·Suven Life to present new results and data presentations
Suven Life Sciences announced that several exciting new results and data presentations from Suven's portfolio of investigational neuroscience new chemical entities ( NCEs) are being presented at Alzheimer's Association International Conference (AAIC) being held in Washington DC, USA during 18-23 July 2015.
·Cabinet approves Rs8,548 crore power transmission project
It will cover Andhra Pradesh, Gujarat, Maharashtra, Himachal Pradesh, Karnataka, Madhya Pradesh and Rajasthan at an estimated cost of Rs8,548.68 crore.The project will have central contribution from National Clean Energy Fund (NCEF) of Rs3,419.47 crore (which is 40 per cent of the total estimated cost of project). Positive for EPC players like L&T, KPTL KEC and Equipment providers like Crompton Greaves among others. The project will have central contribution from National Clean Energy Fund (NCEF) of Rs3,419.47 crore (which is 40 per cent of the total estimated cost of project).
·Crompton Greaves to provide smart grid infrastructure for SEC; stock up
Shares of Crompton Greaves rose 2% to Rs196 on the NSE after the company announced that it has signed a new contract to provide ZIV protections for Saudi Electricity Company, the largest power utility company in the Middle East.The stock opened at Rs194.15 and touched a high of Rs197.50 on NSE. Crompton Greaves will provide smart grid infrastructure for Saudi Electricity company ( SEC). Cumulative orders from SEC stand at $8 million
·RIL starts selling diesel to railways
As per media flash, Reliance Industries has started selling diesel to railways, also co's oil product exports flowing more to Asian markets (positive read-thru)
· Lupin gets USFDA approval for diabetes drug Prandimet
Lupin gets USFDA approval for diabetes drug Prandimet, positive read-thru.
·Haryana raises VAT on Diesel
The Haryana government has raised VAT on diesel from 12.07 per cent to 16.4 per cent. ·Weak rains force RBI to reverse farm loan norms
Weak rains force RBI to reverse farm loan norms— negative read thru for private banks .Given the rising concern over a weak monsoon’s impact on the agricultural sector, the RBI has gone back to the policy of a direct agricultural lending target for banks. The RBI has now asked lenders to beef up credit directly to the farmers and has said that overall direct lending to farmers should not fall below the average of last three years.
·Ashoka Buildcon receives Rs90 crore arbitral award
Ashoka Buildcon has announced that Ashoka Infrastructure Limited, a wholly owned subsidiary which executed Pune-Shirur Road Project has received an Arbitral Award aggregating Rs89.81 Crore, against various claims filed by SPV. This amount will further receive an interest from July 06, 2015 till the date of payment. Currently we have a positive view on the stock.
·Sun Pharma gains after CLSA raises target price
Shares of Sun Pharmaceuticals Industries rose nearly 2%, touching to Rs957, after CLSA raises target price to Rs1,160 from Rs1,130, maintains 'high conviction buy'
The brokerage reportedly said that issues at its unit Ranbaxy's Mohali plant less severe than those at other plants undergoing remedial action. Adds resumption of operations at Mohali plant in the medium term could de-risk operations at Halol and Ohm Labs, and may provide an upside to the $250 mln synergies' estimate..
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