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ICICI Prudential Life Insurance Company to list today
Sep 29,2016

ICICI Prudential Life Insurance Company debuts on the secondary equity market today, 29 September 2016. The company had priced the initial public offer (IPO) at the top end of the Rs 300 to Rs 334 price band. The bidding for the IPO concluded on 21 September 2016. The issue received bids for 138.77 crore shares and it was subscribed 10.48 times.

Hindustan Copper said the government will sell a 7% stake in the company through a two-day offer for sale (OFS) beginning today, 29 September 2016. The government has set a floor price of Rs 62 per share, a 5.12% discount to Wednesdays closing share price. The secondary market transaction, comprising 6.47 crore shares, will help the government raise Rs 401.54 crore. The governments stake will decline to 82.95% following the sale. The government holds an 89.95% stake in the copper producing company as on 30 June 2016. The announcement was made after market hours yesterday, 28 September 2016.

Corporation Bank said that the securities allotment committee of the board of the bank at its meeting held on 28 September 2016 allotted 12.45 crore equity shares at an issue price of Rs 40.78 per share to Government of India on a preferential basis. Consequently, Government of India holding gets increased from 67.20% to 70.76%. The announcement was made after market hours yesterday, 28 September 2016.

Manappuram Finance said that financial resources and management committee of board of directors of the company allotted 1500 secured redeemable non-convertible debentures by way of private placement, having face value of Rs 10 lakh each aggregating to Rs 150 crore on 27 September 2016. The announcement was made after market hours yesterday, 28 September 2016.

Pidilite Industries announced its sales and distribution tie-up with WD-40 Company. In India, WD-40 Company has joined with Pidilite Industries to distribute and sell WD-40 Multi-Use Product. WD-40 Multi-Use Product is a multi-purpose maintenance product with more than 2000 uses. It protects metal from rust and corrosion, penetrates stuck parts, displaces moisture, lubricates moving parts, and removes grease and grime from most surfaces. The announcement was made after market hours yesterday, 28 September 2016.

Oil India, Indian Oil Corporation and BPCL will be in focus. The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi, yesterday, 28 September 2016 gave its approval to an Indian consortium comprising Oil India (OIL), Indian Oil Corporation (IOCL) and Bharat Petro Resources (BPRL), a subsidiary of BPCL for acquiring 23.9% stake in JSC Vankorneft and 29.9% stake in LLC Taas-Yuryakh from Rosneft Oil Company (Rosneft), the National Oil Company (NOC) of Russian Federation (Russia). Rosneft operates Vankor and Tass-Yuryakh fields and are its wholly owned subsidiaries.

The acquisition of stake in Vankorneft will provide 6.56 million metric ton of oil equivalent (MMTOE) and 29.9% stake in Taas-Yuryakh will provide 0.5 MMTOE initially and 1.5 MMTOE by 2019. The acquisition is in line with Indias stated objective of adding high quality international assets to its exploration & production portfolio and thereby augmenting Indias energy security. The consortium will be paying $2.02 billion for acquiring stake in Vankorneft and $1.2 billion for acquiring stake in Taas-Yuryakh. Earlier in May 2016 ONGC Videsh (OVL) completed the formalities of acquiring 15% stake in Vankorneft at the cost of $1.284 billion which gave OVL 4.11 MMTOE.

The acquisition will add 8.06 MMTOE to Indias overseas oil and gas asset. It will also provide an opportunity to Indian public sector Oil and Gas companies to absorb newer technologies with Rosneft and British Petroleum (BP). BP acquired 20% stake in Taas-Yuryakh from Rosneft last year.

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Motherson Sumi Systems in focus after RBI hikes FPIs investment limit
Sep 28,2016

Motherson Sumi Systems will be watched after the Reserve Bank of India (RBI) allowed foreign investors to hike their stake in the company to up to 30% from 24% earlier. RBI made the announcement after market hours yesterday, 27 September 2016.

Karur Vysya Bank said it has sought shareholders approval for a proposal of splitting each share into five shares (5-for-1). Shareholders will vote for the proposal through a postal ballot process. The announcement was made after market hours yesterday, 27 September 2016.

RBL Bank said it raised Rs 330 crore from the UK-based development finance institution, CDC Group Plc (CDC), through Basel III compliant Tier II capital. The Tier II debt will strengthen the capital base of the bank, which in turn will support its businesses such as SME lending, agribusiness financing and financial inclusion. The infusion will also help the bank expand to new regions within India, the bank said. The announcement was made after market hours yesterday, 27 September 2016.

Mahindra and Mahindra (M&M) said it agreed to acquire 1.49 crore equity shares of Mahindra Two Wheelers Europe Holdings S.a.r.l from its subsidiary Mahindra Two Wheelers for 26.3 million Euros. The announcement was made after market hours yesterday, 27 September 2016.

Piramal Enterprises said that the administrative committee of the board of directors will be held on Friday, 30 September 2016 to consider the issuing secured non-convertible debentures (NCDs) aggregating to Rs 500 crore on private placement basis. The announcement was made after market hours yesterday, 27 September 2016.

MindTree announced the availability of the next generation of ATLAS, its output-based managed services framework. This new generation allows users to have greater transparency and a holistic view into the interworking of their application infrastructure, including performance metrics, optimization and analytics. The announcement was made after market hours yesterday, 27 September 2016.

Jindal Stainless said it received approval from Orissa Industrial and Infrastructure Development Corporation (IDCO) vide its letter dated 24 September 2016 conveying its no objection for effecting the transfer or right to use of the land on which the hot strip mill and the coke plant of the company are located, to Jindal United Steel and Jindal Coke, respectively. The announcement was made after market hours yesterday, 27 September 2016.

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IRB Infra in spotlight after winning order
Sep 27,2016

IRB Infrastructure has received a letter of award from National Highways Authority of India (NHAI) for Rs 2100-crore highway project in Rajasthan and Gujarat. The announcement was made after market hours yesterday, 26 September 2016.

Bosch said that its scheduled buyback of 8.78 lakh shares at Rs 23,000 each will open on 6 October 2016 and close on 21 October 2016. The announcement was made after market hours yesterday, 26 September 2016.

Sintex Industries said that its board approved allotment of 7.69 crore shares at Rs 65 per share on rights basis to eligible shareholders. The announcement was made after market hours yesterday, 26 September 2016. It may be recalled that shares of Sintex Industries had turned ex-rights on 8 August 2016. The company had fixed 9 August 2016 as record date for the rights issue. The company had approved issue of shares to shareholders in ratio of 26 shares on rights basis for every 151 shares held in the company at Rs 65 per share.

IIFL Holdings said that its board approved allotment of 4.33 crore compulsorily convertible preference shares and 100 equity shares worth Rs 231.92 per share to CDC Group plc as an investment of CDC in India Infoline Finance. The announcement was made after market hours yesterday, 26 September 2016.

