My Application Form Status

Check the status of your application form with Angel Broking.
Bosch in focus as board to consider share buyback
Jun 29,2016

Bosch said that a meeting of the board of directors of the company will be held on 1 July 2016, to consider a proposal for buyback of the companys equity shares. The announcement was made after market hours yesterday, 28 June 2016.

Shares of HDFC Bank turn ex-dividend today, 29 June 2016 for dividend of Rs 9.50 per share for the year ended 31 March 2016.

L&T announced before market hours today, 29 June 2016 that the Red Herring Prospectus filed by the companys subsidiary L&T Infotech with the Registrar of Companies, Maharashtra, for an offer for sale (OFS) of shares by L&T has been approved on 28 June 2016. The offer of L&T Infotech will open for subscription on 11 July 2016 and close on 13 July 2016.

Dabur India turns ex-dividend today, 29 June 2016, for final dividend of Rs 1 per share for the year ended 31 March 2016.

Havells India turns ex-dividend today, 29 June 2016, for final dividend of Rs 3 per share for the year ended 31 March 2016.

Kesar Terminals & Infrastructure said that a meeting of the board of directors of the company will be held on 1 July 2016, inter alia, to consider sub-division of equity shares of the company. The announcement was made after market hours yesterday, 28 June 2016.

Indo Borax & Chemicals said that the company will restart production activity from Pithampur plant from 29 June 2016, with an alternative arrangement of water supply. The announcement was made after market hours yesterday, 28 June 2016.

Great Eastern Shipping Company announced after market hours yesterday, 28 June 2016, that it has bought back and extinguished 100 secured and 550 unsecured debentures of Rs 10 lakh each, aggregating to Rs 65 crore.

Powered by Capital Market - Live News

Interest rate sensitive stocks in focus as finance ministry announces initiating process to constitute MPC
Jun 28,2016

Interest rate sensitive banking, automobile and real estate stocks will be in focus after the finance ministry announced that it has initiated the process to constitute Monetary Policy Committee (MPC) under the Reserve Bank of India Act, 1934. Out of the six members of MPC, three members will be from the Reserve Bank of India (RBI), including the RBI Governor, who will be the ex-officio Chairperson of the MPC, the Deputy Governor, RBI and one officer of RBI. The other three members of MPC will be appointed by the central government on the recommendations of a Search-cum-Selection Committee, which will be headed by the Cabinet Secretary. These three members of MPC will be experts in the field of economics or banking or finance or monetary policy and will be appointed for a period of 4 years and will not be eligible for re-appointment. The meetings of the MPC will be held at least 4 times a year and the MPC will publicise its decisions after each meeting. A committee-based approach will add a lot of value and transparency to monetary policy decisions, the finance ministry said in a statement issued after trading hours yesterday, 27 June 2016.

Siemens announced that it has won an order worth approximately Rs 570 crore to supply Static Synchronous Compensator (STATCOM) solutions to Power Grid Corporation of India (PGCIL). The scope of the order includes design, engineering, supply, civil, installation, testing and commissioning of STATCOMs at four substation locations of PGCIL: Ranchi, Rourkela, Kishenganj and Jeypore across the states of Bihar, Jharkhand and Odisha. The announcement was made after market hours yesterday, 27 June 2016.

Bharti Infratel said that the companys proposed buyback of 4.70 crore shares at Rs 425 per share under tender offer route would commence on 12 July 2016 and close on 25 July 2016. The announcement was made before market hours today, 28 June 2016.

Shares of Tata Communications will be in focus. Liquid Telecom, a privately owned, pan-African telecoms group, majority owned by Econet Wireless Global, today, 28 June 2016 announced that it has entered into an agreement to acquire South African communications network operator Neotel. The shareholders of Neotel - Tata Communications of India and minority shareholders led by Nexus Connexion - have agreed for Liquid Telecom to acquire Neotel for ZAR6.55 billion. Liquid Telecom is partnering with Royal Bafokeng Holdings (RBH), a South African empowerment investment group, which has committed to take a 30% equity stake in Neotel. The transaction, which is subject to obtaining all affirmative approvals and other corporate approvals that may be required by the shareholders of Neotel and other regulatory approvals, is transformative and will create the largest pan-African broadband network and B2B telecoms provider. The announcement was made before market hours today, 28 June 2016.

Indiabulls Housing Finance said that the company proposes to issue 6250 Secured Non-Convertible Redeemable Debentures with a face value of Rs 10 lakh each aggregating to Rs 625 crore (plus greenshoe option), on private placement basis, pursuant to special resolution passed by the shareholders of the Company at the 10th Annual General Meeting held on 7 September 2015, on the terms and conditions. The announcement was made before market hours today, 28 June 2016.

Powered by Capital Market - Live News

Bharti Airtel in focus after extending further merger agreement with Axiata
Jun 27,2016

Bharti Airtel said that the company and Axiata Group Berhad (Axiata), have on Friday, 24 June 2016 agreed to further extend an earlier agreement until 26 September 2016 or such other date as the parties may agree. The announcement was made after market hours on Friday, 24 June 2016.

It may be recalled that Bharti Airtel and Axiata Group Berhad had on 28 January 2016 signed a definitive agreement to merge their respective telecommunication subsidiaries in Bangladesh; namely, Airtel Bangladesh (Airtel) and Robi Axiata (Robi). The agreement follows the 9 September 2015 announcement of both parties entering into an exclusive discussion to explore possibility of combining the business operations in Bangladesh.

Post-merger, the combined entity operating as Robi will serve approximately 4 crore customers. The joint strengths of Robi and Airtel will deliver the widest mobile network coverage across Bangladesh, strengthening its position in the mobile internet segment as well as consolidating its position as the second largest operator in the country, Airtel and Axiata said in a joint press release on 28 January 2016. The proposed transaction is subject to conditions precedent including receiving applicable approvals from relevant authorities and is expected to complete in the first half of 2016, the two companies had said. Upon completion, Axiata will hold 68.3% controlling stake in the combined entity, while Bharti will hold 25%. The remaining 6.7% will be held by the existing shareholder, NTT DOCOMO of Japan, they added.

Bajaj Finserv is reportedly likely to buy out its German partner Allianz SEs stakes in two insurance units Bajaj Allianz Life Insurance Company and Bajaj Allianz General Insurance in a deal estimated at as much as Rs 10000 crore. Bajaj Finserv, the financial services arm of Bajaj Holdings and Investments, owns 74% and Allianz SE holds 26% in both the ventures, as per reports.

Aban Offshore said that its step down subsidiary has received a firm letter of award from ONGC for the deployment of the drillship Aban Abraham for a firm period of 2 years. The expected revenues from this deployment is estimated at $87 million (equivalent to Rs 592 crore). The deployment is expected to commence during the fourth quarter of calendar year 2016. The announcement was made after market hours on Friday, 24 June 2016.

Tata Sponge Iron said that the company is in receipt of Letter of Intent (LOI) from Eastern Coalfields (a subsidiary of Coal India) declaring the company as a successful bidder for award of 24,000 tonne per annum of coal at a notified price (winning premium is zero). The notified price shall be reviewed by Coal India on a half yearly basis. As per the LOI, the company would be required to execute the fuel supply agreement, valid for a period of five years from the date of execution of the agreement and is further extendable for another five years. The agreement shall have a lock-in period of two years. The tonnage will constitute less than 10% of the companys annual coal requirement. The announcement was made after market hours on Friday, 24 June 2016.

