Bhel may gain after commissioning thermal power generating unit in West Bengal

Bharat Heavy Electricals (Bhel) announced after market hours yesterday, 15 December 2015, that it has added one more coal-based power plant to the grid by successfully commissioning a 500 megawatts (MW) thermal generating unit in West Bengal. The 500 MW (unit 3) was commissioned at the upcoming Sagardighi thermal power extension project of West Bengal Power Development Corporation (WBPDCL), located at Murshidabad district of West Bengal. This is the first unit of phase II (2×500 MW) of the power plant and the second unit is also in advance stage of completion, Bhel said. The company said it has already commissioned 3,750 MW of power plants in the utility sector in the current financial year and is on track to achieve the target set by the government for the year.

Infosys announced that Fubon Bank (Hong Kong) Limited, a wholly owned subsidiary of Fubon Financial Holding Co., has decided to adopt Infosys Finacle’s newgeneration Finacle Core Banking solution. This transformation initiative will significantly improve the bank’s operational efficiency, strengthen innovation capabilities and support rapid growth, Infosys said in a statement. The announcement was made after market hours yesterday, 15 December 2015.

Finacle is the industry-leading universal banking solution from EdgeVerve Systems, a wholly owned subsidiary of Infosys.

Wipro providing a business update on its Chennai operations post recent floods there said that in Q3 results, the incident is expected to have a material impact on the revenues and will result in higher one-time cost incurred towards deployment of business continuity plan. This will impact operating margins for the quarter. Revenues from IT services business are expected to be in the previously communicated range of $1,841 million to $1,878 million; However, the company expects revenues to be in the lower half of the guidance range. The company announced before market hours today, 16 December 2015.

Wipro has largely seen the restoration of normal operations in Chennai facilities. The recent heavy rainfall and resultant flooding impacted the regular business operations of Wipro’s Chennai facilities during the first week of December. Business continuity plans were invoked for the work being done from facilities to ensure there was no disruption in the business-critical operations of customers. Wipro has multiple facilities in Chennai with over 22,000 employees. Wipro has been focused on ensuring the safety of its employees and their families and has rolled out multiple employee support initiatives to mitigate their hardship during this period. Wipro has adequate insurance coverage and is in touch with the insurance companies to assess the damage and the claim will be subject to policy terms.

HDFC Bank announced that it has issued and allotted on a private placement basis senior, unsecured, redeemable, long term, non-convertible bonds in the nature of debentures amounting to Rs 2975 crore. The announcement was made after market hours yesterday, 15 December 2015.

L&T announced that Canada Pension Plan Investment Board (CPPIB) has completed its second tranche investment of Rs 1000 crore into L&T’s subsidiary L&T Infrastructure Development Projects (L&T IDPL) by subscribing to compulsorily convertible preference shares of L&T IDPL. The announcement was made after market hours yesterday, 15 December 2015. It may be recalled that L&T and CPPIB had in June 2014, entered into a definitive agreement whereby CPPIB through its Singapore-based wholly owned subsidiary, had committed to make an investment of Rs 2000 crore into L&T IDPL in two tranches. The first tranche investment of Rs 1000 crore was made in December 2014.

Public sector oil marketing companies (PSU OMCs) will be in focus after cutting prices of petrol by 50 paise a litre and diesel by 46 paise a litre in Delhi with prices varying marginally in other places due to local levies. The revised prices took effect from today, 16 December 2015. PSU OMCs review fuel prices twice a month based on the trend in international oil market and currency movement. The first review takes place during the middle of the month and the last review at the month-end.

National Buildings Construction Corporation (NBCC) announced that it has formed a wholly owned subsidiary company NBCC Engineering & Consultancy to provide engineering and consultancy services of all kinds related to construction and development of all types of buildings, infrastructure and other conveniences including “smart city” projects. The announcement was made after market hours yesterday, 15 December 2015.