TOP CORPORATE NEWS - 30 SEP 2015

·L&T Construction wins order worth Rs1376 cr

Larsen & Toubro ( L&T) announced that the power and distribution business of L&T Constructions has won orders worth Rs1376 crore in both the domestic and international markets in September 2015.

In the domestic market, the solar business has bagged bagged orders for 115 MWp solar installations in the southern India. Upon completion, the total installed capacity of solar plants by the company would be 643 MWp, one of the highest executed by an Indian EPC company.

                                                                                                                                                               

· OBC reduces base rate by 20 bps

Oriental Bank of Commerce ( OBC) has reduced the base rate by 20 basis points (bps) from 9.90% per annum to 9.70% per annum with effect from September 30, 2015.                                                                                                                                                                     

· Sun Pharma commences tender offer for acquisition of InSite Vision

Sun Pharmaceutical Industries announced that it has commenced a tender offer through its indirect wholly owned subsidiary. The Acquisition Corporation, for all the outstanding shares of common stock of In Site Vision Incorporated for $0.35 per share in cash, without interest and less any required withholding taxes.

                                                                                       

· Eveready Industries rallies on RBI nod to hike FII limit

Eveready Industries surged nearly 7%, touching to Rs300, on September 29, 2015, notified that foreign investors can now invest up to 49% of the paid-up capital of the company. The Reserve Bank of India (RBI) on, September 29, 2015, notified that foreign institutional investors ( FIIs)/registered foreign portfolios investors ( RFPIs) can now invest up to 49% of the paid up capital of Eveready Industries India under the Portfolio Investment Scheme ( PIS).

· Government cuts Natural Gas price to $3.82/mmbtu Arcolab to raise Rs 1,500 crore

Natural Gas price has been cut by Government from $4.66/mmbtu to $3.82/mmbtu based on gross calorific value; down by 17%. As per net calorific value the cut could be to $ 4.24/mmbtu. The price will be again revised by March 2016. This would be negative for ONGC, OIL and RIL; however it could be positive for select gas distribution companies like Gujarat Gas.                                                                                                                                                                                                                                               

·Godrej Properties sells 4.35lk sq.ft commercial project

Godrej Properties announced that it has sold 435,000 sq. ft. of saleable area at its commercial project, Godrej BKC in Bandra-Kurla Complex ( BKC), Mumbai. Godrej BKC is a large high-end commercial real estate project with approximately 1.3 million sq.ft. of saleable area located in the heart of India's most prestigious and desirable commercial address, the Bandra-Kurla Complex.   

                                                                                                                                                                   

·Jubilant Life intimates on exercise of stock options

 Jubilant Life Sciences announced that 3,600 options under Jubilant Employees Stock Option Plan 2005 ('Plan 2005') and 1,23,916 options under JLL Employees Stock Option Plan 2011 ('Plan 2011') have been exercised by the option holders. Pursuant to the terms of Plan 2005 and Plan 2011, the Nomination, Remuneration and Compensation Committee of the Company (' Committee') has approved, on i.e.  September 29, 2015, transfer of 1,41,916 equity shares of Re1 each of Jubilant Life Sciences from Jubilant Employees Welfare Trust to the eligible option holders.

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