Indian Overseas Bank said that the credit rating agency ICRA has revised its ratings for upper tier -II and Basel II compliant perpetual bond issues. The revision in the ratings assigned to the bonds is due to continued deterioration in asset quality indicators over the recent past, which adversely impacted the solvency and capitalisation profile of the bank. The announcement was made after market hours on Friday, 24 June 2016.

Patel Engineering said that a meeting of the board of directors of the company will be held on 29 June 2016, to consider and approve conversion of debt into equity pursuant to strategic debt restructuring scheme devised by the Reserve Bank of India {the RBI). The announcement was made after market hours on Friday, 24 June 2016.

Zuari Agro Chemicals said that the company has availed an unsecured inter corporate deposit (ICD) of Rs 100 crore from Adventz Finance, a promoter of the company, for a period of 12 months. The announcement was made after market hours on Friday, 24 June 2016.

Powered by Capital Market - Live News

Sun Pharma may gain after announcing buyback of shares
Jun 24,2016

Sun Pharmaceutical Industries announced after market hours yesterday, 23 June 2016, that its board approved buyback of the companys equity shares. The company will buyback 75 lakh shares from the public at a price of Rs 900 each. The buyback price is 19.73% above the companys last traded price of Rs.751.70 on the BSE. The company said that the buyback aims to return surplus funds to shareholders and enhance overall returns for them. The record date for the buyback is 15 July 2016. Under Securities and Exchange Board of India (Sebi) guidelines, 15% of the buyback offer is reserved for small investors holding shares worth not more than Rs 2 lakh as on the record date.

State Bank of India (SBI) announced after market hours yesterday, 23 June 2016, that a meeting of the executive committee of the central board of the bank is scheduled to be held on 29 June 2016 at Mumbai. The committee will examine the status and decide on long term fund raising in single/multiple tranches up to $1500 million through a public offer and/or private placement of senior unsecured notes in US Dollar or any other convertible currency during the financial year 2016-2017.

Sector specific action could be witnessed after early results of Brexit referendum showed that the Britain is on its course to leave the European Union. IT, auto and steel sector could witness selling pressure as they derive good amount of revenue from the European Union.

Glenmark Pharmaceuticals announced before market hours today, 24 June 2016 that it has received tentative ANDA approval from the USFDA for Olmesartan Medoxomil Tablets, 5 mg, 20 mg and 40 mg.

Separately, Glenmark Pharmaceuticals announced it has received ANDA approval from the USFDA for Nystatin and Triamcinolone Acetonide Ointment USP, 100,000 units/1 mg per gram.

Omax Autos said that railway division of the company has secured order for supply of railway parts from Indian Railways for order value estimated between Rs 90-100 crore. Formal purchase order would be received by the company in due course of time, Omax Autos said. The announcement was made after market hours yesterday, 23 June 2016.

Ruchira Papers said that the credit rating of the company has been upgraded from CARE BBB- (TRIPLE B -) to CARE BBB (TRIPLE B) assigned to Long term facilities and CARE BBB/CARE A3+(TRIPLE B/ A THREE PLUS) assigned to short term facilities of the company. The announcement wasmade after market hours yesterday, 23 June 2016.

Shilpa Medicare said that a meeting of the board of directors of the company will be held on 27 June 2016, to consider a proposal of merger of Navya Boilogicals with the company. Navya Biologicals (NBPL) is a company incorporated under the Companies Act, is engaged on research and development activities in the field of biologicals. NBPL has specifically been in the development of bio-similars and product process technologies. The announcement was made after market hours yesterday, 23 June 2016.

Powered by Capital Market - Live News

Bharti Airtel may gain after Orange completes acquisition of its operations in Burkina Faso
Jun 23,2016

Bharti Airtel announced before market hours today, 23 June 2016 that Orange has completed the acquisition of 100% of the operations of Airtel in Burkina Faso via its subsidiaries. The company shall update the exchange regarding the process for Sierra Leone as and when it is completed.

Lupin announced at the fag end of trading session yesterday, 22 June 2016 that it has received final approval for its Amabelz Tablets (Estradiol and Norethindrone Acetate Tablets USP, 0.5 mg/0.1 mg and 1mg/0.5 mg) from the United States Food and Drug Administration (FDA) to market a generic version of Amneal Pharmaceuticals Activella Tablets (Estradiol and Norethindrone Acetate Tablets USP, 0.5 mg/0.1 mg and 1 mg/ 0.5 mg).

Lupins Amabelz Tablets (Estradiol and Norethindrone Acetate Tablets USP, 0.5 mg/0.1 mg and 1 mg/0.5mg) are the AB rated generic equivalent of Amneal Pharmaceuticals Activella Tablets (Estradiol and Norethindrone Acetate Tablets USP, 0.5 mg/0.1 mg and 1 mg/0.5 mg). Amabelz Tablets 0.5 mg / 0.1 mg and 1 mg / 0.5 mg are indicated in a woman with a uterus for treatment of moderate to severe vasomotor symptoms due to menopause and prevention of postmenopausal osteoporosis. Amabelz Tablets 1 mg/0.5 mg is also indicated in a woman with a uterus for treatment of moderate to severe symptoms of vulvar and vaginal atrophy due to menopause. Activella had annual US sales of $95.6 million as per IMS MAT March 2016.

GAIL (India) announced after market hours yesterday, 22 June 2016 that it has placed orders for purchase of 341 kilometers (km) of Line Pipes for the Phulpur Haldia/Dhamra Natural Gas Pipeline on four companies at a total cost of Rs 550 crore.

The pipeline will serve as the Energy Highway (Urja Ganga) of Eastern India and its construction work was inaugurated by Prime Minister Shri Narendra Modi. The Line Pipes for which the orders have been placed will be used in the Phulpur (Uttar Pradesh)-Dobhi (Bihar) section of the Pipeline and will be procured from Jindal Saw Limited, MAN Industries (India) Limited, Essar Steel India Limited and Zhongyou BSS (Qinhuangdao) Petropipe Co. Ltd, China.

The 1,681 km Phulpur Haldia/Dhamra Pipeline will be completed in three phases at a cost of Rs 12000 crore and cover eastern Uttar Pradesh, Bihar, Jharkhand, Orissa and West Bengal. The first phase at a project cost of Rs 3200 crore and will cover 755 km and include Phulpur Mani, Mani Gorakhpur, Mani Varanasi, Mani Dobhi, Dobhi - Silao, Silao Patna and Silao Barauni sections. Pipeline laying works for Spurlines from Gaya Barauni Patna in Bihar are already in progress. Subsequent phases of the 16 MMSCMD Pipeline will cover major cities including Gorakhpur, Varanasi, Patna, Barauni, Bokaro, Ranchi, Rourkela, Paradip, Bhubaneshwar, Cuttack, Durgapur, Kolkata and Jamshedpur and nearby areas through 30/24 Mainline and Spurlines.

NTPC announced after market hours yesterday, 22 June 2016 that in accordance with the approval accorded by Cabinet Committee on Economic Affairs on 13 May 2015, Government of India (GOI) has offered 2.06 crore shares to the eligible employees of NTPC at discounted price of Rs 115.90 per share i.e. 5% discount to the cut off price of Rs 122 discovered through the offer for sale of shares of NTPC carried out by GOI on 23 February 2016 & 24 February 2016. In connection with the above, action has been initiated by the company for sale of equity shares to the eligible employees by the GOI. The offer for sale of share shall remain open tentatively from 27 June 2016 to 5 July 2016.

IndusInd Bank turns ex-dividend today, 23 June 2016 for dividend of Rs 4.50 per share for the year ended 31 March 2016 (FY 2016).

