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RIL, Power Grid, Sun Pharma and Punj Lloyd to see some action today

Reliance Industries (RIL), operator of the world's biggest oil-refining complex, has forayed into cooking gas retailing, launching a 4-kg LPG cylinder on pilot basis. LPG consumption is growing by over 10 percent and private refiners RIL and Essar Oil want a pie of it. The government had last year permitted RIL to sell up to 1.2 lakh tonnes of LPG produced at its plants to private cooking gas marketers. Currently, public sector retailers Indian Oil, Bharat Petroleum and Hindustan Petroleum control retail LPG market, selling cooking gas in 5-kg, 14.2-kg and 19-kg cylinders. They sell 12 cylinders of 14.2-kg or 34 bottles of 5-kg per year to households on subsidized rates and any requirement above that on market price. The 19-kg cylinder is for commercial use.

Power Grid Corporation of India (Power Grid) has received its board approval for investment proposals worth Rs 1,184.45 crore for power transmission related projects. The board of directors at its meeting held on October 22, 2016 approved for the same. The first investment approval is of augmentation of transformation capacity in Southern Region at an estimated cost of Rs 167.75 crore, with commissioning schedule of 30 months from the date of investment approval.

Sun Pharmaceutical Industries has completed the divestment of its seven prescription brands in India to RPG Life Sciences. The company has divested the same after receiving approval of the Competition Commission of India and completion of all the necessary formalities for closure of the transaction. Earlier on July 27, 2016, Sun Pharma had signed an pact with RPG Life Sciences to divest seven brands in India, owned by the company and its subsidiary, for a consideration of Rs 41 crore. Besides, the pharma major has significant investment plans for its facility in Madhya Pradesh, including setting up of a new research facility.

Punj Lloyd's wholly owned subsidiary - Punj Lloyd Infrastructure (PLIL) has executed definitive agreements with India Infrastructure Fund II (a SEBI registered Category I Alternative Investment Fund represented by its investment manager IDFC Alternatives Limited) to divest three operating solar projects aggregating to 45 MW located in Punjab and Rajasthan subject to customary approvals and other conditions precedent.

Great Eastern Shipping Company (GE Shipping) has signed a contract to buy Supramax Dry Bulk Carrier of about 58,000 dwt. The 2009 built vessel is expected to join the company's fleet in Q3 FY17. The company's current fleet stands at 37 vessels, comprising 24 tankers (7 crude carriers, 15 product tankers, 2 LPG carrier) and 13 dry bulk carriers (1 Capesize, 7 Kamsarmax, 5 Supramax) with an average age of 8.93 years aggregating 2.88 mn dwt. Additionally, the company has 1 New building Kamsarmaxes on order.

Targeting to become the third biggest passenger vehicle maker in India by 2019-20 after Maruti Suzuki and Hyundai, auto major Tata Motors is lining up a slew of new products, including a compact SUV, premium hatchback and an executive sedan. It is looking to fill in gaps in its portfolio as its current models cover only 60 percent of the passenger vehicles segment. The auto major also plans to have lesser number of platforms going ahead to cut cost and complexities in product development.

State-owned NTPC is gearing up to cross the milestone of over 50,000 MW installed power generation capacity by March-end, with expected addition of over 4,630 MW. The group has an installed power generation capacity of 47,228 MW, which includes 800 MW of hydro and 360 MW of solar energy. It is expected to commission 550 MW of solar power project at Mandsaur, Ananthapuram and Badhla.

Mandhana Industries has received in-principle approval from Bank of Baroda (Lead bank) for supplication for Strategic Debt Restructuring (SDR) of the company and it is awaiting the advice and approval of the members banks (Term loan and working capital lenders). Mandhana Industries is a vertically integrated textile and garment manufacturing company in India. Its operations and facilities enable it to manufacture a wide variety of value-added fabrics and garments through its integrated operations.

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