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Published on 18/09/2020 12:14:38 PM | Source: SPA Securities Ltd

Key News IRCON International, Blackstone & Essel Propack Ltd by SPA Securities

Posted in Stock Market| #Stock Market #SPA Securities Ltd

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Key News

IRCON International has secured Railway Electrification Works for various routes of 2251 Route Kilo meter (RKM) worth approx. Rs.1900 Crore on competitive bidding basis among PSUs from the Ministry of Railways, Government of India.

The tenure for execution of the projects varies from 15 to 20 months from the date of signing of Agreement with the Zonal Railways.

With eye on China, India mandates random sampling of imported LED products India on Thursday mandated random sampling of imported light-emitting diodes (LED) and control gears for LED products to discourage imports of electronic items from China.

“Samples will be picked up for the specified items on a random basis from randomly selected consignments and will be sent to Bureau of Indian Standards-recognized laboratories for testing of defined safety parameters", under the Electronics and Information Technology Goods (Requirement of Compulsory Registration) Order, 2012, the Directorate General of Foreign Trade (DGFT) said in a notification.

“For such consignments, clearance will be given by customs to only those consignments where the randomly selected samples have complied with the requirements of standard. However, if the sample fails to meet the requirements of standard, such consignment will be sent back or will be destroyed at the cost of the importer," DGFT said.

In FY20, India imported electronic products worth more than $19 billion from China, with lamps and lighting fittings accounting for $436 million. India is running the world’s largest domestic lighting programme and has so far distributed 360 million LED bulbs under the Unnat Jyoti Affordable Lighting for All (UJALA) scheme. India is also running the world’s largest energy efficiency programme, with EESL offering large procurement contracts in the energy sector, enabling businesses to leverage scale and achieve economy to bring down prices.

India is the second-largest LED market globally by value, according to EESL, and the UJALA scheme may help avoid peak electricity demand of 9,428 mega watts.

Blackstone to sell Essel Propack shares worth $251 mn through block trade Epsilon Bidco Pte. Ltd, a Blackstone entity which owns 75% of Essel Propack, is looking to sell up to 23% stake representing around 72.5 million shares of the company It has set a floor price of Rs255 per share, a discount of around 6.5% to Thursday’s closing price of Rs273 apiece

 

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