• BHEL wins single largest order worth Rs17950 crore
BHEL won a single largest order for setting up a 4000 MW (5X800 MW) supercritical thermal power project from Telengana state power generation corporation (TSGENCO) which is valued at Rs17950 crore. This is a huge order and probably one of the largest order in the history of BHEL. Such a bulk order will give substantial revenue visibility for the company. We had build in our model 9000-10000 MW of order inflow for the whole year in FY2016. Highly positive for BHEL.
• Biopac starts commercial production of food storage containers
Biopac India Corporation announced that it has successfully completed the erection of its new project for manufacturing of Food Storage Container at its factory located at Silvassa. The commercial production of these new products commenced with effect from May 01, 2015.
• Banking sector falls as RBI cuts repo rate
Shares of Banking stocks dipped after the Reserve Bank of India (RBI) cut its benchmark lending rate viz. the repo rate by 25 basis points to 7.25% after a monetary policy review today, June 02, 2015, matching market expectations.
• Sun Pharma and AstraZeneca enter into distribution agreement
Sun Pharma and AstraZeneca Pharma India (AZPIL) has entered into a distribution services agreement in India for AstraZeneca’s brand “Axcer”, a new brand of ticagrelor, a drug used for the treatment of acute coronary syndrome (ACS). AZPIL already has a brand under the trademark “Brilinta”, for ticagrelor molecule, launched and marketed by AZPIL in India since 2012.
• Government withdraws tax incentives to defence PSUs
In a big move to bolster private participation in the defence manufacturing sector, the government has given a level playing field to domestic private companies by scrapping tax incentives to public sector firms making defence products. The government on Monday withdrew the Customs and excise duty exemptions that were applicable to products manufactured by the Ordnance Factories Board (OFB) and defence public sector undertakings (DPSUs).
• RBI allows banks to invests in infrastructure bonds
In a bid to boost infrastructure development, the RBI allowed banks to invest in long term infra bonds of other lenders. RBI said that banks will be allowed to buy infrastructure bonds issued by other lenders up to a maximum value of 2% of the purchasing bank's Tier 1 capital. It also specified that no more than 20% ?of infrastructure bond issues could be earmarked for banks, while the rest must be spread across other diverse investor groups.
• Thomas Cook subsidiary enters into agreement with Qatar firm
Thomas Cook (India)’s subsidiary - Quess Corp, has entered into a definitive agreement with Transfield Services (Qatar) WLL (hereinafter TSQ), to acquire 49% stake in TSQ. Post successful completion of the acquisition, TSQ, primarily operating in the oil and gas market in the State of Qatar, will be the local entity vehicle for the industrial asset management division (Hofincons) of Quess.
• OMCs increase prices of non-subsidised cooking gas
Oil marketing companies ( OMCs) increased the prices of non-subsidised cooking gas by a Rs10.50 a cylinder and that of jet fuel, or aviation turbine fuel (ATF), by 7.5%, in line with global prices. Positive for OMCs (BPCL, HPCL and IOC).
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