Balkrishna Industries’ Rs1,700cr capex
plan spooks investors, stock plummets ~8%
Shares of off-highway tyre maker
Balkrishna Industries Limited (BKT) tanked ~8% to the lowest point of the day
as the company’s Board of Directors approved a capex plan of Rs1, 700cr.
Of this amount, ~Rs700cr ($100mn) will be
spent on setting up a Greenfield tyre plant in the US through a wholly owned
subsidiary. Further, Rs1, 000cr will be spent towards increasing capacity in
Waluj and Bhuj in India.
CCI dismisses two complaints alleging
abuse of dominance against DLF
Fair trade regulator Competition
Commission of India (CCI) has dismissed two complaints alleging abuse of
dominance against India's biggest realty company DLF Ltd.
In a statement to the stock exchanges on
Monday, DLF said that CCI, in an order dated August 31, 2018, dismissed
allegations against the company with regards to conditions in the sale
agreements pertaining to its projects at Regal Gardens, DLF Garden City, and
Sky Court Project, Gurugram.
Reliance Infra wins arbitration award
worth Rs200cr against NHAI
Reliance Infrastructure has won an
arbitration award worth Rs200cr against the National Highway Authority of India
(NHAI). The contention was upheld unanimously by a three-member arbitration
tribunal, the company said in a press note on Monday.
The tribunal has asked NHAI to pay Rs150cr
by November 29 to Reliance Infrastructure, the failure of which will attract an
interest of 12% per year. Additionally, the tribunal has awarded compensation
at 13.5% of the actual revenue to Reliance Infra for the loss endured due to
change in location of toll plaza. This is payable from March 2017 till the end
of concession on January 14, 2038. Net present value of this future cash-flow
is estimated at over Rs50cr, the company said.
Wipro stock zooms ~5% after winning deal
from Alight Solutions
Shares of Wipro zoomed nearly 5% on the
NSE and it is among the top Nifty gainers. The IT Company has announced that it
has won a 10-year engagement to provide a comprehensive suite of solutions and
services to Lincolnshire, Illinois-based Alight Solutions LLC.
This deal will result in revenues of $1.5
to $1.6 billion for Wipro over the tenure. This is Wipro’s largest win to date.
Mahindra launches Marazzo in India
Mahindra and Mahindra has launched its new
Marazzo MPV, with an option of 7-8 seats, in India on Monday, according media
reports.
The newly launched model will be the third
vehicle to be built with a monocoque framework of the company and the first of
three planned launches for the FY19, media reports said. Market participants
expect this model to compete with Maruti Suzuki Ertiga, Tata Hexa, Toyota
Innova Crystal, and Renault Lodgy.
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