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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.

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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.

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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.

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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.

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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.

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Sadbhav Infrastructure Project in focus on starting toll collection at a project
Jun 10,2016

Sadbhav Infrastructure Project said that its wholly-owned subsidiary, BRTPL, received provisional completion certificate for 86 kilometres (kms) out of total 87.25 km on 4 June 2016 and accordingly toll collection has started on the project from 9 June 2016. Original concession period for the project is 30 years, which ends on 8 October 2043. Total project cost shall be Rs 676.10 crore out of which equity and sub equity from sponsor shall be Rs 133.30 crore. Rupee term loan of Rs 276.40 crore has been provided by the lenders which is to be repaid upto September 2031. Grant provided by National Highways Authority of India (NHAI) is Rs 266.40 crore. With the above, out of total portfolio of 11 projects, 10 projects are operational and 1 project is in advanced stage of construction. The announcement was made after market hours yesterday, 9 June 2016.

Shares of Oriental Trimex will be in focus. ICICI Bank announced after market hours yesterday, 9 June 2016, that Oriental Trimex had availed financial assistance of Rs 6.88 crore from ICICI Bank. Due to default in repayment of outstanding dues to ICICI Bank by the company, the account of company with ICICI Bank has been classified as a non performing asset (NPA) on 31 December 2012. For recovery of outstanding dues, ICICI Bank has filed recovery suit before DRT, Delhi at 16 August 2013 against Oriental Trimex and the guarantors (i.e. Mr. Rajesh Punia & Ms. Savita Punia). The bank has also filed winding up petition before High Court, Delhi at 11 March 2014. ICICI Bank said it has furnished this information in the interest of investors as this information is very critical for all the existing/future investors.

Yes Bank announced that it has executed a share subscription and shareholders agreement agreeing to subscribe for 20 lakh equity shares of Receivables Exchange of India (RXIL) which is equivalent to 8% of the post-issue paid-up capital of RXIL, as per the terms of the agreement. RXIL is a joint venture company setup by NSE Strategic Investment Corporation and Small Industries Development Bank of India. The announcement was made after market hours yesterday, 9 June 2016.

Hindustan Unilever (HUL) announced that considering the recent change in the organization structure of the company, it has decided to report its segmental information under the four segments, and a residual segment for others. The new segments comprises viz. 1. Home care to include fabric wash, household care and water. 2. Personal Care to include personal wash, skin care, hair care, oral care, deodorants and colors. 3. Foods to include packaged foods (excluding ice cream and frozen dessert) and popular foods and 4. Refreshments to include tea, coffee, ice cream and frozen dessert. This change complies with the IND AS segment reporting principles, and the reporting therefore will be made effective from 1 April 2016, which will be reflected in Q1 June 2016, HUL said. The announcement was made after market hours yesterday, 9 June 2016.

Hinduja Global Solutions (HGS) announced that Mark Poling, the Chief Executive Officer (CEO) of its step-down subsidiary HGS Colibrium Inc. (Colibrium) has resigned and is leaving as a founder to pursue other interests. As a result of this, he now ceases to be a shareholder of Colibrium. Consequently, the effective shareholding of HGS has increased from 89.9% to 95.2%. The announcement was made after market hours yesterday, 9 June 2016.

KCP announced after market hours yesterday, 9 June 2016, that it has decided to expand the production capacity of its cement unit located at Muktyala, Krishna District Andhrapradesh, from 1.8 Million Tons Per Annum (MTPA) to 3.5 MTPA with an expected outlay of Rs 400 crore (approximately).

Gruh Finance turns ex-dividend today, 10 June 2016, for dividend of Rs 2.30 per share for the year ended 31 March 2016.

Rallis India turns ex-dividend today, 10 June 2016, for final dividend of Rs 2.50 per share for the year ended 31 March 2016.

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Tata Motors in spotlight after announcing global wholesales for May
Jun 09,2016

Tata Motors announced that its global wholesales including Jaguar Land Rover (JLR) rose 10% to 87,414 units in May 2016 over May 2015. Global wholesales of all Tata Motors commercial vehicles and Tata Daewoo range rose 11% to 32,375 units in May 2016 over May 2015. Global wholesales of all passenger vehicles rose 10% to 55,039 units in May 2016 over May 2015. The announcement was made after market hours yesterday, 8 June 2016.

Wipro announced a partnership with Mountain View based Authentise Inc, a leading provider of 3D printing technologies and consulting services. This strategic partnership between Wipro and Authentise will enable adoption of additive manufacturing among the global 2,000 companies, Wipro said in a statement. The announcement was made after market hours yesterday, 8 June 2016.

HCL Technologies announced that it has signed partnerships with two leading automotive solution providers to expand its offerings for the fast-growing smart vehicle ecosystem. Working to enhance HCLs existing Smart Mobility and Vehicle Engineering Services, alliances with Movimento and Rightware will bring invaluable services to HCLs clients, the company said in a statement.

Movimento is a leading provider of over-the-air (OTA) update solutions for automotive solution providers. The partnership between Movimento and HCL will offer automotive lifecycle management, updates and support for on-and off-board software, the company said. The companys partnership with Rightware, a leader in advanced user interface (UI) technology for automotive applications, will enable HCL to help automotive solution providers and Tier-1 manufacturers with all aspects of advanced UI creation, including design, development, systems integration, deployment and support, HCL Technologies said in a statement. The announcement was made after market hours yesterday, 8 June 2016.

Adani Ports and Special Economic Zone (APSEZ) said that India Ratings & Research has assigned final IND AA+ rating with Stable Outlook to the companys proposed non-convertible debentures (NCDs) of Rs 200 crore. The announcement was made after market hours yesterday, 8 June 2016.

BPCL will be in focus after the Reserve Bank of India (RBI) raised the ceiling on investment in the companys shares by foreign institutional investors (FIIs) to 49% of the companys equity from earlier 24%. It may be recalled that BPCL last week got shareholders nod for raising the ceiling on investment by FIIs in the companys equity.

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L&T in focus after securing large contract
Jun 08,2016

L&T announced that its construction arm along with its JV partner in Qatar, Al Balagh Trading & Contracting, has signed a contract to build a 40,000 seater stadium, as part of the sports infrastructure being readied by the Emirate in preparation of the 2022 Fifa World Cup. The contract for the project is for a combined value of $360 million for both JV partners and is slated to be completed by 2019. The scope for the stadium includes main works and construction of the site, following completion of the enabling works, L&T said in a statement. The announcement was made after market hours yesterday, 7 June 2016.

