TOP CORPORATE NEWS - 15 OCT 2015

·M&M targeting to double market share in commercial vehicle space

M&M targeting to double market share in the commercial vehicle space; to invest Rs500cr in product development. Mahindra & Mahindra is targeting to double its market share in the commercial vehicle (CV) segment. The company currently has 2.5% market share and targets 5-6% share in the next 2-3 years. The company will be investing Rs 500 crore for product development and will focus on the 5-16 tonne segment to expand its presence.

· Inox Wind commissions 220kV sub-station, transmission line

Inox Wind has commissioned the 220kV sub-station and transmission line at its Rojmal site in Gujarat. The sub-station is part of common infrastructure facility at the site and is capable of supporting power evacuation of 400 MW.

·Punj Lloyd rises on winning contract from IOC

Punj Lloyd announced winning an engineering, procurement, construction and commissioning (EPCC) contract at Paradip Refinery in Odisha from Indian Oil Corporation ( IOCL) for a value of Rs367 crore.

The scope of work for the project involves the Residual Basic Engineering including HAZOP study, detailed engineering, procurement, construction and commissioning of the Coker LPG Treating Unit and offsite and utility facility.

· Alstom T&D bags orders worth Rs140.3 crore from Odisha

Alstom T&D India has bagged orders worth Rs140.3 crore from Odisha Power Transmission Corporation for supply of air insulated and gas insulated substations. – Positive for Alstom T&D India.

·McNally Bharat JV SPV wins contract worth Rs 2048 cr

McNally Bharat Engineering Company announced that the Company in its recently formed 50 : 50 SPV with EMC Group in Muscat, Sultanate of Oman, received a contract for Construction, detailed engineering, construction supervision, mechanical commissioning and supply for a value of US$ 315 million (Rs. 2048 crore approximately) from Sohar Bitumen LLC in Oman for their Bitumen Refinery in Sohar, Muscat, Sultanate of Oman.

·L&T plans to list five operational road assets through InvIT

Larsen and Toubro Ltd (L&T) plans to list five operational road assets through an infrastructure investment trust (InvIT), a new structure cleared by the capital market regulator to ease access to funds for infrastructure developers. Out of the total 17 operational projects under L&T IDPL, it could launch 5 projects under this process by April 2016 as per media reports. The report suggest that L&T expects to raise more than Rs2,000 crore through this process.

· Pharma majors get USFDA approval for Memantine Hydrochloride

Aurobindo Pharma, Torrent Pharma, Alembic Pharma, Unichem Labs & Jubilant life science get USFDA approval for Memantine Hydrochloride, generic for Namenda – Positive for all companies as it could add Rs 50-75 crore of sales for each player depending on the market share they can garner. ( Sun Pharma, Dr Reddy’s, Mylan, Teva, Lupin, Amneal & Wockhardt are players already present in the market).

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