8K Miles Software Services said that its board has fixed 13 October 2016 as the record date for ascertaining the eligibility of the shareholders entitled for stock split and bonus issue. The announcement was made after market hours yesterday, 26 September 2016.

Indiabulls Housing Finance said that the bond issue committee of the company approved allotment of secured redeemable non-convertible debentures and unsecured redeemable non-convertible debentures of face value of Rs 1,000 each, to base Issue of Rs 3500 crore with an over-subscription up to Rs 3500 crore for issuance of additional NCDs aggregating up to Rs 7000 crore. The announcement was made after market hours yesterday, 26 September 2016.

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Canara Bank in focus on fund raising plan
Sep 26,2016

Canara Banks board of directors at its meeting held on Friday, 23 September 2016, permitted the bank to raise additional equity share capital of an amount not exceeding Rs 1128 crore, including premium by way of rights issue with the Government of India (GoI) contribution of Rs 748 crore and Rs 380 crore from public shareholders. The board decided to constitute a rights issue committee of the board of directors to decide and permit on terms, timing, pricing, and other modalities of the rights issue. Further, the board decided to issue senior unsecured bonds in foreign currency in the range of $500 million in the international market under the $2 billion medium term note (MTN) programme of the bank for the purpose of providing funds to the overseas branches of the bank (the bank has so far raised $1100 million under this programme) and form a committee to decide the quantum, timing, tenor, pricing, costs etc. The announcement was made after market hours on Friday, 23 September 2016.

Dena Bank said after market hours on Friday, 23 September 2016 it has allotted 4,000 unsecured, subordinated, non-convertible Basel III compliant Tier II bonds, in the nature of debentures aggregating to Rs 400 crore on private placement basis. It may be recalled that the banks board of directors had last month approved for raising of Basel III compliant Tier II bonds upto an amount of Rs 1100 crore, in one or more tranche, in one or more instruments.

GNA Axles debuts on the secondary equity market today, 26 September 2016. The company had priced the initial public offer (IPO) at the top end of the Rs Rs 205 to Rs 207 price band. The IPO of GNA Axles saw strong response from investors. Bidding for the IPO ended on 16 September 2016. The IPO received bids for 24.52 crore shares and it was subscribed 54.88 times.

Welspun India announced that it has secured the Interactive Textile Article and Augmented Reality System patent, which protects Welspuns new product line TILT, a new brand from Welspun that focuses on seamlessly integrating technology into textiles. The announcement was made after market hours on Friday, 23 September 2016.

Nitesh Estates said its board will meet on 28 September 2016, to consider augmenting the long term fund requirements of the company including by way of further issue of capital and other means. The announcement was made after market hours on Friday, 23 September 2016.

The board of Vardhman Textiles approved the proposal to buyback the fully paid-up equity shares of face value of Rs. 10 each of the company. The buyback shall be upto an aggregate amount not exceeding Rs 720 crore at a maximum price of Rs 1,175. At maximum buyback price, the buyback translates into approximately 61.27 lakh equity shares of the company. The announcement was made on Saturday, 24 September 2016.

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L&T Technology Services in focus on debut
Sep 23,2016

Shares of L&T Technology Services will debut on bourses today, 23 September 2016. The initial public offer (IPO) of L&T Technology Services received bids for 1.83 crore shares, as per the data on the National Stock Exchange of India (NSE) website. The IPO was subscribed 2.53 times. The initial public offer (IPO) of L&T Technology Services had opened for bidding on 12 September 2016 and closed on 15 September 2016. The company has issued shares at Rs 860 per share, the top end of the Rs 850 to Rs 860 per share price band for the IPO. The qualified institutional buyers (QIBs) category was subscribed 5.01 times. The non-institutional investors category was subscribed 1.03 times. The retail individual investors (RIIs) category was subscribed 1.75 times.

Bharat Heavy Electricals (Bhel)s chairman & managing director, Atul Sobti, said that in spite of financial year ended March 2016 (FY 2016) being an extremely challenging year, the company recorded the highest-ever commissioning of projects in its history and the highest order booking in the last five years in FY 2016, ending the year with significant traction in growth drivers.

Addressing shareholders at the 52nd annual general meeting of the company, Mr. Sobti said that enhanced focus on project execution has resulted in Bhel creating history by way of commissioning/synchronizing an all-time high 15,059 megawatts (MW) of power generating equipment during the year. Despite intense competitive pressure in the power and capital goods markets during the year, Bhel achieved the highest order booking in the last five years, at Rs 43727 crore, a 42% leap over 2014-2015. The company ended the year with a total order book of Rs 110730 crore for execution in 2016-2017 and beyond. The announcement was made after market hours yesterday, 22 September 2016.

Shriram Transport Finance Company said that a committee of the company allotted 1,300 secured redeemable non-convertible debentures (NCDs) of face value of Rs 10 lakh each, aggregating to Rs 130 crore on private placement basis. The NCDs have a tenure of three years from the date of allotment. The NCDs carry a coupon rate of 8.25 per annum. The announcement was made after market hours yesterday, 22 September 2016.

Majesco announced that it has entered into an agreement with Glemham, a UK based managing general agent (MGA), to create a new cloud based bureau processing business using Majesco CloudInsurer to reduce the cost of transacting General Insurance in the UK market. Majesco CloudInsurer platform will be used to initially provide commercial lines insurance to both the broker and the small medium enterprise (SME) markets. The announcement was made after market hours yesterday, 22 September 2016.

Gallantt Ispat said that a meeting of the board of directors of the company will be held on 29 September 2016, to consider and approve the disposal of two subsidiaries - Shree Surabhi Wheat Products and Shree Surabhi Flour Mills. The announcement was made after market hours yesterday, 22 September 2016.

Speciality Restaurants said it has opened new Sigree franchise restaurant at Nagpur. The announcement was made after market hours yesterday, 22 September 2016.

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Union Bank of India in focus after completing stake acquisition in two joint ventures
Sep 22,2016

Union Bank of India said that it has completed the acquisition of 49% shareholding of Union KBC Asset Management Company and Union KBC Trustee Company from KBC Participations Renta S.A. and its affiliates (KBC Asset Management NV) on 20 September 2016. Accordingly, Union KBC Asset Management Company and Union KBC Trustee Company have become wholly owned subsidiaries of Union Bank of India. The announcement was made after market hours yesterday, 21 September 2016.

Last year, the board of Union Bank of India approved purchase of 49% stake in Union KBC Asset Management and Union KBC Trustee Company from KBC Participations Renta. KBC Participations Renta is a group company of Luxembourg-based KBC Asset Management NV.

Union Bank of India and KBC Asset Management NV had formed two joint ventures - Union KBC Asset Management Company and Union KBC Trustee Company - in 2009 with 51% and 49% holding, respectively.

HDFC announced that the company intends to raise Rs 1340 crore from issue of non-convertible debentures on private placement basis. The debentures will carry a coupon rate of 7.67% per annum and will have a tenor of 1 year 2 months. The announcement was made after market hours yesterday, 21 September 2016.

