Government to infuse Rs28,615cr in 7 PSU Banks
The government is likely to inject Rs28,615cr fund in seven public sector undertaking (PSU) banks, as per media reports. As per the report, the seven banks are Central Bank of India, United Bank of India, UCO Bank, Bank of India, Bank of Maharashtra, Oriental Bank of Commerce (OBC), and Syndicate Bank.
Accordingly, the government is likely to infuse Rs10, 086cr in Bank of India and Rs1,678cr in Central Bank of India. Similarly, United Bank of India will get a capital infusion of Rs2, 159cr, while OBC will get Rs5,500cr, the report added.
Domestic pharma cos expected to grow at a CAGR of around 8-10% between FY18-2021
ICRA has given a stable outlook on the Indian pharmaceutical industry. The headwinds from pricing pressure in large regulated markets, especially the USA, increased cost related to regulatory compliances but are largely offset by growing scale of business, increased focus on speciality/ niche segments and comfortable balance sheet structure. The domestic pharmaceutical industry has gained adequate scale and generic drug development capabilities over a decade of growth which will keep them in good stead to capture bigger opportunities in the regulated market. The FY18-21 CAGR is expected to be around 8-10% for domestic Pharmaceutical companies.
Lemon Tree Hotels surges 8% on announcing JV with Warburg Pincus
Shares of Lemon Tree Hotels surged 8% in morning trade on Friday as the company announced forming a joint venture with an affiliate of Warburg Pincus to create a co-living platform. An affiliate of Warburg Pincus, Magnolia Grove Investment Limited, and Lemon Tree Hotels Limited will hold 68% and 30% stake, respectively in the JV (Hamstede Living Private Limited). The balance 2% will be held by Mr Patanjali Keswani, Chairman and Managing Director of Lemon Tree Hotels.
Kansai Nerolac acquires Perma Construction for Rs29cr
Kansai Nerolac Paints (KNPL) has entered into Share Purchase Agreement (SPA) to acquire 100% equity stake in Perma Construction Aids Pvt. Ltd (PCAPL) for a total consideration of Rs29.1cr. PCAPL is one of the established construction chemicals companies in India having a diverse product range encompassing water-proofing, adhesives, epoxy, admixtures, etc. It has reported turnover of Rs27.3cr, 25.4cr and Rs23.8cr for FY18, FY17 and FY16 respectively. KNPL is expanding its product portfolio in construction chemicals and the acquisition of PCAPL will add to the product offerings of KNPL in the construction chemicals business. The deal is estimated to be completed by January 28, 2019.
Dilip Buildcon executes an agreement with NHAI
Shares of Dilip Buildcon traded higher on Friday after the company executed an agreement with the National Highways Authority of India (NHAI) for a road project worth Rs677.07cr in Uttar Pradesh.
The engineering, procurement, and construction (EPC) contract has been signed for the "rehabilitation and upgradation from 2 lanes to 4 lanes of the NH stretch under NHDP-IVB for the Lalganj Hanumanha Section of NH-7 (Pkg-3) in Uttar Pradesh," the company said in a press note to the exchanges on Friday. The work is expected to be finished in 30 months.
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