been rated AA by ICRA & CARE and bear coupon rate of 9.05% p.a.

Kajaria Ceramics Ltd: The Board of Directors of the Company has approved the Sub-division of the equity shares of the Company from Rs. 2 each fully paid up to Re. 1 each fully paid up. Details required as per Regulation 30 of SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015 is enclosed. This is however, subject to the approval of the shareholders.

Godrej Consumer Products: The company is scouting for acquisitions in Indonesia and has shared ‘a wish list of assets’ with various investment bankers as part of its inorganic growth strategy in the South East Asian nation, says report.

McNally Bharat: CCI has approved the proposed amalgamation of McNally Bharat, its subsidiary McNally Sayaji Engineering and EMC Ltd with Kilburn Engineering, says report.

Tech Mahindra: The company reportedly said it will continue to scout for companies and listed out digital technologies as a key focus area.

SBI: SBI has set up a Rs. 200 crore fund to invest in fintech startups, according to reports. The stock would remain in action following its decision to merge its subsidiaries with itself. 

NTPC: The company is planning to add 2,500-MW of conventional capacity and at least an equal amount of renewable plants every year, as per media report.

Sharon Bio-Medicine Ltd: The company informed BSE that a meeting of the Board of Directors of the Company to consider and discuss the overall financial viability of the Company.

Glenmark Pharmaceuticals:  International Finance Corp is looking to invest up to $75 million or about Rs.500 crore, in Glenmark Pharma which is raising $200 million to reduce debt and expand operations.

United Breweries (Holdings) Ltd: The company said it is seeking legal advice to take appropriate steps after the Enforcement Directorate attached properties worth Rs,1,411 crore belonging to the company and its promoter Vijay Mallya in the IDBI Bank loan default case, as per media reports.

Tata Power: Moody’s Investors Service has revised to negative from stable the outlook on the Ba3 corporate family rating and senior unsecured rating of Tata Power, days after the company said it will buy Welspun Renewable Energy at an enterprise value of Rs 9,249 crore.

Inox Leisure: The company announced an association with Paytm, to sell movie tickets to moviegoers.

Wipro: IT major Wipro has asked for government's nod to set up an IT special economic zone (SEZ) over an area of 19.76 hectares in Kolkata, as per reports.

Ujaas Energy: Ujaas Energy Ltd has received an order for “Designing, Engineering, Procurement & Supply, Construction & Erection, Testing & Commissioning and Comprehensive Operation & Maintenance for 10 years of 3MW (AC) Solar PV Power Plant on Turnkey Basis in UP.

Carborundum Universal: Reserve Bank on Thursday allowed foreign investors to buy more equity in Carborundum Universal as their shareholding had slipped below the prescribed limit.

Alstom T&D India: The company said that market regulator Sebi has allowed it to sell 42,565 shares to maintain the minimum public shareholding requirement.

V-Guard Industries: The company has informed BSE that the Board of Directors of the company at its meeting held on June 16, 2016, considered and approved the proposal for splitting of equity shares of the company, subject to the approval of the shareholders in respect thereof, in the 20th Annual General Meeting of the Company.

Indiabulls Housing Finance: Indiabulls Housing Finance Ltd has announced that the Company proposes to issue 2000 Secured Non-Convertible Redeemable Debentures with a face value of Rs. 10 lakh each.