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Glenmark Pharmaceuticals receives final approval for Olmesartan Medoxomil
May 26,2017

Glenmark Pharmaceuticals has been granted final approval by the United States Food & Drug Administration for Olmesartan Medoxomil Tablets, 5 mg, 20 mg and 40 mg, the generic version of Benicarn++ Tablets, 5 mg, 20 mg and 40 mg, of Daiichi Sankyo, Inc. Glenmarks Olmesartan Medoxomil Tablets will be manufactured by Glenmark Pharmaceuticals Limited in its manufacturing facility located in Goa, India.

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Power Ministry Proposes Compensation for Grid Curtailment; Positive for Renewables
May 26,2017

The government has proposed a compensation mechanism for existing renewable energy projects, which will protect the cash flows to an extent from grid curtailments says India Ratings and Research (Ind-Ra). Ind-Ra believes that if the proposal is adopted this will also ensure a favourable operational environment for renewable energy projects. The proposal if adopted will be positive for wind and solar energy developers.

The absence of clarity on two possible reasons for grid curtailment - low system demand and grid security- could however pose new challenges for developers. Further clarity by the authority/utilities to define the terms and spell out when these measures will need to be opted for could allay possible apprehensions of the developers and make the process more transparent.

Historically, Power Purchase Agreements (PPA) signed for renewable energy projects have failed to address the grid issues and lacked a mechanism to compensate for energy loss. Ind-Ra estimates that the annual debt service coverage ratio (DSCR) slips by 0.12x for 10% of energy curtailment and the 50% proposed compensation at PPA tariff, will restrict the fall by half (at 0.06x). The developers have bridged any cash flow shortfall in debt service through a combination of or individually tapping debt service reserve or drawing working capital limits or sponsor support.

At the conference of Power, Renewable Energy and Mines Ministers of States and UTs held on 3-4 May, 2017 the same was proposed as the framework for awarding compensation for existing renewable projects in case of grid curtailment. The provision for curtailment is proposed to be applicable only to renewable power plants providing day-ahead forecast and schedule. The compensation is suggested to be part of the PPA provision for future projects. Decisions on curtailment are recommended to be made on considering the balancing cost for accepting renewable energy in the grid, where major balancing cost will be additional cost to run thermal plants below their technical limits. For existing projects, the compensation mechanism may be notified by the respective Electricity Regulatory Commission.

The recent reverse auction of 750MW solar capacity in Rewa solar bid included the provisions for compensation for deemed generation in case of curtailment. The recommended PPA format for future wind and solar projects should also include provisions for curtailment compensation.

In the proposed framework, it is unclear which situations will be identified as low system demand incidences, since the network operators have the option to shut down a thermal plant which is falling below its technical minimum operating level. For example, Tamil Nadu discom reportedly shuts down one or two of the state owned thermal plants during high wind season to enable full evacuation of wind power generation. There is a possibility of utilities taking refuge under the low system demand and curtail high costs renewables to save costs leading to reduced cash flows. Ind-Ra believes that utilities should project demand for the next six months to one year along with definition of low system demand for example a 15% dip from the projection and that could be defined as low system demand. This transparent process could allay the fears of developers when actually the demand plummets.

Ind-Ra believes that the compensation to renewable projects will incentivise grid operators and distribution utilities to reduce curtailments, will benefit renewable energy developers in scheduling and forecasting and enable integration of increasing renewable energy capacity. In FY17, grid curtailment was prevalent for wind projects in Rajasthan (up to even 45% energy curtailed compared to P90 plant load factor) and solar projects in Tamil Nadu.

The falling levelised cost of energy of renewable energy in the current national energy surplus situation fuels the debate of gaps in implementation of n++must-run statusn++ of renewable energy compared to merit order dispatch of conventional energy. n++Must run statusn++ of renewable projects emanates from India Electricity Grid Code notified by the Central Electricity Regulatory Commission and adopted by the State Electricity Regulatory Commissions.

The share of renewable energy in the Indian power market is set to rise, given the projected renewable capacity addition.

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Cipla may drop on weak Q4 results
May 26,2017

Cipla reported consolidated net loss of Rs 61.79 crore in Q4 March 2017 compared with loss of Rs 92.83 crore in Q4 March 2016. Total income rose 6.84% to Rs 3604.79 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 25 May 2017.