Pharma major Lupin announced the appointment of Yugesh Goutam as President-Global Human Resources (HR). Yugesh will lead the HR function for Lupin globally and will be based at the companys corporate headquarters in Mumbai, India. Yugesh takes over from Divakar Kaza who has opted to retire after a transition period to pursue other interests, Lupin said in a statement. The announcement was made after market hours yesterday, 7 June 2016.

Asian Granito India (AGL) announced that it has a won a 12 lakh sq. meters order for its recently launched 1000x1000mm Jumbo Double Charge vitrified tiles and 800x800mm Imperio Double Charge vitrified tiles. Jumbo is AGLs first initiative to make such gigantic size through most eco-friendly double charge technology of the world, with the special type of fedders to provide regal designs, AGL said in a statement. Imperio Double Charged vitrified tile is blend of aesthetic look like digital tiles, the company said. The announcement was made after market hours yesterday, 7 June 2016.

Bharat Forge will be watched. Alstom Bharat Forge Power (ABFPPL), the joint venture company between GE and Bharat Forge, signed a contract worth $219 million approximately with NTPC. The company will supply two units of 800 megawatts (MW) ultra-supercritical Steam Turbine Generator Islands, on engineering procurement and construction (EPC) basis, along with related civil work for the Telangana Super Thermal Power Project Phase-1 near Ramagundam, Karimnagar district of Telangana state in India.

The total power demand from the southern region is 34,000 MW. The 800 MW Steam Turbine Generator Islands for the power plant will be the first with ultra-supercritical parameters and will help in meeting the ever increasing power demand of southern states in India by adding a much needed 1600 MW to the electricity grid.

Under the scope of the contract ABFPPL will manufacture and supply two units of 800 MW Steam Turbine Generator Islands along with the associated civil work. The equipment for the project will be manufactured at ABFPPLs manufacturing facility at Sanand in Gujarat. The announcement was made after market hours yesterday, 7 June 2016.

GMR Infrastructure (GIL), a leading global infrastructure conglomerate led consortium, has been awarded two more packages on the long Eastern dedicated freight Corridor.

The consortium has been issued a Letter of Award for construction of 221 kilometre (km) long Eastern Dedicated Freight Corridor railway project at a cost of Rs 2280.70 crore on engineering procurement and construction (EPC) basis.

GMR Group is not required to provide significant investment for the project since it is implemented on EPC basis. Earlier in April 2016, GMR led consortium emerged s the successful bidder amongst a total of six bidders for the project through an international competitive bidding process.

The project funded by World Bank is divided into two packages. The first package comprises of 175 km single line connecting Sahnewal and Pilkhani that passes through Uttar Pradesh, Haryana and Punjab. The other package is a 46 km double line corridor in Uttar Pradesh connecting Dadri and Khurja.

The scope of work in the recently bagged project involves design and construction of civil, structures and track works for single/double line on design-build lump sum basis. The announcement was made after market hours yesterday, 7 June 2016.

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RIL in spotlight after resumption of PTA plants at Dahej
Jun 06,2016

Reliance Industries after market hours on Friday, 3 June 2016, announced that it has restarted its purified terephthalic acid (PTA) plants, and is ramping up production to full capacity at Dahej. The PTA plants had been shut for a brief period owing to increased water salinity. RIL said it ensured PTA supplies to downstream customers from its Hazira and Patalganga plants during the brief shutdown at Dahej. Now, the customers will be getting PTA from all three locations, RIL said.

Housing Development Finance Corporation (HDFC) announced after market hours on Friday, 3 June 2016, that the board of directors of HDFC ERGO General Insurance Company (HDFC ERGO), a non listed subsidiary of the company, has approved the acquisition of a 100% stake in L&T General Insurance Company for an aggregate consideration of Rs 551 crore.

The board of HDFC ERGO also approved the plan to merge the two companies subject to all regulatory approvals. The acquisition would help HDFC ERGO improve its market position. HDFC ERGO expects significant cost synergies arising out of business, technology optimization and rationalization of offices.

HDFC ERGO, a 51:49 joint venture between housing major HDFC and ERGO International, Germany (part of Munich Re Group), is the 4th largest private sector general insurer in India and offers all lines of general insurance products including motor, health, personal accident, home, fire, marine, aviation, liability, crop insurance etc.

In a separate announcement after market hours on Friday, 3 June 2016, L&T said that it entered into a share sale and purchase agreement with HDFC ERGO General Insurance Company (HDFC ERGO) for sale of its entire stake in L&T General Insurance Company (LTGI), a wholly owned subsidiary of L&T, for a total consideration of Rs 551 crore.

The transaction envisages share sale by the Company to HDFC ERGO and subsequent merger of HDFC ERGO and LTGI.

The transaction is subject to various approvals, including approval of Insurance Regulatory and Development Authority of India and the Bombay High Court.

Upon closing, the L&T Group would exit from the general insurance and health insurance business. LTGI gross earned premium income during the year 2015-2016 was Rs 483 crore, constituting around 0.5% of the companys consolidated revenue for the year 2015-2016 and reported a net worth of Rs 142 crore as on 31 March 2016. The share sale is part of the companys strategy of exiting from its non-core activity.

Sun Pharmaceutical Industries (Sun Pharma) announced that as a part of its manufacturing consolidation in the US, one of its wholly owned subsidiaries has entered into an agreement with Frontida BioPharm, Inc (Frontida) for divestment of its two oral solid dosage manufacturing facilities located at Philadelphia, PA, and Aurora, IL both in the US, along with 15 related pharmaceutical products. In connection with the transaction, Frontida has agreed to continue manufacturing certain products for Sun Pharma at these facilities on a contract basis for a predetermined period. It has also agreed to offer employment to all production, quality and administrative personnel at the sites. During the divestment process, Sun Pharma was cognizant about ensuring the continued supply of quality products to patients and protecting the interests of its employees working in these units, the company said. The impact of this development on Sun Pharmas consolidated financials and operations is not material, the company said. Sun Pharma did not disclose other details of the transaction. The announcement was made on Saturday, 4 June 2016.

Maruti Suzuki India (MSIL) after market hours on Friday, 3 June 2016 reported a 1.57% growth in its total production at 1.29 lakh units in May 2016 over May 2015.

Cadila Healthcare announced on Saturday, 4 June 2016, that the United States Food and Drug Administration (USFDA) approved the companys plan to initiate a phase 2 clinical trial of Saroglitazar in patients with non-alcoholic Steatohepatitis (NASH) of the liver. This randomized, double-blind phase 2 trial will evaluate Saroglitazar 1mg, 2mg and 4mg Vs. Placebo. Commenting on the development, Pankaj Patel, Chairman and Managing Director of Cadila Healthcare said that NASH is an area of unmet healthcare need as there are currently no drugs approved for the treatment of NASH. Saroglitazar has significant and differentiated effect on hepatic steatosis, while it shows all other beneficial effects on reducing inflammation and fibrosis in the liver in NASH models, Patel said. With a phase III trial in biopsy proven NASH patients ongoing in India and a phase II trial in NASH patients planned in USA, Cadila is committed towards developing this drug for millions of patients suffering from NASH, Patel said.