Textile stocks will be in focus. The Union Cabinet under the Chairmanship of Prime Minister Narendra Modi has given approval yesterday, 22 June 2016 for a special package for employment generation and promotion of exports in textile and apparel sector. The move comes in the backdrop of the package of reforms announced by the Government for generation of one crore jobs in the textile and apparel industry over next 3 years. The package includes a slew of measures which are labour friendly and would promote employment generation, economies of scale and boost exports. The steps will lead to a cumulative increase of $30 billion in exports and investment of Rs 74000 crore over next 3 years.

The majority of new jobs are likely to go to women since the garment industry employs nearly 70% women workforce. Thus, the package would help in social transformation through women empowerment.

Under the package, reforms were announced in employee provident fund scheme. Government of India shall bear the entire 12% of the employers contribution of the employers provident fund scheme for new employees of garment industry for first 3 years who are earning less than Rs 15,000 per month. At present, 8.33% of employers contribution is already being provided by Government under Pradhan Mantri Rozgar Protsahan Yojana (PMRPY). Ministry of Textiles shall provide additional 3.67% of the employers contribution amounting to Rs 1170 crore over next 3 years. EPF shall be made optional for employees earning less than Rs 15,000 per month This shall leave more money in the hands of the workers and also promote employment in the formal sector.

The government has also increased cap on overtime. This shall lead to increased earnings for the workers. Overtime hours for workers not to exceed 8 hours per week in line with ILO norms. The government has also introduced fixed term employment. Looking to the seasonal nature of the industry, fixed term employment shall be introduced for the garment sector. A fixed term workman will be considered at par with permanent workman in terms of working hours, wages, allowances and other statutory dues. The package also breaks new ground in moving from input to outcome based incentives by increasing subsidy under Amended-Technology Upgradation Fund Scheme (TUFS) from 15% to 25% for the garment sector as a boost to employment generation. A unique feature of the scheme will be to disburse the subsidy only after the expected jobs are created. Additionally, in a first of its kind move, a new scheme will be introduced to refund the state levies which were not refunded so far. This move is expected to cost the exchequer Rs 5500 crore but will greatly boost the competitiveness of Indian exports in foreign markets. Drawback at All Industries Rate to be given for domestic duty paid inputs even when fabrics are imported under Advance Authorization Scheme. Further, looking at the seasonal nature of garment industry, the provision of 240 days under Section 80JJAA of Income Tax Act would be relaxed to 150 days for garment industry.

Golden Tobacco announced after market hours yesterday, 22 June 2016 that the company has received a demand notice from office of the Tax Recovery Officer, Aayakar Bhavan, Mumbai vide letter dated 15 June 2016 for recovery of principal amount.

KEC International announced after market hours yesterday, 22 June 2016 that it has won new orders of Rs 1036 crore.

Powered by Capital Market - Live News

Tech Mahindra may gain after acquiring UK based company
Jun 22,2016

Tech Mahindra announced before market hours today, 22 June 2016 that the Investment Committee of Board of Directors of the company on 21 June 2016 approved the proposal to acquire 100% stake in The Bio Agency Limited, a UK based entity. The company is acquired for the enterprise value of GBP 40 million plus surplus cash not exceeding GBP 5 million as at the completion date. The payment of GBP 22 million and the surplus cash will be made upfront and the balance is deferred payments based on company performance. The closing of the transaction is expected to take place in the first week of July 2016. BIO, UK specializes in digital transformation and innovation, helping organizations change the way they engage with customers. It has revenues of GDP 12.5 million for the year ended 30 April 2016. The acquisition brings forth the synergy that will open up more clients for BIO globally, especially in US and Europe, scaling their offering geographically and enabling new services and deeper digital change.

Hindustan Unilever (HUL) turns ex-dividend today, 22 June 2016 for final dividend of Rs 9.50 per share for the year ended 31 March 2016 (FY 2016).

Majesco announced after market hours yesterday, 21 June 2016 a partnership with eGain, a global provider of cloud customer engagement solutions. As part of the alliance, Majesco will embed eGains knowledge-guided digital engagement capabilities into its insurance industry solution. The companies will also team together on joint business opportunities in engaging and serving clients.

Jindal Steel & Power announced after market hours yesterday, 21 June 2016 that the Board of Directors of the company at its meeting held on 21 June 2016, inter alia, approved issuance of non-convertible debentures upto Rs 5000 crore and also approved Issuance of further securities upto Rs 5000 crore.

Kwality announced after market hours yesterday, 21 June 2016 that a meeting of the Board of Directors of the company will be held on 24 June 2016, inter alia, to raise funds upto Rs 300 crore by way of term loan and issue of non-convertible debentures.

Sharon Bio-Medicine announced after market hours yesterday, 21 June 2016 that the Board of Directors of the company at its meeting held on 21 June 2016, has discussed the current financial position of the company and decided to introduce more profitable products increase capacity utilization and get the business to move in the regulated markets specifically the United States of America.

Shrenuj & Company announced after market hours yesterday, 21 June 2016 that as a part of strategy, the company has undertaken an exercise to rationalise its manpower across all levels. As a result, some of employees have started tendering their resignations. The company is putting its every effort to retain the best talent in the organisation. Alternative strategies are being considered to overcome the current challenges.

Shares of Max Ventures and Industries will be listed on the bourses today, 22 June 2016 pursuant to the scheme of arrangement. Pursuant to the scheme of arrangement, 1 share of Max Ventures and Industries earlier known as Capricorn Ventures was issued and allotted for every 5 shares of Max Financial Services earlier known as Max India Limited. Erstwhile Max India had earlier this year announced its demerger into three listed companies Max Financial Services, Max India and Max Ventures & Industries. The third holding company, Max Ventures & Industries (MVIL) will manage the investment in the manufacturing subsidiary, Max Speciality Films, which is an innovation leader in the Speciality Packaging Films business. It will also evaluate new ideas in the wider world of business, including but not limited to sectors such as real estate, education and technology.

Powered by Capital Market - Live News

Banks stocks in focus as interest rate on small saving schemes unchanged
Jun 21,2016

Bank stocks will be in focus after the finance ministry in its quarterly revision on interest rates on small savings schemes kept the rates unchanged for Q2 September 2016. The government now announces revision in interest rates on small saving schemes on quarterly basis as against the earlier practice of annual revision. The decision to shift to quarterly revision from annual revision was taken to ensure that interest rates under small savings schemes are more dynamically related to the prevailing market rates. It may be recalled that the finance ministry had in March 2016 announced reduction in interest rates on small savings schemes for Q1 June 2016 in a move to bring the rates in line with the prevailing money market rates.

Cera Sanitaryware announced after market hours yesterday, 20 June 2016, that Anjali Tiles, a subsidiary company, allotted 15.30 lakh, 1% cumulative redeemable preference shares of Rs 10/- each to the company.

Apollo Hospitals Enterprise announced after market hours yesterday, 20 June 2016, that it signed Memorandum of Understanding (MoU) with Chinas Hainan Ecological Smart City Group (HESCG) to build a hospital in Hainan Province, China. HESCG is a Chinese industrial park development and operations company. The MoU is also aimed at expanding to other parts of China and also extend into India with suitable model of collaboration which will be discussed post the signing of the MoU.

HESCG will provide land, all the investments for the construction, commissioning and equipping the hospital besides all operative expenses, while Apollo Hospitals Group would provide its services for technical consulting, planning and commissioning of the hospital and post completion of the hospital, provide services for the operations and management of the hospital. Apollo Hospitals would also support in building the technical and management personnel, install its acclaimed patient care clinical protocols and practices, the company said in a statement.

