Mumbai Metro One Private Limited (MMOPL), a subsidiary of Reliance Infrastructure Ltd., has completed the refinancing of project borrowings of Rs1,650 crore, achieving substantial benefits through extension of maturity and reduction of interest costs. The interest rate stands reduced from 13% to 11.75% annually.
·Hardy Oil and Gas in talks to acquire RIL’s complete stake
Hardy Oil and Gas in talks to acquire RIL’s complete stake in gas discovery block in western offshore – Positive for Reliance Industries. British firm Hardy Oil and Gas is in talks to acquire RIL's complete 90% stake in a gas discovery block in the western offshore off Gujarat. The general commercial terms have been agreed and a draft farm out agreement is under review by both parties.
·Lupin gets USFDA approvals for Celecoxib
Lupin gets USFDA approvals for anti-inflammatory drug Celecoxib (positive)Lupin gets USFDA approvals for CELECOXIB, which is generic version of CELEBREX marketed by GD SEARLE in US.
·Maharashtra government proposes cut in stamp duty
The Maharashtra government is planning to bring down the stamp duty rates for individuals belonging to the EWS (Economically Weaker Section) category. Following are the key proposals:
A stamp duty of 1% is proposed to be levied on a property that measures 269 square feet in carpet area, if purchased by individuals who fall under the EWS category.
·World Bank to extend $600 mn loan to PGCIL
World Bank to extend a $600 mn loan to PGCIL to fund a its 1,700 km long transmission line – Project ordering could start in Q3; potential positive for KPTL, KEC and L&T. The World Bank will be extending a $600 million loan to Power Grid for funding its 1,700 km long ultra high voltage transmission line from Chhattisgarh to Kerala, as per media reports.
·Government may raise natural gas price of Cairn’s Ravva field
The government is likely to raise the price of natural gas produced from Cairn India’s eastern offshore Ravva field by 20% to $4.2 with effect from June 2010. Currently, even though Cairn gets $3.5 for Contract Area-1, GAIL India sells the same gas to consumers at $4.2 per mmBtu and the difference is credited to a gas pool account.
·Mastek plunges 67% on demerger of insurance biz
Shares of Mastek dipped over 67% touching to Rs142.5, as the stock adjusted for the demerger of its insurance business. Hence, the listed entity will have the services business and insurance business transferred to its subsidiary Majesco. The record date is on June 15 and as part of the call auction process of the stock exchange, Mastek stock will be going through that process on June 12 and will be.
·Deccan Gold rallies on Ganajur Gold Project updates
Shares of Deccan Gold Mines jumped nearly 20%, touching to Rs41.15, after the company updated that mining lease application made by its subsidiary over the Ganajur Gold Project is under process with Ministry of Mines .Deccan Gold Mines gave the above update regarding the mining lease application made by its subsidiary, Deccan Exploration Services, with regard to the Ganajur Gold Project in the state of Karnataka.
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