Jubilant Life Sciences announced after market hours on Friday, 3 June 2016, that it has received Abbreviated New Drug Application (ANDA) final approval for Levetiracetam Injection USP, 500 mg/5 mL (100 mg/mL), the generic version of Keppra Injection 500mg/5mL (100mg/mL) of UCB, which is used for the treatment of epilepsy. As on 31 March 2016, Jubilant Life Sciences had a total of 739 filings for formulations of which 517 have been approved in various regions globally. This includes 72 ANDAs filed in the US, of which 44 have been approved and 46 Dossier filings in Europe.

Indiabulls Real Estate announced after market hours on Friday, 3 June 2016, that its 100% subsidiary, Tapir Realty Developers, has entered into a joint development agreement with Oricon Properties, a subsidiary of Oricon Enterprises, for development of 7,810 square meters plot situated at Worli in Mumbai.

Chembond Chemicals board of directors at its meeting held on 4 June 2016, approved 2-for-1 stock split proposal. The announcement was made on Saturday, 4 June 2016.

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NMDC may gain as board to consider share buyback proposal
Jun 03,2016

NMDC said that its board will meet on 7 June 2016 to consider a proposal for buyback of equity shares. The announcement was made after market hours yesterday, 2 June 2016.

Shares of State Bank of India turn ex-dividend today, 3 June 2016 for dividend of Rs 2.60 per share for the year ended 31 March 2016.

Shares of FMCG companies, tractor makers, fertilizer producers and other agri input makers may edge higher after the India Meteorological Department (IMD) retained its previous forecast of good rains for the 2016 southwest monsoon season (June to September). Higher rural income may boost demand for consumer goods. FMCG firms derive substantial revenue from rural India. Good rains may also boost demand for tractors, fertilizers and other agri inputs. In its second stage forecast issued after trading hours yesterday, 2 June 2016, the IMD said that rainfall over the country as a whole for the 2016 southwest monsoon season is most likely to be above normal. Quantitatively, monsoon season rainfall for the country as a whole is likely to be 106% of the long period average (LPA) with a model error of plus/minus 4%. In its first stage forecast issued on 12 April 2016, the IMD had forecast rainfall to be 106% of the LPA with a model error of plus/minus 5%.

Mahindra & Mahindra (M&M) after market hours yesterday, 2 June 2016, announced the launch of new electric sedan eVerito. The eVerito would be available in key cities like New Delhi, Mumbai, Bangalore, Pune, Kolkata, Chandigarh, Hyderabad, Jaipur and Nagpur with immediate effect. It will be priced at Rs 9.50 lakh (ex showroom Delhi, for D2 variant, post state subsidy and FAME incentive). The direct drive single speed transmission eVerito can be charged at home. It can be charged in 1 hour and 45 minutes through fast charging technology. On a full charge, the Mahindra eVerito can travel for up to 110 kms (based on vehicle loading) and can achieve a top speed of 86 kmph. Its running cost is Rs 1.15/km assuming cost of electricity at Rs 7 per unit.

The eVerito also features Boost Mode and Telematics which include real time and immediate assistance wherever the vehicle may be.

Wipro announced that it has open sourced its big data product, Big Data Ready Enterprise (BDRE), which makes big data technology adoption simpler and faster by optimizing big data workloads under an integrated unified framework. The product addresses the complete lifecycle of managing data across enterprise data lakes, making it possible to ingest, organize, enrich, process, analyze, govern and extract data at a fast pace, significantly accelerating the big data implementation in a cost effective manner. BDRE is in production with multiple clients and has over 100+ opportunities across numerous verticals. BDRE is released under the Apache Public License v2.0 and hosted on GitHub. The announcement was made after market hours yesterday, 2 June 2016.

Dabur India said that it incorporated a new step-down subsidiary, DABUR PARS, in Iran. It is a limited liability company. The subsidiary will manufacture cosmetic products including toothpaste, hair oils, shampoo and skin care products. The announcement was made after market hours yesterday, 2 June 2016.

Shriram Transport Finance Company said it is considering raising of funds through various options of borrowings including by way of issue of secured redeemable non-convertible debentures (NCDs) on private placement basis. Based on the market conditions the meeting of Banking and Finance Committee will be held during the current month ending 30 June 2016 to consider and approve the terms of such borrowings. The announcement was made after market hours yesterday, 2 June 2016.

Power Finance Corporation (PFC) said it raised its stake in Shree Maheshwar Hydel Power Corporation (SMHPCL) to 23.32% by invoking pedged shares of SMHPCL. The announcement was made after market hours yesterday, 2 June 2016. PFC is one of the lenders of SMHPCL and has given loan of Rs 700 crore to SMHPCL alongwith guaranteeing Rs 400 crore to the bond holders of SMHPCL. SMHPCL has defaulted in repaying the loan to PFC and now PFC is enforcing its legal rights by invoking the shares pledged by the promoters of SMHPCL in favor of PFC and by partial converting sub debt loan into equity shares. PFC had served pledge invocation notice on SMHPCL. Accordingly, SMHPCLs board of directors has approved transfer of 6.57 crore equity shares of Rs 10 each in favor of PFC pursuant to invocation of shares pledged by its promoters in favor of PFC in terms of pledge agreement. Further, the board of SMHPCL has also approved allotment of 6.61 crore equity shares of Rs 10 each to PFC consequent upon partial conversion of sub debt loan to SMHPCL to the extent of Rs 66.10 crore in terms of subordinate loan agreement dated 29 September 2006. Upon invocation of pledged shares and partial conversion of sub debt, the total shareholding of PFC in SMHPCL stands 13.18 crore equity shares of Rs 10 each, representing 23.32% of paid up equity share capital of SMHPCL.

Entertainment Network (India) said it commenced broadcast from its radio station at Hyderabad on 2 June 2016 (2nd channel - 95 FM - acquired under Phase 3 auctions held last financial year). The announcement was made after market hours yesterday, 2 June 2016.