Quick Heal Technologies announced after market hours yesterday, 20 June 2016, that it launched Seqrite Services to offer cyber security consulting and Quick Heal Academy to impart cyber security education programs, globally.

Kesar Terminals & Infrastructure announced after market hours yesterday, 20 June 2016, that its board of directors will meet on 24 June 2016, to consider issuing bonus shares.

Indiabulls Housing Finance announced after market hours yesterday, 20 June 2016 that the company proposes to issue 250 secured non-convertible redeemable debentures with a face value of Rs 10 lakh each aggregating to Rs 25 crore plus Greenshoe Option on private placement basis.

Separately, Indiabulls Housing Finance said that it has on 20 June 2016, allotted secured, redeemable, non-convertible debentures of face value Rs 10 lakh each aggregating Rs 20 crore on private placement basis.

Powered by Capital Market - Live News

Bank stocks in focus as interest rate on small saving schemes unchanged
Jun 21,2016

Bank stocks will be in focus after the finance ministry in its quarterly revision on interest rates on small savings schemes kept the rates unchanged for Q2 September 2016. The government now announces revision in interest rates on small saving schemes on quarterly basis as against the earlier practice of annual revision. The decision to shift to quarterly revision from annual revision was taken to ensure that interest rates under small savings schemes are more dynamically related to the prevailing market rates. It may be recalled that the finance ministry had in March 2016 announced reduction in interest rates on small savings schemes for Q1 June 2016 in a move to bring the rates in line with the prevailing money market rates.

Cera Sanitaryware announced after market hours yesterday, 20 June 2016, that Anjali Tiles, a subsidiary company, allotted 15.30 lakh, 1% cumulative redeemable preference shares of Rs 10 each to the company.

Apollo Hospitals Enterprise announced after market hours yesterday, 20 June 2016, that it signed Memorandum of Understanding (MoU) with Chinas Hainan Ecological Smart City Group (HESCG) to build a hospital in Hainan Province, China. HESCG is a Chinese industrial park development and operations company. The MoU is also aimed at expanding to other parts of China and also extend into India with suitable model of collaboration which will be discussed post the signing of the MoU.

HESCG will provide land, all the investments for the construction, commissioning and equipping the hospital besides all operative expenses, while Apollo Hospitals Group would provide its services for technical consulting, planning and commissioning of the hospital and post completion of the hospital, provide services for the operations and management of the hospital. Apollo Hospitals would also support in building the technical and management personnel, install its acclaimed patient care clinical protocols and practices, the company said in a statement.

Quick Heal Technologies announced after market hours yesterday, 20 June 2016, that it launched Seqrite Services to offer cyber security consulting and Quick Heal Academy to impart cyber security education programs, globally.

Kesar Terminals & Infrastructure announced after market hours yesterday, 20 June 2016, that its board of directors will meet on 24 June 2016, to consider issuing bonus shares.

Indiabulls Housing Finance announced after market hours yesterday, 20 June 2016 that the company proposes to issue 250 secured non-convertible redeemable debentures with a face value of Rs 10 lakh each aggregating to Rs 25 crore plus Greenshoe Option on private placement basis.

Separately, Indiabulls Housing Finance said that it has on 20 June 2016, allotted secured, redeemable, non-convertible debentures of face value Rs 10 lakh each aggregating Rs 20 crore on private placement basis.

FM radio broadcasters will be in focus. Ministry of Information and Broadcasting, Government of India yesterday, 20 June 2016 issued the Notice Inviting Applications (NIA) for e-auction of 266 FM Radio channels in 92 cities in the second batch of Private FM Phase III. The second batch consists of 227 channels in 69 new cities besides 39 channels in 23 existing cities. Out of 69 new cities taken up for auction in the second batch, 20 cities with 80 channels are having population of 3-10 lakh , 38 cities with 114 channels are having population of 1-3 lakh whereas 11 cities in border areas of Jammu & Kashmir and North Eastern states with population upto one lakh having 33 channels have also been included.

The issuance of NIA for the second batch under Private FM Phase III will further the process of expansion of FM Radio broadcasting services through private agencies (Phase-III) that began with the notification of FM Phase III Policy guidelines dated 25 July2011, read with its modified paragraph 31 dated 21 January 2015, and moved forward with the e-auction of the first batch of FM Phase III. E-auction of first batch, which commenced on 27 July 2015 and got over on 9 September 2015 resulting in selling of 91 channels in 54 cities. It also paved the way for migration (renewal) of 181 Phase II licenses to Phase III.

Amongst the 266 channels on offer, special incentives are being provided to 36 channels in 14 cities in J&K and North Eastern states. By this, the FM Phase III policy exudes the Governments thrust for concerted development of the North Eastern states and J&K. It provides much needed support to the FM radio broadcasting services in cities of North Eastern part of India as in the cities of Jammu & Kashmir and Island territories, with provision of annual fee of the channels in these areas at half the rates for first three years, besides provision of Prasar Bharati Infrastructure at half the lease rentals.

Powered by Capital Market - Live News

BPCL, IOC and Oil India may gain after their consortium acquires stake in Russian oil & gas field
Jun 20,2016

BPCL said on Saturday, 18 June 2016 that Bharat PetroResources (BPRL), a 100% subsidiary of BPCL, and its exploration and production arm, along with Oil India and Indian Oil Corporation (IOCL), acting jointly as the Indian consortium, signed definitive agreements to acquire, through a joint venture company formed by their wholly owned subsidiaries in Singapore, upto 23.9% shares of the charter capital of JSC Vankorneft, a company organised under the laws of the Russian Federation, which is the owner of Vankor and North Vankor Field licenses, from Rosneft Oil Company (Rosneft), a National Oil Company of Russia. The acquisition is subject to relevant Board, Government and regulatory approvals and is expected to close by September 2016.

Rosneft Oil Company holds about 85% shares while ONGC Videsh (through its subsidiary) holds about 15% shares in JSC Vankorneft. Vankor field, located in East Siberia is Russias second largest field by production and accounts for around 4% of Russian production. In 2015, the Vankor field produced 22 million tons of oil and 8.71 BCM of gas.

Axis Bank said after market hours on Friday, 17 June 2016 that it has kept its lending rates based on marginal cost of funds unchanged effective from 18 ?June 2016. The banks Marginal Cost of Funds based Lending Rate (MCLR) for overnight loans will be 8.95%, the rate for one month will be 9.05% and for three months it will be 9.25%. The MCLR on 6-month loans will be 9.3% and for one-year loans the rate will be 9.35%, the bank said. MCLR on two-year loans will be 9.45% and for three-year loans the rate will be 9.5%.

All rupee loans sanctioned and credit limits renewed with effect from 1 April 2016 are priced with reference to the Marginal Cost of Funds based Lending Rate (MCLR) which is the internal benchmark of the concerned bank. Actual lending rates are determined by adding the components of spread to the MCLR.

Coal India said after market hours on Friday, 17 June 2016 that the board of directors of Central Coalfields (CCL), the companys subsidiary approved the buyback of 23.50 lakh fully paid equity shares of face value of Rs 1000 each from the members of CCL on a proportionate basis through tender offer, representing 25% of the total number of equity shares in the paid-up share capita! of the company for an aggregate amount not exceeding Rs 1128 crore (maximum buyback size) being upto 25% of the paid-up equity share capital and free reserves as on financial year ended 31 March 2016, at a price of Rs 4800 per equity share payable in cash.

