TOP CORPORATE NEWS - 01 JAN 2014

·Govt announces new Chief’s for 4 PSU Banks
Government announced new Chief’s for 4 PSU Banks ( IOB, OBC, United Bank, Vijaya Bank); Past experience shows spike in provisioning post change in top management, thus we advise caution in these banks.
·Speciality Restaurants see demand environment improving in Q3
Speciality Restaurants’ see demand environment improving; dropping food inflation would help in improving profitability ( Q3FY15 performance is expected to be much better than some of the earlier quarters) – positive read through for the stock (maintained Hold with the price target Rs222)Speciality Restaurants’ has witness mark improvement in demand environment in past two to three months, which will help the company to post better revenue growth in Q3FY2015.
·Essar Oil surges on commissioning second hydrogen mfg unit
Shares of Essar Oil rose over 3%, touching to Rs110.05, after the company said it has commissioned second hydrogen manufacturing unit of 105 Knm3/hr capacities at company's refinery. The unit would provide flexibility and reliability to overall refinery operations, Essar Oil said.
·PNB revises interest rates
Punjab National Bank announced that the Bank has revised the interest rates on FCNR(B) Deposits with effect from January 01, 2015.
·Rotating gears for the future growth
Presence in technology intensive industrial pump segment new capacity in place; strong earnings visibility. Strong traction in spare parts business The management continues to believe that it will witness a healthy revenue growth in future. Focus on exports; In-house technology with a strong R&D backup.
·Eicher Motors gains after subsidiary's strong sales in December
Shares of Eicher Motors rose nearly 2%, touching to Rs15350, after the company said the total sales of its subsidiary VE Commercial Vehicles rose 20.7% to 3,387 units in December 2014 over December 2013. VE Commercial Vehicles' domestic sales rose 26.6% to 3,002 units in December 2014 over December 2013. Exports declined 11.5% to 385 units in December 2014 over December 2013.
·JSPL pays Rs3,089 cr additional levy to government
Jindal Steel and Power, JPL pays Rs 3,089 cr additional levy to government; sentimentally negative for JSPL. Jindal Steel and Power, along with its subsidiary Jindal Power, has deposited Rs 3,089.25 crore as additional levy to the government, as per the Supreme Court directions in coal block allocation scam.
·NTPC plans 15000 MW solar grid capacity by FY2019
Under the National Solar Mission (NSM) scheme, NTPC plans to facilitate 15000 megawatt (MW) solar grid capacity by FY2019. The government will formulate rules and bid method for e-bids for solar power and NTPC will be the nodal agency for the same. The first tranche of 3000 MW will come in by FY17; 5000 MW in the next financial year FY18 and the remaining 7000 MW by FY19.  Apart from solar power equipment suppliers lenders like PTC India Financial will be beneficial.
·Allahabad Bank revises interest rates on term deposits; stk gains
Shares of Allahabad Bank rose over 2%, touching to Rs136, after the bank announced that it has decided to revise the interest rate downward by 0.15% per annum on domestic retail term deposits scheme from January 01, 2015.Allahabad Bank announced that the bank has decided to revise the interest rate downward by 0.15% per annum (p.a.) i.e. from existing 8.9% p.a. to 8.75% p.a. on domestic retail term deposits scheme having maturity period of one year to less than five years. The revised interest rate will be effective from January 01, 2015.
·Glenmark Pharma to raise funds up to US$ 300 mn
Glenmark Pharma gets shareholders approvals to raise fund up to US $300 mn and FII limit up 49% Glenmark Pharmaceuticals has received shareholders' nod to raise up to $300 million (around Rs1,890 crore) through issue of securities. Shareholders also approved hiking the shareholding limit for foreign institutional investors FIIs)/RFPIs from 40 percent up to an aggregate limit of 49% of the paid up share capital of the company.
·Maruti Suzuki December 2014 volumes up 20.8% YoY
Maruti Suzuki December 2014 volumes up an impressive 20.8% YoY to 109,791 units; better than estimates. Maruti Suzuki reported a strong 20.8% YoY growth in dispatches for the month of December 2014 to 109,971 units. Domestic volumes were higher by 13.3% YoY at 98,109 units. The growth in domestic volumes was largely on the back of strong performance in the Compact segment (Swift, Dzire, Celerio) which grew by 23% YoY. The Van segment (Omni, Eeco) too rose by 29.6% YoY, while UVs (Ertiga, Gypsy) grew by 12.2%. The Mini segment continued to disappoint and volumes contracted by 9.6% YoY. Export volumes for the month more than doubled on a low base of last year. Export volumes were at 11,682 units.