TVS Motor Company after market hours yesterday, 2 June 2016, announced the launch of its new four stroke moped TVS XL 100 in Himachal Pradesh, Chandigarh, Punjab, New Delhi and Haryana markets. TVS XL is priced at Rs 29,988 ex-showroom in Himachal Pradesh, Rs 30,281 ex-showroom in Chandigarh, Rs 29,808 ex-showroom in Punjab, Rs 30,174 ex-showroom in New Delhi and Rs 29,953 ex-showroom in Haryana.

Navkar Corporation said its wholly-owned subsidiary, Navkar Terminals, received contract for operation and management of Kribhco Infrastructures Container Freight Station (CFS)/ICD and Handling of Container Trains at Hazira Terminal, Gujarat. The announcement was made after market hours yesterday, 2 June 2016.

Spice Mobility said that Spice Online Retail, a step down subsidiary of the company, has incorporated Hotspot Sales & Solutions, a 100% subsidiary company to engage in the business of telecom devices. Consequently, Hotspot Sales & Solutions has also become a step down subsidiary of the company. The announcement was made before market hours today, 3 June 2016.

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Tata Motors, Hero MotoCorp in focus after declaring monthly sales volume data for May
Jun 02,2016

Tata Motors announced that its total commercial and passenger vehicles sales rose 1% to 40,071 units in May 2016 over May 2015. The companys domestic sales of Tata commercial and passenger vehicles rose 2% to 35,643 units in May 2016 over May 2015. Exports declined 5% to 4,428 units in May 2016 over May 2015. The company announced the monthly sales volume data after market hours yesterday, 1 June 2016.

Hero MotoCorp reported 2.32% rise in total two-wheelers sales to 5.83 lakh units in May 2016 over May 2015. Market demand was expectedly subdued in May 2016, due to the heavy retail offlake that happened in April on account of the marriage season and regional festivals in different parts of the country during that month, the company said in a statement. However, a good monsoon after two consecutive years of sub-normal rains could lead to a change in sentiments in the rural markets, which may lead to a positive turn-around in the industry in the second half of this fiscal, it added. The announcement was made after trading hours yesterday, 1 June 2016.

In the month of May, Hero MotoCorp forayed into the world of motorcycle rally racing, through a strategic alliance with Speedbrain GmbH, the German off-road racing specialist. The newly formed Hero MotoSports Team Rally made its debut at the Merzouga Rally, a Dakar series race that recently concluded in Morocco.

Reliance Industries (RIL) announced at the fag end of the trading session yesterday, 1 June 2016, that its wholly-owned subsidiary, Reliance Industrial Investments and Holdings, is investing $16 million in compulsorily convertible preferred shares of a technology start-up viz. NetraDyne Inc., USA. The US-based entity is involved in high-end technology driven product development of deep learning solutions and vision based analytics targeted at industries such as fleet management, automotive, security and surveillance. The entity is currently in advanced stages of product development. It is yet to commence commercial operations, RIL said in a statement. NetraDyne Incs line of business has potential synergies with telecom and digital business initiatives of RIL apart from commercialization benefits in India, RIL added.

RIL further said that 50% of the investment in NetraDyne has been done on 31 May 2016. The balance 50% investment is likely to be completed by 31 March 2017. Upon conversion of the investment, Reliance Industrial Investments and Holdings will get about 15 million equity shares at $1.0613 per share. This translates to 40% equity stake.

Bharti Airtel said that Airtel Payments Bank announced the appointment of Shashi Arora as the CEO & Managing Director of the company, subject to the approval of the Reserve Bank of India (RBI). He will replace Manish Khera, CEO, who has decided to pursue his entrepreneurial journey, Bharti Airtel said.

On 11 April 2016, Airtel Payments Bank received a payments bank license from RBI. The company plans to start rolling out its banking network in Q2 September 2016.

Coal India and its subsidiaries on provisional basis achieved 95% of targeted production at 42.58 million tonnes in May 2016. Coal India and its subsidiaries on provisional basis achieved 89% of targeted offtake at 45.53 million tonnes in May 2016. The announcement was made after market hours yesterday, 1 June 2016.

Axis Bank said it has signed tripartite share subscription agreement and shareholders agreement with A.Treds and Mjunction services. A.Treds is a subsidiary company of AXIS Bank. Mjunction services is a joint venture between Tata Steel and Steel Authority of India.

As per the agreement, Axis Bank purchased 1.65 crore shares of A.Treds for Rs 16.50 crore and Mjunction purchased 82.50 lakh shares of A.Treds for Rs 8.25 crore. Consequently, Axis Bank holds 67% stake and Mjunction holds 33% stake in A.Treds.

A.Treds is licensed by the Reserve Bank of India to engage in the business of trade receivables discounting systems (TReDS). The announcement was made after trading hours yesterday, 1 June 2016.

Separately, Axis Bank announced after market hours yesterday, 1 June 2016 that it has allotted senior fixed rate green bonds aggregating to $500 million under the MTN programme through its Dubai International Financial Centre (DIFC) branch. The notes will be listed at the Singapore Stock Exchange and London Stock Exchange. The notes have been priced at 160 basis points over the 5-year US Treasury Note, at a price of 99.479% to yield 2.988%. The notes will be denominated in US dollars, and will bear fixed interest of 2.875% per annum, with interest payable semi-annually in arrears.

Punjab National Bank (PNB) announced revision to its lending rates based on marginal cost of funds to be effective from 1 June 2016. PNBs Marginal Cost of Funds based Lending Rate (MCLR) for overnight loans will be 9.15%, for one month will be 9.20% and for three months will be 9.30%. The MCLR on 6-month loans will be 9.35% and for one-year loans the rate would be 9.40%, the bank said. MCLR for three-year loans would be at 9.55% and loans with five-year maturity would carry an MCLR of 9.70%, the bank said. The announcement was made after market hours yesterday, 1 June 2016.

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.

TVS Motor Companys total sales rose 11% to 2.43 lakh units in May 2016 over May 2015. The announcement was made after trading hours yesterday, 1 June 2016.

South Indian Bank said that its board of directors has decided to augment the capital by issue of Basel III compliant Tier I/II Bonds to be considered for capital fund purpose for a total face value not exceeding Rs 500 crore in one or more tranches, on such terms and conditions as it may deem fit, subject to the approval of Reserve Bank of India, shareholders and other regulatory authorities, if any. The mode, price and time of the issue will be intimated in due coursem the bank said. The announcement was made after trading hours yesterday, 1 June 2016.

Punj Lloyd announced after trading hours yesterday, 1 June 2016, that the High Court of Justice, Queens Bench Division, Commercial Court, UK has ordered the company and its subsidiary, Punj Lloyd Upstream (PLUL), to pay $26173659.16 (plus summary assessment costs amounting to 75000 pounds), to International Finance Corporation, towards their claims. The company said it is considering various legal options and shall take appropriate steps in respect of such order.

