AXIS Bank will be watched after the Reserve Bank of India (RBI) lifted curbs imposed on purchase of AXIS Bank shares by foreign institutional investors (FIIs), post government approval to increase foreign shareholding in the private sector bank.
The RBI on Friday, 27 December 2013, notified that consequent to approval from Government of India for increase in foreign investment from 49% to 62% of the paid up equity share capital of AXIS Bank, the aggregate share holdings through FII/Non Resident Indian (NRI)/Person of Indian Origin (PIO)/Foreign Direct Investment (FDI)/American Depository Receipt (ADR)/Global Depository Receipt (GDR) in AXIS Bank have gone below the prescribed threshold caution limit stipulated under the extant FDI Policy. Hence, the restrictions placed on the purchase of shares of the bank are withdrawn with immediate effect, RBI said in a statement.
Sesa Sterlite said it has received permission from the Supreme Court appointed monitoring committee to resume the mining activities at its Karnataka mine. Accordingly, the company has commenced its mining operations from 28 December 2013, in accordance with stipulated conditions.
The Supreme Court of India had earlier given the clearance for resumption of mining operations for A and B category mines in Karnataka, vide its order dated 18 April 2013, the company said in a statement.
Power Grid Corporation of India (PGCIL) has received shareholders' approval to increase the limit of shareholding by foreign institutional investors to 30% from 24% currently. FIIs can acquire and hold, on their own account and on behalf of each of their Sebi-approved sub-accounts, shares of the company up to an aggregate limit of 30% of the paid up capital, the company said in a filing. Shareholders also approved a proposal to increase the company's borrowing limit to Rs 130000 crore from the current cap of Rs 100000 crore. Both proposals were cleared through postal ballots. The proposals had been approved by the company's board of directors at a meeting on 23 October 2013.
HCL Technologies after market hours on Friday, 27 December 2013, announced that Vineet Nayar, director of the company since 2008, has decided to retire from the board in order to devote more time to his Foundation. HCL Technologies also announced on Friday, 27 December 2013, the appointment of Vineet Nayar as a Senior Advisor to HCL Technologies and HCL Corporation.
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Vineet has been a friend and a colleague for over two decades now. His bold ideas and passion for the organisation, has inspired many others to think and dream big. His contribution to HCL and the Board has been a benchmark for others to follow and we all are very proud of him. On behalf of the Board, I thank him for all that he has done and I look forward to his continued association with HCL as a Senior Advisor, said Shiv Nadar, Chief Strategy Officer and Chairman HCL Technologies.
I am grateful to Shiv, Board Members and the employees of HCL Technologies, for giving me an opportunity to dream, learn, explore and experiment along with them. There are very few organisations where one could rise up the ranks and become the CEO and Vice Chairman. I applaud Shiv for creating such a culture at HCL and thank him for his mentorship, guidance and friendship over these years. As I pursue my dream, of creating a Million Smiles through Sampark Foundation, I carry with me goodwill, best wishes and lots of learning. I also hope to continue to add value to both HCL Technologies and HCL Corporation through my continued association. I wish all the HCLites, exciting and energized years' ahead. said Vineet Nayar Founder, Sampark Foundation.
As a senior advisor, Vineet will advise HCL Corporation on key strategic issues and also work with the Board of HCL Technologies on initiatives such as driving a high performance culture amongst senior managers and new strategies for growth, the company said in a statement.
Adani Power said its board has approved demerger of the transmission line business of the company to its wholly-owned subsidiary. The board also appointed Vinod Bhandawat as Chief Financial Officer of the company.
Kalindee Rail Nirman (Engineers) said that board of directors of the company at its meeting held on 27 December 2013, approved designation of Texmaco Rail & Engineering as promoter consequent upon close of open offer and Texmaco acquiring together with agreeing to acquire from the existing promoters through a share purchase agreement (SPA) approximately 49.07% stake in Kalindee Rail Nirman (Engineers). The announcement was made after market hours on Friday, 27 December 2013.
Suryavanshi Spinning Mills after market hours on Friday, 27 December 2013, informed that the Audit Committee Meeting and Board Meeting of the company will be held on 6 January 2014, to consider and approve the restructuring of the company's units by way of a demerger under section 391 to 394 of the Companies Act, 1956.
Gabriel India after market hours on Friday, 27 December 2013 said the company has inaugurated its new Research & Development (R&D) centre, on 23 December 2013, in Hosur. Mr KN Radhakrishnan, President and Chief Executive Officer, TVS Motor Company, was the Chief Guest for the occasion and lit the lamp along with other dignitaries including, Mr Deepak Chopra, Chief Executive Officer, Anand and Chairman, Gabriel India; and Mr Manoj Kolhatkar, Managing Director, Gabriel India.
Gabriel India said that currently over 50% of its revenue is contributed by two wheeler business sector. The new state-of-the-art R&D centre aims to cater to the two wheeler business segment.
Addressing to the customers, partners and other audiences at the inauguration ceremony, Mr Chopra, said, Despite the current slowdown of the Indian economy and the automotive industry, we at Anand have not compromised on any actions or investments needed for the long term sustenance and growth of the Group. Gabriel India's this new R&D centre at Hosur, dedicated for ride control products for two-wheelers would strengthen our ability to co-develop right from the drawing board stage with our OEM customers, products which are cost effective and suitable for the Indian road conditions and which ensure superior ride comfort and safety for the Indian consumers.
Gabriel India said that the purpose behind the new R&D centre is to establish a world class centre encompassing product and process design, and prototyping and evaluation section. The facility is fully equipped to develop and provide any type of two wheeler suspension products. With this, Gabriel India would become a complete solution provider to its customer for the suspension systems. The centre will offer advanced products and features, after robust internal testing, so that customer gets products which are defect free and reliable. Also, the centre intends to provide conducive environment for its people to encourage creativity and innovation.
Added Mr Kolhatkar, Gabriel is the leading development partner for many of its esteemed customers who have shown willingness to work with us based on our technical capability and knowledge of the Indian conditions. The launch of this new R&D centre will make Gabriel India adept and versatile in fulfilling the customer needs. By this significant milestone, we will improve our speed, agility and quality of product development, thereby increasing customer confidence and satisfaction. In addition to this new R&D center, Gabriel India has a dedicated R&D set up for passenger cars and commercial vehicles segment at Pune.
Globus Spirits said its board has approved incorporating a wholly-owned subsidiary in Singapore.
GHCL after market hours on Friday, 27 December 2013, said that GHCL Employees Stock Option Trust has sold 13,312 equity shares of the company in the open market in trenches between 23 December 2013 to 27 December 2013.
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