Adani Ports and Special Economic Zone (APSEZ), India's leading port infrastructure developer and part of the Adani Group, said it signed a long term agreement with Indian Oil Corporation (IOC) to provide Liquefied Natural Gas (LNG) regasification services on a use or pay basis to the state-run refiner, at its upcoming LNG import terminal at Dhamra in Odisha. As per the contract, IOC has booked 3 million tonnes per annum (MTPA) regasification capacity spread over 20 years. IOC plans to supply the gas to its refineries in Paradip in Odisha and Haldia in West Bengal. The announcement was made after market hours yesterday, 16 April 2018.
Housing Development Finance Corporation (HDFC) will be watched. HDFC Asset Management Company (HDFC AMC), a joint venture between HDFC and Standard Life Investments, reported a 31% jump in profit after tax at Rs 721.61 crore in the year ended March 2018 over the year ended March 2017. The asset management firm's total revenue rose 17.6% to Rs 1867.24 crore in the year ended March 2018 over the year ended March 2017. Total expenses were up 2.11% at Rs 804.73 crore. The announcement was made after market hours yesterday, 16 April 2018.
HDFC AMC last month filed a draft red herring prospectus with Sebi for a public offer of up to 2.54 crore shares.
Bajaj Electricals announced that its engineering and project business unit bagged orders for ten rural/urban electrification projects in Uttar Pradesh aggregating worth Rs 3577.93 crore from Madhyanchal Vidyut Vitaran Nigam (MVVNL) under the Saubhagya Yojna of Government of India. The projects shall be completed within 15 months from the date of issue of LOI. The announcement was made after market hours yesterday, 16 April 2018.
Real estate developer Sobha said it has forayed into Gujarat market. The company will make an investment of over Rs 500 crore towards residential development in Gujarat International Finance Tec-City (GIFT City), India's 1st Operational Smart City and International Financial Services Centre (IFSC). With this, Sobha will increase its residential footprint to 10 cities in India. With a total built up area of 1.3 million square feet, Sobha will develop close to 1000 housing units in the fully-integrated city built on the walk-to-work concept. This investment is in line with Sobha's focus on developing affordable housing projects in major cities across the country. The announcement was made after market hours yesterday, 16 April 2018.
Blue Star said its wholly-owned subsidiary in Dubai, Blue Star International FZCO, has announced its partnership with Sands International as the official distributor in the Kingdom of Saudi Arabia (KSA) for its unitary products range. The present room air conditioner market in Saudi Arabia is estimated at 3.3 million units, with an annual growth of 12% per annum. Saudi Arabia, with its largest market share in the GCC region, is a promising market for the Company's HVAC&R segment. The announcement was made after market hours yesterday, 16 April 2018.
Reliance Communications (RCom) stated that there is no legal restriction any more on the company to proceed with sale of its spectrum, MCNs and real estate, and RCom is duly proceeding with the same. As regards towers and fiber assets, the National Company Law Appellate Tribunal (NCLAT) has fixed Wednesday, 18 April 2018 for hearing RITL appeal against order of NCLT. The NCLAT may determine the allocation, if any, of the sale proceeds to minority shareholders claiming an interest of approximately 4% therein.
As the NCLAT will be deciding the matter as above on 18 April 2018, the Supreme Court has stayed the interim order of the NCLAT allowing execution of sale deeds, etc until then i.e. for the next 2 days. Based on legal advice, RCom believes the claim of minority investors in the tower and fiber proceeds, which is fully disputed by RCom, can at best be Rs 200-300 crore. Accordingly, RCom remains confident of completion of its asset monetisation programme of approximately Rs 25000 crore within the next few weeks, in the best interests of its secured lenders. The announcement was made after market hours yesterday, 16 April 2018.
Sterlite Technologies said its board will meet on 25 April 2018 to consider offering or inviting for subscription of non-convertible debentures on private placement basis.
The board will also consider approval of raising funds by issue of equity shares or any other securities convertible into equity shares or a combination of such securities by way of further public offer, rights issue, American Depository Receipts/Global Depository Receipts/Foreign Currency Convertible Bonds, qualified institutions placement, preferential issue or any other method as may be permitted under applicable laws, subject to such regulatory/statutory approvals as may be required, including approval of the notice for the general meeting for obtaining the shareholders' approval in this regard.
Further, the board will also consider audited financial results of the company for the year ended 31 March 2018.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)