CORPORATE NEWS : 21 Feb 2017

corporate-news

RECL jumps after signing MoU with JUSNL, JBVNL
Rural Electrification Corporation Ltd (RECL) rose by 4% touching to Rs156.1, after company said it has extended financial assistance of Rs15150 cr to Jharkhand Bijli Vitran Nigam and Jharkhand Urja Sancharan Nigam.
Rural Electrification Corporation (REC) said it has entered into memorandums of understanding (MoUs) with Jharkhand Bijli Vitran Nigam (JBVNL) and Jharkhand Urja Sancharan Nigam (JUSNL) for extending financial assistance to the tune of Rs 15150 crore. REC will extend financial assistance upto Rs 8150 crore to JBVNL and upto Rs 7000 crore to JUSNL.

Granules India gains as IFC plans to invest $47.5 mn
Granules India: As per media reports, World Bank arm IFC (International Finance Corp) to invest $47.5 mn (Rs318 crore) in Granules – Long term positive for Granules; stock is up by 4% to Rs130.35 on NSE so far.
Private sector lending arm of World Bank (International Finance Corp) declared that it will provide debt of $47.5 million (Rs318 crore) to Granules India Ltd.
The company is building a bulk drug manufacturing facility in Vishakhapatnam, expanding its existing capacities and investing in research and development to develop complex products.
The total investment required is estimated at about $84 million (560-565 crore), of which $68.5 (Rs460 crore) will be debt (including IFC’s contribution) and balance $15.5 (Rs105 crore) will be through internal accruals. We await clarification from management.

Glenmark clarifies on inspection in Ankleshwar plant
Glenmark Pharma has clarified that the API plant in Ankleshwar (inspected in Dec 2016) had received four observations; to which company has filed its response to USFDA in Jan 2017.
This is sentimentally neutral for the stock; outcome of the response filed will be key monitorable though.

Ambuja Cements Q3 consolidated net profit up 85% (YoY)
Ambuja Cements has announced the following Q4 & FY16 results for the quarter & year ended December 31, 2016
Standalone (YoY)
For the Quarter ended December 31, 2016:
The Company has posted a net profit of Rs175.88 crore Vs Rs109.96 crore.
Total Income decreased to Rs2272.11 crore Vs Rs2462.52 crore.
For the Year ended December 31, 2016:
The Company has posted a net profit of Rs970.09 crore Vs Rs807.56 crore.
Total Income increased to Rs9844.05 crore Vs Rs9819.59 crore.

NMDC gains on plans to buy stake in Vietnam mine
Shares of NMDC gained 2.72% to Rs139.90 on NSE as the company is in talks to buy stake in Vietnam mine, stock was in focus today.
NMDC is in discussions with Vietnam-based Masan Resources to acquire a ‘considerable stake’ in its Nui Phao polymetallic mine. The mine, which has rich reserves of tungsten mineral, is located in Thai Nguyen province in Northern Vietnam.

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