ITC, Tech Mahindra and Sun Pharmaceutical Industries will announce Q4 results today, 26 May 2017.

Tata Power Renewable Energy, a wholly owned subsidiary of Tata Power company has successfully issued Guaranteed, Unsecured, Non-Cumulative, Redeemable, Taxable, Listed, Rated Non-Convertible Debentures of Rs 500 crore on private placement basis. The announcement was made after market hours yesterday, 25 May 2017.

Infosys and HP Inc. yesterday, 25 May 2017 launched joint Retail Point of Sale (RPOS) and Enterprise Device as a Service (DaaS) solutions to help businesses accelerate digital transformation as part of the HP Global System Integrator (GSI) Alliance Program. The announcement was made after market hours yesterday, 25 May 2017.

The joint RPOS solution offers a digital approach across the supply chain, enabling real-time collaboration between shoppers, retailers and vendors at the point of purchase, providing a true omnichannel experience. The joint Enterprise Device as a Service solution defines and delivers technologyenabled transformations that optimize how organizations acquire, manage and use devices with end-to-end services, enterprise applications, fleet reporting, analytics, insights and more.

TTK Prestige announced that the board of directors of the company in a meet on 30 May 2017 will consider share buyback. The announcement was made after market hours yesterday, 25 May 2017.

NMDCs net profit rose 11.5% to Rs 511.88 crore on 87.69% rise in total income from operations to Rs 2871.98 crore in Q4 March 2017 over Q4 March 2016. The announcement was made after market hours yesterday, 25 May 2017.

HeidelbergCement Indias net profit rose 49.25% to Rs 37.03 crore on 14.05% rise in total income to Rs 542.38 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 25 May 2017.

UPL and Sinagro Group, a Brazilian company in the state of Matto Grosso, comprising of (i) Sinagro Produtos Agropecun++rios S.A and (ii) 3SB Produtos Agrn++colas S.A. has obtained necessary approval for an agreement and has consequentially completed a transaction in terms of the agreement in which UPL through its step down wholly owned subsidiary has subscribed to additional 9% shares in Sinagro Group, so as to increase its interest in the Sinagro Group share capital from 40% to 49%. Sinagro Group based out of Primavera de Leste in the state of Mato Grosso, is one of the leading distributors of farm inputs in the Cerrado region of Brazil and is also in the business of agricultural production and trading of grains. The announcement was made after market hours yesterday, 25 May 2017.

Glenmark Pharmaceuticals Inc., USA has been grantedfinal approval by the United States Food & Drug Administration (USFDA) for Olmesartan Medoxomil Tablets, 5 mg, 20 mg and 40 mg, the generic version of Benicar Tablets, 5 mg, 20 mg and 40 mg, of Daiichi Sankyo, Inc. Glenmarks Olmesartan Medoxomil Tablets will be manufactured by Glenmark Pharmaceuticals in its manufacturing facility located in Goa, India.

According to IMS Health sales data for the 12 month period ended March 2017, the Benicar Tablets, 5 mg, 20 mg and 40 mg market achieved annual sales of approximately $950.0 million in US. The announcement was made before market hours today, 26 May 2017.

Mphasis and DXC Technology announced a new solution partner relationship to tranform and modernize enterprise applications for public, private and hybrid cloud. The announcement was made before market hours today, 26 May 2017.

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GP Petroleums announces change in directorate
May 25,2017

GP Petroleums announced the following change in directorate -

Thangapandian S. has resigned from the Chairmanship and Directorship of the Company.

Manan Goel appointed as Additional Director designated as Chairman and Prerit Goel appointed as Additional Director designated as Vice-Chairman of the Company.

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V-Mart Retail opens new store in J&K
May 25,2017

V-Mart Retail has opened a new store in Jammu & Kashmir State. With this the total number of stores has increased to 144 stores.

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Jubilant Life Sciences hikes prices of its Vitamin B3 (Niacin & Niacinamide)
May 25,2017

Jubilant Life Sciences announced a price increase of up to 15% for its Vitamin B3 (Niacin & Niacinamide) with immediate effect, for non-contract customers and wherever existing contracts permit. This isfurther to the price increase of up to 15% announced in December 2016.

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Skipper signs MoU with Indian Plumbing Skills Council
May 25,2017

Skipper has signed an exclusive Memorandum of Understanding with Indian Plumbing Skills Council (IPSC) for training and certifying more than 10,000 youths with both urban & rural plumbing skills.

