Capitalstars Updates: Top Corporate News :- 15 Feb 2018

top corporate news

 

Top Headlines Of The Day:- 15 Feb 2018

L&T Construction bags orders worth Rs1, 585cr
Jewellery stocks battered post revelations of PNB fraud; Gitanjali Gems hits 52-week low
Axis Bank clarifies on report of credit transactions with PNB
Bharti Airtel to consider IPO for Africa business
Indiabulls Real Estate to consider options for sale of assets in Chennai
Torrent Power wins order to set up 500MW of wind power projects

L&T Construction bags orders worth Rs1, 585cr
The construction arm of Larsen & Toubro Ltd has won orders worth Rs1, 585cr across the following business segments:
Transportation Infrastructure business has won an order worth Rs513cr. The business has bagged a new order from the National Highways Authority of India (NHAI) for the four lining of the highway in the Aurangabad to Karodi section of NH-211 (New NH No 52) in Maharashtra on engineering, procurement and construction (EPC) mode.
Power Transmission and Distribution Business has won orders worth Rs500cr. The business has secured an order for constructing 220kV & 110kV Transmission Lines in Kochi, Kerala.

Jewellery stocks battered post revelations of PNB fraud; Gitanjali Gems hits 52-week low
In today’s trade, shares of Gitanjali Gems tanked 15% and hit a new 52-week low on the BSE after media reports said that the company is under the scanner for alleged involvement in the $1.8bn fraud at Punjab National Bank.
Shares of PC Jeweller came off day’s low after the company said that it is not related to PNB fraud.
Punjab National Bank (PNB) has cautioned other banks also about the modus operandi of the scam. Four big jewellers – Gitanjali, Ginni, Nakshatra in addition to Nirav Modi – are under scanner, as similar modus operandi was used by the same official for companies belonging to Gitanjali Gems promoted by Mehul Choksi, as per media reports.

Axis Bank clarifies on report of credit transactions with PNB
Axis Bank stock recouped morning losses and traded marginally higher after filing its response over media reports referring to certain buyer’s credit transactions undertaken by Axis Bank with PNB.
“In the normal course of trade business, the Bank, through its overseas branches, undertakes transactions against letters of understandings (LoU) issued by other Banks. These amounts are then credited to the LoU issuing bank’s Nostro accounts. Axis Bank has in the past undertaken such transactions with PNB against their authenticated SWIFT LoUs,” the bank said in a BSE filing.

Bharti Airtel to consider IPO for Africa business
Bharti Airtel has announced that the board of Bharti Airtel International (Netherlands) BV has authorized its management to begin exploratory discussions of the possibility of a public listing. An IPO of Bharti Airtel’s Africa operations will help monetize their investment at a time when it is facing strong competition from Reliance Jio Infocomm Ltd in India.
The Africa business of Bharti Airtel has recently turned profitable and enjoys a strong position in African markets. The company’s aggregate customer base in Africa has increased to 84.1mn at the end of Q3FY18, an increase of 9.4% YoY. In October, Airtel combined its operations with Tigo in Ghana. Shortly after that, Airtel’s subsidiary in Rwanda announced the acquisition of Tigo Rwanda Ltd, making Airtel the second largest telecom firm in that country.

Indiabulls Real Estate to consider options for sale of assets in Chennai
Indiabulls Real Estate Ltd will evaluate and finalize options available for the sale of its residential and commercial assets at Chennai. The Company considers Chennai to be a non-core market for its real estate business operations. The company did not provide any details about the properties it wants to divest in Chennai.
The Company has commercial property One Indiabulls Park in Chennai with a leasable area of 1.9mn sq.ft. The projected annuity income from this property is Rs95cr by FY20-21. The company is also developing a residential project named Indiabulls Greens in Chennai with a total area of 2.07mn sq.ft. The gross development value of this project is Rs812cr and the net surplus value to be generated is Rs359cr. The company has already sold 62.8% of the total area in Indiabulls Greens as of Q3FY18.

Torrent Power wins order to set up 500MW of wind power projects
Torrent Power has won an order to setup 499.8MW of a wind power project in an e-Reverse auction conducted by SECI (Tranche III). This order is part of a 2000MW wind power project being set up in Gujarat. The project would be commissioned within 18 months from the date of the PPA specified by SECI.
The company has also signed a contract with Siemens Gamesa for setting up wind project of 120MW. This wind power project includes the acquisition of two SPVs at a consideration of Rs1 lakh each from Siemens Gamesa Renewable Power Private Ltd. This development is unlikely to impact short-term prospects. However, it does highlight the company’s commitment towards adding capacity in its generation portfolio through wind power.

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