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TOP CORPORATE NEWS- 19 JUN 2017

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Ashok Leyland unveils ‘intelligent’ emission tech products

Ashok Leyland unveils new range of ‘intelligent’ emission tech products aimed at gaining market share; positive read thru.

Ashok Leyland has unveiled a range of products based on ‘Intelligent Exhaust Gas Recirculation (iEGR)’ technology aimed to convert the existing inventory into BS IV-compliant vehicles.

Hero Motocorp to invest Rs2500 Cr in next two years

Hero Motocorp to invest Rs 2500 Crs over the next two years towards Capacity expansion and modernization; has lined up new product launches in FY2018: Positive.

Hero Motocorp is planning to invest Rs 2,500 crore over FY2017-FY2019 towards product development, digitization, up gradation of existing plants, phase-wise capacity installation as well as in brown and green field expansion projects.

Dredging Corp gains as Govt plans strategic sale via auction

Shares of Dredging Corp surged over 4% to Rs717 on NSE on reports that government is planning strategic sale through auction, positive read-thru

As per media reports, the government is planning an outright sale of Dredging Corporation of India ( DCIL) through auction, which could fetch about Rs1,400 crore to the exchequer.

The government currently holds 73.47% stake in Dredging Corporation of India. At the current market prices, sale of this stake would fetch about Rs1, 400 crore to the exchequer.

The government is also mulling a two-stage auction process for the PSU, which made a net profit of Rs7.40 crore in 2016-17 fiscal. The two stage will entail shortlisting of eligible bidders and competitive financial bidding.

Eros Intl signs deal with Turkish company

Eros International Media announced that it has inked two-film co-production deal with leading Turkish film company Pana Film.

The company has announced two Indo- Turkish co-productions with one of the largest Turkish film studios, Pana Film, owned by leading Turkish actor Necati Sasmaz, best known for playing the lead role of Polat Alemdar in Turkey’s most popular television series Kurtlar Vadisi (Valley of the Wolves).

With a proposed A list actors from India and Turkey, including Necati Sasmaz himself, both films will be collaborative with shoot venues and crews in both countries and will be made bilingual.

Recently, the company had signed a significant television syndication deal with Zee, a leading Indian global television network, for a slate of its forthcoming releases this year, including Sarkar 3, Munna Michael and Shubh Mangal Savdhaan.

ONGC plans to increase gas production to 37mmscmd in 2018

ONGC plans to increase gas production to 37mmscmd in 2018 from its 28-year old Bassein gas field on the west coast as compared to field’s peak production of 29mmscmd in 2011 as per the media reports.

If successful, this would translate into around 12.5% rise in the ONCG’s gas production of 23.3bcm in FY2017 – positive development for ONGC.

Tata Steel surges on plan to sell stake in Tata Motors

Tata Steel rose nearly 2% to Rs512.5, after the company announced that it proposes to sell 8.36 crore shares of face value of Rs 2 each of Tata Motors to Tata Sons.

Tata Steel said that the transaction is expected to be executed on or after June 23, 2017 at or around the prevailing price on the date of proposed sale, subject to no material market movements in price since the date of this disclosure.

Tata Sons is the promoter of the major operating Tata companies and holds significant shareholdings in these companies. Tata companies are commonly referred to as the Tata group and the Chairman of Tata Sons as Chairman of the Tata group.

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