• RBI allows ARCs resolutions period beyond 8 years
Asset reconstruction Companies can now take more than eight years to recover loans that are under a restructuring. This easing is valid for assets that are seeking some form of restructuring through corporate debt restructuring (CDR), the Board for Institutional and Financial Reconstruction (BIFR) or joint lenders’s forum (JLF).
• Patel Engineering gains on receiving Rs1700 crore loan
As per media reports, bankers to Patel Engineering have sanctioned additional term loans of Rs1,700 crore and enhanced working capital limits by Rs805 crore after the company failed to make payments on time for existing term loans and working capital line of credit totaling Rs7,000 crore. The development provides interim relief to patel engineering.
• High level committee approves land for ITC food park
A high level committee on land allotment to industrial units has decided to provide 30 acres of land to ITC for establishment of a food park at Khurda district in Orissa, the emerging hub for food processing units. The final decision on land allotment will be taken by the government after the committee submits its recommendations.
• Tata Motors rallies after Rights issue subscribed 1.21 times
Shares of Tata Motors gained 4% at Rs 506 on the NSE in early morning trades as its rights issue, which closed on May 2, was oversubscribed by 1.21 times. Tata Motors has announced closure of its Rs7,500 crore Rights issue. The issue received a positive response and the ordinary shares were subscribed 1.17 times while the DVR shares were subscribed 1.51 times.
• Biocon, Mylan drug discovery programme to treat cancer
Biocon said two molecules for treating cancer and arthritis under the drug discovery programme with Mylan have entered global Phase 3 of clinical trials. The molecules are Pegfilgrastim (PEG-G-CSF) and Adalimumab. While the PEG-G-CSF trial is well underway the Adali mumab trial has been recently initiated. In addition, the phase 3 global clinical trial for Trastuzumab, aimed at treating breast cancer, is progressing in more than 100 sites around the world.
• SPARC board to consider rights issue; stk gains
Sun Pharma Advanced Research Company ( SPARC) rose over 4%, touching to Rs392.05, after the company said its board will meet on May 12, 2015 to consider rights issue of equity shares.
• RInfra–Pipavav Defence deal gets CCI nod
The competition commission of India has approved Reliance Infrastructure’s proposed acquisition of controlling stake in Pipavav Defence and Offshore engineering in a Rs2000 crore deal.
• Triveni Turbines surges on robust results, upgraded to Buy
Robust growth in earnings aided by other income: Triveni Turbines Ltd (TTL) reported a revenue growth of 47.3% YoY in Q4FY2015, mainly driven by a spectacular growth in exports. Due to a higher share of orders, the operating margin fell to 17.4% from 20.8% in Q4FY2014. The other income tripled to Rs16.3 crore led by a foreign currency gain. This led to a 67% growth in the adjusted PAT, which was much above our expectation.
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