Kajaria Ceramics said that its board of directors will meet on 16 June 2016 to consider stock split. The company proposes to split face value of each share from Rs 2 to Re 1.

Gammon India announced after trading hours yesterday, 1 June 2016, that it has received a Notice of Conversion from DBS Bank (one of the joint lenders) for conversion of part of outstanding debt into equity shares under the Strategic Debt Restructuring Package of the company. Pursuant to this notice, DBS Bank has decided to convert part of its outstanding debt and interest aggregating to Rs 4.90 crore into 41.24 lakh equity shares of the company of face value of Rs 2 each at Rs 11.89 per equity share. Post this conversion the total shareholding of the CDR Lenders and DBS Bank will be 63.07% of the total equity capital of the company.

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PSU OMCs in focus after announcing hike in petrol and diesel prices
Jun 01,2016

Shares of public sector oil marketing companies (PSU OMCs) will be in focus after announcing a hike in petrol and diesel prices. Indian Oil Corporation (IOCL) yesterday, 31 May 2016, announced an increase in the price of petrol and diesel with effect from the midnight of 31 May 2016. Petrol price was hiked by Rs 2.58 per litre and diesel price was raised by Rs 2.26 a litre at Delhi (including state levies) with corresponding price revision in other states. After the latest revision, petrol in Delhi costs Rs 65.60 per litre and diesel costs Rs 53.93 a litre.

Reliance Industries (RIL) announced that due to lower release of dam water and the significantly increased salinity of water supply to the companys Dahej manufacturing complex in district Bharuch of Gujarat, there is shortage of the right quality of industrial water at Dahej complex. As a response, RIL is running on reduced capacity in some of the plants and has temporarily shut down its PTA and PET plants. RIL has 2.3 MMTPA of PTA capacity and 650 KTPA of PET capacity at its Dahej manufacturing complex. RIL said it has initiated alternative arrangements for water and is closely monitoring the situation. It has also used the current situation to carry out planned maintenance and reliability activities. It is in a state of readiness to resume full supplies as soon as the water availability and water quality issues are resolved, the company said. RIL said it is ensuring a continued supply of PTA to the domestic market from its Hazira and Patalganga manufacturing complexes. The announcement was made after market hours yesterday, 31 May 2016.

ONGC announced after market hours yesterday, 31 May 2016, that its wholly-owned subsidiary, ONGC Videsh (OVL), on 31 May 2016 completed the acquisition of 15% stake in Russias JSC Vankorneft from Rosneft Oil Company. JSC Vankorneft is a company organized under the law of Russian Federation, which is the owner of Vankor Field and North Vankor license. Rosneft, the national oil company of Russia continues to hold the remaining 85% shares of JSC Vankorneft.

Earlier in September 2015, OVL had signed an agreement to acquire not less than 15% shares in JSC Vankorneft for $1268 million.

Vankor is Rosnefts (and Russias) second largest field by production and accounts for 4% of Russian crude oil production. The daily peak production from the field is around 442,000 barrels of oil per day (bopd). With 15% shareholding, ONGC Videshs share of daily oil production would be about 66,000 bopd.

The present transaction strengthens ONGC Videsh presence in Russia and is consistent with its stated strategic objective of adding high quality international assets to its existing exploration & production (E&P) portfolio. This acquisition also has significant strategic importance to India, both in terms of augmentation of Indias Energy Security, as well as adding a new dimension to the relationship between Rosneft and ONGC Videsh besides further strengthening the cooperation between the two countries, the Indian company said.

Maruti Suzuki India (MSIL) announced after market hours yesterday, 31 May 2016, that it will resume manufacture of vehicles at its Gurgaon facilities from second half of 1 June 2016. Certain operations in the Manesar campus, including casting and manufacture of transmissions, will also resume in the second half on 1 June 2016, MSIL said. Subros and MSIL are jointly working on options to obtain supply of components from other facilities and gradually bring operations back to normal, MSIL said. The company had to suspend operations at its facilities from second half of 29 May 2016, owing to a fire accident at the Manesar facilities of its supplier Subros.

Tata Steel UK yesterday, 31 May 2016 announced the completion of the sale of its Long Products Europe business to Greybull Capital LLP. The announcement was made before market hours today, 1 June 2016. During the last twelve months, the Long Products Europe business has implemented a transformation plan including a portfolio restructuring of assets, underpinned by committed support from employees and their trade unions. This has focused the business on higher-value markets supported by a more competitive cost base.

The Long Products Europe business, which in the UK includes the Scunthorpe steelworks, two mills in Teesside, an engineering workshop in Workington, a design consultancy in York, and associated distribution facilities, as well as a rail mill in northern France, will trade under the name of British Steel. All together the business employs 4,800 people - 4,400 in the UK and 400 in France. The sale follows an accelerated process of negotiations between Tata Steel UK and Greybull Capital.

Bimlendra Jha, Executive Chairman of the Long Products Europe business and CEO of Tata Steel UK said that Tata Steel hopes that under Greybull ownership, the business will continue the momentum of the improvement program that has been initiated in the last 12 months.

Axis Bank will be in focus after the Reserve Bank of India (RBI) yesterday, 31 May 2016, notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 62% of the paid-up capital of Axis Bank, from existing 49% under the Portfolio Investment Scheme (PIS). The central bank further notified that the total foreign investment from all sources i.e. Foreign Institutional Investors (FII)/Registered Foreign Portfolios Investors (RFPIs)/Foreign Direct Investment (FDI)/Non-Resident Indians (NRI)/ Persons of Indian Origin (PIO)/American Depository Receipts (ADR)/Global Depository Receipts (GDR) in the bank shall not exceed 62% of paid-up capital. The central bank has stated that Axis Bank has passed resolutions at its board of directors level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs. The purchases could be made through primary market and stock exchanges, RBI said.

Glenmark Pharmaceuticals announced after market hours yesterday, 31 May 2016, that the issuance committee of the company approved raising of up to $200 million through foreign currency convertible bonds (FCCBs) to be listed on the Singapore Stock Exchange. The FCCB issue was launched yesterday, 31 May 2016. The floor price for conversion of the FCCBs shall be Rs 861.84.

The company had earlier received approval from its board and its shareholders to raise up to $500 million through issuance of securities including equity shares or equity linked securities, including through qualified institutional placement (QIP), convertible bonds, warrants, depository receipts.

