TOP CORPORATE NEWS - 01 APRIL 2015

· Airline stocks up on jet fuel price cut

Shares of two airline stocks gained by 0.54% to 3.23% on BSE after PSU OMCs cut jet fuel prices by 2.03% effective April 01, 2015. Jet Airways (India) up 0.54% and SpiceJet up 3.23%

Jet fuel constitutes over 40% of an airline's operating costs. Prices of jet fuel are directly linked to crude oil prices.

·Ashok Leyland March 2015 volumes up 24% YoY

Ashok Leyland March 2015 volumes up 24% YoY to 12,754 units; in-line with estimates .Ashok Leyland medium & heavy commercial vehicle (MHCV) volumes were up 29.8% to 10,027 units.

Light Commercial Vehicle (LCV) volumes were up 6.4% YoY to 2,727 units. The company reported a 17.5% growth in overall volumes for FY15.

·Godrej Properties signs new deal to develop housing project

Godrej Properties has entered into a new deal to develop a housing project at Bengaluru. The proposed project will offer about 79,000 square metres (0.85 million sq ft) of saleable area - positive read thru       

·IOC cuts jet fuel prices by 2%

IOC cuts jet fuel prices by 2%, positive for Airlines companies like Jet Airways, Spice Jet and others.

·Gas price cut 8% to $4.66 per unit from current $5.05 per mmBtu

Gas price cut 8% to $4.66 per unit from the current USD 5.05 per mmBtu – Negative for ONGC/OIL, RIL and Positive for Urea manufacturing companies (Chambal fertilizer, RCF, NFL, Tata Chemicals).Oil Ministry's pricing cell, PPAC said domestically produced natural gas will cost USD 4.66 per million British thermal unit from April 1 to September 30 on gross calorific value basis (GCV) as opposed to USD 5.05 per mmBtu currently.

·Godrej Properties signs new deal to develop housing project

Godrej Properties has entered into a new deal to develop a housing project at Bengaluru. The proposed project will offer about 79,000 square metres (0.85 million sq ft) of saleable area - positive read thru

·Dr Reddy's to acquire select UCB brands for Rs800 crDr Reddys Laboratories announced that it has entered into definitive agreement to acquire a select portfolio of the established products business of UCB, in the territories of India, Nepal, Sri Lanka and Maldives.

The acquired business is being sold on slump sale basis. Dr Reddys will buy select established brands of UCB in India for Rs800 crore (Euro 118 million). The revenues for the acquired business is approximately Rs150 crore for calendar 2014.

·Infosys hires former SAP India's MD Anirban Dey

As per media reports, former SAP India managing director Anirban Dey, who had a quiet exit last June at the Germany-headquartered company's India operations, has joined Infosys, marking yet another top-level hire from the German software supplier to Vishal Sikka's core leadership team at India's second largest software exporter.

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