TOP CORPORATE NEWS-17 MARCH 2015

Nifty Futures Tips

·Kansai Nerolac surges on fixing record date for stock split
Shares of Kansai Nerolac rose over 2%, touching to Rs2370, after the company fixed 27 March 2015 as record date for 10-for-1 stock split.Kansai Nerolac Paints Ltd has announced that the Company has fixed March 27, 2015 as the Record Date for Issue of Sub-divided equity shares of the face value of Re1 each in lieu of every share of the face value of Rs10 each held as on record date.

·Gulf Oil zooms on huge block deals
Shares of Gulf Oil Corporation soared 15% to Rs162 on the NSE after a huge block deal executed on the counter. The stock opened at Rs148 and hit a high of Rs168.80 on NSE so far.About 30.03 million equity shares representing 60% of total equity of Gulf Oil Corporation have changed hands at price of Rs157 per share, BSE data shows.

·GMR Infra signs definitive agreement for sale of stake
GMR Infrastructure announced that as per the terms of definitive agreement and on completion of condition precedents, its subsidiary, Delhi International Airport ( DIAL) on March 16, 2015 has sold and transferred its entire holding of 26% of equity holding or 1,09,20,000 equity shares of face value of Rs10 each of Delhi Cargo Service Centre.

·CAD below 1% of GDP in 2015-16
India's current account deficit will 'hopefully' be less than 1% of gross domestic product ( GDP) in the fiscal year that begins in April, Finance Minister Arun Jaitley.The deficit narrowed to 1.6% in the October-December quarter from 2% a quarter earlier on the back of slumping oil prices.
                                                                                                                                                                                                                                           
·JSP drops on reports that Govt may reject two bids for coal mines
Jindal Steel & Power ( JSP) fell over 5%, touching to Rs179.7, on reports that the government is expected to reject two bids from the company for Gare Palma and Tara coal blocks citing very low bids and talk of cartelization. According to reports, the interministerial committee, re-examining some of the bids, was ready with its findings on the two blocks viz. Gare Palma IV/2&3 and Tara coal blocks won by Jindal Steel & Power ( JSP) and a decision would be taken at the ministerial level.

·Sunil Hitech jumps on new order win
Shares of Sunil Hitech Engineers surged nearly 7%, touching to Rs158.2, after the company said it has bagged Madhugiri-Chikkaballapura-Mulbagal road contract worth Rs122.02 crore from the Ministry of Road Transport and Highways, Government of India. Sunil Hitesh Engineers (SHEL) said that the latest order was bagged by it as the lead member in the SHEL-Assignia (JV) and the work is expected to be executed in around 24 months.

·SEBI to look into Pipavav share trades pre-deal
SEBI to look into Pipavav Share trades pre-deal with Reliance Infrastructure – Negative for Pipavav Defence .As per media reports, SEBI has asked stock exchanges for details of trades done in the Pipavav Defence stock prior to the company’s recent announcement of stake sale to Reliance Infrastructure.

·BHEL gains on commissioning thermal unit
Bharat Heavy Electricals Ltd ( BHEL) rose over 2%, touching to Rs259.85, after the company said that it has successfully commissioned the fifth 270 MW thermal power project unit at the Amravati project of Rattan India Power.

·Hindalco faces trial in coal block allocation case
Hindalco is facing trial in the coal block allocation case for the Talabira II-mine in Odisha in a special court, the CBI has filed a fresh FIR and begun a separate probe into diversion of coal from Talabira-I mine –sentimentally negative for the stock.

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