TOP CORPORATE NEWS- 6 Apr 2016

Tata Motors launches Tiago hatchback, Positive for Company

India's leading automobile company Tata Motors launched the most anticipated hatchback, Tata Tiago for an aggressive base price of Rs 3.20 lakh (ex showroom, New Delhi).Tiago hatchback is likely to compete with Maruti Suzuki Celerio, Honda Brio, Chevrolet Beat and Hyundai Grand i10 in the market.

Blue Star enters water purifier biz; eyes 15% market share

After enjoying a huge market share in air-conditioning (AC) and refrigeration segment, Blue Star   has now forayed into water purifier business, says B Thiagarajan, Joint MD of the company. Company will offer residential water purifiers for the first 6 months, and eventually enter commercial water purifier.

Hindustan Zinc shares plunge 14%, trades ex-dividend

Board of directors of the company, on March 30, declared special golden jubilee dividend of Rs 24 per share for the financial year 2015-16. Vedanta Group Company had fixed April 07 as record date for payment of second interim dividend.Shares of Hindustan Zinc   fell 14 percent intraday Wednesday as the stock adjusted for special dividend.

LIC likely to e-auction Unitech's mortgaged land

Life Insurance Corporation (LIC) is all ready to auction Unitech   ’s mortgaged asset to recover outstanding dues of Rs 184 crore, sources tell CNBC-TV18. LIC will e-auction Unitech's 14 lakh square meter of land in Noida on May 6. The reserve price for the auction has been set at Rs 2,660 crore.

Ashoka Buildcon shares tank 20% on ED & I-T raid at head office

Ashoka Buildcon   shares are locked in 20 percent lower circuit at Rs 136 (a 52-week low) amid high volumes on Wednesday. Media reports indicated that Enforcement Directorate (ED) and Income Tax (I-T) department have conducted joint searches at the company's head office in Nashik, Maharashtra. There were pending sell orders of 81,818 shares, with no buyers available.

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RBI cuts Repo Rate by 25 bps

RBI cuts Repo Rate by 25 bps

The Central Bank has cut the repo rate by 25 bps. RBI has also kept the CRR unchanged at 4%

RBI Cuts repo rate by 25 bps to 6.50%.

RBI Keeps CRR unchanged at 4%.

Liquidity conditions stressed by Govt's cash Accumulation.

Expect CPI Inflation to remain around 5% in 2016-17.

Expect economy to grow by 7.6% in FY17.

Petrol price hiked by Rs2.19 per litre, Diesel by 98 paise a litre

There is another hike in petrol price as now a litre costs Rs61.87 for a litre. The increase has been of Rs2.19. While diesel too has seen an upward movement in price by 98 paise to Rs49.31 for a litre (both prices in New Delhi). This has been a second consecutive hike in petrol and diesel prices in last 15 days. The total hike has been of Rs3.09 for petrol and Rs1.90 for diesel.

Aurobindo gets USFDA nod for anti-infective drug

Aurobindo Pharma has announced that the product is expected to be launched in Q2 September 2016. The approved abbreviated new drug application (ANDA) is bioequivalent and therapeutically equivalent to the reference listed drug product (RLD) Polymyxin B for Injection USP, 5 lakh units/vial of Eurohealth International Sarl.

Hero Motocorp March 2016 sales grow 14% YoY

Hero Motocorp March 2016 sales grow 14% yoy on low base; marginally ahead of estimates.Hero Motocorp sales in the month of March 2016 grew 14% yoy to 606,542 units on low base of the corresponding month last year. The sales were marginally ahead of our estimates of 580,000 units.

Adani receives Tamil Nadu Government nod to buy Kattupalli port

As per media reports, Adani Ports has received Tamil Nadu Government nod to buy Kattupalli port from L&T- Positive for L&T.

