Coal India's Board of Directors at its meeting on Thursday, 14 March 2013 approved payment of interim dividend of Rs 9.70 per share for the financial year ending 31 March 2013.
The Government of India has decided to sell 12.88 crore equity shares of National Aluminium Company (Nalco), constituting 5% of the total paid up equity share capital of the company, with an option to sell additional 12.88 crore shares, in aggregate constituting 10% of the equity share capital of the company through Offer for Sale (OFS) via the stock exchanges mechanism today, 15 March 2013. The floor price for the OFS has been set at Rs 40 per share. Shares of Nalco dropped 4.43% to settle at Rs 44.25 on BSE on Thursday, 14 March 2013.
Bharat Heavy Electricals (Bhel) will be in focus after the Minister of Heavy Industries and Public Enterprises Mr. Praful Patel on Thursday, 14 March 2013, said that a number of steps have been taken by Bhel for enhancing its performance which include introduction of upgraded modules -- 270 MW, 525 MW and 600 MW thermal units and also the super-critical thermal sets of 660 MW, 700 MW and 800 MW ratings suiting the local conditions. Bhel has scaled up its capacity to deliver 20,000 MW of power equipment (main plant & machinery) per annum, Patel said in written reply to a question in Lok Sabha.
The minister further stated that Bhel spent nearly Rs 1199 crore i.e. 2.42% of turnover during 2011-12 on R&D and filed 351 patents/copyrights, making the company one of the highest patent filers in the country after CSIR. The minister also said that Bhel is placing high importance on people development. The company is also pursuing initiatives in diversification and mergers & acquisitions (M&A), Patel said.
Welspun Corp has issued 4.50% Convertible Bonds of $150,000,000 (current outstanding $105,900,000) due in 2014 (the "Bonds") listed on the Singapore Exchange Securities Trading. The Board of Directors of the company has approved buyback of part of the outstanding Bonds at its sole discretion in accordance with the guidelines issued by Reserve Bank of India ("RBI").
Punj Lloyd group has bagged a contract worth Rs 314 crore from Al-Khafji Joint Operations for an offshore project in Al-Khafji, Saudi Arabia. The project is scheduled for commissioning in September 2014, the company said.
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Al-Khafji Joint Operations is a joint operation of two companies, Aramco Gulf Operations Company Ltd (AGOC) of Saudi Arabia and Kuwaiti Gulf Oil Company (KGOC), for oil and gas exploration development and production in the offshore area of the partitioned neutral zone between Saudi Arabia and Kuwait.
The scope of work for the project entails detail design, engineering, procurement, testing, transportation and construction/installation of a new 20 OD crude transmission line, 40 km submarine rigid pipeline, mechanical completion among others, the company said.
The purpose of this project is to install a new crude transmission pipeline as a replacement for the existing transmission line, it added. With this contract, the order backlog for the Punj Lloyd group on a consolidated basis has gone up to Rs 24004 crore, reflecting the total value of unexecuted orders as on 31 December 2012 and orders received after that day, the company further said.
SML Isuzu's sales declined to 940 vehicles in February 2013 as against 1217 vehicles in February 2012.
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