TOP CORPORATE NEWS:- 7 Dec 2017

top corporate news
TOP Headlines Of The Day:- 7 Dec 2017

Quess Corp gets NCLT approval for merging MIS’ businesses
GAIL planning to increase capex by 55% in next fiscal
L&T’s Hydrocarbon Engineering arm awarded order worth Rs1, 600cr
IRB Infra down 3.9% after CBI files charge sheet
IDBI Bank sells 7% stake in NSDL
Board considers proposal for voluntary delisting of shares of Claris Lifesciences

Quess Corp gets NCLT approval for merging MIS’ businesses
In November 2016, Quess Corp (Quess) had announced its acquisition of FM business of MIS. The merger is likely to help Quess strengthen its market position in the integrated facility management space in India. The acquisition scheme will be effective from December 01, 20166.

As per the terms, the acquisition is structured as a cash-cum-stock deal. It includes an initial investment of Rs220cr by Quess to subscribe to Compulsorily Convertible Preference Shares (CCPS) of MIS for securing an interest in the FM Business. The FM Business of MIS will then be demerged into Quess, which will see the later issue approximately 7.2mn equity shares to MIS shareholders.

GAIL planning to increase capex by 55% in next fiscal
GAIL (India) is reportedly planning to increase its capital expenditure (CapEx) to over 55% in the next financial year, as per media report.
The company is planning a capex of Rs6000cr for pipelines in the FY18-19E. This investment is to construct another 2,500 km gas pipelines by 2020E.

This capex will help the company to exploit the opportunity of improving gas demand led by benign gas prices. The lower gas prices improve the outlook for all of GAIL’s business divisions:1) Gas Transmission 2) Gas trading 3) Petchem.
Pipeline addition capital expenditure for the current financial year is expected at Rs3, 800cr. This will include laying pipelines in East and South India. Kochi-Mangalore pipeline of 380 km length is already under execution.

L&T’s Hydrocarbon Engineering arm awarded order worth Rs1, 600cr
L&T Hydrocarbon Engineering Ltd (LTHE), a wholly owned subsidiary of Larsen & Toubro Limited, has won an order worth over Rs1, 600 from Hindustan Petroleum Corporation Limited, Visakhapatnam refinery.
The project is a part of HPCL Visakh Refinery Modernisation Project (VRMP) and involves Engineering, Procurement, Construction and Commissioning of 3.053 MMTPA Full Conversion Hydrocracker Project.

IRB Infra down 3.9% after CBI files charge sheet
IRB Infrastructure Developers Ltd (IRB) disclosed that its subsidiary Aryan Infrastructure Investments Private Limited (AIIPL) along with certain other persons have been charge-sheeted by the CBI in the matter of an illegal purchase of government land.
AIIPL had begun purchasing land parcels in 2007 and eventually acquired ~1200 acres of land. In early 2009, AIIPL observed that ~5% of the land was owned by the Maharashtra State Road Development Corporation. After this observation, AIIPL canceled the land sale agreements for these land parcels.

IDBI Bank sells 7% stake in NSDL
IDBI Bank announced that it had sold 7, 99,999 equity shares of National Securities Depository (NSDL) for an undisclosed amount. This sale constitutes 7% of NSDL’s paid up capital. This stake sale reduces IDBI Bank’s stake in NSDL to 23%.
The bank had earlier stated its intention to sell the entire stake of NSDL as part of efforts to sell off all non-core investments. Earlier this year, IDBI Bank had sold 5% of Clearing Corporation of India Ltd (CCIL) as well as a 9% stake in the Small Industries Development Bank of India (SIDBI). The bank still holds a 2.5% and 3.68% stake in CCIL and SIDBI.

Board considers proposal for voluntary delisting of shares of Claris Lifesciences
On Dec 2, 2017 company received a letter from the promoter of the company, Athanas Enterprise Private Limited expressing an intention to voluntarily delist the company’s equity shares by acquiring the shares held by public shareholders either by itself or along with one or more subsidiaries.
Today, Dec 6, 2017 in the board meeting company has considered the Delisting Proposal to voluntary delist the equity shares of the company from BSE limited. Board further noted that proposal is required to be approved after taking into account a due diligence certificate from a SEBI registered merchant banker and necessary approvals of its public shareholders and BSE and other statutory authorities.

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