Capitalstars Updates: Top Corporate News:- 23 Feb 2018

top corporate news


Top Headlines Of The Day:- 23 Feb 2018

Power sector Q3FY18 shows strong demand and positive growth
Petronet LNG plans to build LNG eco-structure
Ultratech leads the race to acquire Binani Cement
Sun Pharma receives three observations at Halol
Fortis Health ends higher on reports of IHH Health in fray to buy company

Power sector Q3FY18 shows strong demand and positive growth
Topline growth driven by volume growth, however realisation was muted during quarter: Higher fuel cost and power purchase cost led to flat margins, thus translating into a flat bottom line. Earnings of PTC India were impacted by high power purchase cost during the quarter despite robust volume growth and realisation. For PGCIL, lower capitalisation of assets impacted earnings, which grew by 6% y-o-y. NTPC reported a decline in its PAT because of under recovery of fixed cost and higher wage cost despite increased regulated equity in Q3FY2018. Outlook: The power sector witnessed 6% demand growth during Q3FY2018 and ~5.8% in 9MFY2018

Petronet LNG plans to build LNG eco-structure
Petronet LNG plans to set up a liquefied natural gas (LNG) eco-structure, which includes building LNG filling stations, service stations, storages at a cost of Rs15,000 crore over next 10 years along with other stakeholders. The company plans to set up 20 LNG re-filling out at 4000km highways in Delhi-Mumbai-Bangalore-Chennai and also plans to bid for discovered gas fields in next round of Hydrocarbon exploration and licensing policy. We believe that the plan to establish LNG eco-structure are in nascent stage but would fuel long term volume growth for Petronet LNG – positive read through for Petronet LNG.

Ultratech leads the race to acquire Binani Cement
The company is leading the race to take over Binani Cement by offering around Rs6200 crore and a 20% stake in the Binani to unsecured financial creditors as per media reports. However the deal could still run into trouble, as a petition from Binani Industries is pending with the Kolkata Bench of the NCLT. Binani Industries values its cement business at Rs17,300 crore much higher than offered by Ultratech. If Ultratech is able to acquire Binani Cement at lower valuation, then it will be positive for Ultratech.

Sun Pharma receives three observations at Halol
Sun pharma has received three form 483 observations at it’s Halol facility. The USFDA concluded it’s Halol inspection today and issued a Form 483, with three observations as per the exchange filing. The company is now preparing the response to the observations, which will be submitted to the US FDA within 15 business days.2018.

Fortis Health ends higher on reports of IHH Health in fray to buy company
Shares of Fortis Healthcare rose 5% after a media report said Malaysia-based IHH Healthcare Bhd has re-entered the race to buy the former.
In June, IHH Healthcare had backed out of its pursuit of Fortis Healthcare and its arm SRL Diagnostics due to concerns over the Daiichi Sankyo arbitration award case.
TPG, a private investment firm, is also believed to be in fray to merge Fortis Healthcare and infuse Rs5,000cr in the hospital-chain owner, the report said.

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