Maintain ‘buy’ on UltraTech Cement with a price target of R3,290 a share. We value the company at 12.5x EV/Ebitda, which is at ~25% and ~10% premium to our target multiple of ACC and Ambuja Cement, respectively. Based on 12.5x FY17e EV/Ebitda, we arrive at our price target.

As per reports, Ultratech could acquire Jaypee’s 74% stake in Bhilai Jaypee Cement, which has clinker capacity of ~1.1 million tonne at Satna (MP) and grinding capacity of ~2.2 million tonne at Bhilai, Chhattisgarh (adjoining a SAIL Steel plant). On the positive side, this acquisition would further improve Ultratech’s exposure to non-South regions, which are better placed from demand-supply perspective.

The Rs 80,000-crore-plus Indian e-commerce industry is attracting top talent in hordes from across sectors and geographies. Driven by the high pace of growth of the local e-commerce segment, senior executives from large multinationals like Google, Uniliver and GSK are making a beeline for the new sunrise sector in the country.

Companies like Snapdeal, Flipkart and Zomato have recently hired senior-level talent from varied sectors ranging from FMCG to media for different managerial positions and the trend is growing.

The government today said it's likely to auction coal blocks for commercial mining this financial year and is working out details for the same.

The move follows the recent successful auction of coal blocks for captive use to companies, which fetched the government over Rs 2 lakh crore.

Auto major Tata Motors today said it has launched its Prima range of heavy commercial vehicles (CVs) in Bangladesh.

The company, in partnership with Bangladesh-based Nitol Motors, has rolled out models under the Prima brand catering to tipper and cargo segments.

market leader Mahindra & Mahindra on Thursday said it had signed an agreement to buy 33 per cent stake in agricultural machinery making company of Mitsubishi Heavy Industries for $25 million (Rs 160 crore). M&M would get new common shares in addition to Class A (non-voting) shares of Mitsubishi Agricultural Machinery Co (MAM) and four board positions.

The deal is expected to be closed by October 1, it clarified. The two companies have committed on joint development of products, sharing of engines and transmissions, common sourcing of parts and reciprocal product access for respective strong markets. The two are open to cross-badging too, said a senior executive of M&M.

The country’s largest property developer DLF is working on launching its first real estate investment trust (REIT) by pooling together its office properties by the end of the current financial year.

“Both financial and strategic investors have approached DLF in this regard,” the company said in a presentation. The government has recently issued clarification of minimum alternate tax (MAT), which is expected to give a boost to the launch of REITs.

State-run Oil and Natural Gas Corporation and its partner, Cairn India, are readying to spend between $750 million and $1 billion (Rs 4,800-6,400 crore) in the Nagayalanka onshore block in the Krishna-Godavari Basin.

Officials from ONGC and Cairn India said the finds were promising and they were set to commence production next year. The investments would be over three to five years, on creation of infrastructure, production facilities and transportation.

State Bank of India, the nation's top lender by assets, reported a better-than-expected 23% rise in quarterly profit on Friday and said its bad loan ratio declined sharply, sending its shares up by more than 5%.

The bank's gross bad loans ratio stood at 4.25% in its fourth quarter ended March, compared with 4.9% in the December quarter. The net non-performing loan ratio fell to 2.12% in the March quarter from 2.80% a quarter earlier.

German luxury brand Mercedes-Benz today launched an updated version of its armoured vehicle 'S 600 Guard' in India with starting price at Rs 8.9 crore (ex-showroom Delhi).

The vehicle, which is certified for the highest ballistics protection class, would be aimed at high profile customers, including high ranking officials and industrialists.

The benchmark BSE Sensex today ended marginally lower by 28 points at 27,809.35 as blue-chips witnessed a mixed trend amid concerns over poor quarterly earnings and a diverse closing at other Asian markets.

Of 30 Sensex counters, 14 ended lower and 15 rose, while TCS settled unchanged.

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