State-run power equipment major Bharat Heavy Electricals (Bhel) after trading hours on Thursday, 26 December 2013, said that the company has bagged an order for the supply of Turbine Generator (TG) Package for 2x500 MW TPS at Neyveli. The order valued at Rs 1023 crore has been secured by Bhel from Neyveli Lignite Corporation (NLC) for NLC's upcoming 1,000 MW Neyveli New Thermal Power Project at Neyveli, Tamil Nadu. Bhel's scope of work under the contract includes manufacture, supply, erection, testing and commissioning of Steam Turbine Generators & Auxiliaries along with associated civil works.
Trading in Apollo Hospitals Enterprise and Mahindra & Mahindra Financial Services begins in the futures & options (F&O) segment of the National Stock Exchange (NSE) starting today, 27 December 2013. The F&O lot size of Apollo Hospitals Enterprise has been set at 250, whereas the lot size of Mahindra & Mahindra Financial Services has been fixed at 1,000.
AXIS Bank on Thursday, 26 December 2013 said that an agreement (MoU) with Karvy Computershare, Hyderbad to act as RTA of the bank for a further period of three years with effect from 1 January 2014 has been renewed by the bank.
Multi Commodity Exchange of India's (MCX) board of directors at a meeting held on Thursday, 26 December 2013, inter alia, decided to advise Financial Technologies (India) (FTIL) to implement FMC Order dated 17 December 2013 by reducing its stake in the company from 26% to 2% or below, within a period of 1 month hereof. The board also advised to withdraw the representation of FTIL - Mr. Miten Mehta, on MCX Board in view of FMC letter dated 26 December 2013.
Dabur India on Thursday, 26 December 2013 said that its wholly owned subsidiary Dabur International has incorporated on 17 December 2013 a new wholly owned subsidiary namely - Dabur Tunisie in Tunisia. Accordingly, Dabur Tunisie has become Dabur India's step down subsidiary company upon incorporation on 17 December 2013.
Hindustan Motors (HM) after market hours on Thursday, 26 December 2013 said that it is putting in all efforts to strengthen the company through restructuring.
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Speaking after the company's 71st annual general meeting, Mr. Uttam Bose, Managing Director and CEO, Hindustan Motors said, "HM remains fully committed to its revival plan. Slowdown in the economy, especially in the auto sector has affected HM too. In addition, we have had operational challenges in terms of cash flow problems for the company. Under these circumstances, it is becoming extremely challenging to manage daily operations".
Mr. Bose said that as decided earlier, HM needs to restructure its business by demerging its Uttarpara and Chennai plants as the product portfolio and customer segment of these two units are very different. The company is seeking potential strategic/financial investors for both the units. It is already in talks with some of them. However, the potential partners, too, have specific needs and are interested in either of the two units, not both, he said.
Mr. Bose further said that the company is facing challenges in executing its revival strategy. In view of the delay in the demerger scheme awaiting the High Court's sanction, the company is initiating divestment of the Chennai plant to meet the goal. In the interim period, the company plans to have a working arrangement for the Chennai plant. HM is in discussions with different entities involved and hopes for strong support from the West Bengal government which is equally interested in reviving Hindustan Motors. "We have a common objective in reviving the organisation and bringing it back to black", he asserted.
During the 18-month period under review, beginning April 2012 and ending September 2013, HM incurred a loss of Rs 71.20 crore as compared to a loss of Rs 29.96 crore in FY 2011-12. The company's accumulated losses have exceeded its net worth at the completion of the financial year ended 30 September 2013. The company will take necessary steps to comply with the legal requirements, the statement said.
United Bank of India on Thursday, 26 December 2013 said that pursuant to special resolution passed at the extraordinary general meeting of the bank held on 23 December 2013, the bank has completed the allotment of 18 crore equity shares of the bank to the Government of India (GoI) on 24 December 2013 upon receipt of the entire application money.
Mastek in a clarification to the exchanges after market hours on Thursday, 26 December 2013 said that there is no development in respect of the any stake sale by the promoters of the company and they have confirmed that they do not have any intention of selling their stake in the company.
Suryajyoti Spinning Mills on Thursday, 26 December 2013 said that the winding up petition moved by the FCCB holders against the company in the High Court of Andhra Pradesh has been dismissed at the stage of admission by the Andhra Pradesh High Court.
Eins Edutech on Thursday, 26 December 2013 said that the Audit Committee meeting of the company held on 25 December 2013 and the board meeting held on 26 December 2013, the board approved the scheme of arrangement i.e. merger between Eins Edutech and Uniglory Developers and also approved the swap ratio, valuation report and fairness opinion report.
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