Great Eastern Shipping Company (GE Shipping) announced after market hours yesterday, 31 May 2016, that it delivered its 1999 built Aframax Crude Carrier Jag Laxmi to the buyers. The vessel was contracted for sale in April 2016. The companys current fleet (excluding Jag Laxmi) stands at 31 vessels, comprising 22 tankers (7 crude carriers, 14 product tankers, 1 LPG carrier) and 9 dry bulk carriers (4 Kamsarmax, 5 Supramax) with an average age of 10.1 years aggregating 2.4 million deadweight tonnage (dwt).

Andhra Bank announced after market hours yesterday, 31 May 2016, that its board of directors has reviewed the projections of ICAAP (Internal Capital Adequacy Assessment Process) requirements for the financial year 2016-2017 and estimated the requirement of capital/funds of Rs 2700 crore by way of equity/tier 1/tier 2 bonds. The raising of capital will be made at an appropriate time depending on the market conditions, to meet the additional capital requirements during 2016-2017, the bank added.

Gayatri Projects announced after market hours yesterday, 31 May 2016, that it has executed agreements with MG Goyal Gases for sale of 1.8 megawatts (MW) Machine, Make V- 100, located at Kutch District in Gujarat and 1.5x5 MW, Total 7.5 MW, Vensys V77 make (WECS) located at Theni District in Tamilnadu for a consideration amounting to Rs. 7.73 crore and Rs. 26.36 crore respectively.

The wind energy plant, installed in collaboration with Suzlon Energy, will be inaugurated on 2 June 2016. The 8.4 MW wind energy power plant is expected to generate around 170 to 180 lakh units of power per annum. This is in addition to about 98 lakh units power generated per annum by the existing 5.5 MW wind power plants of BEL. All these plants put together are expected to generate around 270-280 lakh units in the coming years, meeting about 90% of BELs power consumption through renewable energy resources. The estimated reduction in carbon emission per annum is around 26,500 kgs equivalent of carbon dioxide (Co2). With this green initiative, BELs Bengaluru Complex is all set to achieve carbon neutral status, the company said.

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Tata Motors, Sun Pharma, Aurobindo Pharma in spotlight after Q4 earnings
May 31,2016

Tata Motors consolidated net profit rose 201.6% to Rs 5177.06 crore on 18.97% growth in total income to Rs 80933.04 crore in Q4 March 2016 over Q4 March 2015. The result was announced after market hours yesterday, 30 May 2016.

Sun Pharmaceutical Industries (Sun Pharma) consolidated net profit rose 92.71% to Rs 1713.69 crore on 16.82% growth in total income to Rs 7599.21 crore in Q4 March 2016 over Q4 March 2015. The result was announced after market hours yesterday, 30 May 2016.

Aurobindo Pharmas consolidated net profit rose 39.38% to Rs 562.85 crore on 18.88% growth in total income to Rs 3767.34 crore in Q4 March 2016 over Q4 March 2015. The result was announced after market hours yesterday, 30 May 2016.

HDFC announced that it intends to raise Rs 760 crore through private placement of senior secured redeemable non-convertible debentures. HDFC said that the debentures has issue price of Rs 1 crore each and carry coupon rate of 8.44% per annum with a tenor of 10 years. The issue opens and closes on the same day on 1 June 2016. The object of the issue is to augment the long-term resources of the company. The proceeds of the present issue would be utilized for financing/refinancing the housing finance requirements of the company. The redemption date of the issue is 1 June 2026. The announcement was made after trading hours yesterday, 30 May 2016.

Nava Bharat Ventures said that its board decided to deliberate on the issue of bonus shares to the shareholders in a separate meeting to be convened later. The announcement was made after trading hours yesterday, 30 May 2016.

Grindwell Norton said that its board recommended 1:1 bonus issue of shares. The proposal is subject to shareholders approval by way of postal ballot. The announcement was made after trading hours yesterday, 30 May 2016.

Gillanders Arbuthnot & Company said that its board has decided to discontinue the operations of the fabrication factory of the engineering (MICCO) division of the company located at Sodepur, West Bengal, with immediate effect. The board also decided to sell the land and building structures located at the MICCO division. Accordingly, an agreement for sale has been approved by the board. The announcement was made after trading hours yesterday, 30 May 2016.

Rajesh Exports net profit rose 2559.03% to Rs 76.58 crore on 16.19% decline in total income to Rs 10410.62 crore in Q4 March 2016 over Q4 March 2015. The companys net profit rose 80.54% to Rs 476.51 crore on 1.84% rise in total income to Rs 38622.63 crore in the year ended March 2016 over the year ended March 2015. The announcement was made after trading hours yesterday, 30 May 2016.

Shree Renuka Sugars net profit rose 5020.93% to Rs 220.20 crore on 7.98% rise in total income to Rs 1818.40 crore in Q4 March 2016 over Q4 March 2015. The company reported a net loss of Rs 285.30 crore in the year ended March 2016, compared with net loss of Rs 295.10 crore in the year ended March 2015. Total income rose 2.02% to Rs 5864.20 crore in the year ended March 2016 over the year ended March 2015. The announcement was made after trading hours yesterday, 30 May 2016.

In a separate announcement, Shree Renuka Sugars said that its board has approved voluntarily granting an option to the lenders of the company to convert a part of the loans granted/to be granted to the company into equity shares of Re 1 each in the company, subject to maximum of 9.28 crore equity shares, which is equivalent to 10% of the present equity share capital of the company, at Rs 16.56 per equity share or the price as per the regulations prescribed by Securities and Exchange Board of India (Sebi), whichever is higher. The approval of the shareholders, inter-alia, for this purpose will be sought through postal ballot.

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Coal India, Bhel in focus after declaring Q4 results
May 30,2016

Coal Indias consolidated net profit rose 0.22% to Rs 4247.93 crore on 0.72% decline in total income to Rs 22898.79 crore in Q4 March 2016 over Q4 March 2015. The result was announced on Saturday, 28 May 2016.

Coal Indias board of directors at its meeting held on 28 May 2016, approved about 6.29% increase in coal prices over the current prices with effect from 30 May 2016. This will be applicable to all subsidiaries of Coal India and NEC for regulated and non-regulated sectors. Due to this revision, Coal India will earn additional revenue of about Rs 3234 crore for the balance period of current financial year i.e. from 30 May 2016 to 31 March 2017. The board has also approved the differential price for non-regulated sector at a reduced rate of 20% over the price of regulated sector for G6 to G17 grades of coal for all subsidiaries of Coal India.

Bharat Heavy Electricals (Bhel) net profit fell 59.52% to Rs 359.58 crore on 18.36% decline in total income to Rs 10418.64 crore in Q4 March 2016 over Q4 March 2015. Bhels order backlog stood at about Rs 1.10 lakh crore as on 31 March 2016. The company removed orders amounting Rs 3783 crore from the order book in Q4 March 2016. It removed orders amounting Rs 7429 crore from the order book in the year ended 31 March 2016, which are not likely to commence. The result was announced after trading hours on Friday, 27 May 2016.

