Capitalstars Updates: Top Corporate News :- 16 Feb 2018

top corporate news

Top Headlines Of The Day:- 16 Feb 2018

PNB fraud: CBI registers FIR against Gitanjali Gems
Liquor stocks fall as Karnataka govt increases to excise duty
BHEL commissions 18 MW hydro-electric projects in Punjab
Reliance Communications to reduce debt by Rs25,000cr from monetization of telecom infrastructure
M&M to invest Rs176cr in car rental firm ZoomCar and its American parent

PNB fraud: CBI registers FIR against Gitanjali Gems
CBI has registered a fresh FIR against Gitanjali Gems and Mehul Choksi. The investigation agency also raided ~20 premises Gitanjali Gems in the six cities across the country, as per the media reports. The development came after the agency registered a fraud case against Nirav Modi and his 3 other relatives. Shares of Gitanjali Gems breached lower circuit today.
Earlier, the Enforcement Directorate summoned Nirav Modi for PNB fraud case. CBI had raided Nirav Modi’s premises as well. The money was fraudulently withdrawn from accounts of various foreign branches of Indian banks issuance/renewal of LoUs from PNB. Enforcement Directorate has attached diamonds and jewelry worth ~Rs5, 000cr from the premises.

Liquor stocks fall as Karnataka govt increases to excise duty
Shares of liquor companies witnessed downtrend in today’s trade after Karnataka government said it will raise excise duty on liquor. Shares of liquor companies such as United Spirits, United Breweries, and Radico Khaitan fell 2-4%, reacting to the news.
United Breweries Ltd is currently trading at Rs1011, down by Rs31.15 or 2.99% from its previous closing of Rs1042.15 on the BSE. The scrip opened at Rs1030.15 and has touched a high and low of Rs1048.65 and Rs1001 respectively.
United Spirits Ltd is currently trading at Rs3241, down by Rs71.4 or 2.16% from its previous closing of Rs3312.4 on the BSE. The scrip opened at Rs3358 and has touched a high and low of Rs3370 and Rs3235 respectively.

BHEL commissions 18 MW hydro-electric projects in Punjab
BHEL has successfully commissioned the 18 MW Mukerian Hydro Electric Project (HEP) Stage-II in Punjab. The first unit of the 2×9 MW Mukerian HEP, commissioned in May 2017, by BHEL, has been operating successfully.
BHEL’s scope of work in the project comprised design, manufacture, supply, installation, and commissioning of two units of 9 MW Horizontal Kaplan Turbines & Bulb Generators, Governing System, 66 kV Switchyard, Generator Transformers, Control, Protection, Metering & Supervisory Control and Data Acquisition (SCADA) system, etc.

Reliance Communications to reduce debt by Rs25,000cr from monetization of telecom infrastructure
The shareholders of Reliance Communications have approved a plan to monetize the Spectrum, Towers, Fiber, Telecom Infrastructure and other assets of the company. After the asset sale, the debt and liabilities of Reliance Communications would reduce by ~Rs25,000cr by prepayment of debts as well as the transfer of spectrum payments. With this transaction, the company’s asset monetization is on the track to meet the March 2018 deadline.
Post the various asset sales, Reliance Communications will consist of a stable and profitable B2B focused businesses. This business would include Indian and Global Enterprise, Internet Data Centres and the largest private submarine cable network in the world. This development would have a positive effect on a stock that had been impacted by a loss-making B2C mobile network business.

M&M to invest Rs176cr in car rental firm ZoomCar and its American parent
India’s leading automaker Mahindra and Mahindra Limited (M&M) announced that it would invest Rs176cr in the car and bike rental firm Zoomcar. M&M will invest in Zoomcar India Private Limited, the entity operating in India and its US parent, Zoomcar Inc.

M&M, through its subsidiary, Mahindra Overseas Investment Company (Mauritius) Limited (MOICL) would invest Rs176cr in Zoomcar India or Zoomcar Inc. This amount, when converted to common stock of Zoomcar Inc. on a fully diluted basis, would constitute roughly 16% stake in parent Zoomcar Inc. Zoomcar India reported revenue of Rs121cr in FY17 and operated 2,500 vehicles in 27 cities and 3,000 bicycles in 10 cities.

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