TOP CORPORATE NEWS - 10 JUN 2016

Sugar stock hogs limelight

Sugar cos’ rose on reports that Food minister plans to impose a 25% tax on sugar exports to maintain adequate supplies.

Food minister Ram Vilas Paswan reportedly said that India plans to impose a 25% tax on sugar exports to maintain adequate supplies of the sweetener in the local market.

Dwarikesh Sugar Industries up 6.44%, Oudh Sugar Mills up 17.08%, Simbhaoli Sugars up 6.69%, Rana Sugars up 4.68%, Sakthi Sugars up 7.37%, Shree Renuka Sugars up 5.21%, Bajaj Hindusthan up 5.54%, KCP Sugar & Industries Corporation up 12.28%, Balrampur Chini Mills up 3.05%, Triveni Engineering & Industries up 3.05%, Dhampur Sugar Mills up 6.07%, EID Parry (India) up 1.20% and Upper Ganges Sugar up 20.00%.

M&M in talks with Uber and Ola for strategic alliance

M&M is in talks with taxi aggregators Uber and Ola for a strategic alliance to offer a wide gamut of services

The Mahindra group is in talks with taxi aggregators Uber and Ola for a strategic alliance to offer a wide gamut of services.

As per media reports Mahindra is not considering buying stake in any of the aggregators but will provide services like assisting with vehicle leasing and financing, selling second hand cars, helping with information technology operations or providing customized insurance services.

Motherson subsidiary to raise Rs2000 crore to repay debt

Motherson Sumi Subsidiary Smavardhan Motherson Automotive Systems Group plans to raise Rs2000 Cr to repay debt.

Samvardhana Motherson Automotive Systems Group, a subsidiary of Mothersumi Systems Limited, has announced to raise USD 300 million (around Rs2,000 crore) through issue of notes due in December 2021 to repay debt and general corporate purposes.

The company plans to issue 5.5-year non-call 3 year senior secured Notes offering at 4.875 % per annum interest. The issue is a third successful issue by the company and marks the entry in the US dollar bond markets.

HCL Tech: UK Company puts Rs328 crore contract under review

HCL Technologies: UK Company puts Rs328 crore contract under review, no material impact, but sentimentally negative

UK-based government lender Student Loans Company (SLC) has put its Rs 328-crore IT outsourcing contract with HCL Technologies under review.

SLC had signed the IT transformation deal with HCL in 2014. It was worth £34 million (Rs328 crore) over 5 years, with the possibility of it being extended for another 5 years and the contract size rising by a further £12 million (Rs114 crore).

TVS Motor launches special edition Jupiter at Rs53, 034

TVS Motor launched a special edition of its scooter model “Jupiter” priced at Rs53, 034 (ex-showroom Delhi) to mark the crossing of 1 million unit’s sales milestone.

The new product TVS Jupiter MillionR special edition is equipped with 10 additional features, including a front disc brake and a provision for mobile charger installation.

Piramal Enterprises to raise funds via NCDs

Piramal Enterprises has announced that it is planning to raise Rs300 crores through issue of non-convertible debentures (NCDs) on a private placement basis.

In a meeting of Administrative Committee of Board of Directors of the Company held on June 10, 2016, the Committee approved the issue of Secured Non- Convertible Debentures ( NCDs) aggregating upto Rs300 crores on a private placement basis.

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