Tata Steel will be in focus after global credit rating agency Moodys Investors Service on Friday, 27 May 2016, said that the proposed sale of Tata Steel UKs long products Europe business to Greybull Capital and Tata Steel Europes decision to sell its UK business are credit positive on its ratings on Tata Steel and Tata Steel UK. Moodys said that the divestment of the loss-making operations will reduce the drag on the European business profitability, which has been under strain for a while. Tata Steel Europe has initiated the process of selling its entire holding in Tata Steel UK due to the deteriorating financial performance of the UK subsidiary. Moodys said that it will watch out for clarity on divestment of liabilities including pensions and erasing the negative EBITDA impact of the UK facilities on Tata Steel UKs credit metrics would be critical for any change in outlook to its rating on Tata Steel UK.

Hindalco Industries net profit jumped 123.36% to Rs 356.33 crore on 7.6% fall in total income to Rs 8871.66 crore in Q4 March 2016 over Q4 March 2015. The result was announced on Saturday, 28 May 2016. The revenue from operations dropped 7.51% to Rs 8667.52 crore in Q4 March 2016 over Q4 March 2015. The company attributed the decline in revenue to a sharp decline in both aluminium and copper realizations. In aluminium, the impact was much severe due to a sharp fall in local market premium and a sharp surge in imports of aluminium in the country. The company said its operational performance was strong. A strong increase in aluminium volumes, a thrust on value addition across businesses, lower cost of raw materials and a weaker rupee helped the company partially offset the impact of a sharp fall in realizations. The bottom line was boosted by base effect. The companys bottom line in Q4 March 2015 was adversely impacted by a non-recurring expenditure of Rs 146.48 crore.

With regard to the future business outlook, Hindalco said that the uncertain global macros pose several challenges for the company. The management will continue its un-relented focus on operational excellence, enhanced value addition and cash conservation to tide over these circumstances.

Tata Motors, Mahindra & Mahindra, Sun Pharmaceutical Industries, Aurobindo Pharma and NTPC are scheduled to announce Q4 March 2016 results today, 30 May 2016.

Maruti Suzuki India said that the company is all set to start exports of its much awaited Light Commercial Vehicle Super Carry to South Africa and Tanzania. The announcement was made after market hours on Friday, 27 May 2016. The first lot of nearly 100 Super Carry Light Commercial Vehicles has been dispatched for shipment, Maruti Suzuki India said. The shipment to South Africa and Tanzania is of the petrol variant of Super Carry, the company said. The petrol variant for export market is powered by G12B engine. Besides African markets, the company also plans to export the Super Carry to South Asian Association for Regional Cooperation (SAARC) nations, it added. Based on the feedback, the company will explore export opportunities for Super Carry in other international markets, Maruti Suzuki India said. The India launch for Super Carry is planned in the second quarter of the current fiscal. To begin -with, it will be launched in select parts of the country. For the domestic market Super Carry will be powered by the E08 diesel engine. The company is setting up a separate retail channel in the Indian market, exclusively for the Super Carry, it added.

Tech Mahindra has entered into an agreement to acquire UK based Target Group for an enterprise value of GBP 112 million. The transaction is expected to close by 31 October 2016, subject to the receipt of regulatory approvals. Target Group is a financial technology (Fintech) and BPaaS (Business Process as a Service) provider in the banking, asset management, government and insurance sectors. Tech Mahindra said that the acquisition will broaden its service offerings in the banking, financial services and insurance (BFSI) domain and strengthen its presence in Europe. The acquisition will enhance Tech Mahindras capabilities and allow Tech Mahindra to capture a larger share of the GBP 45-60 billion annual spend by UK BFSI companies on software and services.

Target Group had revenue of GBP 51 million in the year ended 31 December 2015 (FY 2015). After the completion of the acquisition by Tech Mahindra, Target Group will remain a standalone entity retaining its existing brand, which has a strong reputation in the marketplace. The entire management team at Target will stay with the business and continue to have full operational responsibility. Tech Mahindra made the announcement of the acquisition after trading hours on Friday, 27 May 2016.

Sun Pharmaceutical Industries (Sun Pharma) announced that one of the companys US subsidiaries Sun Pharmaceutical Industries, Inc (SPII) has received a grand jury subpoena from the United States Department of Justice, Antitrust Division seeking documents from SPII and its affiliates relating to corporate and employee records, generic pharmaceutical products and pricing, communications with competitors and others regarding the sale of generic pharmaceutical products, and certain other related matters. SPII is currently responding to the subpoena, Sun Pharma said. Sun Pharma said it is of the opinion that the outcome of the referred enquiry is unlikely to have any material adverse impact on the consolidated operations or consolidated financial results of the company. The announcement was made after market hours on Friday, 27 May 2016.

Power Grid Corporation of India said that the board of directors at its meeting held on 26 May 2016 have accorded approval for investment of North Eastern Region Strengthening Scheme - IV (NERSS - IV) at an estimated cost of Rs 364.60 crore with commissioning schedule of 24 months from the date of investment approval. The announcement was made after market hours on Friday, 27 May 2016.

Rural Electrification Corporations net profit rose 5.79% to Rs 1160.03 crore on 13.29% rise in total income to Rs 6084.47 crore in Q4 March 2016 over Q4 March 2015. The announcement was made after market hours on Friday, 27 May 2016.

Sun TV Networks net profit rose 16.3% to Rs 236 crore on 6.8% rise in total income to Rs 610.94 crore in Q4 March 2016 over Q4 March 2015. The announcement was made after market hours on Friday, 27 May 2016.

NMDCs net profit dropped 59% to Rs 552.93 crore on 44.6% fall in total income to Rs 1967.94 crore in Q4 March 2016 over Q4 March 2015. The announcement was made after market hours on Friday, 27 May 2016. NMDC said that the company has incorporated a subsidiary company NMDC-Sail on 23 May 2016 in order to develop, explore, etc. sale / supply of iron ore from the allocated mining resource in the State of Chhattisgarh. NMDC will hold 51% while Sail will hold 49% stake in NMDC-Sail.

DLFs consoldiated net profit fell 22.9% to Rs 132.39 crore on 16.4% rise in total income to Rs 2495.78 crore in Q4 March 2016 over Q4 March 2015. The announcement was made after market hours on Friday, 27 May 2016.

