TOP CORPORATE NEWS-21 APRIL 2015

• Gujarat Gas gains on PNGRB nod for gas network in Thane

Shares of Gujarat Gas Company rose 2% at Rs846, extending its over 20% rally in the past one week on the National Stock Exchange (NSE), after the company received approval from Petroleum and Natural Gas Regulatory Board ( PNGRB) to expand its distribution network in Thane and Dadra & Nagar Haveli.

• Havells India acquires 51% stake in Promptec Renewable Energy

Havells India has acquired 51% stake in Bengaluru-based LED and solar lighting products maker Promptec Renewable Energy Solutions for an enterprise value of Rs65 crore. Promptec had clocked revenue of Rs35 crore in the year to March 2015. Promptec is considered to be an suitable acquisition for Havells as it is expected to provide substantial impetus to Havells' growth plans in the high potential segments of LED and Solar Solutions.

• Aegis Logistics gets 5-acre land for new port at Kandla

Aegis Logistics gets 5-acre land for new port at Kandla – Positive for Aegis Logistics.

• HCL Technologies slumps on disappointing Q3 nos

Shares of HCL Technologies dipped almost 10% to Rs835.10 on the National Stock Exchange (NSE) in early morning trade, after reporting a 12% quarter-on-quarter (q-o-q) decline in its consolidated net profit at Rs1,683 crore for the third quarter ended March 2015 (Q3FY15). The company had reported a profit of Rs1,915 crore in December 2014 quarter.          

• Sun Pharma tanks on stake sale by Daiichi Sankyo

Shares of Indian Oharma major, Sun Pharma tanked over 10% to Rs937 on NSE in morning deals after Daiichi Sankyo offered to sell part of full stake in Sun Pharma through block deals (negative read through)

The stock is among the top losers in BSE HC index after opening at Rs951, hitting intraday low of Rs930 and touched the day’s high of Rs974.25.

• Vertex hikes stake in GVK Power & Infrastructure

Vertex hikes stake in GVK Power & Infrastructure – Positive for GVK Power & Infrastructure. Vertex projects bought 3.12 crore shares for a value of Rs29.69 crore in GVK Power & Infrastructure which was announced during market hours. After the share purchase, Vertex Projects stake in the company rose to 10.88 percent from 8.91 percent.

• GMR Infra allots equity shares on right basis; stk down

GMR Infrastructure shares dipped nearly 6%, touching to Rs16.2, after the company said it has allotted 93.45 crore equity shares at Rs15 per share on rights basis to the eligible equity shareholders. GMR Infrastructure has announced that the Management Committee of the Board of Directors of the Company at its meeting held on April 18, 2015, has approved the allotment of 93,45,53,010 equity shares of face value of Re1 each. 

• M&M to bid for Italian car design firm Pininfarina

As per media reports, Mahindra & Mahindra (M&M) is expected to make a formal bid for Italian car design firm Pininfarina by April 29 i.e. before the Italian firm’s shareholder meeting. The design firm has a market cap of Euro 162 million.

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