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TOP CORPORATE NEWS – 04 NOV 2019

Corporate-News

CORPORATE NEWS

BHEL wins Rs200cr order for R&M and upratinq of Chilla HEP.

Bharat Heavy Electricals Limited (BHEL) informed the exchanges that it has won an order for Renovation, Modernisation & Uprating (RM&U) of Chilla Hydro Electric Plant (HEP). Valued at over Rs200cr, BHEL has bagged the prestigious order from Uttarakhand Jal Vidyut Nigam Limited (UJVNL) for RM&U of the 4x36MW Chilla HEP. Located in the Pauri Garhwal district of Uttarakhand, the plant comprises four units of 36MW each, which will be uprated to 39MW each. The units at Chilla HEP have been in operation for more than 35 years and the RM&U of these units will result in upgradation of output capacity, additional generation and efficiency improvement, in addition to leading to better plant availability and life extension of equipment.

USFDA issues warning letter to Cadila Health’s Moraiya unit.

Shares of Cadila Healthcare slipped 5% in the afternoon session on the BSE after the company has received a warning letter from the USFDA relating to its Moraiya formulation facility. The company has taken multiple steps after the inspection to address the observations received from USFDA during the inspection. The company will continue to take all necessary steps to ensure that the USFDA is fully satised with its remediation of the above facility.

HDFC Ltd. gains ~3% on reporting 60% yoy spike in Q2 PAT.

Housing Development Finance Corporation Ltd. rose 2.2% in afternoon trade after reporting a stellar Q2FY20 performance.
The company registered a 60.5% yoy jump in its Q2FY20 net profit at Rs3,961.53cr vs. Rs2,467.08cr in the year-ago period.
HDFC also reported a pre-tax gain of Rs1, 627cr on stake sale in Gruh Finance during the quarter.
Revenue from operations came in at Rs10, 478.33cr from Rs9, 494.70cr in the year.
NII for the quarter came in at 3.3%, while loan growth for the quarter stood at 12%.
Gross NPA stood at 1.33% vs. 1.29% qoq.

Edelweiss rises 3% on ECL’s plan to raise Rs500cr.

Edelweiss Financial Services rose 3% intraday and is currently trading 3% higher. The company’s NBFC arm, ECL Finance, announced a public issue of secured redeemable non-convertible debentures (NCDs) amounting to Rs100cr with a greenshoe option to retain up to Rs400cr in case of oversubscription. The company informed the exchanges that the public issue is of face value of Rs1,000 each, amounting to Rs100cr (base issue), with an option to retain over-subscription up to Rs400cr, adding to a Rs500cr (Tranche II Issue).

JSW Energy spikes 7% after reporting 12% yoy rise in Q2 PAT.

JSW Energy jumped ~8% on Friday after posting a12% rise in its consolidated net profit for Q2FY20, mainly on the back of lower fuel and finance costs The company’s cons. PAT came in at Rs353cr for the September quarter vs. a PAT of Rs316cr in the year-ago period.
Total revenue during the quarter dipped 13% yoy to Rs2, 232cr from Rs2, 568cr in the year-ago period. The fuel cost for Sep quarter fell 26% yoy, thanks to the moderation in imported coal prices.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

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