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ICICI Bank sells part stake in insurance firms for Rs2200 crore

ICICI Bank sells part stake in insurance firms for Rs2200 crore

ICICI Bank has sold 9% stake in its general insurance venture ICICI Lombard to Fairfax Financial Holdings for an estimated Rs1,550 crore, also the Bank has sold 2% stake in its life insurance subsidiary ICICI Prudential to Compassvale Investments for about Rs650.The deal had been announced earlier and was awaiting requisite approvals.

Geometric spurts after HCL Tech acquires IT services business

Shares of Geometric surged 19% to Rs232.90 on NSE in an otherwise flat markets on reports that HCL Technologies has acquired the Geometric Limited’s IT services business in an all-stock deal, neutral for HCL Tech, Positive for Geometric shareholders (each share valued at Rs260 as compare to CMP of Rs196).

Godrej Consumer gains on acquiring 100% stake in Strength of Nature

Shares of Godrej Consumer Products gained nearly 3% to Rs1421.70 on NSE in an otherwise flat markets on back of reports that the company has acquired 100% stake in Strength of Nature, LLC (OPM of 22% higher than GCPL consolidated OPM) thereby focusing on African Wet hair care market ($1bn).This is positive for GCPL as acquisition is expected to earning accretive from year one of consolidation.

Bajaj Auto March 2016 sales grow 22% YoY

Bajaj Auto March 2016 sales grow 22% yoy led by market share gains and low base of corresponding month; ahead of estimates.Bajaj Auto overall sales grew 22% yoy to 305,800 units in the month of March 2016 and were ahead of our estimates of 2.84 lakh units.

Hexaware drops as Baring Asia backs off from plans to sell stake

Shares of Hexaware dropped 5% to Rs258.10 on NSE as media flash stated that Baring Asia dropped complete stake sale plans in Hexaware (Holds 71% stake).However, hinted at selling around 20% stake and retaining controlling stake of 51% stake in the company.The news was sentimentally negative, as street was anticipating a complete stake sale of Baring.

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Dr. Reddy’s acquires Rights to Investigational Anticancer Agent E7777

Eicher Motors March 2016 CV Sales grow a robust 53%

Eicher Motors March 2016 CV Sales grow a robust 53%; above estimates

Eicher Motors CV volumes grew 53% YoY to 6,753 units for the month of March 2016, coming better than our estimates of 6,000 units.Improving commercial vehicle industry volumes coupled with increased sales of “Pro” series led to strong volumes for the company.

HCL Technologies close to acquire Geometric

HCL Technologies has agreed to acquire Mumbai-headquartered engineering solutions company Geometric in a share swap deal that values it at $150-200 million. The deal was expected to be announced in a couple of days.HCL will acquire the 31.09% stake held by Godrej Investments and Godrej & Boyce Manufacturing Company along with the stake of founder and Chief Executive Officer Manu Parpia. The Parpia family owns a 6.73% stake in Geometric.

Dr. Reddy’s acquires Rights to Investigational Anticancer Agent E7777

Dr. Reddy’s Laboratories acquires the Rights to Investigational Anticancer Agent E7777 for U.S, Europe and Certain Emerging Markets from Eisai – Long term Positive for Dr Reddy.

SRF commissions first phases of two manufacturing facilities

SRF Ltd has commissioned first phases of its chemical projects at Dahej and Bhiwadi, with a total investment of Rs34 crore. Earlier company's board had given approval to establish manufacturing facility for R-134a (Pharma Grade chemical) at Dahej in Gujarat (capex of Rs25 crore) and HFC 134a and HFC 32 at Bhiwadi, used as refrigerant (total capex of Rs12crore).

IDBI Bank gains after selling stake in NSE

Shares of IDBI Bank rose by 3%, touching to Rs71.5, after the state-run bank announces selling 9 lakh shares or 2% stake in National Stock Exchange of India to Life Insurance Corporation of India (LIC).The stock hit a high of Rs71.50 and a low of Rs70 so far during the day.

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