HCC gains after receiving arbitration award
Hindustan Construction Company (HCC) rose over 7%, touching to Rs31.95, after the company said it has secured an arbitration award of Rs217.18 crore for the extension of time cost claim in Lucknow-Muzaffarpur National Highway Project- Package IV.
Capital First raises Rs300 crore via QIP
Capital First has raised Rs300 crore through its first qualified institutional placement ( QIP) at price of Rs390 per share. The issue led to 9% dilution in equity and attracted a large number of domestic as well as foreign investors with Goldman Sachs, HDFC Life and Birla AMC among the prominent ones%.
Sun Pharma-Ranbaxy merger completed; sentimentally positive
Sun Pharma has announced that all the requisite approvals have been received for Scheme of Arrangement between Ranbaxy into Sun Pharma, which is in the nature of merger effective from the appointed date i.e. April 01, 2014. We expect the merger would be EPS decretive in short term, but the management has indicated to get US$250mn synergy in 2-3 years time frame.
Russia may allow imports of Indian dairy products soon
Russia may allow imports of Indian dairy products in the coming months – positive for dairy products companies like Hatsun Agro and Quality Dairy (if plants get approval to export dairy products).With Russian experts clearing a few domestic dairy product units, Indian dairy exports to Russia are expected to start in the coming months. Russia imports about 8-10 lakh tonnes of milk powder and 20 lakh tonnes of cheese per annum.
Power Grid to snap power supply to two BSES discom
Power Grid Corporation has threatened to snap power supply to two BSES discoms if they fail to pay dues of around Rs220 crore – sentimentally negative for Reliance Infrastructure.
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