·Government may do away with blanket exemption for industrial corridors
Government may do away with blanket exemption for industrial corridors – Negative for construction sector players like L&T, HCC, Gayatri Projects, Pratibha Industries among others
As per media reports, the government could do away with the provision that allows industrial corridors to acquire up to one kilometre of land on either side of a designated railway line or road without being subject to the onerous requirements of social impact assessment, limits on acquiring multi-cropped land and consent provisions.
·Bank of Baroda reduces base rate to 9.90%
Bank of Baroda has decided to reduce Base Rate by 10 basis points from 10.00% to 9.90% and also to reduce Bench-mark Prime Lending Rate ( BPLR) by 10 basis points from 14.25% to 14.15%. The reduction in both rates will be effective from July 13, 2015.
·RIL receives net proceeds of $528 million in first tranche
Reliance Industries announced that its subsidiary, Reliance Holding USA, Inc. has closed the sale of its interest in EFS Midstream LLC ( EFS) to an affiliate of Enterprise Product Partners L.P. The transaction closed on July 08, 2015 with the effective date for the transaction being July 01, 2015. Under the terms of the definitive agreements, Reliance received gross cash consideration of $574 million towards first tranche of sale proceeds.
·JK Paper gets upgrade for Long-term Issuer Rating
JK Paper announced that India Ratings & Research, a Fitch Group Company, has upgraded JK Paper's Long-term Issuer Rating to “IND BBB+” from “IND BBB”. The Outlook is Positive.
·Caplin Point gains on receiving EU GMP approval
Caplin Point Laboratories' shares surged nearly 5%, touching to Rs1033, after the company received EU GMP approval for its small volume sterile injectable liquids facility in Chennai. Caplin Point Laboratories said the site was inspected by the EU authorities in March 2015 and has been certified as complaint with the guidelines stated in Art. 111 (5) of directive 2001/83/EC. The facility is capable of manufacturing liquid injectables in vials, ampoules, lyophilized vials and ophthalmic dosages.
· Om Metals in JV bags contract to set up smart city near Ujjain
Om Metals Infraprojects announced that the Madhya Pradesh government in a bid to start the development of the main infrastructure for the State's first smart city Vikram Udyogpuri near Ujjain invited bids from private player and following this Om Metals and SPML Infra in joint venture have secured a Letter of Intent from Vikram Udyogpuri (SPV of the Govt of MP) a work contract for external and internal infra work relating to roads, lighting, water supply and other allied works on 1000 acre township for the accepted contract amount of Rs324.97 crore.
· Intl Paper to undertake annual maintenance work
In view of Pushkaralu, Government of Andhra Pradesh had directed the Company to shut down the Industry and stop discharging of effluents outside the Industry premises during the Pushkaralu period from July 14, 2015 to July 25, 2015. Consequently, the operations will be disrupted at the manufacturing facility located at Rajahmundry, East Godavari District, Andhra Pradesh during this period.
·Ghana is inviting Indian players to set up power projects
Ghana is inviting Indian players to set up power projects, especially in solar and wind sectors, with the intention to become power surplus in next five years – Postive for Indian Renewable energy companies like Suzlon, Inox wind among others.
