School’s out for those not connected
Online education during the pandemic blacks out marginalised students in Odisha’s rural districts
Hindalco order may flare up ISGEC Heavy Engineering
ISGEC Heavy Engineering has won its first breakthrough order for a Semi-Dry FGD (Circulating Fluidised Bed Scrubbers) System from Hindalco Industries Ltd for one of their 150 MW units at Mahan Aluminium at Singrauli, Madhya Pradesh.
The order value is Rs 126.5 crore and the schedule for completion of the project is 22 months.
Though the Letter of Intent from the customer was received in February 2020, the contract signing could take place only after the lockdown was lifted, it said in a notice to the stock exchanges. The project was won through competitive bidding against other technology providers.
ISGEC has a technology licensing agreement with Sumitomo SHI FW (SFW) for Semi-Dry FGD (Circulating Fluidized Bed Scrubbers) and it is this advanced technology that will be used for the Hindalco project as a first for the Indian market.
The broad scope of the project includes design, engineering, manufacturing, supply, civil works, construction, commissioning and performance guarantee testing for the complete Semi-Dry Flue Gas Desulphurisation System Package (SDFGD) for the 150 MW Unit.
This order is an addition to ISGEC's FGD order book as the company is already executing orders for NTPC for wet FGD Packages for two of its plants at Kudgi (3x800 MW) and Gadarwara (2x800 MW).
Key results: Apollo Hospitals, HUDCO, PVR, Future Retail, NBCC, SAIL, SREI Infra, IFCI , ITI
Monday will see a large number of companies, almost 450, declaring their quarterly results. Among them include actively tracked firms by market participants such as Apollo Hospitals Enterprise, Asian Oilfield Services, Andrew Yule, Anant Raj, Ansal Properties, Asian Oilfield Services, Astra Microwave Products, AXISCADES Engineering, Bajaj Healthcare, Balaji Telefilms, Bharat Road Network, Future Retail, GATI, Gufic Biosciences, HPL Electric & Power, HMT, HUDCO, IFCI, IVRCL, ITI, JB Chemicals, Jaypee Infratech, Jump Networks, Jyothi Infraventures, Kwality, McLeod Russel, MBL Infrastructures, MMTC, NBCC (India), Omaxe, Omax Auto, OM Metals, Opto Circuits, Parle, PC Jeweller, PVR, Raymond, SAIL, Skipper, Solar Industries, SREI Infrastructure Finance, Take Solutions, Ucal Fuel, Uttam Value Steel, and Veto Switchgears.
Stake sale in Future Retail to keep Heritage Foods in focus
The board of directors of Heritage Foods has approved to sell/ dispose off in part/ total of 1,78,47,420 equity shares of Future Retail and 8,92,371 equity shares of Praxis Home Retail Ltd held by the company, in one or more tranches through the open market. The company has authorised N. Bhuvaneswari, Vice-Chairperson & Managing Director of the company, to take necessary steps for the stake sale.
Shareholders will closely monitor further developments on this front.
Piramal Enterprises gets CCI nod for pharma arm hive off
The Competition Commission of India has approved the Carlyle Group's acquisition of a 20 per cent equity share capital in Piramal Pharma Ltd. The investment is from CA Clover Intermediate II Investments, an affiliated entity of CAP V Mauritius Ltd, which is an investment fund managed and advised by affiliated entities of The Carlyle Group Inc.
The board of Piramal Enterprises Ltd in June had approved hiving off its pharmaceutical and allied businesses into a wholly-owned subsidiary, Piramal Pharma. Besides, it had also agreed to issue fresh shares with 20 per cent of this new entity to an affiliate of the Carlyle Group at an enterprise value of $2.78 billion.
Piramal Enterprises said the proposed transaction has an upside enterprise value component of $360 million, which is contingent on the 2020-21 (April-March) performance that can take the enterprise value to over $3.1 billion.
Based on financial parameters for the pharmaceutical business as on March 31, the estimated equity capital investment for Carlyle Group's 20 per cent stake in Piramal Pharma will be $490 million.
Indian Terrain may gain on fund infusion by promoters, others
The board of directors of Indian Terrain Fashions Ltd has approved a preferential issue to the promoter and others. Accordingly, it will issue up to 16 lakh convertible warrants each, carrying a right exercisable by the warrant holder to subscribe to one equity share of face value of Rs 2 per warrant to Venkatesh Rajagopal, Promoter & Wholetime director, Rama Rajagopal, Promoter & Wholetime Director, AR. Foundations Private Limited, Public category and Areas Diversified, FPI, Public Category.
The price would be determined in accordance with the SEBI (ICDR) Regulations and conversion can be exercised at any time within a period of 18 months from the date of allotment, in one or more tranches, it further said.
Will Deepak Fert turn fertile on rights pricing?
The board of Deepak Fertilisers and Petrochemicals Corporation Ltd on Friday approved the issue price as Rs 133 for the proposed rights issue. The board also fixed the record date for the purpose of determining the shareholders of the company who will be eligible to apply to the issue, as September 17.
The rights entitlement ratio has been fixed as three fully paid-up equity shares for every 20 fully paid-up equity shares held by the eligible equity shareholders of the company, as on the record date.
The issue will open on September 28 and close on October 12.
Order flow to keep Ratnamani Metals glitter
The company has received two domestic orders aggregating to Rs 190 crore in the Carbon Steel Division of the company for the supply of coated CS Pipes for the Oil & Gas sector, to be completed between December 2020 and June 2021.
Last week, it had announced the bagging of two orders worth Rs 190 crore for the same division.The continuous order flows will keep analysts and shareholders happy, though they will closely monitor execution of the projects.