Capitalstars Updates: Top Corporate News :- 27 Feb 2018

top corporate news
Top Headlines Of The Day:- 27 Feb 2018

PNB says unauthorized transactions can increase by $204.25mn, stock down 13%
Berger Paints to set up plant near Lucknow, Uttar Pradesh
M&M teams up with Korean battery manufacturer to develop Lithium-ion batteries
Jain Irrigation’s subsidiary acquired INNOVAFOOD N. V. and its affiliate company
Ambuja Cements stock falls 4% as merger with ACC put on hold

PNB says unauthorized transactions can increase by $204.25mn, stock down 13%
PNB says that quantum of reported unauthorized transactions can increase by $204.25 mn (~Rs1,300cr). These frauds would propel bank to make higher provisions in the coming period which would dent its profitability.
Punjab National Bank had announced on February 14, 2018, that it had unearthed a $1.77 bn fraud at a branch in Mumbai. The fraud includes the issue of unauthorized letters of undertaking that was used mainly by firms led by Nirav Modi and his uncle, Mehul Choksi.

Berger Paints to set up plant near Lucknow, Uttar Pradesh
India’s second largest decorative paints company, Berger Paints India Limited (BPIL) is planning to set up an integrated plant at Sandila Industrial Area near Lucknow, Uttar Pradesh. No other details of the project are available as of now. In its conference call post Q3FY18 results, BPIL had highlighted that it has sufficient capacity to cater the demand for next 2-3 years and it would consider plans for a new capacity only in FY20. Hence, it needs to be seen what the plant in Uttar Pradesh would cater to. BPIL derives 79% revenues from decorative paints, 8% from protective, 11% from automobiles and general industrial and 2% from powder coatings. It has the total installed capacity of 6.09 lakh KL across all its facilities in India.

M&M teams up with Korean battery manufacturer to develop Lithium-ion batteries
India’s leading automobile manufacturer, Mahindra and Mahindra Limited (M&M) has teamed up with South Korean battery manufacturer LG Chem for developing a unique cell exclusively for India. Under the partnership, LG Chem will supply Lithium Ion (Li-ion) cells based on NMC (nickel-manganese-cobalt) chemistry with high energy density. These cells will be deployed in the Mahindra and SsangYong range of Electric Vehicles (EVs). LG Chem will also design Li-ion battery modules for Mahindra Electric, which in turn will create battery packs for Mahindra Group and other customers.
M&M has been among the most active Indian OEMs in announcing plans for EV and EV component development. M&M is also in the process of developing a battery module plant. The plant will have the capacity of 0.5mn modules per annum and will go on stream in Q4FY20.

Jain Irrigation’s subsidiary acquired INNOVAFOOD N. V. and its affiliate company
Jain Farm Fresh Foods Limited, India (JFFFL), a subsidiary of Jain Irrigation Systems Limited India, through its multi-generation wholly owned subsidiary in Belgium has acquired 100% stake in INNOVAFOOD N.V. Belgium and its affiliated companies.
Innova food is a leading importer, stockist, and distributor of food ingredients and has become one of the leading players in the dehydrated vegetables, spices and other food ingredients in Belgium, The Netherlands, France, and other neighboring countries. It offers a large basket of key food ingredients of dehydrated vegetables, herbs, spices and spice extracts, freeze-dried products, natural food colors, bioproducts, etc. Large customer base includes food processing industry, food blenders, and re-packers, etc.

Ambuja Cements stock falls 4% as merger with ACC put on hold
Ambuja Cements Ltd is currently trading at Rs252.35, down by Rs9.95 or 3.79% from its previous closing of Rs262.30 on the BSE. The scrip opened at Rs258 and has touched a high and low of Rs260 and Rs250.60, respectively.
ACC and Ambuja Cements announced that the proposed merger of the companies has been put on hold for now due to certain constraints. However, the companies maintained that the merger remains the ultimate objective. The constraints are related to the transfer of mines, as per media sources.
However, both companies have maintained that in order to maximize the synergies between them, they have approved mutual purchase and sale of materials and services.

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