Shares of Jindal Photo surged 4% on the bourses on merger plan. The stock opened at Rs 219 and hit a high of Rs 235.90 on NSE so far. A meeting of the board of directors of the company will now be held on Jan 12, 2015 to discuss and approve a Scheme of Arrangement between the Company (Jindal Photo Limited) and Jindal Poly Films Limited. Earlier, on Dec 29, 2014, the board of directors of the both the companies had deferred the aforesaid matter for further consideration.
·Alphageo surges on wining order from Dart Energy
Shares of Alphageo (India) jumped nearly 5%, touching to Rs 567.1, after the company said it won a Rs 5.90 crore order from Dart Energy (AS) for 2D high resolution seismic survey data acquisition in a coal bed methane block in Assam.
·LIC sells 2 lakh shares in Axis Bank on January 01
Going ahead news on further dilution of SUUTI stake could cap upside in near term even though the stock appears attractive on fundamental basis.
·Bharat Forge acquires French company in Oil and Gas sector
Bharat Forge acquires French company in the Oil and Gas sector; positive for Bharat Forge Indian forging major, Bharat Forge has acquired 100% stake in Mecanique Generale Langroise (MGL), which is a France based company for Euro 11.8mn. MGL is into precision machining and other high value processes such as cladding for critical oil and gas applications. It also supplies to the power sector. The acquisition would help Bharat Forge increase the scope of offering to the Oil and Gas sector which is a focus for the company under its non-auto initiative.
·Escorts December 2014 sales down 21.6% YoY
Escorts Ltd December 2014 sales down 21.6% YoY to 3,021 units; marginally below estimate. Escorts Ltd domestic tractor volumes for the month of December 2014 were lower by 24.6% YoY at 2,871 units. Tractor exports stood at 150 units.
·L&T rises on securing orders worth Rs4006 crore
Shares of L&T rose nearly 2% after L&T Construction won orders worth Rs4006 crore in the month of December 2014 in both the domestic and international markets. The transportation infrastructure business secured orders worth Rs 2053 crores, while the water & renewable energy businesses secured new orders worth Rs729 crores. Further, Power Transmission & Distribution Business secured new orders worth Rs 668 crores. We continue to be positive on L&T and retain our Buy rating with a target price of Rs1840.
·Tata Steel resumes mining operations after three months
Tata Steel has resumed mining operations at its biggest iron ore mine after more than three months stoppage, which will help the company to reduce its dependence on costlier imports of raw material – positive read through for Tata Steel.
·Titagarh Wagons eyes Rs120 crore exports in FY16
Titagarh Wagons eyes Rs120 crore exports in FY16. The company is also expecting to clock revenues of up to Rs700 crore in the next one year backed by the growing demand for its products, both in domestic as well as international markets.Through the French subsidiary, we plan to expand our horizon and tap the entire Middle East and North African (MENA) region. Positive for the stock.
·Tata Chemical aims big in nutraceutical mfg facility
Tata Chemicals Limited, which is set to launch the Rs50-crore nutraceuticals manufacturing facility shortly, plans to introduce retail products in this category in future. The plant initially will have a capacity of 300 tonnes annually and would scale up to 1,000 tonnes. The company will focus at making oligosaccharides, sweeteners, anti-obesity products through green routes.
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