Mahindra & Mahindra (M&M) announced the proactive inspection of a fluid hose on all New Generation Scorpio & NuvoSport vehicles, manufactured till June 2016, respectively. This is in keeping with the companys customer centric approach, the company said. The inspection and subsequent rectification will be carried out free of cost for all New Generation Scorpio & NuvoSport customers, who will be individually contacted by the company. As an endeavor to ensure a hassle free experience for its customers, the company is proactively carrying out this activity, it said. This action is also in compliance with SIAMs voluntary code on vehicle recall, M&M said. The announcement was made after market hours yesterday, 21 September 2016.

Syngene International, Asias leading Contract Research Organization, and Strand Life Sciences, announced that they have completed a deal through which Syngene has purchased assets of Strand Life Sciences related to systems biology, Heptox and pharma bioinformatics services. This includes target dossier business and rights to NGS data analytics and Sarchitect platforms, supported by a strong scientific team. Financial details of the deal were not disclosed.

This deal gives Syngene access to Strands patented Virtual Liver model and the NGS analytics platform. The Virtual Liver model is able to predict the toxic effect of different drugs or chemicals on the liver (both rat and human) using information from laboratory based experiments prior to actual testing on live animals or humans. Strand NGS is an integrated platform that provides analysis, management and visualization tools for next-generation sequencing data. The announcement was made after market hours yesterday, 21 September 2016.

Godrej Properties announced that it has acquired a land parcel measuring approximately 12 acres off Sarjapur Road in South Bangalore. Godrej Properties plans to develop a residential housing project of approximately 92,900 square meters (approximately one million square feet). This project will be developed in partnership with Godrej Residential Investment Program II. The announcement was made after market hours yesterday, 21 September 2016.

IDBI bank has sold 6.75 lakh shares constituting 1.5% of the paid up capital of National Stock Exchange of India (NSE) to TIMF Holdings on 21 September 2016. The announcement was made after market hours yesterday, 21 September 2016.

Raymond said that Ring Plus Aqua (RPAL), an unlisted subsidiary of Raymond, has entered into a share purchase agreement with Neel Metals Products to transfer by way of sale its entire equity share holding of 1.04 crore equity shares in its 50:50 joint venture company namely, Rose Engineered Products India (ROSE). Consequent to said transaction ROSE ceases to be an Associate of RPAL and Raymond. The enterprise value of ROSE was arrived at Rs. 20.19 crore. The announcement was made after market hours yesterday, 21 September 2016.

Gujarat Narmada Valley Fertilisers and Chemicals (GNFC) entered into a joint venture with Santosh Agrochem LLP to set up about 345 MTPD purified wet lime project in a phased manner at Bharuch to be implemented through a joint venture company in the name of Calciwell Chemtech at an estimated cost of Rs 50 crore. The announcement was made after market hours yesterday, 21 September 2016.

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NBCC (India) may gain after new order win
Sep 21,2016

NBCC (India) has secured contract worth approximately Rs 440 crore from ESIC, Ministry of Labour & Employment, Government of India for construction of 100 bedded hospital(s) at Haridwar and Dehradun (Uttarakhand) and 300 bedded hospital at Indore, Madhya Pradesh. The announcement was made after market hours yesterday, 20 September 2016.

Wipro announced global partnership with Witbe, a leading innovator in the field of test automation and services quality of experience (QoE) monitoring robots for broadband, voice and TV triple-play monitoring. This partnership is of strategic importance to Wipro, and will offer integrated test automation and video services monitoring solutions for customer deployments across set top box, mobile platforms and other handheld devices. These solutions will benefit new and existing customers of Wipro and Witbe including semiconductor players, Original Equipment Manufacturers (OEMs), Original Design Manufacturers (ODMs) and service providers in the media industry. The announcement was made after market hours yesterday, 20 September 2016.

In a separate announcement after market hours yesterday, 20 September 2016, Wipro announced that it has joined Oracles newly announced Oracle Cloud Managed Service Provider (MSP) Program. Wipro is a Diamond level member of Oracle PartnerNetwork (OPN) and has an OPN Cloud Select designation. The Wipro Boundaryless Data Center (BLDC) offering is based on an innovative IT transformational approach that enables enterprise ITaaS (IT as a Service) through a universal marketplace. BLDC is integrated with Oracle IaaS (Infrastructure as a Service) and PaaS (Platform as a Service) services, and provides a unified platform to drive hybrid IT journey for enterprises by enabling dynamic sourcing, automated provisioning, monitoring and management. In collaboration with Oracle, Wipro will build standard reference architectures, workload blueprints and continuous deployment solutions for accelerated cloud transformation.

Mahindra & Mahindra (M&M) announced regarding incorporation of a subsidiary company in Brazil namely CMN Solutions Q013 Participacoes Ltda (target). M&M along with its wholly owned subsidiary Mahindra Overseas Investment Company (Mauritius) (MOICML) would acquire 100% of the capital stock of the target which would further acquire assets of a tractor distributor in Brazil viz. Bramont Montadora Industrial e Commercial de Veiculos S.A. (Bramont). The target is a shell company engaged in tractor distribution and has no operations till date. The cost of acquisition would not exceed $8.02 million out of which M&M would pay a consideration not exceeding $8 million for its stake in the target. The consideration for acquisition in cash would be paid upon receipt of approval from the Reserve Bank of India (RBI). The indicative time period for completion of the acquisition is October 2016. The announcement was made before market hours today, 21 September 2016.

IRB Infrastructure Developers (IRB) said that it has emerged as a preferred bidder for the project of six Laning from Kishangarh n++ Udaipur n++ Ahmedabad section of around 125 kilometres in Rajasthan. The project is on design-build-finance-operate-transfer (DBFOT) (Toll) pattern, under NHDPs Phase V (Package-V). The concession period of the project is 20 years including construction period of 910 days. The company will get tolling rights on project from the appointed date. The company has offered premium of Rs 228.60 crore to National Highways Authority of India (NHAI) in terms of the concession agreement. Upon award of this project, IRBs construction order book will stand to increase to approximately Rs 11300 crore, to be executed in the next four years. This will boost the companys construction orderbook visibility for next three to four year. The announcement was made after market hours yesterday, 20 September 2016.

Piramal Enterprises said that the duly empowered Committee of Directors has approved a proposal to down-sell a part of the companys lending portfolio, forming part of its financial services business, to its wholly owned subsidiary Piramal Finance, for a net consideration of Rs 1450 crores. Relevant agreements to give effect to this would be executed. This proposal is expected to be completed by end-October 2016. The announcement was made after market hours yesterday, 20 September 2016.

TeamLease Services announced the signing of a definitive agreement to acquire Nichepro Technologies (Nichepro). The transaction remains subject to customary closing conditions and regulatory approvals. TeamLease will acquire Nichepro for an enterprise value of Rs 29.5 crores through its wholly owned subsidiary, TeamLease Staffing Services. The transaction, which will be immediately accretive to TeamLeases earnings per share, will be financed with existing financial resources and is expected to close before the end of October 2016. Nichepro is a Tier 1 staffing provider to reputed MNCS and niche product companies. The announcement was made after market hours yesterday, 20 September 2016.

