BEML submits a request for indigenization of bullet train rakes; stock gains 7%
Shares of BEML were trading 7% higher in late afternoon trade on Monday after a PTI report stated that the company has submitted a request for indigenization of the six bullet rakes (60 coaches) in collaboration with its Japanese partner Hitachi for the Ahmedabad-Mumbai bullet train project. As per the media report, Japanese companies Hitachi and Kawasaki will bid to be the main contractors for the bullet train project. However, the work looks challenging to Hitachi. The company stated that if the bullet train project has to meet its rollout deadline of 2023, then indigenization of more than one bullet train rake could not be possible. Meanwhile, BEML wants more volume in the indigenization process.
Neutral draft tariff regulations by CERC to boost beaten down power stocks
CERC draft tariff regulations for 2019-24 have provided a boost to power stocks by leaving regulations largely unchanged from tariff regulations in 2014-19. Most importantly, CERC has left the benchmark ROE unchanged at 15.5%. Power stocks had fallen over the past few months on expectations that the CERC would reduce the benchmark ROE in light of lower interest rate yields. The proposed changes to the tariff structure are largely positive for both power generation and transmission companies. Transmission and generation companies have seen the calculation for depreciation on assets change noticeably. Salvage value on generating assets has been reduced to 5% as opposed to 10% earlier for both thermal and hydropower assets. This is likely to increase the depreciation tax shield afforded to power generation companies.
Lupin gets tentative USFDA approval for Tadalafil tablets
Pharma major Lupin announced that it has received tentative approval for its Tadalafil Tablets USP, 20 mg from the USFDA to market a generic version of Eli Lilly and Company's (Lilly) Adcirca Tablets, 20 mg.
L upin's Tadalafil Tablets USP, 20 mg is the generic version of Lilly's Adcirca Tablets, 20 mg. It is indicated for the treatment of pulmonary arterial hypertension (PAH) (WHO Group 1) to improve exercise ability.
A dcirca Tablets, 20 mg, had annual sales of ~$503.8mn in the US, as per IQVIA MAT September 2018 data.
Bank of Baroda to raise Rs525cr fund
Bank of Barodaâ board of directors granted an approval for a proposal to raise Rs525cr fund via bond. Reacting to this, shares of the bank gained marginally by 0.6% on Monday. Accordingly, the Capital Raising Committee of the Bank has approved a proposal for issuance of Tier-II Capital Bonds compliant with Basel III Capital Regulations of the Reserve Bank of India. "An approval has been granted for issue size not exceeding upto Rs525cr, with a base issue size upto Rs200cr and a Green shoe option to retain oversubscription up to Rs325cr," the bank said in a statement to the exchanges on Monday.
NTPC shares gain on Barauni Thermal Power Station acquisition
Shares of NTPC Ltd rose in late morning trade on the NSE on Monday. The company, on Sunday, announced the completion of the acquisition of Barauni Thermal Power Station (720 MW) from Bihar State Power Generation Company Ltd (BSPGCL). The plant is located in Begusarai in the state of Bihar. The 720 MW, coal-based power station has two units of 110 MW each (under R&M) and two units of 250 MW each (under construction). The units of the power station will be progressively put under commercial operation, NTPC said in the release.
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