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National Aluminium Company signs MoU with Ministry of Mines, Govt. of India
May 25,2017

National Aluminium Company has signed an MoU with the Ministry of Mines, Govt. of India setting higher targets in production, productivity, turnover and CAPEX for the FY 2017-18.

The MoU was formulated as per the new Department of Public Enterprise guidelines and finalized after discussions with both Inter-Ministerial Committee as well as Ministry of Mines.

As per the MoU, the target for revenue from operations has been fixed at Rs.8100 crore (net of excise) which is Rs 700 cr more than previous year.

The MoU has also set 100% targets for production of both bauxite and alumina i.e. 6.825 million tonnes and 2.1 million tonnes, respectively. Aluminium production target is set at 4.4 lakh tonnes as compared to the previous fiscal. The targets are an all time high for the company and is expected to push the profitability of NALCO despite increase in expenses on account of enhanced electricity duty, RPO obligations, employee wage revision and power & fuel oil.

The Company has a CAPEX target of Rs.1158 crore against Rs.873 crore achieved in 2016-17. The expenses are to be incurred in several new and ongoing projects like the 1 million tonne refinery, Utkal-D&E coal blocks, solar and wind power projects, modernization and upgradationof Plant & equipments.

In yet another strategic move on the human resource front, thecompany has set a new HR succession plan, HR Audit, online ACR and training in reputed business institutes for its employees. The plan will enable the company to synchronize its workforce and skill set in line with the new business plan which is already in an advanced stage finalization.

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UPL hikes stake in Sinagro Group, Brazil
May 25,2017

UPL announced that the Company and Sinagro Group, a Brazilian company in the state of Matto Grosso, comprising of (i) Sinagro Produtos Agropecun++rios S.A and (ii) 3SB Produtos Agrn++colas S.A. has obtained necessary approval for an agreement and has consequentially completed a transaction in terms of the agreement in which UPL through its step down wholly owned subsidiary has subscribed to additional 9% shares in Sinagro Group, so as to increase its interest in the Sinagro Group share capital from 40% to 49% (Transaction) Sinagro Group based out of Primavera de Leste in the state of Mato Grosso, is one of the leading distributors of farm inputs in the Cerrado region of Brazil and is also in the business of agricultural production and trading of grains. Brazil has the largest Soybean agrochemical market in the world and state of Mato Grosso is the leading Soybean producing state in Brazil.

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Zee Learn allots 14,806 equity shares
May 25,2017

Zee Learn has allotted 14,806 equity shares under ESOP. With this allotment, the paid up equity shares have increased to 323,520,018 equity shares of Re 1 each.

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Salzer Electronics appoints director
May 25,2017

Salzer Electronics has appointed Otto Eggimann as an Additonal Independent Director on the Board of the company on 25 May 2017.

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Cipla allots 7949 equity shares
May 25,2017

Cipla has allotted 7949 equity shares under ESOP on 25 May 2017.

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Thirdwave Financial Intermediaries appoints company secretary and compliance officer
May 25,2017

Thirdwave Financial Intermediaries announced the appointment of Saloni Sharma as Company Secretary and Compliance Officer of the company with effect from 22 May 2017.

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Salzer Electronics signs MoU with Sealzer Electric GmbH, Germany
May 25,2017

Salzer Electronics has signed a Memorandum of Understanding with Sealzer Electric GmbH, Germany, for possible co-operation between two companies to leverage on their inherent strength for joint product development with cutting edge technologies and exploring joint marketing for Rotary Cam Switches world-wide.

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Bharat Forge hikes its stake in Khed Economic Infrastructure
May 25,2017

Bharat Forge announced that the Company has subscribed to the equity shares and got allotment pursuant to the Rights Issue of 1,73,16,308 equity shares of Rs. 10/- each fully paid-up made by Khed Economic Infrastructure (KEIPL). The Company, prior to the said right issue, was holding 5% of the paid up equity share capital of KEIPL. Considering future business initiatives of the Company, the Company had subscribed to the additional 1,59,11,782 equity shares of Rs. 10/- each fully paid up in the said rights issue over and above its rights entitlement. Consequent to this subscription to the rights issue, Companys shareholding in KEIPL has increased from 5% to 8.54%.

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