Vardhman Textiles said that a meeting of the board of directors of the company will be held on 24 September 2016, to consider proposal to buy-back the fully paid-up equity shares of the company. The announcement was made after market hours yesterday, 20 September 2016.

Shares of Inox Leisure will be in focus after the Reserve Bank of India (RBI) notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) from default can now invest from existing 24% up to 49% of the paid up capital of Inox Leisure under the Portfolio Investment Scheme (PIS). The Reserve Bank of India (RBI) has stated that the company has passed resolution 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 by FIIs/RFPIs. The purchases could be made through primary market and stock exchanges.

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Dr Reddys Lab in focus after launching Paricalcitol injection
Sep 20,2016

Dr Reddys Laboratories said it launched Paricalcitol injection, USP, a therapeutic equivalent generic version of Zemplar (paricalcitol) injection in the United States market approved by the US Food & Drug Administration (USFDA). The Zemplar brand and generic had US sales of approximately $22.5 million MAT for the most recent twelve months ending in July 2016 according to IMS Health. Dr. Reddys Paricalcitol Injection is available in 2 mcg, 5 mcg, and 10 mcg, and is the first ANDA product launched in the US market. The announcement was made after market hours yesterday, 19 September 2016.

Asian Paints announced after market hours yesterday, 19 September 2016, that as a part of the companys plan to consolidate its investments in the overseas subsidiaries, Asian Paints (International) (APIL), Mauritius, a wholly owned subsidiary of the company, has transferred its entire holding of 99.18% held in the subsidiary company, Asian Paints (Lanka), Sri Lanka, to Berger International, Singapore, a wholly owned subsidiary of APIL. The transfer process has been completed on 19 September 2016.

Mahindra & Mahindra (M&M) announced that India Ratings and Research (Ind-Ra) has assigned Provisional IND AAA rating with stable outlook for the companys proposed issue of Rs 475 crore non-convertible debentures. The ratings agency has also assigned IND A1+ rating for the companys proposed issue of Rs 700 crore commercial papers. The announcement was made after market hours yesterday, 19 September 2016.

Oriental Bank of Commerce said that the issue of Basel III Compliant Additional Tier 1 Bonds (private placement) was opened on 16 September 2016. The issue was fully subscribed to the extent of Rs 1000 crore and bonds were allotted on 16 September 2016. The announcement was made after market hours yesterday, 19 September 2016.

Canara Bank said that at a meeting of the board of directors of the bank is scheduled on 23 September 2016, note the consent of the Government of India on infusion of capital and rights issue. The bank will consider raising of capital by way of a rights issue and strengthening of Capital to Risk weighted Assets Ratio (CRAR) of the bank. The announcement was made after market hours yesterday, 19 September 2016.

Reliance Infrastructure announced that the board of directors of the company approved to amend the Object Clause of the Memorandum of Association of the company to include new activities relating to setting up any Trust, Funds including Venture Capital Funds, Infrastructure Investment Trust and Real Estate Investment Trust and other Alternative Investment Funds and defence business. The announcement was made after market hours yesterday, 19 September 2016.

Karur Vysya Bank said that the board of directors of the bank has considered and approved a 5-for-1 stock split. The announcement was made after market hours yesterday, 19 September 2016.

K.P.R. Mill has scheduled a board meeting on 5 October 2016, to consider stock-split proposal. The announcement was made after market hours yesterday, 19 September 2016.

Fiem Industries said that the fund raising committee of the board of directors approved allotment of 11.97 lakh equity shares of face value of 10 each to qualified institutional buyers at the issue price of Rs 1002 per share, aggregating to Rs 119.99 crore. The announcement was made after market hours yesterday, 19 September 2016.

Mangalam Cement said it has commenced commercial production of the new cement grinding unit with a capacity of 0.75 million ton per annum (MTPA) at Aligarh, Uttar Pradesh. The overall capacity is now enhanced from 3.25 MTPA to 4.00 MTPA. The announcement was made after market hours yesterday, 19 September 2016.

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ICICI Bank in focus as ICICI Prudential IPO to open for bidding
Sep 19,2016

Shares of ICICI Bank will be in focus as the initial public offer (IPO) of private sector life insurance company ICICI Prudential Life Insurance Company (ICICI Prudential) opens for bidding today, 19 September 2016. The IPO closes on 21 September 2016. The price band for the IPO has been fixed at Rs 300 to Rs 334 per share. The offer comprises sale up to 18.13 crore equity shares of ICICI Prudential, representing about 12.63% of its equity share capital for cash, through an offer for sale (OFS) by ICICI Bank. The entire proceeds from the OFS will be paid to ICICI Bank.

Power Grid Corporation of India said that the companys board of directors in their meeting held on 16 September 2016 has accorded investment approval for System Strengthening in Southern Region - XXI at an estimated cost of Rs 562.25 crore, with commissioning schedule of 30 months progressively from the date of investment approval. The announcement was made after market hours on Friday, 16 September 2016.

Axis Bank announced that the bank has kept its Marginal Cost of Funds based Lending Rate (MCLR) unchanged after a latest review. The banks Marginal Cost of Funds based Lending Rate (MCLR) for overnight loans will be 8.85%, the rate for one month will be 8.9% and for three months it will be 9.1%. The MCLR on 6-month loans will be 9.2% and for one-year loans the rate will be 9.25%, the bank said. MCLR on two-year loans will be 9.35% and for three-year loans the rate will be 9.4%. The rates are with effect from 17 September 2016. The announcement was made after market hours on Friday, 16 September 2016.

Separately, Axis Bank said that the bank has signed a Share Purchase Agreement with IFCI for acquisition of 73.28 lakh equity shares (13.67% of total outstanding shares) of face value of Rs 10 per share in Assets Care and Reconstruction Enterprise (ACRE) from IFCI at Rs 31 per share, resulting in a total cash consideration of Rs 22.72 crore. The transaction is subject to requisite regulatory approvals, including from Reserve Bank of India, Axis Bank said. The announcement was made after market hours on Friday, 16 September 2016.

The Reserve Bank of India notified that the foreign shareholding by American Depository Receipts (ADR)/Global Depository Receipts (GDR)/Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs)/Non Resident Indian (NRIs)/Foreign Direct Investment (FDIs)/Persons of Indian Origin (PIOs) in South Indian Bank has reached the trigger limit. Hence further purchases of equity shares of this company would be allowed only after obtaining prior approval of the Reserve Bank of India. The announcement was made after market hours on Friday, 16 September 2016.

IDFC said the company issued Commercial Papers for an aggregate amount of Rs 700 crore on 12 September 2016 having maturity date of 29 September 2016 which has been rated as A1+ by ICRA. Instruments with these rating are considered to have a strong degree of safety regarding timely payment of financial obligations and such instruments carry lowest credit risk. The aggregate amount of Commercial Paper outstanding as on date is Rs 700 crore. The announcement was made on Saturday, 17 September 2016.

