Coal India will be in focus after two new coal mines with a total capacity to produce 6.75 million tonnes of coal per annum were inaugurated by the Minister of State (Independent Charge) for Power, Coal and New & Renewable Energy Piyush Goyal yesterday, 26 October 2015. The two new coal mines belong to Western Coalfields (WCL) and are situated in Nagpur district in Maharashtra. WCL is a wholly-owned subsidiary of Coal India.
Among key corporate earnings, Axis Bank, Lupin, Maruti Suzuki India and Vedanta are set to announce their Q2 earnings today, 27 October 2015.
Stocks of real estate companies which have their operations focused in Mumbai will be on investors' radar after the finance ministry issued a clarification stating that no service tax will be applicable on sale of flats/dwellings etc. in areas under the jurisdiction of Brihanmumbai Municipal Corporation (BMC) in cases where the entire consideration for the sale of flats has been received after issue of occupancy certificate by BMC.
Den Networks will be in focus. The Reserve Bank of India (RBI) yesterday, 26 October 2015 notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 74% of the paid up capital of the company under the Portfolio Investment Scheme (PIS). The RBI said that the company 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.
Datamatics Global Services announced after market hours yesterday, 26 October 2015, that its board has evaluated and discussed various options of restructuring/reorganization of the company's business and instructed the finance head and the company secretary to present further details to the board members after consulting the advisors.
State Bank of Mysore's net profit rose 29.52% to Rs 131.98 crore on 3.65% increase in total income to Rs 1969.96 crore in Q2 September 2015 over Q2 September 2014.
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State Bank of Mysore's ratio of net non-performing assets (NPAs) to net advances stood at 2.22% as on 30 September 2015, compared with 2.10% as on 30 June 2015 and 2.94% as on 30 September 2014.
The bank's gross non-performing assets (NPA) were at Rs 2175.79 crore as on 30 September 2015 compared with Rs 2213.62 crore as on 30 June 2015 and Rs 2519.20 crore as on 30 September 2014.
The ratio of gross NPAs to gross advances stood at 4.19% as on 30 September 2015 as against 4.21% as on 30 June 2015 and 5.07% as on 30 September 2014.
Provisions and contingencies fell 46.25% to Rs 116.40 crore in Q2 September 2015 over Q2 September 2014. The provisioning coverage ratio as on 30 September 2015 stood at 71.54%.
The bank's Capital Adequacy Ratio (CAR) as per Basel III norms stood at 11.29% as on 30 September 2015, compared with 11.22% as on 30 June 2015 and 10.73% as on 30 September 2014.
State Bank of India holds 90% stake in State Bank of Mysore (as on 30 September 2015).
Raymond announced after market hours yesterday, 26 October 2015, that workmen at the company's Chhindwara textile plant have gone on strike due to unreasonable and unlawful bonus demands. The strike has been declared illegal by the concerned Labour Authorities. The management is in dialogue with the workers and is trying to resolve the situation. The company's Vapi and Jalgaon textile plants continue with their normal operations and the company does not expect the strike at the Chhindwara textile unit to impact the availability of the finished products in the market place, Raymond said.
Talwalkars Better Value Fitness announced after market hours yesterday, 26 October 2015, that its board of directors will meet on 5 November 2015, to consider the scheme of reorganization of the company.
eClerx Services announced after market hours yesterday, 26 October 2015, that one of the major clients of Agilyst Inc has decided to contract directly with eClerx Services, given the much better physical and IT infrastructure of the company and also its stronger financial position. Consequently, this client will also terminate its contract with Agilyst, Inc. It may be recalled that eClerx Services had acquired Agilyst Inc. USA in May 2012. eClerx Services said that while this decision of the client to move business from Agilyst Inc. to the company, may not have much impact on consolidated financials of the company, it will, however, have a material impact on the standalone financials in the books of accounts of the company and Agilyst Inc. USA.
Manpasand Beverages announced after market hours yesterday, 26 October 2015, that it has entered into a tie up with ice cream & food retailing major Havmor Ice Cream. Manpasand's flagship mango-based brand 'Mango Sip' and recently launched 'Fruits Up' brand will be made available at around 210 food outlets of Havmor spread across Gujarat, Murnbai & Punjab to start with. Apart from one of the MNC cola brands, Manpasand's two beverage brands will be the only other beverage brands to be sold at all Havmor outlets. The tie-up is a comprehensive strategy of Manpasand to expand its reach in the urban areas. With this foray, company's flagship brand 'Mango Sip,' which is extensively spread out in rural and semi-rural regions, will now be made available in urban areas through Havmor's food outlets. This tie up will also give a boost to the Manpasand's recently launched 'Fruits Up' brand, which consists of a range of carbonated fruit drinks and premium fruit drinks in different flavours, that is primarily targeted at urban markets. This tie up covers 164 outlets of Havmor in Gujarat, 28 outlets in Mumbai and 17 in Punjab, the company said in a statement.
Financial Technologies (India) (FTIL) will be in focus. With respect to earlier news article titled, "FTIL barred from issuing dividend", Financial Technologies (India) (FTIL) clarified after market hours yesterday, 26 October 2015, that the Bombay High Court's Order dated 30 September 2015, which states that "FTIL shall not distribute any dividend amongst its shareholders and shall also not deposit any amount in compliance with Section 123 sub-clause (iv) of the Companies Act, 1956", continues and the next date of hearing in the matter is yet to be listed.
Shree Precoated Steels announced after market hours yesterday, 26 October 2015, that the High Court of Judicature at Bombay has passed an order against the company to pay the cost of 14.51 million euros, equivalent to approximately Rs 15.10 crore to Siderlba S.P.A, a company having their officer at Napoli, Italy. However, the company has been seeking the advice of the experts to examine the merits of the matter and accordingly the company will take suitable action in due course of time.
Maxwell Industries announced after market hours yesterday, 26 October 2015, that its board of directors approved allotment of 30 lakh equity shares to promoters and promoter group of the company pursuant to conversion of 30 lakh warrants.
Gujarat Apollo Industries announced after market hours yesterday, 26 October 2015, that its board of directors will meet on 5 November 2015, to consider a proposal for buyback of equity shares of the company.
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