Adani Ports and Special Economic Zone (APSEZ) said that it has raised Rs 200 crore by allotment of 2,000 rated, listed, secured, taxable, redeemable, non-convertible debentures (NCDs) of the face value of Rs 10 lakh each on private placement basis. The said NCDs will be listed on the wholesale debt market segment of BSE. The announcement was made after market hours on Friday, 27 May 2016.

Shares of ITC turn ex-dividend today, 30 May 2016 for dividend of Rs 8.50 per share for the year ended 31 March 2016.

Shares of Yes Bank turn ex-dividend today, 30 May 2016 for final dividend of Rs 10 per share for the year ended 31 March 2016.

Lux Industries said that the company has fixed 7 June 2016 as the record date for its 5-for-1 stock split proposal. The announcement was made after market hours on Friday, 27 May 2016.

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BPCL may gain as board recommends 1:1 bonus issue
May 27,2016

BPCLs net profit fell 10.64% to Rs 2549.08 crore on 13.55% decline in total income to Rs 44891.65 crore in Q4 March 2016 over Q4 March 2015. The result was announced after market hours yesterday, 26 May 2016. The average gross refining margin (GRM) for Q4 March 2016 fell to $6.30 per barrel from $ 7.85 per barrel in Q4 March 2015. BPCL said that the board of directors recommended 1:1 bonus issue. The company has fixed 11 July 2016 as the record date for the bonus issue.

State-run ONGCs net profit rose 12.22% to Rs 4416.11 crore on 15.42% decline in total income to Rs 19776.70 crore in Q4 March 2016 over Q4 March 2015. The result was announced at the fag end of the trading session yesterday, 26 May 2016.

ONGCs net profit fell 9.75% to Rs 16003.65 crore on 4.14% decline in total income to Rs 84584.99 crore in the year ended 31 March 2016 over the year ended 31 March 2015.

In terms of the decision of the Government of India, the company shared under-recoveries of oil marketing companies (OMCs) amounting to Rs 1096 crore for the year ended March 2016 (FY 2016) by allowing discount in the prices of crude oil based on the rates of discount communicated by Petroleum Planning and Analysis Cell (PPAC). The discount was sharply lower than Rs 36300 crore in the year ended 31 March 2015 (FY 2015). The impact on net profit was Rs 607 crore in FY 2016 as compared to Rs 20437 crore in FY 2015.

ONGCs consolidated net profit fell 22.96% to Rs 14123.80 crore on 16.63% decline in total income to Rs 139364.35 crore in the year ended 31 March 2016 over the year ended 31 March 2015.

NTPC said that it has decided to raise Rs 1072.50 crore through private placement of secured non-convertible debentures at a coupon of 8.10% per annum. with a door to door maturity of 15 years today, 27 May 2016. The proceeds will be utilized to finance capital expenditure/refinancing the debt requirement in on-going projects including recoupment of expenditure already incurred. NTPC also informed that it has opened Pakri-Barwadih coal mining project (Western Pit).

Bharat Heavy Electricals (Bhel) and State Bank of India (SBI) will announce Q4 results today, 27 May 2016.

Power Grid Corporation of Indias net profit rose 13.2% to Rs 1599.05 crore on 21.42% rise in total income to Rs 5961.49 crore in Q4 March 2016 over Q4 March 2015. The result was announced after marke hours yesterday, 26 May 2016.

Sun Pharmaceutical Industries announced after market hours yesterday, 26 May 2016 that the parties have terminated the umbrella agreement as well as the transaction agreements executed between Daiichi Sankyo Company, Daiichi Sankyo (Thailand). Ranbaxy, Ranbaxy (Netherlands) B.V., Ranbaxy UNICHEM Company, Ranbaxy (Thailand) Company due to divestment of Ranbaxy by Daiichi Sankyo Company.

The parties had entered into a Termination Agreement on 26 May 2016 and agreed that the umbrella agreement as well as the executed transaction agreements will be terminated with effect as of the closing date, subject to the condition precedent of the occurrence of certain closing conditions as mutually agreed between the parties. Further, there is no material impact of such termination on either standalone or consolidated operations/ financial operations on Sun Pharma. Additionally, the termination agreement does not apply to, or have an impact upon, other business relationship that the parties to the termination agreement may have in force.

Jet Airways (India) posted a net profit of Rs 397.16 crore in Q4 March 2016 as compared to net loss of Rs 1728.99 crore in Q4 March 2015. Total income increased 3.04% to Rs 5451.28 crore in Q4 March 2016 over in Q4 March 2015. The announcement was made after market hours yesterday, 26 May 2016.

Neyveli Lignite Corporations net profit declined 34.06% to Rs 446.24 crore on 5.68% rise in total income to Rs 1964.58 crore in Q4 March 2016 over Q4 March 2015. The announcement was made after market hours yesterday, 26 May 2016.

Natco Pharmas consolidated net profit rose 10.65% to Rs 60.24 crore on 100.23% rise in total income to Rs 408.47 crore in Q4 March 2016 over Q4 March 2015. The announcement was made after market hours yesterday, 26 May 2016.

FDCs net profit rose 12.83% to Rs 38.24 crore on 14.69% rise in total income to Rs 248.29 crore in Q4 March 2016 over Q4 March 2015. The announcement was made after market hours yesterday, 26 May 2016.

HealthCare Global Enterprises consolidated net profit surged 11950% to Rs 4.82 crore on 16.32% rise in total income from operations (net) to Rs 153.75 crore in Q4 March 2016 over Q4 March 2015. The announcement was made after market hours yesterday, 26 May 2016.

Cosmo Films said that Cosmo Films ESOP 2015 Trust has acquired 33,396 shares of the company by market purchases during the period from 24 May 2016 to 26 May 2016. The announcement was made after market hours yesterday, 26 May 2016.

D B Corp will be in focus. The Reserve Bank of India has notified yesterday, 26 May 2016 that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest from 20% to 26% of the paid up capital of D B Corp under the Portfolio Investment Scheme (PIS). The total foreign investment in the company from all sources i.e. Foreign Institutional Investors (FII)/Registered Foreign Portfolios Investors (RFPI)/Non-Resident Indians (NRI)/Foreign Direct Investment (FDI)/Persons of Indian Origin (PIO)/American Depository Receipts (ADR)/Global Depository Receipts (GDR) shall not exceed 26% of the paid up capital of the company. The Reserve Bank further advised that the foreign share holding by FII/RFPI/ NRI/FDI/PIO/ADR/GDR in D.B. Corp have gone below the revised threshold limit stipulated under the extant FDI Policy. Hence, the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect.

The Reserve Bank has stated that the company has passed resolutions at its Board of Directors level, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures. The purchases could be made through primary market and stock exchanges.

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