Vipul received environmental clearance from the State Environment Impact Assessment Authority, Haryana, for its project Aarohan on Golf Course road in Gurgaon. Vipul said the company had raised debt from DMI Finance (DMI) to the tune of Rs 175 crore, and the money was utilized for pre-operative expenses of Project Aarohan.

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PSU OMCs and auto stocks will be in focus after revision in fuel prices
Sep 16,2016

PSU OMCs and auto stocks will be in focus after PSU OMCs hiked petrol price by 58 paise a litre and cut diesel price by 31 paise per litre in Delhi effective 16 September 2016 (including state levies), with corresponding price revision in other states. Petrol now costs Rs 64.05 a litre as against Rs 63.47 in Delhi. Similarly, diesel now costs Rs 52.63 a litre as compared to Rs 52.94 a litre.

Wipro announced after market hours yesterday, 15 September 2016 that the company and Reltio, an enterprise data driven applications and modern data management platform as a service company partnered to develop faster and cost effective master data management solutions. The partnership will help Reltio and Wipros clients bridge the gap between data and insights by boosting the reliability of information, while ensuring users get access to relevant data.

Punjab National Bank said that consequent upon receipt of capital funds to the tune of Rs 2112 crore from the Government of India on 14 September 2016, the bank has issued and allotted 16.43 crore equity shares at Rs 128.49 per equity share on preferential basis to Government of India. The announcement was made after market hours yesterday, 15 September 2016.

Union Bank of India said that the bank has on 15 September 2016 issued 10,000 Non-Convertible, Unsecured Subordinated Basel III Compliant Perpetual Debt Instruments eligible for inclusion in Additional Tier 1 Capital. The bond is issued for face value of Rs 10 lakh each at par aggregating to Rs 1000 crore on private placement basis bearing 9.50% per annum coupon payable annually. The AT1 Bonds are rated IND AA by India Ratings and Research and CARE AA by Credit Analysis & Research. The announcement was made after market hours yesterday, 15 September 2016.

Bharat Financial Inclusion said that the company on 15 September 2016 completed a securitization transaction of Rs 108 crore. With this, the company has completed three securitization transactions aggregating to Rs 852.44 crore in the year ending 31 March 2017 (FY 2017), Bharat Financial Inclusion said. The entire pool qualifies for priority sector treatment as per the Reserve Bank of Indias priority sector lending guidelines. The pool has been rated AA (SO) by a leading rating agency, signifying a high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk, the company said. The announcement was made after market hours yesterday, 15 September 2016.

Balasore Alloys said before market hours today, 16 September 2016 that the company has commenced the commercial production from 15 September 2016 at its Sukinda Unit, which was acquired from Jabamayee Ferro Alloys as a going concern on a slump sale basis situated at Tehsil Sukinda, Village & Mouza - Nijagarh, P.S. Sukinda, District - Jajpur, Odisha.The Sukinda Unit of the company has the installed capacity of production of 15,660 metric tonne per annum.

Den Networks announced after market hours yesterday, 15 September 2016 that a meeting of the board of directors of the company will be held on 20 September 2016, to discuss and approve proposal for preferential issue of shares to one of the leading global financial investors who will form part of the persons belonging to non promoter category, subject to approval of the board of directors, shareholders and in compliance with the all applicable laws.

Tube Investments of India announced after market hours yesterday, 15 September 2016 that it has entered into 50-50 joint venture with Chennai based Absolute Speciality Foods Chennai to open bicycle cafes in select locations in India under the Ciclo Cafe brand. Ciclo Cafn++ is a popular brand name in hospitality and cycling circuits.

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Ashok Leyland may gain on approval for amalgamation of Hinduja Foundries with company
Sep 15,2016

Ashok Leyland said that the board of directors approved the proposal of amalgamating Hinduja Foundries, a Hinduja Group Company with Ashok Leyland. The transaction is subject to various regulatory approvals and approval of shareholders of both the companies. The board of directors also approved, subject to regulatory approvals the exchange ratio wherin shareholders holding 100 shares in Hinduja Foundries will get 40 shares of Ashok Leyland. One thousand 2008 series global depository receipts (GDRs) of Hinduja Foundries will get 133 shares of Ashok Leyland. One 2006 series GDRs of Hinduja Foundries will get 4,800 shares of Ashok Leyland. The appointed date for the proposed transaction is 1 October 2016.

State Bank of India announced after market hours yesterday, 14 September 2016 that it has concluded the issue of $300 million AT1 Basel III compliant non-convertible, perpetual non call 5 year subordinated, unsecured note/bonds at a coupon 5.5% payable semi-annually, under banks $10 billion RegS MTN Programme. The notes will be issued through banks Dubai International Financial Centre Branch on 22 September 2016 and will be listed on Singapore Stock Exchange.

Reliance Communications (RCom) said the company and Maxis Communications Berhad (MCB), promoters of Aircel, a leading pan-India mobile operator signed definitive documents for the merger of their Indian wireless businesses-the largest-ever consolidation in the Indian telecom sector. The RCom-Aircel combination will create a strong operator ranked amongst Indias top 4 telecom companies by customer base and revenues, also ranking amongst the top 3 operators by revenues in 12 important circles.

The merged company will have the second-largest spectrum holding amongst all operators, aggregating 448 MHz across the 850, 900, 1800 and 2100 MHz bands, and will enjoy enhanced business continuity through extended validity of spectrum holdings till 2033-35. The merged company will be one of Indias largest private sector companies, with an asset base of over Rs 65000 crore ($9.7 billion) and net worth of Rs 35000 crore ($5.2 billion). The combined entity will enjoy substantial benefits of scale driving significant revenue growth, and capex and opex synergies with an NPV of Rs 20000 crore ($3 billion).

RCom and MCB will each hold a 50% stake in the merged entity with equal representation on the board of directors and all committees. The company will be managed by an independent professional team under the supervision of the board. RComs overall debt will reduce by Rs 20000 crore ($3 billion) or over 40% of its total debt, and Aircels debt will reduce by Rs 4000 crore ($600 million), upon completion of the transaction in 2017.

RCom will continue to own and operate its high growth businesses in the domestic and global enterprise space, data centers, optic fibre and related telecom infrastructure, besides owning valuable real estate. On consummation of the merger, RCom and MCB are committed to additional equity infusion into merged company to further strengthen the balance sheet, fund future growth plans, and enhance financial flexibility. Both parties are already in talks with leading international investors in this regard. The merged companys subscribers will have access to nationwide gold standard 4G LTE services on the sub-1 GHz band, under RComs existing nation-wide spectrum sharing/ ICR arrangements with Reliance Jio Infocomm.

