Neyveli Lignite initiates actions to acquire power assets

The Ministry of Coal, the Administrative Ministry, in consultation with the other Ministries, is in the process of submitting the proposal to the Cabinet Committee on Economic Affairs for sanction of investment decision.

Neyveli Lignite Corporation annual report of earlier year stated that as part of its Corporate Plan, NLC had initiated actions to acquire power assets and in this regard one of the proposals under consideration is the acquisition of 1200 MW Raghunathpur Thermal Power Project (RTPP) of Damaodar Valley Corporation (DVC) through a Joint Venture Company (JVC) proposed to be formed with the DVC with an equity shareholding of 74:26 by NLC and DVC. 

RTPP consists of two Units of 600 MW each and both the Units have been commissioned during March 2016. As per the proposal, the Project Cost as determined by CERC/APTEL for the purposes of arriving at the final tariff for power or such cost as mutually agreed between NLC and DVC would be the consideration value for the transfer of RTPS Project assets to the JVC.

NLC being a Government Company, the proposal for investment in the JVC is required to be sanctioned by the Government of India. The Ministry of Coal, the Administrative Ministry, in consultation with the other Ministries, is in the process of submitting the proposal to the Cabinet Committee on Economic Affairs for sanction of investment decision.

On obtaining the sanction from the Government of India, further course of actions with regard to entering into Joint Venture Agreement and formation of JVC with the DVC will be undertaken subject to obtaining necessary statutory and other administrative approvals.

Motherson Sumi arm launches proposed tap issue of senior secured notes

The Additional Notes are rated BB+ by S&P and are jointly and severally guaranteed on a senior secured basis by certain of the Company's subsidiaries.

Motherson Sumi Systems Ltd has announced that One of Company's subsidiaries, Samvardhana Motherson Automotive Systems Group B.V. (the Company) has announced the launch of its proposed tap issue of US$ 100,000,000 US$ 150,000,000 (Capped) senior secured notes offering (the Additional Notes) to form a single series with the U.S.$300,000,000 4.875% Senior Secured Notes due 2021. 

The Additional Notes are rated BB+ by S&P and are jointly and severally guaranteed on a senior secured basis by certain of the Company's subsidiaries.

Top 14 stocks in focus: HCL Technologies, L&T, Ambuja Cements

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

Zydus Wellness Ltd: The company reported a 20.12% rise in consolidated net profit to Rs.23.46 crore for the first quarter ended 30 June.

PC Jeweller: PC Jeweller will announce its Q1 numbers today.

Lupin Ltd: Lupin said it has agreed to buy a portfolio of 21 generic brands from Osaka-based Shionogi & Co. Ltd for ¥15.4 billion yen (Rs.10.08 billion) or $150 million, to strengthen its presence in the world’s second largest pharmaceutical market.

Piramal Enterprises: The company has said it is looking to raise Rs.215 crore through issue of non-convertible debentures on private placement basis.

TVS Motor: The company announced that it has commenced manufacturing products for BMW at its Hosur facility.

Dishman Pharma: The pharma company will announce its Q1 numbers today.

L&T: Larsen & Toubro Infotech Limited, a global Information Technology services & solutions company and a subsidiary of Larsen & Toubro Limited, announced a strategic alliance with Pegasystems.

Voltas: The company has posted a net profit after taxes, minority interest and share of profit of associates and joint ventures of Rs. 157.6 crore for the quarter ended June 30, 2016 as compared to Rs.102 crore for the quarter ended June 30, 2015.

Ambuja Cements: The company has secured 20400 tonne from Western Coalfields (Niljai Colliery) at premium of Rs 140 per tonne over floor price of Rs.1670 per tonne.

Bharti Airtel: Verizon Digital Media Services has tied up with Bharti Airtel to launch new points of presence in four cities of Mumbai, Chennai, Bangalore and New Delhi.

UFO Moviez India:The company has posted a consolidated net profit of Rs.9.8 crore for the quarter ended June 30, as compared to Rs.13.3 crore in the year ago period.

Torrent Power: The company on Tuesday reported a 79.55% drop in consolidated net profit at Rs.45.62 crore for the fiscal first quarter that ended on June 30.

Dewan Housing Finance Corporation is looking to raise up to Rs.70 bn from banks including State Bank of India this fiscal by transferring its existing loan receivables as the housing financier plans to cut down borrowing from banks. 

Karnataka Bank: The bank aims to achieve export credit target of Rs.2,490 crore during the current financial year, as per media reports.

NMDC: State-owned miner National Mineral Development Corporation (NMDC) may foray into rare earth minerals and beach sand mining, among others, according to official sources.

Insecticides (India) Ltd: The company has entered an agreement with Hyderabad Chemical Private Limited, a subsidiary of Nihon Nohyaku Co. Ltd., Japan for marketing the product 'SUZUKA' within territory of India.

Ugar Sugar: The company reported a net profit of Rs.1.1 crore for the quarter ended June 30 compared to a net loss of Rs.92.60 crore reported in the year-ago period.

Sun Pharmaceutical Industries: The company has received final nod from the US health regulator for its generic Metformin Hydrochloride extended release tablets used for the treatment of diabetes.

HCL Technologies surges 5% on Q1 results

The company posted a net profit after tax, minority interest and share of profit of associates of Rs. 20552.00 million for the quarter ended June 30, 2016.

HCL Technologies Ltd stock was higher by 5% at Rs.841.The company posted a net profit after tax, minority interest and share of profit of associates of Rs. 20552.00 million for the quarter ended June 30, 2016. Total Income is Rs. 115595.90 mn for the quarter ended June 30, 2016.

The scrip opened at Rs. 0 and touched a high and low of Rs. 0 and Rs. 0 respectively. A total of 4700089(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 112951.88 crore.

The BSE group 'A' stock of face value Rs. 2 touched a 52 week high of Rs. 997 on 19-Aug-2015 and a 52 week low of Rs. 706.5 on 11-May-2016. Last one week high and low of the scrip stood at Rs. 805 and Rs. 742.8 respectively.

The promoters holding in the company stood at 60.36 % while Institutions and Non-Institutions held 32.25 % and 7.39 % respectively.

The stock traded above its 200 DMA.

Opening Bell - Sensex, Nifty flat

At 9:15 AM, the S&P BSE Sensex is trading at 27,918 down 64 points, while NSE Nifty is trading at 8,635 down 12 points.

At 9:15 AM, the S&P BSE Sensex is trading at 27,918 down 64 points, while NSE Nifty is trading at 8,635 down 12 points.

Asian markets are trading mixed. In Japan, the Nikkei 225 and Hong Kong's Hang Seng trading lower by 1%. Shanghai Composite is marginally up.

US markets closed lower. S&P 500 lost 0.64% to 2,157 points, on selling in shares of retailers and automobile companies. The Dow Jones Industrial Average fell 0.49% while the Nasdaq slipped 0.9%.

On the economy front,the NIKKEI Services PMI for July will be in focus.

Rajya Sabha to take up the Constitution amendment bill to implement GST in the country. The bill, which has been pending in the upper house since May 2015, is likely to go through with Congress party's support.

Today, SBI Chairman Bhattacharya and West Bengal Finance Minister Mitra to speak at 13th Banking Conclave organised by FICCI in Kolkata.

S&P Global Ratings said that Indian state-run banks will need Rs.2.5 lakh crore capital infusion over the next three years to meet Basel-III requirements.

The Indian rupee opened higher by four paise at 66.70/$ against US Dollar Wednesday as against the previous close of 66.74/$.