Trackpad
BHEL Commissions 5 Units Of Telangana Irrigation Project
Bharat Heavy Electricals Limited (BHEL) announced that the state-owned company has successfully commissioned five pumping units of the 7x139 MW Kaleshwaram Lift Irrigation Scheme (LIS) Package 8, in Telangana. Considerably, the pump for each unit is designed to lift 89.14 cumecs (cubic metres per second) of water by 120.98 metres. Located in Karimnagar district of Telangana , the greenfield lift irrigation project is being developed by the Irrigation & CAD (I&CAD) department of the Government of Telangana, (formerly known as Pranhita Chevella). This project will help in irrigation and water supply in the nearby areas.
BHEL's scope in the project comprises complete Electrical & Mechanical (E&M) works including design, manufacture, supply and supervision of erection and commissioning of 7 sets of Vertical Pump-Motor sets along with associated auxiliaries. The equipment has been supplied from BHEL's manufacturing units at Bhopal, Rudrapur, Bengaluru and Jhansi, while the supervision of erection and commissioning at the site was carried out by the company's power sector Southern Region division, Chennai.
In Telangana, BHEL has so far commissioned 35 Pump-Motor sets of various ratings cumulatively aggregating to 1,796 MW. In addition, BHEL is presently executing another 30 Pump-Motor sets totaling to 4,082 MW for various Lift Irrigation Schemes in Telangana, viz. Kaleshwaram LIS Package 6,8,10 & 11 and Palamuru Rangareddy LIS Package 5 & 8.
In addition to Lift Irrigation projects, BHEL has made significant contribution to the hydro sector of Telangana and has commissioned 1,073 MW of hydro power projects in the state so far.
Aurobindo Pharma To Pay Penalty For Insider Trading
Market watchdog Securities and Exchange Board of India (SEBI) has imposed a total penalty of over Rs.22 crore on Aurobindo Pharma, its promoter PV Ramprasad Reddy, his wife P Suneela Rani and also other related entities for violating insider trading norms. The regulator investigated the trading in the scrip of Aurobindo Pharma during the period from July 2008 to March 2009 to ascertain the regulatory violation.
The probe found that the promoter entities traded in the scrip of the company based on unpublished price sensitive information (UPSI) pertaining to the company's Licensing and Supply Agreements with Pfizer Inc and made unlawful gains.
In the Q1FY20, the company registered a 28.1 per cent yoy growth in its consolidated revenue to Rs.5,444.6 crore while net profit grew by nearly 40 per cent yoy to Rs.635.8 crore.
Aurobindo Pharma is engaged in manufacturing pharmaceutical products. It offers active pharmaceutical ingredients, intermediates and generic formulations like astemizole, domeperidone and omeprazole; anti-infective, oral and sterile antibiotics, pain management and osteoporosis segments. As on June 2019, the company has 386 final ANDA approval while tentative approval and under review was at 26 and 139 respectively.
Trent To Acquire Majority Stake In Booker India
Trent Limited has agreed to acquire 51 per cent of the share capital of Booker India Private Limited (BIPL) for a consideration of Rs.22 crore approximately.
The target entity, Booker Satnam Wholesale Private Limited (BSWPL) is an arm of BIPL operations, which involves 6 stores. BIPL holds 100 per cent shareholding of BSWPL. The main objective for the acquisition is to expand Trent’s business through additional stores. The time period for completion of the acquisition is on or before 31st October 2019.
Trent is one of the leading players in branded retail industry in India. Trent is established in 1998 and is a part of Tata group. The company has 142 retail stores in 80 major Indian cities under the Westside brands. Trent also operates the hypermarket star bazar in eight Indian cities. Trent has a separate joint venture with the Inditex group for Zara stores. Trent has introduced a range of creative kitchenware through an exclusive tie-up with British company Lakeland.
CRISIL Expects Companies To Save Rs.37,000 Crore In Tax
In order to revive the struggling economy, the government has been taking every necessary steps and on 20th September 2019, the finance minister announced an unexpected cut in corporate tax rate that was slashed to 22 per cent without exemption and effective tax rate to 25.17 per cent. With this tax cut, the government estimates revenue loss of Rs.1.45 lakh crore which would further widen the fiscal deficit.
Post this tax cut announcement by the government, credit rating agency, Crisil Research in its latest report has said that the move may help about 1,000 listed companies in the country to save at least Rs.37,000 crore in taxes during current financial year.
The agency further noted that segments linked to the consumer would benefit the most, given higher effective tax rates of over 30 per cent, while export-linked sectors such as IT and pharma will benefit the least, accounting for only 5-6 per cent of potential savings. That’s because they already enjoy low effective tax rates. Besides, CRISIL added that this tax cut would also help in gaining traction for Make in India.
Besides, the government has also decided not to levy enhanced surcharge introduced in Budget 2019 on capital gains arising from the sale of equity shares in a company liable for securities transaction tax (STT). Also, in term of GST, the government has slashed GST rate on hotels. Earlier, the government has tried to revive stress sector like auto where it announced higher depreciation for vehicle and also government is expected to come up with new scrappage policy for vehicle.
RPP INFRA PROJECTS SECURES ORDER WORTH Rs.414 CRORE
RPP Infra Projects, on Tuesday, informed the bourses that the company along with its JV partner, has secured a new order worth Rs.414 crore for the construction of a two-Iane road from Kaletwa to the India-Myanmar border in the Chin state of Myanmar. The company said that this new project marks the diversification of company into the new geographical international location of Myanmar.
The company’s order book at the end of fiscal year 2018-19 stood at Rs.1944 crore which translates into book-to-bill of 3.34x giving strong revenue visibility for next 2-3 years. The company further added that it is on good track to meet its order inflow target of Rs.1200 crore in FY20E.
In Q1FY20, the company reported net sales of Rs.124.82, up by 24.4 per cent yoy, while, its profit after tax plummeted nearly 76.7 per cent yoy to Rs.1.50 crore.
RPP Infra Projects is one of the India's leading and fast growing Non Metro/Rural based company located at Tamil Nadu and engaged in the business of infrastructure development such as highways, roads, bridges, civil construction works, irrigation and water supply projects and power plant.