The combined 2G, 3G and 4G networks position the merged entity for further strategic collaborations, and provide the entity the unique capability to offer a robust platform of services across all customer segments in all 22 telecom circles, including the mass market, leading to a superior customer experience at an affordable price point, and bringing the Internet to All in furtherance of Prime Minister Narendra Modis vision of Digital India.

Separately, RComs consolidated net profit rose 5.88% to Rs 54 crore on 3.75% decline in total income to Rs 5361 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 14 September 2016.

Unitech posted consolidated net loss of Rs 44.82 crore in Q1 June 2016 compared with net loss of Rs 279.63 crore in Q1 June 2015. Total income rose 26.94% to Rs 495.93 crore in Q1 June 2016 over Q1 June 2015. The result was announced before market hours today, 15 September 2016.

Shares of Hero MotoCorp turn ex-dividend today, 15 September 2016 for final dividend of Rs 32 per share for the year ended 31 March 2016.

Shares of Mahanagar Gas turn ex-dividend today, 15 September 2016 for final dividend of Rs 17.50 per share for the year ended 31 March 2016.

Shares of Oil India turn ex-dividend today, 15 September 2016 for final dividend of Rs 8 per share for the year ended 31 March 2016.

Shares of Reliance Capital turn ex-dividend today, 15 September 2016 for dividend of Rs 10 per share for the year ended 31 March 2016.

Shares of Reliance Infrastructure turn ex-dividend today, 15 September 2016 for dividend of Rs 8.50 per share for the year ended 31 March 2016.

NBCC (India) reported 16.39% rise in consolidated net profit to Rs 47.09 crore on 16.61% rise in total income from operations (net) to Rs 1273.26 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 14 September 2016.

BEML reported net loss of Rs 107.10 crore in Q1 June 2016, higher than net loss of Rs 68.10 crore in Q1 June 2015. Total income fell 49.7% to Rs 300.52 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 14 September 2016.

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Tata Steel may decline as net loss widens in Q1
Sep 14,2016

On a consolidated basis, Tata Steel reported net loss of Rs 3183.07 crore in Q1 June 2016, higher than net loss of Rs 316.91 crore in Q1 June 2015. Total income fell 5.5% to Rs 26542.83 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours on Monday, 12 September 2016. Stock market remained closed on Tuesday, 13 September 2016.

Tata Steels consolidated earnings before interest, taxation, depreciation and amortization (EBITDA) rose 21% to Rs 3270 crore in Q1 June 2016 over Q1 June 2015 due to improved operating performance across India, Europe, and South East Asia. EBITDA margin expanded to 12.4% in Q1 June 2016 from 9.6% in Q1 June 2015. Tata Steel said that the company recognised loss of Rs 3296 crore in Q1 June 2016 on account of divestment of Long Steel UK Limited.

In its business outlook for Indian business operations, Tata Steel said that India realisations in Q2 September 2016 are expected to be affected by lower demand from large steel consuming sectors such as construction and capital goods as well as seasonal sluggishness due to monsoon. Demand is expected to pick up post-monsoon and the festive season on the back of increase in disposable income due to the Pay Commission award, good harvest and easier liquidity, Tata Steel said. Supply side pressures from domestic steel companies likely to cap realisations and keep industry mill utilisation levels under check, the company said.

In its business outlook for European business operations, Tata Steel said that European Union economy is expected to continue to grow gradually though UKs stronger growth may slow down following the referendum result. Supply pressures from imports are expected to continue. The weaker pound is expected to improve UKs short term competitive position on exports, however it will add cost pressure due to higher cost of raw materials purchased in US dollars, Tata Steel said.

In its business outlook for South East Asia busines, Tata Steel said that steel demand is expected to be stable on the back of infrastructure building. Margins will remain under pressure as Chinas slowing growth and overcapacity is expected to result in continued exports to global markets, particularly South East Asia.

Tata Steel said that while iron ore prices have been volatile, coking coal prices have surged upwards by almost 60% since the start of August 2016. Prices of iron ore and coking coal are expected to remain volatile, the company said.

T V Narendran, Managing Director of Tata Steel India and South East Asia, said that seasonal headwinds and a slowdown in a large steel consuming sector like real estate affected steel demand in Q1 June 2016. While the regulatory changes have helped stem the flood of imports, domestic supply has increased and added to the competitive pressure, Narendran said. Tata Steel Kalinganagar commenced commercial production during Q1 June 2016 and the plant is ramping up well both in terms of output and quality, he said. Despite continued imports from China, the South East Asia operations have shown a significant improvement in the business due to the focus on downstream products and solutions, exports and effective management of spreads, he added.

Coal Indias consolidated net profit fell 14.78% to Rs 3065.28 crore on 6.11% decline in net sales to Rs 17796.05 crore in Q1 June 2016 over Q1 June 2015. The result was announced yesterday, 13 September 2016 when the stock market was closed on account of Bakri Id.

Reliance Capital announced on 13 September 2016 that its board of directors approved a proposal to independently list its home finance business - Reliance Home Finance Ltd (RHF) - on the stock exchanges. The independent listing of Reliance Home Finance is expected to unlock substantial value for existing shareholders of Reliance Capital. The listing of Reliance Home Finance will also lead to increased management focus and accelerated growth in the home finance business. As per the proposal, 49% stake in Reliance Home Finance Limited will be allotted to all shareholders of Reliance Capital, in the ratio of one share free of cost in Reliance Home Finance Limitedfor every one share held in Reliance Capital.

Reliance Capital will hold a 51% stake in Reliance Home Finance, and the company will be adequately capitalised to grow the lending book to over Rs 20000 crore in the next 18 months. The proposal is subject to necessary shareholders and other approvals. Reliance Home Finance, a 100% subsidiary of Reliance Capital, provides a wide range of loan solutions like home loan, LAP, Construction Finance and affordable housing loans. The company reported an AUM of Rs 8259 crore ($ 1.2 billion) during the quarter ended 30 June 2016.

Glenmark Pharmaceuticals announced before market hours today, 14 September 2016 that it has been granted final approval by the United States Food & Drug Administration (USFDA) for Diclofenac Sodium Gel, 3%, the generic version of Solaraze Gel, 3% of Fougera Pharmaceuticals Inc. According to IMS Health sales data for the 12 month period ending July 2016, the Solaraze Gel, 3% market achieved annual sales of around $297.90 million in the US.

Shares of Bharat Heavy Electricals (Bhel) and NHPC will be watched. NHPC announced after market hours on Monday, 12 September 2016, that it has awarded a contract worth Rs 132.74 crore to Bhel for renovation and modernization of 180 megawatts (MW) Baira Siul Power Station in Himachal Pradesh. The scope of the contract agreement includes electromechanical works packages comprising supply, erection, commissioning of turbines and accessories and dismantling of existing system.

Meanwhile, Bharat Heavy Electricals turns ex-dividend today, 14 September 2016, for final dividend of Rs 0.40 per share for the year ended 31 March 2016.

