Ashoka Buildcon completes refinancing debt of Rs324 Crore
Ashoka Highways (Bhandara) Ltd, Which executes the Project to carry on the business of construction, operation, maintenance of Chattisgarh/Maharashtra Border Wainganga Bridge of NH -6 in the State of Maharashtra under NHDP Phase IIIA on Build, Operate and Transfer (BOT) basis, has completed refinancing of its debt of Rs324 Crore with ICICI Bank Ltd. After refinancing the interest cost has been reduced to 11.50% p.a. resulting in a saving of 1.50% p.a. and extension of repayment period – positive for the stock.
Wipro wins Rs900 crore Irish bank IMS contract
Wipro has won a $150 million (Rs900 crore) IT outsourcing deal from the Allied Irish Banks (AIB), one of the big four commercial banks in Ireland. Company will provide infrastructure management services (IMS), data centre and hosting services to AIB over five years. Its provide a gateway to participate in other IT deals including the Bank of Ireland contract that's coming up for renewal later this year.
Maruti Suzuki Q3 below street estimates
Maruti Suzuki Q3FY2015 Results: Operating margins beat estimates; however lower other income results in a net profit below estimates. Maruti Suzuki (MSIL) continued to report strong traction in volumes and reported a 12.4% YoY growth in volumes for the quarter which led to a 15.4% growth in revenues for the company to Rs12,576 crore.The gross margins for the company expanded by 114BPS which helped in a 30BPS QoQ operating margin expansion to 12.7% and higher than our expectation of 12.5%. Operating profit grew 17.6% YoY to Rs1,593 crore.
Max India set for mega corporate restructuring
Max India board approves Corporate Restructuring plan to vertically split the company throught a demerger, into three separate listed companies, to give investors specific and undiluted access to its diverse lines of businesses, provide sharper focus to each underlying business, and unlock shareholder value. The Board also approved divestment of its clinical research business.
Supreme Infra rises on plans to issue shares to QIBs
Supreme Infrastructure India said that the Investment committee of the company at its meeting held on January 23, 2015, decided to issue and allot 36.06 lakh equity shares of face value Rs10 each to eligible qualified institutional buyers ( QIBs) at a price of Rs277.39 per equity share (including a premium of Rs267.39 per equity share), aggregating approximately Rs100.03 crore.Shares will be alloted to QIBs at a premium of 2.18% over the ruling price.