TOP CORPORATE NEWS:- 26 Dec 2017

top corporate news
TOP Headlines Of The Day:- 26 Dec 2017

Dolphin Offshore stock zooms 6.5% on $23.75mn order from ONGC
L&T bags orders worth Rs3, 355cr
Tata Steel has seen up; workers sign deal with ThyssenKrupp
NBCC provides clarification after CBI claims alleged corruption charge on company’s CMD
GVK Power Infrastructure Ltd up 4.86% after winning coal allotment

Dolphin Offshore stock zooms 6.5% on $23.75mn order from ONGC
Shares of Dolphin Offshore Enterprises surged over 6.5% today after the company received an award of a contract from Oil & Natural Gas Corp for a contract worth $2.37cr, along with an additional $122cr, for a western offshore makeover project.
The completion date of the entire scope of work covered under the contract is April 30, 2019.

L&T bags orders worth Rs3, 355cr
The Buildings & Factories Business of L&T has won an order from the India International Convention Exhibition Centre Ltd, to design and construct a state-of-the-art India International Convention & Expo Center (IICC) in New Delhi. The mega project is planned over 89 hectares of land in Dwarka, New Delhi and will feature world-class infrastructure facilities like exhibition spaces, convention areas, hotels, commercial offices, retail spaces. It will help the company in showcasing its mega projects execution capability. Besides, it will also improve its order book and revenue visibility going ahead. Divestment of non-core assets and acceleration in domestic execution would act as growth drivers for L&T. Improvement in profitability of high margin capex oriented businesses bodes well for L&T’s earnings profile. We expect 15% earnings CAGR over FY17-20E. The stock trades at ~19.5x FY20E earnings. We have positive outlook on the stock.

Tata Steel seen up; workers sign deal with Thyssenkrupp
Shares of Tata Steel are seen gaining after reports said the company’s workers struck a deal with German industrial company Thyssenkrupp to secure steel plants and jobs.
Thyssenkrupp could halve its stake in the planned European steel joint venture with the company if they list it on the stock market by end of 2024, a board member of the German industrial group said on Friday in a media report.

NBCC provides clarification after CBI claims alleged corruption charge on company’s CMD
As per media reports, the Central Bureau of Investigation (CBI) has claimed alleged corruption on NBCC chairman-cum-managing director (CMD) Anoop Kumar Mittal for graft in Rs2,150cr redevelopment project of ITPO Complex at Pragati Maidan.
The CBI arrested government official Pradeep Kumar Mishra and Akashdeep Chauhan on December 22, 2017 and carried out searches in Ghaziabad, Delhi, and Mumbai, as per the media sources. Although the residential and official premises of Mittal were not searched.

GVK Power Infrastructure Ltd up 4.86% after winning coal allotment
A subsidiary of GVK Power Infrastructure Ltd (GVKPIL) announced that it had successfully bid for 1.7 mt in coal allocation from Coal India. The coal allocation was awarded to the 2x270MW Goindwal Sahib thermal plant.
This allocation is likely to see operations at the thermal plant resume after the plant was shut down in FY17 due to lack of availability of coal.
This positive development is likely to have a positive impact on the stock in the near term. However, GVKPIL is highly leveraged with an outstanding debt of Rs15,811cr and an interest cost of Rs1,890cr (as on FY17). The debt and interest payments are likely to remain a drag on the earnings of the company over the near future.

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