National Aluminium Company (Nalco)s net profit fell 22.55% to Rs 135.01 crore on 3.26% rise in total income to Rs 1682.63 crore in Q1 June 2016 over Q1 June 2015. The announcement was made after market hours on Monday, 12 September 2016.

Motherson Sumi Systems said that the board of directors of the company has considered and approved the issue and allotment of 1.77 crore equity shares of the company to Sumitomo Wiring Systems, Japan at Rs 317 per share on a preferential basis. The announcement was made after market hours on Monday, 12 September 2016.

Allahabad Bank announced after market hours on Monday, 12 September 2016, that Credit Analysis and Research (CARE) has assigned CARE AA rating to the banks proposed Basel-III compliant Tier 2 bonds aggregating to Rs 1000 crore. Further, CARE and Brickwork Ratings India have also reviewed the existing ratings of the banks outstanding Tier 1/Tier 2 Bonds rated by them.

Godfrey Phillips Indias net profit dropped 61.99% to Rs 22.38 crore on 12.06% fall in total income from operations to Rs 940.56 crore in Q1 June 2016 over Q1 June 2015. The result was announced yesterday, 13 September 2016, when the stock markets were closed on account of Bakri Id.

IL&FS Transportation Networks reported net profit of Rs 17.87 crore in Q1 June 2016 as compared to net loss of Rs 18.64 crore in Q1 June 2015. Total income rose 16.41% to Rs 1281.56 crore in Q1 June 2016 over Q1 June 2015. The result was announced yesterday, 13 September 2016, when the stock markets were closed on account of Bakri Id.

Balmer Lawrie & Company turns ex-dividend today, 14 September 2016, for dividend of Rs 20 per share for the year ended 31 March 2016.

Gujarat State Petronet turns ex-dividend today 14 September 2016, for dividend of Rs 1.50 per share for the year ended 31 March 2016.

PTC India Financial Services turns ex-dividend today, 14 September 2016, for dividend of Rs 1.20 per share for the year ended 31 March 2016.

PTC turns ex-dividend today, 14 September 2016, for final dividend of Rs 2.50 per share for the year ended 31 March 2016.

Repco Home Finance turns ex-dividend today, 14 September 2016, for dividend of Rs 1.80 per share for the year ended 31 March 2016.

SJVN turns ex-dividend today, 14 September 2016, for final dividend of Rs 0.47 per share for the year ended 31 March 2016.

T D Power Systems turns ex-dividend today, 14 September 2016, for dividend of Rs 3.05 per share for the year ended 31 March 2016.

Suzlon Energy reported consolidated net loss of Rs 259.97 crore in Q1 June 2016 compared with net profit of Rs 1014.34 crore in Q1 June 2015. Total income dropped 36.81% to Rs 1668.94 crore in Q1 June 2016 over Q1 June 2015. The result was announced on 13 September 2016.

Amtek Auto reported net loss of Rs 319.68 crore in Q1 June 2016 compared with net loss of Rs 157.60 crore in Q1 June 2015. Total income dropped 33.45% to Rs 576.49 crore in Q1 June 2016 over Q1 June 2015. The result was announced on 13 September 2016.

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Grasim Industries may gain as board approves increase in equity investment by RFPIs
Sep 12,2016

Grasim Industries said that board of directors on Saturday, 10 September 2016 approved the proposal to increase the limit for investment in the equity share capital of the company by registered foreign portfolio investors from 24% to 30% of the companys paid-up equity share capital of the company. The announcement was made on Saturday, 10 September 2016.

Maruti Suzuki India clarified that the companys Chairman RC Bhargavas statement in the Annual General Meeting (AGM) held on 8 September 2016 was limited to acknowledgement that he would convey requests made by the shareholders during the AGM for consideration of stock split to the board of directors. The company issued the clarification after market hours on Friday, 9 September 2016 after reports stated that Maruti will consider stock split.

Tata Steel announces Q1 result today, 12 September 2016.

Cipla turns ex-dividend today, 12 September 2016 for dividend of Rs 2 per share for the year ended 31 March 2016 (FY 2016).

L&T will be in focus as the initial public offer (IPO) of L&T Technology Services opens for bidding today, 12 September 2016. The IPO closes on Thursday, 15 September 2016. The price band for the IPO has been fixed at Rs 850-860 per share. The IPO comprises of an offer for sale of 1.04 crore shares by engineering and construction major L&T. L&T Technology Services will not receive any funds from the IPO. L&T currently owns 100% stake in L&T Technology Services. Its holding will fall to 89.77% after the IPO. The offer would constitute 10.2% of post-offer paid-up equity share capital of the company. L&T Technology Services provides Engineering, Research and Development (ER&D) services to manufacturing, technology and process engineering companies, to help them develop and build products, processes and infrastructure required to deliver products and services to their end customers.

Jaypee Infratech posted net loss of Rs 35.67 crore in Q1 June 2016 compared with net profit of Rs 20.86 crore in Q1 June 2015. Total income jumped 113.64% to Rs 1099.33 crore in Q1 June 2016 over Q1 June 2015. The result was announced on Saturday, 10 September 2016.

Balkrishna Industries net profit rose 46.64% to Rs 149.05 crore on 1.25% rise in total income to Rs 979.78 crore in Q1 June 2016 over Q1 June 2015. The result was announced on Saturday, 10 September 2016.

Sobhas consolidated net profit rose 1.98% to Rs 35.90 crore on 24.63% rise in total income to Rs 578.20 crore in Q1 June 2016 over Q1 June 2015. The result was announced on Saturday, 10 September 2016.

Reliance Defence and Engineering reported net loss of Rs 134.50 crore in Q1 June 2016 compared with net loss of Rs 167.27 crore in Q1 June 2015. Total income dropped 34.21% to Rs 74.18 crore in Q1 June 2106 over Q1 June 2015. The result was announced on Saturday, 10 September 2016.

Jaiprakash Associates reported net loss of Rs 602.95 crore in Q1 June 2016 compared with net loss of Rs 482.43 crore in Q1 June 2015. Total income decreased 26.99% to Rs 1747.76 crore in Q1 June 2016 over Q1 June 2015. The result was announced on Friday, 9 September 2016.

Jaiprakash Associates said on Saturday, 10 September 2016 that Unit-2 of 660 megawatts (MW) of 1980 MW Bara Supercritical Thermal Power Project, being implemented by Prayagraj Power Generation Company Limited (a material un-listed subsidiary of Jaiprakash Power Ventures Limited (JPVL) a subsidiary of the company), has successfully commenced commercial operations on September 10, 2016.

Housing Development and Infrastructures consolidated net profit fell 30% to Rs 40.89 crore on 2.7% decline in total income to Rs 265.21 crore in Q1 June 2016 over Q1 June 2015. The result was announced on Saturday, 10 September 2016.

