• Rajesh Exports marks record high
Rajesh Exports gained by 9%, to Rs593, on gold, earnings optimism.Gold gained for a fifth session in a row on Wednesday to trade near a three-week high, benefiting from weaker equities after China’s devaluation of the yuan. Optimism is also seen ahead of its quarterly results on Thursday. The company had earlier bought world’s largest gold refiner Valcambi for $400 million. India’s jewellery exports are likely to quintuple to $40 billion if the controls are tightened.
• Apollo Tyres to raise Rs2,000 crore debt to fund capex
Apollo Tyres revises its capital expenditure plans; seeks shareholder approval to raise Rs2,000 crore debt to fund capex. Apollo Tyres announced a further capacity expansion plan at its Chennai facility. As against the earlier plan to raise the capacity for truck and bus radial (TBR) tyres by 8,900 tyre per day the company now plans an expansion of 12,000 tyres per day which will entail an expenditure of Rs1,200 crore.
The company is seeking shareholder approval to raise Rs2,000 crore debt vide Term loans or NCDs of up to 1,000 crore.
• Gayatri Projects synchronizes 2nd unit 660MW of JV
Gayatri Projects – Synchronization of second unit 660MW of JV Thermal Powertech Corporation – Positive for Gayatri Projects.Thermal Powertech Corporation (JV between Gayatri Energy Ventures and SembCorp Utilities) has synchronized its second unit of 660MW with the grid. The commercial operations of the second unit is expected during September 2015. The plant’s first unit of 660MW was synchronized in December 2014 and started commercial operations in February 2015. The development is positive for Gayatri Projects showcasing its ability in power generation projects apart from EPC execution.
• Cox & Kings plan to list PGL and Meininger to unlock value
Cox & Kings (CKL) plans to list its UK-based education travel subsidiary PGL and German hotel arm Meininger Shared Services GmBH in the next few years to unlock potential for shareholders. However the company will retain majority stake of 60-65% in both the companies. The management of CKL is confident of getting valuation of 15x EV/EBIDTA for its education, which value it at Rs3930crore (85% of the current market of CKL). This is positive read through for the stock.
• Cadila receives USFDA approval to market Amiloride Hydrochloride
Cadila has received the final approval from the USFDA to market Amiloride Hydrochloride Tablets UPS 5 mg. The drug falls in the diuretics segment. Positive for the company
• KEC International rises on securing new orders of Rs838 crore
Shares of KEC International rose 3% to Rs153 on the NSE in an otherwise weak market after the company secured new orders of Rs838 crore in its Transmission & Distribution and Cables businesses.
Transmission & Distribution Business secured orders in India, Bhutan and the Americas amounting to Rs778 crore, while, the cables business secured orders of Rs60 crore for the supply of Power and Telecom Cables. – Positive read thru.
• Shoppers Stop wins Quality Excellence Award
Shoppers Stop has won 'QUALITY EXCELLENCE AWARD - Supply Chain Sustainability' for the company's supply chain team at the World Quality Congress. Last week, the company has entered into an exclusive strategic partnership with e-commerce firm Snapdeal to expedite its omni channel strategy.