Tata Chemicals said after market hours on Friday, 17 June 2016 that due to emerging market conditions with effect from 19 June 2016, the company has decided to supply Di-ammonium Phosphate (DAP) to its customers from inventory in hand and imports, and consequently production of complex fertilisers, including DAP, is being temporarily suspended at Haldia, West Bengal. Production of Single Super Phosphate (SSP) remains unaffected. The company will notify the exchange as and when production of DAP resumes.

Subros said on Saturday, 18 June 2016 that it has reinstated full supplies to its customer Maruti Suzuki India from the companys other plants at Noida, Pune and Chennai. Further, the company is working on fast-track basis to re-build the Manesar facilities so as to commence production in phased manner.

UCO Bank said on Saturday, 18 June 2016 that the board of directors of the bank approved the proposal for raising of tier I capital to the tune of Rs 4243 crore through issue of AT-1 bonds, issue of equity shares through FPO/Preferential Issue/ESOPs/QIP etc., The board has also approved the proposal for raising Tier II capital to the tune of Rs 1500 crore through issue of tier II bonds during the year financial years ending 31 March 2017 (FY 2017) and FY 2018 depending upon the market conditions.

MEP Infrastructure Developers said before market hours today, 20 June 2016 that the Securities and Exchange Board of India (SEBI) has granted the Certificate of Registration as an Infrastructure Investment Trust to MEP Infrastructure Investment Trust (MEP InvIT). MEP Infrastructure Developers is the Sponsor for the MEP InvIT.

Andrew Yule & Company said on Saturday, 18 June 2016 that the Board of Directors of the company have approved allotment of 1.24 crore shares of the company in favour of Bank of Baroda, against conversion of working capital term loan availed of by the company, as approved by the Cabinet Committee on Economic Affairs.

Aptech said on Saturday, 18 June 2016 that the company has on 18 June 2016 come across an order of SEBI dated 16 June 2016 on the website of SEBI wherein SEBI has notified that they are investigating 59 GDR issues of various companies including the GDR issue of the company in November 2003.

Bafna Pharmaceuticals said after market hours on Friday, 17 June 2016 that the board of directors approved the proposal for allotment of shares of 10 lakh shares to Promoters and 30 lakh shares to external investors (Non-Promoter) under preferential allotment basis through postal ballot process.

Powered by Capital Market - Live News

BPCL, IOC and Oil India may gain after their consortium acquires stake in Russian oil & gas company
Jun 20,2016

BPCL said on Saturday, 18 June 2016 that Bharat PetroResources (BPRL), a 100% subsidiary of BPCL, and its exploration and production arm, along with Oil India and Indian Oil Corporation (IOCL), acting jointly as the Indian consortium, signed definitive agreements to acquire, through a joint venture company formed by their wholly owned subsidiaries in Singapore, upto 23.9% shares of the charter capital of JSC Vankorneft, a company organised under the laws of the Russian Federation, which is the owner of Vankor and North Vankor Field licenses, from Rosneft Oil Company (Rosneft), a National Oil Company of Russia. The acquisition is subject to relevant Board, Government and regulatory approvals and is expected to close by September 2016.

Rosneft Oil Company holds about 85% shares while ONGC Videsh (through its subsidiary) holds about 15% shares in JSC Vankorneft. Vankor field, located in East Siberia is Russias second largest field by production and accounts for around 4% of Russian production. In 2015, the Vankor field produced 22 million tons of oil and 8.71 BCM of gas.

Axis Bank said after market hours on Friday, 17 June 2016 that it has kept its lending rates based on marginal cost of funds unchanged effective from 18 June 2016. The banks Marginal Cost of Funds based Lending Rate (MCLR) for overnight loans will be 8.95%, the rate for one month will be 9.05% and for three months it will be 9.25%. The MCLR on 6-month loans will be 9.3% and for one-year loans the rate will be 9.35%, the bank said. MCLR on two-year loans will be 9.45% and for three-year loans the rate will be 9.5%.

All rupee loans sanctioned and credit limits renewed with effect from 1 April 2016 are priced with reference to the Marginal Cost of Funds based Lending Rate (MCLR) which is the internal benchmark of the concerned bank. Actual lending rates are determined by adding the components of spread to the MCLR.

Coal India said after market hours on Friday, 17 June 2016 that the board of directors of Central Coalfields (CCL), the companys subsidiary approved the buyback of 23.50 lakh fully paid equity shares of face value of Rs 1000 each from the members of CCL on a proportionate basis through tender offer, representing 25% of the total number of equity shares in the paid-up share capita! of the company for an aggregate amount not exceeding Rs 1128 crore (maximum buyback size) being upto 25% of the paid-up equity share capital and free reserves as on financial year ended 31 March 2016, at a price of Rs 4800 per equity share payable in cash.

Tata Chemicals said after market hours on Friday, 17 June 2016 that due to emerging market conditions with effect from 19 June 2016, the company has decided to supply Di-ammonium Phosphate (DAP) to its customers from inventory in hand and imports, and consequently production of complex fertilisers, including DAP, is being temporarily suspended at Haldia, West Bengal. Production of Single Super Phosphate (SSP) remains unaffected. The company will notify the exchange as and when production of DAP resumes.

Subros said on Saturday, 18 June 2016 that it has reinstated full supplies to its customer Maruti Suzuki India from the companys other plants at Noida, Pune and Chennai. Further, the company is working on fast-track basis to re-build the Manesar facilities so as to commence production in phased manner.

UCO Bank said on Saturday, 18 June 2016 that the board of directors of the bank approved the proposal for raising of tier I capital to the tune of Rs 4243 crore through issue of AT-1 bonds, issue of equity shares through FPO/Preferential Issue/ESOPs/QIP etc., The board has also approved the proposal for raising Tier II capital to the tune of Rs 1500 crore through issue of tier II bonds during the year financial years ending 31 March 2017 (FY 2017) and FY 2018 depending upon the market conditions.

MEP Infrastructure Developers said before market hours today, 20 June 2016 that the Securities and Exchange Board of India (SEBI) has granted the Certificate of Registration as an Infrastructure Investment Trust to MEP Infrastructure Investment Trust (MEP InvIT). MEP Infrastructure Developers is the Sponsor for the MEP InvIT.

Andrew Yule & Company said on Saturday, 18 June 2016 that the Board of Directors of the company have approved allotment of 1.24 crore shares of the company in favour of Bank of Baroda, against conversion of working capital term loan availed of by the company, as approved by the Cabinet Committee on Economic Affairs.

Aptech said on Saturday, 18 June 2016 that the company has on 18 June 2016 come across an order of SEBI dated 16 June 2016 on the website of SEBI wherein SEBI has notified that they are investigating 59 GDR issues of various companies including the GDR issue of the company in November 2003.

Bafna Pharmaceuticals said after market hours on Friday, 17 June 2016 that the board of directors approved the proposal for allotment of shares of 10 lakh shares to Promoters and 30 lakh shares to external investors (Non-Promoter) under preferential allotment basis through postal ballot process.

Powered by Capital Market - Live News

Alstom T&D in focus on plan to sell 42,000 shares to meet public holding norms
Jun 17,2016

Alstom T&D India said that market regulator Securities and Exchange Board of India (Sebi) has allowed the companys promoters to sell 42,565 shares to maintain the minimum public shareholding requirement of the firm. According to the statement issued by the company, promoters hold 75.0166% of fully paid up share capital of the firm, which exceeds the minimum pubic shareholding threshold of 75%. The announcement was made after market hours yesterday, 16 June 2016.