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Yes Bank in focus after defering proposed QIP
Sep 09,2016

Yes Bank announced after market hours yesterday, 8 September 2016 that due to extreme volatility during trading day on 8 September 2016 because of misinterpretation of new qualified institutional placement (QIP) guidelines, the bank has been advised by its appointed Merchant Bankers to defer its proposed QIP. It may be recalled that the bank had announced on 7 September 2016 opening of QIP of equity shares of face value Rs 10 each to raise up to $1 billion. The bank announced Rs 1,371.84 per share as the floor price at that time.

ICICI Bank after market hours yesterday, 8 September 2016 said that the proposed initial public offer (IPO) of its subsidiary, ICICI Prudential Life Insurance Company (ICICI Pru Life) has been approved by Registrar of Companies, Maharashtra on 8 September 2016. The offer will be open for subscription to public on 19 September 2016 and shall close on 21 September 2016. The price band has been fixed at Rs 300-334 per equity share.

Jindal Steel & Power reported consolidated net loss of Rs 1082.15 crore in Q1 June 2016 compared with consolidated net loss of Rs 542.42 crore in Q1 June 2015. Total income rose 4.34% to Rs 4686.60 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 8 September 2016. Higher revenues in Jindal Power (JPL) & Oman helped consolidated turnover rise 6% to Rs 4655 crore in Q1 June 2016 over Q1 June 2015.

Zensar Technologies announced that it has secured multi-million dollar digital transformation project from Avis Fleet in South Africa. The announcement was made after market hours yesterday, 8 September 2016. Spread over a time-period of two years, the project involves adding scalability and agility to the companys strategic technology roadmap. Zensar will enable realization of Avis Fleets strategic project, Next Generation Fleet Management System. Zensar will leverage its digital technology skills and expertise to enable Avis Fleet in improving overall customer experience and visible enhancement in the quality of service. The key business objective is to secure and grow Avis market leadership position in this field across Africa. The overall implementation, to be divided into two phases will focus on enhancing the varied legacy technology platforms and integration of digital technologies like Agile and DevOps in building a strategic IT framework.

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GAIL (India), ONGC in spotlight after announcing Q1 results
Sep 08,2016

GAIL (India)s net profit jumped 244.03% to Rs 1335.18 crore on 9.98% decline in total income to Rs 11457.20 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 7 September 2016.

Meanwhile, shares of GAIL (India) turn ex-dividend today, 8 September 2016, for final dividend of Rs 3 per share for the year ended 31 March 2016 (FY 2016).

ONGCs net profit dropped 21.15% to Rs 4232.54 crore on 20.23% decline in total income to Rs 18737.18 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 7 September 2016.

HDFC announced that it intends to raise Rs 1000 crore from issue of non-convertible debentures on private placement basis. The debentures will carry a coupon rate of 7.7% per annum and will have a tenor of 1 year 5 months. The issue opens and closes for subscription on the same day tomorrow, 9 September 2016. The announcement was made after market hours yesterday, 7 September 2016.

Wipro issued a press release after market hours yesterday, 7 September 2016 regarding updates on the companys engagement with Employees State Insurance Corporation (ESIC). In March 2009, Wipro had entered into a seven-year agreement with ESIC as a systems integrator for Project Panchdeep to set up a healthcare administration program under the build, own, operate and transfer model. Wipro said it had completed its obligations under the contract. However, ESIC has withheld certain amounts due to the company in an ad-hoc and arbitrary manner, which has resulted in a significant delay in collections for the company, Wipro said. The company has disputed this non-payment and is engaged with ESIC to recover the amounts due. If the company is not able to resolve this amicably in a reasonable time, it will take all necessary legal steps available to it, Wipro said. The agreement with ESIC expired on 8 June 2016 post which Wipro had no obligation to provide any services to ESIC, the company said. In spite of ESICs failure to make timely payments, Wipro at the request of ESIC and given the critical nature of the services for the citizens, agreed to provide support services for an additional period of three months, it said. As contractually agreed, Wipro will handover this project close of business hours on 8 September 2016, the company said.

Ashok Leyland after market hours yesterday, 7 September 2016, announced a restructuring agreement with Nissan Motor Co. that will enable both companies to enter into a new phase in their business interaction. Nissan has agreed to sell to Ashok Leyland all of Nissans shares in three joint venture (JV) companies that were formed in 2008. These JVs focus on technology development, and manufacturing of powertrains and vehicles. Under the agreement, these JVs will become wholly-owned Ashok Leyland subsidiaries, upon receipt of all necessary approvals from the regulatory authorities in India. The process is expected to be concluded later this year, Ashok Leyland said. Ashok Leylands Managing Director Vinod Dasari said that the company has decided to acquire Nissans stake in the three JV companies, and this will help Ashok Leylands efforts to concentrate on its core business initiatives and its customers. Ashok Leyland will continue its relationship with Nissan under the new arrangement, Dasari added.

Solar Industries Indias consolidated net profit rose 13.13% to Rs 47.11 crore on 10.8% rise in net total income from operations to Rs 461.45 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 7 September 2016.

Orient Paper & Industries announced that a meeting of the board of directors of the company will be held on 15 September 2016, to consider raising capital by way of rights issue of shares.The board will also consider various options for business restructuring of the company. The announcement was made after market hours yesterday, 7 September 2016.

Motherson Sumi Systems said that MSSL Manufacturing Hungary Kft., a subsidiary of MSSL GmbH, which in turn is a subsidiary of Motherson Sumi Systems is acquiring the Automotive Business Unit of Abraham es Tarsa Kft. (Abraham and Co. Ltd) located in Turkeve, Hungary on a going concern basis and would also give on lease part of acquired assets to SMR Hungary. With this transaction, which is expected to be completed in October 2016, MSSL through its 100% subsidiary, MSSL Manufacturing Hungary Kft., would acquire the land, building and machinery of Abraham es Tarsa Kft for a purchase price consideration of EUR 10.4 million.

Abraham es Tarsa is an expert for plastic processing and high quality products for car makers across Europe. SMR Hungary, a subsidiary of SMRP BV, holding 98.5% in SMR Hungary, which is ultimately held by MSSL, has for many years been the primary customer of Abraham es Tarsa Kft.

The integration of this business would allow to generate a number of operational synergies with SMR. This acquisition will increase the in house capability of SMR Hungary, and therefore will support SMRs position as technology and market leader for automotive mirrors in Hungary and Europe. The acquired unit will be further expanded to achieve group synergies through supplies to SMR and to the new facilities being set up by SMP in Europe to meet the demand for new orders from customers. The announcement was made after market hours yesterday, 7 September 2016.

NTPC turns ex-dividend today, 8 September 2016, for final dividend of Rs 1.75 per share for the year ended 31 March 2016 (FY 2016).

NHPC turns ex-dividend today, 8 September 2016, for final dividend of Rs 0.58 per share for FY 2016.

NBCC turns ex-dividend today, 8 September 2016, for dividend of Rs 2 per share for FY 2016.

Escorts turns ex-dividend today, 8 September 2016, for dividend of Rs 1.20 per share for FY 2016.

Cyient turns ex-dividend today, 8 September 2016, for special dividend of Rs 2.50 per share for FY 2016.

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