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| CapitalStars Investment Adviser |
Piramal clarifies on demerger, terms it “factually incorrect”
Piramal Enterprises (PEL), in a BSE filing on Thursday, clarified that the demerger plan indicated in media reports is “factually incorrect.”
It categorically refuted this rumor claiming that no such plan is being implemented by the company.
A Business Standard report had earlier claimed that the Ajay Piramal-promoted company was planning to demerge its financial and pharma business this year. Further, it stated that the two companies will be listed on the stock exchanges so that the company can gain maximum benefit out of the two fast-growing sectors.
Coal India increases production by 10.5% in July, offtake growth at 8.9% yoy
Coal India increased production by 10.5% yoy to 40.56mn tonne in the month of July 2018. This brings the total production for the period of April-July 2018 to 177.43mn tonne, an increase of 14.1% yoy. Offtake also rose 8.9% yoy in July 2018 to reach 48.25mn tonne. The offtake for the period of April-July 2018 stood at 201.68mn tonne, an increase of 11% yoy.
Domestic coal stock levels are yet to recover as demand from the power and metal sector remains strong. On Wednesday, National Aluminium Company's (Nalco) management stated that they had begun sourcing 120MW of power from the state-grid owing to a shortfall from existing coal linkage.
MCX gets recognition from SEBI for MCXCCL
Multi Commodity Exchange of India Ltd. (MCX) has received recognition from SEBI for its Multi Commodity Exchange Clearing Corporation Limited (MCXCCL)-the first clearing corporation in the commodity derivatives market. MCXCCL, a wholly owned subsidiary of MCX, will soon commence its operations and will undertake collateral management, risk management functions and clearing & settlement of trades executed on the Exchange.
Tata Motors reports 23% yoy volume growth in July 2018, lower than expected
Tata Motors Limited (TML), one of India’s largest automobile manufacturers, reported 21% yoy growth in domestic sales in July 2018. It sold 51,896 vehicles in India in July 2018 against 42,775 vehicles in July 2017. Exports were up 44% yoy at 4,971 units in July 2018. Total volume (domestic+export) was at 56,867, lower than the CNBC-TV18 estimate of 59,000 units.
Domestic commercial vehicle (CV) sales were up 25% yoy at 34,817 in July 2018 driven by increased government spending, robust private consumption, and improving industrial activity.
Bhansali Eng, Venky's, Dilip Buildcon among 13 companies out of BSE’s surveillance
As per a BSE circular, 13 companies including petrochemical enterprise Bhansali Engineering, construction engineering company Dilip Buildcon, and poultry processing company Venky’s will move out of the additional surveillance measures framework from Thursday.
Apart from these three, Goa Carbon, HIL, Himadri Speciality Chemical, Man Industries, Sanwaria Consumer, Tinplate Company of India were the other companies under surveillance.
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