Sugar stocks will be watched. The government yesterday, 16 June 2016, reportedly imposed 20% customs duty on sugar exports to boost domestic supply and check prices which are ruling high at Rs 40 per kg. The duty has been imposed to restrict exports following sharp rise in global prices. The duty is, however, lower than 25% proposed by the Food Ministry, reports added.

Realty shares will be in focus as the Securities and Exchange Board of India (Sebi) reportedly holds a board meeting today, 17 June 2016. According to reports, the Sebi board is likely to examine a proposal to make Real Estate Investment Trusts (REITs) more attractive to investors by allowing them to invest a large portion of funds in under-construction assets. Besides, REITs may be allowed to have a larger number of sponsors. Further, regulations regarding the minimum public offer size and related party transactions would also be considered, reports added.

United Breweries Holdings (UBHL) announced that seven properties worth Rs 1375.94 crore have been attached by the Enforcement Directorate (ED). UBHL said it has received a provisional attachment order dated 11 June 2016 for the seven properties belonging to it for a period of 180 days, from the date of order, in connection with investigation against the companys promoter Vijay Mallya, Kingfisher Airlines and others under the Prevention of Money Laundering Act, 2002. The company is seeking legal advice in order to take appropriate steps that may be required in this regard, UBHL said in the filing. The announcement was made after market hours yesterday, 16 June 2016.

Public sector lender Oriental Bank of Commerce said the issue of Basel III Compliant Tier 2 Bonds of Rs 10 lakh each for cash at par aggregating to Rs 500 crore with an option to retain oversubscription of upto Rs 500 crore will open for subscription from 17 June 2016 to 22 June 2016. The deemed date of allotment shall be 24 June 2016. The bonds have been rated AA by ICRA & CARE and bear coupon rate of 9.05% per annum. The announcement was made after market hours yesterday, 16 June 2016.

Carborundum Universal will be watched. The Reserve Bank of India (RBI) notified yesterday, 16 June 2016, that the aggregate share holdings in Carborundum Universal by Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) have gone below the prescribed threshold caution limit stipulated under the extant Foreign Direct Investment (FDI) policy. Hence the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect. Equity shares of Carborundum Universal can now be purchased through primary market and stock exchanges, RBI said.

Kajaria Ceramics said that its board of directors at a meeting held on 16 June 2016, approved the sub-division of the equity shares of the company from Rs 2 each fully paid up to Re 1 each fully paid up. The announcement was made after market hours yesterday, 16 June 2016.

Pidilite Industries said that Pidilite International and Pidilite Middle East, wholly-owned subsidiaries of the company, have acquired shares of Nebula East Africa (NEAPL), a company incorporated in Kenya. With this acquisition, the wholly-owned subsidiaries of the company jointly hold 100% of the paid up share capital (which is Kenyan Shillings 100,000) equivalent to approximately $1000 in NEAPL. NEAPL is proposed to be engaged in the business as manufacturers, importers, exporters, buyers, sellers, etc in adhesives, sealants, and all other products used for making or producing adhesives and sealants. The announcement was made after market hours yesterday, 16 June 2016.

Sharon Bio-Medicine said that a meeting of the board of directors of the company will be held on 21 June 2016, to consider and discuss the overall financial viability of the company. The announcement was made after market hours yesterday, 16 June 2016.

Riddhi Siddhi Gluco Biols said that it has contributed Rs 205 crore as partners contribution of 99.95% in Riddhi Siddhi Infraspace, a limited liability partnership firm and also extended guarantee of Rs 80 crore for availing loan by them. The said entity in turn has purchased land & building at Ahmedabad. The announcement was made after market hours yesterday, 16 June 2016.

Powered by Capital Market - Live News

Tata Power in focus after TPREL raises Rs 575 crore via NCDs
Jun 16,2016

Tata Power Company announced that Tata Power Renewable Energy (TPREL), a wholly owned subsidiary of the company, successfully issued and allotted guaranteed, unsecured, non-cumulative, redeemable, taxable, listed, rated non-convertible debentures of Rs 575 crore on private placement basis. The announcement was made after market hours yesterday, 15 June 2016. The NCDs will carry a spread of 0.14% above 6 month marginal cost of lending rate (MCLR) of HDFC Bank payable semi annually and are guaranteed by the company. The proceeds from the NCDs will be primarily used to prepay existing higher cost debt in TPREL. The guarantee agreement has been entered to guarantee payment obligation of TPREL pursuant to the NCDs. The guarantee is capped at Rs 625 crore and will fall off once the NCDs are fully repaid. This will create contingent liability not exceeding Rs 625 crore for the company.

Shares of public sector oil marketing companies (PSU OMCs) will be in focus as prices of petrol and diesel were revised with effect from midnight of 15 June 2016. Petrol price was raised by Rs 0.05 a litre at Delhi (including state levies) with corresponding price revision in other states. With this change, the price of Petrol in Delhi increased to Rs 65.65 a litre. Diesel price was raised by Rs 1.26 a litre at Delhi (including state levies) with corresponding price revision in other states. With this change, the price of diesel in Delhi increased to Rs 55.19 a litre.

Wipro announced the launch of its analytics solution, Data Discovery Platform. The solution provides pertinent business insights across the value chain of an industry through the predefined n++appsn++. The platform will enable businesses to embark on an analytics journey with value added services of process simplification and business transformation. The announcement was made after market hours yesterday, 15 June 2016.

NTPC said that pursuant to joint venture agreement dated 16 May 2016 signed with Coal India, a joint venture company, Hindustan Urvarak & Rasayn, with 50:50 shareholding by NTPC and Coal India was incorporated on 15 June 2016. The joint venture company will take up revival of Gorakhpur and Sindri plants of Fertilizer Corporation of India by setting up ammonia urea plants at each locations. The announcement was made after market hours yesterday, 15 June 2016.

Tata Sponge Iron said it successfully bid for 24000 tonnes per annum of Grade G 4 coal from Coal India, in a recently held auction of coal linkages for the sponge iron industry. This tonnage constitutes less than 10% of the companys annual coal requirement. This intimation is based on the information available on the website of MSTC E-Commerce. The company is yet to receive the allotment letter, the company said. The announcement was made after market hours yesterday, 15 June 2016.

Indiabulls Housing Finance said that it proposes to issue 2000 secured non-convertible redeemable debentures with a face value of Rs. 10 lakh each aggregating to Rs 200 crore (plus greenshoe option), on private placement basis, pursuant to special resolution passed by the shareholders of the company at the 10th annual general meeting held on 7 September 2015, on the terms and conditions. The announcement was made after market hours yesterday, 15 June 2016.

Jaiprakash Power Ventures said that a meeting of the board of directors of the company will be held on Friday, 17 June 2016, to consider the recommendations of committee of directors for transfer of 500 megawatts (MW) Jaypee Bina Thermal Power Plant of the company to its subsidiary company. The announcement was made after market hours yesterday, 15 June 2016.

Stocks of aviation companies may extend gains registered yesterday, 15 June 2016, after Union Cabinet approval a civil aviation policy which among other things aims at boosting regional air connectivity. The government has abolished the requirement of 5 years of domestic flying as one of the two key prerequisites for starting international operations by an Indian carrier. Hencforth, an airline can commence international operations provided it deploys 20 aircrafts or 20% of its total capacity (in term of average number of seats on all departures put together), whichever is higher, for domestic operations.

