Hide News  HCL Tech may decline on weak Q3 results
Apr 21, 2015  08:42

HCL Technologies' consolidated net profit fell 12.2% to Rs 1683 crore on 0.2% fall in revenues to Rs 9267 crore in Q3 March 2015 over Q2 December 2014. The result was announced before market hours.

Wipro announces Q4 results today, 21 April 2015.

Hindustan Zinc's net profit rose 6.17% to Rs 1997.44 crore on 11.56% growth in total income to Rs 4720.56 crore in Q4 March 2015 over Q4 March 2014. The result was announced after market hours on Monday, 20 April 2015.

ONGC will be in focus. The Minister of State (I/C) for Petroleum & Natural Gas Shri Dharmendra Pradhan informed the Lok Sabha in a written reply yesterday, 20 April 2015, that Oil and natural Gas Corporation (ONGC) and Pan-IIT has signed a Memorandum of Collaboration (MoC) on 19th January, 2015 at New Delhi to work towards a collective R&D Programme for developing indigenous technologies to enhance exploration and exploitation of hydrocarbons and alternate sources of energy. Pan IIT is a consortium of seven premier Indian Institutes of Technology, namely, IIT-Kharagpur, IIT- Kanpur, IIT-Madras, IIT-Mumbai, IIT-Delhi, IIT-Guwahati and IIT-Roorkee. This is a long-term initiative for sustained research, development and capacity building.

Under the MoC, ONGC's R&D Institutes and the IITs shall jointly undertake advanced research and development projects for the Exploration and Production (E&P) sector of the country in general and oilfield specific activities of ONGC in particular. The MoC also envisages promoting internships, visiting and adjunct faculty programmes, research oriented career programmes through an ONGC Scholar Programme. Within the ambit of this collaboration, ONGC will make its laboratories available to the students and research scholars of IITs. Also, ONGC geoscientists and engineers will have the opportunity of working with IITs.

Meanwhile, ONGC said after market hours yesterday, 20 April 2015, that it mobilised its crisis management team and all resources at its command to control the fire, which broke out on 18 April 2015 at around 00.30 IST in an onshore well in Olpad area 80 km away from Ankleshwar, during repair and maintenance job. The company called the globally renowned oil and gas blow out control experts Boots & Coots from US to contain the crisis at well Olpad-31.

Adani Power (APL) announced before market hours the completion of the acquisition of 100% of the shares of Udupi Power Corporation (UPCL) from Hyderabad based - Lanco Infratech. Deal valued at Rs 6300 crore Udupi Power Corporation (UPCL) is a 1200 megawatts (MW) power plant based on imported coal and includes a captive jetty for coal imports. This is the largest acquisition in the thermal power space in recent times. The transaction was announced earlier last year in August 2014. UPCL has long term power sale agreements with the Discoms of the states of Karnataka and Punjab. APL is India's largest private sector power generation company with installed capacity of 9240 MW. With acquisition of the UPCL, the capacity of APL increases to 10,440 MW.

Havells India said after market hours yesterday, 20 April 2015, that the Board of Directors of the company at its meeting held on 20 April 2015, unanimously approved the proposal to acquire 51% stake in Promptec Renewable Energy Solutions Pvt Ltd, a Bangalore based company engaged in marketing and manufacturing of LED products including street lighting, office lighting and Solar lighting.

GSS Infotech will be in focus. The Reserve Bank of India yesterday, 20 April 2015, advised that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 49% of the paid up capital of GSS Infotech under the Portfolio Investment Scheme (PIS). The Reserve Bank has further stated that the foreign shareholding by Flls/RFPIs in GSS Infotech have gone below the revised threshold limit. Hence, the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect. The Reserve Bank has stated that the company has passed resolutions at its Board of Directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs. The purchases could be made through primary market and stock exchanges.

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