TOP CORPORATE NEWS - 07 SEP 2016

BHEL surges on better Q1FY2017 execution

Shares of BHEL surged 15% to Rs160 on NSE post Q1FY2017 results on better execution and improved performance.

Revenues improved by 29% YoY to Rs5523 crore (better than our estimates) due to strong execution.

Operating loss stood at Rs29 crore vs loss of Rs271 crore in due to lower other expenses despite increase in raw material cost.

Berger Paints lines up Rs500 cr expansion plan

Berger Paints lines up Rs500 Cr expansion plan; targets 22% -23% market share over the next 3 yrs; Positive

Berger Paints India Ltd will invest Rs500 crore towards capacity expansion and setting up new units over the next three years.

Post expansion total capacity is expected to go up by 25 % or by 10,000 tonne per month across both decorative and industrial paints.

SBI plans to raise $1 billion from sale of bonds

State Bank of India (SBI) will raise $1 billion through a sale of dollar-denominated perpetual bonds to foreign investors, becoming the first Indian lender to sell such securities overseas.

Technically called additional Tier-I (AT-1) bonds, the securities will carry no maturity date and provide coupon interest to investors.

AT-1 will help bolster SBI’s capital adequacy (CRAR at 14% at Q1 FY17) and help prepare the bank for a credit growth whenever it happens.

Engineers India signs contract with IOC

Engineers India signs contract with IOC to provide engineering, procurement & construction management services for implementing BS VI at its 6 refineries.

Oil India Q1 weak results; PAT down 29% YoY

Oil India Q1 weak results; PAT down 29% due to weak realization and margin pressure driven by falling prices of crude oil.

ICICI Prudential Life gets Sebi nod for IPO

ICICI Prudential Life Insurance Company has received markets regulator Sebi's approval to raise an estimated Rs 5,000 crore through an initial public offering, the first by an insurer in India and the biggest in nearly six years.

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