The regime of bilateral rights and code share agreements will be liberalised leading to greater ease of doing business and wider choice to passengers. n++Open skiesn++ policy will be implemented on a reciprocal basis for SAARC countries and countries beyond 5,000 kilometer from Delhi. A method will be recommended by a committee headed by the Cabinet Secretary for the allotment of additional capacity entitlements wherever designated Indian carriers have not utilised 80% of their bilateral rights but the foreign airlines/countries have utilised their part and are pressing for increase in the capacity.

The civil aviation ministry will continue to encourage development of airports by the state government or the private sector or in public private partnership (PPP) mode and endeavour to provide regulatory certainty. Future greenfield and brownfield airports will have cost efficient functionality with no compromise on safety and security. Meanwhile, the existing ground handling policy is being replaced with a new framework to ensure fair competition. All domestic scheduled airline operators including helicopter operators will be free to carry out self-handling at all airports.

The Viability Gap Funding (VGF) will be funded by a small levy per departure on all domestic routes other than Cat II/Cat IIA routes, RCS (Regional Connectivity Scheme) routes and small aircraft at a rate as decided by the Ministry of Civil Aviation from time to time. A detailed scheme will be put up in the public domain for stakeholders consultations.

The announcement of the governments nod for the civil aviation policy hit the market after trading hours yesterday, 15 June 2016.

Powered by Capital Market - Live News

Coal India will be watched as South Eastern Coalfields announces buyback
Jun 15,2016

PSU Coal mining major Coal India announced after market hours yesterday, 14 June 2016, that the board of directors of its subsidiary, South Eastern Coalfields (SECL), approved the buyback of 8.46 lakh fully paid equity shares of face value of Rs 1000 each from the members of the company on a proportionate basis through tender offer representing 23.53% of the total number of equity shares in the paid-up share capital of the company. The shares will be bought back for an aggregate amount not exceeding Rs 1200.19 crore with maximum buyback size being upto 25% of the paid-up equity share capital and free reserves as on financial year ended 31 March 2016, at a buyback price of Rs 14,180.57 per share payable in cash.

The National Stock Exchange (NSE) announced that the futures and options (F&O) contracts on NIIT Technologies and Sintex Industries will be available for trading from 1 July 2016. The market lot, scheme of strikes and quantity freeze limit of the securities shall be informed to members on 30 June 2016 through a separate circular.

Bharti Airtel announced after market hours yesterday, 14 June 2016, a new initiative - Open Network - which will display its mobile network coverage and signal strength across India in addition to network site deployment status. The initiative under Project Leap, its national network transformation initiative, sees the company open up its entire mobile network information to its customers through an interactive online interface, said a company statement. The new interface will be available to customers in the website and app from today, 15 June 2016.

Union Bank of India announced after market hours yesterday, 14 June 2016, that the bank intends to raise capital funds through issuance of Tier 2 bonds. In this regard, CRISIL Ratings has assigned CRISIL AAA rating with negative outlook to the banks proposed Basel III compliant Tier 2 bond issue of Rs 1000 crore. Further, CRISIL has reaffirmed its ratings on other debt instruments i.e. Tier 1 Perpetual Bond Issue (Basel II), Tier 1 Bond Issue (Basel III) & Tier 2 (Basel II & III) at CRISIL AAA, CRISIL AA & CRISIL AAA respectively with negative outlook. CRISIL has also reaffirmed its rating on the banks certificate of deposits programme at CRISIL A1+.

Dewan Housing Finance Corporation announced after market hours yesterday, 14 June 2016, that it proposes to issue Secured Redeemable non-convertible debentures amounting to Rs 400 crore and a greenshoe option upto Rs 175 crore on Private Placement basis, pursuant to special resolution passed by the shareholders of the company at the 31st annual general meeting held on 23 July 2015, on the terms and conditions.

Godrej Industries announced after market hours yesterday, 14 June 2016, that the board of directors of Godrej Agrovet (GAVL) has granted approval for joint development by GAVL and/or its subsidiaries, of land/s admeasuring approximately 100 acres, located at Sarjapur, Bangalore, with Godrej Properties, the developer. The board of directors of GAVL believes that, since GAVL has not been carrying out any operational activity on the aforesaid land for a long time and the land is available for alternate use, such asset monetization by way of joint development on the said land over a period of time, with the expertise of Godrej Properties will benefit GAVL.

New Delhi Television (NDTV) announced after market hours yesterday, 14 June 2016, that the company and its promoters have, on 13 June 2016, received show cause notices (SCNs) issued by Securities and Exchange Board of India (Sebi) with regard to certain non-compliances related to delay/non-filing of disclosures in the previous years, under Sebi Takeover Regulations. The company is of the opinion that the alleged non-compliances referred in SCN are technical/procedural in nature. The company and its Promoters are in the process of seeking legal advice to take appropriate action in the said matter.

Mandhana Industries announced after market hours yesterday, 14 June 2016, that CARE has revised its ratings for non-convertible debentures, long term and short term banking facilities of the company to BBB+, CARE A3 and CARE BBB+, respectively.

Powered by Capital Market - Live News

Deepak Fertilisers in spoltight as Govt to release outstanding subsidy
Jun 14,2016

Deepak Fertilisers & Petrochemicals Corporation announced after market hours yesterday, 13 June 2016, that the Department of Fertilizers (DoF), Ministry of Chemicals and Fertilizers, has agreed to release about Rs 484.75 crore outstanding subsidy payment to the company.

In a regulatory filing, Deepak Fertilisers informed that that the ministry has been withholding subsidy claims due to the company in accordance with applicable Nutrient Based Subsidy (NBS) Scheme of the Government of India since June 2014 amounting to Rs 795 crore as on 31 March 2016. The company had since challenged the said withholding before the Bombay High Court and the department has now informed commencing the release of all subsidy arrears except an amount of Rs 310.52 crore in the interim. This part withholding is already under courts purview for final award.

Bharti Infratel announced before market hours today, 14 June 2016, that it will buyback upto 4.70 crore fully paid-up equity shares, or 2.48% equity, at Rs 425 each, aggregating to Rs 1999.99 crore. The buyback will be undertaken on a proportionate basis from the shareholders as of 16 June 2016 (the record date) through the tender offer route. The promoter, Bharti Airtel, has the option to participate in the buyback. As on 6 May 2016, Bharti Airtel held 71.70% stake in Bharti Infratel.

Coal India announced after market hours yesterday, 13 June 2016, that the board of directors of Western Coalfields (WCL), a companys subsidiary, at its meeting held on 13 June 2016 approved buyback of 7.42 lakh fully paid equity shares, or 25% equity, of face value of Rs 1000 each from the members of WCL for an aggregate amount not exceeding Rs 789.30 crore. The shares will be purchased at Rs 10,626.73 each.

Havells India announced after market hours yesterday, 13 June 2016, that it will increase its stake in Bangalore-based Promptec Renewable Energy Solutions to 70% for an undisclosed sum. Havells India holds 51% stake in the Bangalore-based entity. Promptec is engaged in marketing and manufacturing of LED products including street lighting, office lighting and solar lighting.

Jubilant FoodWorks announced after market hours yesterday, 13 June 2016, that it plans to open 130-140 new Dominos Pizza outlets and around 20 new Dunkin Donuts restaurants in the current financial year ending March 2017 to expand its footprints in the country.

IIFL Holdings announced after market hours yesterday, 13 June 2016, that the Reserve Bank of India (RBI) has notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 80% of the paid up capital of IIFL Holdings.

Banks stocks will be in focus as the Reserve Bank of India (RBI) yesterday, 13 June 2016, issued guidelines on a Scheme for Sustainable Structuring of Stressed Assets.

