ARCs buy NPAs worth Rs20,000 cr in FY15
Banks managed to sell non-performing assets (NPAs) worth Rs20,000 crore to asset reconstruction companies(ARCs) in FY15 out of more than Rs 90,000 crore of assets put on sale. This was largely due to RBI circular on increasing the mandatory upfront investment from 5% to 15%. This is sentimentally negative for Edelweiss Financial which holds asset reconstruction business.
Government plans to sell highway projects worth Rs1.0 lac crore
The government plans to sell highways projects worth Rs1.0 lac crore (Out of total planned Rs5.0 lac crore) to foreign pension and insurance funds to attract overseas investments into the sector. Positive read through for road developers like IRB Infrastructure, Sadbhav Eng, Ashoka Buildcon, ITNL etc.
BPCL signs MOU with Bangladesh for petroleum products
Bharat Petroleum Corporation Ltd's Assam based refinery, Numaligarh Refinery Limited (NRL) has signed MOU with Bangladesh Petroleum Corporation (BPC) for export of petroleum products.The export will be through proposed Indo-Bangla Friendship Pipeline (IBFPL)' of length 130 kms and capacity 1 MMTPA. Bangladesh has shortfall of 1.5 million metric tonnes of petroleum product. NRL is planning for expanding its refining capacity from 3 to 9 MMTPA.
ITC, Ultratech in no mood to acquire Century Textiles
ITC and Ultratech has clarified that they are not planning to acquire the paper and cement business respectively of Century Textiles.
M&M inaugurates extended facility at Zaheerabad
Mahindra & Mahindra has inaugurated its additional capacity at its existing plant at Zaheerabad in Telengana. The company has invested Rs250 crore in the new plant for a capacity of 92,000 units per annum.The company will be manufacturing its upcoming small commercial vehicle (SCV) which will be positioned below the Maxximmo at the extended facility. The vehicle is expected to be launched in H1FY2016. Positive for the company.
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