A resolution of large borrowal accounts which are facing severe financial difficulties may require co-ordinated deep financial restructuring which often involves a substantial write-down of debt/making large provisions. Often such high write-downs act as a disincentive to lenders to effect a sustainable change in the liability structure of borrows facing stress. Banks have also represented for a regulatory framework which would facilitate lenders taking up the exercise of reworking of the liability structure of companies to which they have significant exposures, in the context of asset quality stress currently faced by them, RBI said in a statement.

Accordingly, RBI, after due consultation with lenders, has formulated the Scheme for Sustainable Structuring of Stressed Assets (S4A) as an optional framework for the resolution of large stressed accounts. The S4A envisages determination of the sustainable debt level for a stressed borrower, and bifurcation of the outstanding debt into sustainable debt and equity/quasi-equity instruments which are expected to provide upside to the lenders when the borrower turns around, RBI said.

In order to make sure that that the entire exercise is carried out in a transparent and prudent manner, S4A envisages that the resolution plan will be prepared by credible professional agencies, while an Overseeing Committee, set up by the Indian Banks Association, in consultation with the RBI, comprising of eminent experts will independently review the processes involved in preparation of the resolution plan, under the S4A, for reasonableness and adherence to the provisions of these guidelines, and opine on it, it added.

Powered by Capital Market - Live News

Yes Bank in focus after RBI hikes foreign holding limit
Jun 13,2016

Yes Bank will be in focus after the Reserve Bank of India (RBI) raised the ceiling on investment by foreign institutional investors (FIIs) to 74% of the private sector banks paid up capital from earlier 60%. RBIs nod for higher ceiling on investment by FIIs came after Yes Banks board of directors and shareholders approved the proposal. The RBI has capped the total foreign shareholding from all sources in Yes Bank at 74% of the banks equity. Last month, the Cabinet Committee on Economic Affairs cleared Yes Banks proposal for increase in foreign investment limit in the banks equity capital to 74% from 41.87% without any sub-limits.

Coal India announced on Sunday, 12 June 2016, that two of its subsidiaries Mahanadi Coalfields and Northern Coalfields will buyback total shares worth around Rs 1978 crore from their shareholders.

The board of directors of Northern Coalfields (NGL) approved buyback of 4.01 lakh fully paid equity shares, or 22.62% equity, of face value of Rs 1000 each from the members of NGL on a proportionate basis through tender offer for an aggregate amount not exceeding Rs 948.72 crore. The shares will be purchased at Rs. 23,610.04 each.

The board of directors of Mahanadi Coalfields (MCL) approved buyback of 4.43 lakh fully paid equity shares, or 23.82% equity, of face value of Rs 1000 each from the members of MCL on a proportionate basis through tender offer for an aggregate amount not exceeding Rs 1028.77 crore. The shares will be purchased at Rs 23,171.89 each.

Dr Reddys Laboratories (DRL) may edge higher after the company inked a definitive agreement with Teva Pharmaceutical Industries and an affiliate of Allergan plc to acquire a portfolio of eight Abbreviated New Drug Applications (ANDAs) in the US for $350 million in cash. The acquired portfolio consists of products that are being divested by Teva as a precondition to its completion of the acquisition of Allergans generics business. The portfolio being acquired is a mix of filed ANDAs pending approval and one approved ANDA. The portfolio comprises of complex generic products across diverse dosage forms. The branded versions of these drugs had aggregate sales of about $3.5 billion in the United States for 12-month period ended April 2016, according to IMS Health data. DRL is acquiring this portfolio of drugs on a cash-free, debt-free basis and expects to finance the transaction using a combination of cash on hand and available borrowings under existing credit facilities. The acquisition of these ANDAs is contingent on the successful completion of the Teva/Allergan generics transaction and approval by the US Federal Trade Commission of DRL as a buyer.

Tata Power Company announced on Sunday, 12 June 2016, that its wholly-owned subsidiary, Tata Power Renewable Energy (TPREL), has signed a share purchase agreement to acquire Welspun Renewable Energy (WRE). The acquisition is made at an enterprise value of Rs 9249 crore, subject to closing adjustments. Tata Power said that acquisition will enable it to expand its renewables energy portfolio. WRE, part of the Welspun Group, is engaged in the business of power generation in renewable sector. It has one of the largest operating solar portfolios in India spread across ten states. It has about 1,140 megawatts (MW) of renewable power projects comprising of about 990 MW solar power projects and about 150 MW of wind power projects. Out of 1,140 MW renewable portfolio, nearly 1,000 MW of capacity is operational and balance capacity is under advanced stages of implementation. TPREL currently operates 294 MW of renewable power capacity and 500 MW of renewable assets are being carved out of Tata Power into TPREL through a court process In addition, almost 400 MW of solar and wind power projects are under implementation. Thus, TPREL with all these assets, would have renewable assets portfolio of about 2,300 MW making it the largest renewable power company in India.

Stocks of public sector companies will be in focus after the Ministry of Heavy Industry & Public Enterprises announced the setting up of 3rd Pay Revision Committee which will give its recommendation on the revision of salaries of the executives of the Central Public Sector Undertakings (CPSEs). The committee will provide its recommendations on the matter to the government, covering board level functionaries, below-board level executives and non-unionized supervisory staff of CPSEs. While submitting the final recommendations to the government, the committee will take into account the report of the 7th Central Pay Commission. The Pay Revision Committee will make its recommendations within 6 months. The decision of the government on the recommendations of the committee will take effect from 1 January 2017.

Stocks of aviation firms will be in focus after the Ministry of Civil Aviation said in its proposed draft amendments to Civil Aviation Requirements (CARs) that airlines shall refund all statutory taxes and User Development Fee (UDF)/Airport Development Fee (ADF)/Passenger Service Fee (PSF) to the passengers in case of cancellation of tickets/non-utilisation of tickets/no show. In no circumstances, the cancellation charge shall be more than the basic fare.

In case of denied boarding, flight cancellation and flight delays, the ministry has proposed that an amount equal to 200% of booked one way basic fair plus airline fuel charge subject to maximum of Rs 10,000 would be paid to passengers in case airline arranges alternate flight that is to depart after one hour but within 24 hours of the booked scheduled departure. The ministry has proposed that an airline shall refund an amount equal to 400% of booked one-way basic fare plus airline fuel charge subject to maximum of Rs 20,000 in case where the airline arranges alternate flight that is scheduled to depart beyond 24 hours of the booked scheduled departure. In case passenger does not opt for alternate flight, the airline shall refund full value of ticket and compensation equal to 400% of booked one-way basic fare plus airline fuel charge, subject to maximum of Rs 20,000.

With regard to checked-in baggage charges, the ministry has proposed that the airline should restrict additional baggage charge at Rs 100 per kg for baggage between 15 to 20 kg. Director General of Civil Aviation M Sathiyavathy was quoted as saying on Saturday, 11 June 2016, that the changes in excess baggage fee norms will be implemented from 15 June 2016.

Fortis Healthcare announced after market hours on Friday, 10 June 2016, that one of its subsidiaries, Escort Heart Institute & Research Centre (EHIRCL), has received an order from The Directorate General of Health Services (DHS). The DHS has ordered to deposit Rs 503.36 crore towards recovery of unwarranted profit made by EHIRCL for alleged non-compliance of the conditions of allotment/lease of land since its allotment in 1982. EHIRCL believes that the impugned order in its view is legally flawed and untenable. The EHIRCL management will challenge the same in the High Court of Delhi or such relevant authority to seek suitable legal remedies available to it under law.

Powered by Capital Market - Live News