Tech Mahindra, NTPC, Bank of Baroda and ICICI Bank announce Q3 results today, 30 January 2015.
Bharti Airtel announced that its wholly owned subsidiary Airtel M Commerce Services (AMSL) is seeking to convert its existing Prepaid Payment Instrument license into a Payments Bank license to be issued by the Reserve Bank of India (RBI). It also announced that subject to grant of a Payments Bank license to AMSL by the RBI and all regulatory approvals, Kotak Mahindra Bank (Kotak) will acquire 19.90% stake in AMSL as an investor. AMSL offers mobile money services under the brand name Airtel Money.
Separately, Kotak Mahindra Bank announced that it has agreed, subject to regulatory approvals, to invest 19.90% in Airtel M Commerce Services (AMSL), a subsidiary of Bharti Airtel, on AMSL obtaining the Payment Bank licence from Resen/e Bank of India.
Dipak Gupta, Joint Managing Director, Kotak Mahindra Bank said, "Payment banks have the potential to leapfrog India's financial inclusion agenda. Basic but critical services such as small savings accounts, remittances, etc. will bring a large number of low income households and small businesses under the formal banking network."
On the investment in AMSL, Gupta added, "Bharti Airtel has the technology and physical infrastructure, a well-entrenched distribution network in rural and remote areas of the country and has the largest telecom customer base, coupled with our banking expertise, this clearly is a win-win for both." AMSL is in the process of applying for Payment Bank License to the Reserve Bank of India (RBI).
Reliance Industries (RIL) clarified after market hours yesterday, 29 January 2015, with regards to report titled 'RIL and BP to invest Rs 6000 crore to improve D6 recovery' that the statement by the company's partner BP is based on approved work program executed till date and anticipated to be executed for remaining period till 2016 subject to necessary approvals and operational requirements, as may be applicable from time to time.
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On a consolidated basis, IDFC's net profit fell 15.79% to Rs 421.60 crore on 15.98% increase in total income to Rs 2462.08 crore in Q3 December 2014 over Q3 December 2013.
Coal India set the floor price for its offer for sale (OFS) of shares at Rs 358 per share. The floor price of OFS was set at a discount of 4.57% to closing price of Rs 375.15 yesterday, 29 January 2015. The government after market hours on Wednesday, 28 January 2015, announced divestment of its stake in the company. The government has offered to sell 31.58 crore equity shares, or 5% equity, of face value of Rs 10 each with an option to sell an additional upto 31.58 crore equity shares, or 5% equity, of face value of Rs 10 each of Coal India, collectively aggregating to 10% of the total paid up equity share capital of Coal India through a sale on the separate window provided by the stock exchanges for this purpose. The sale shall commence today, 30 January 2015 at 9:15 IST and shall close at 15:30 IST.
The government has reserved 20% of the size of the sale for retail investors. Retail investors will be offered a discount of 5% to the bid price entered by them in accordance with the Sebi OFS circulars. A minimum of 25% of the sale shares will be reserved for mutual funds and insurance companies.
HCL Technologies' consolidated net profit rose 2.3% to Rs 1915 crore on 6.3% rise in revenues to Rs 9283 crore in Q2 December 2014 over Q1 September 2014. The result was announced before market hours.
HCL Technologies said that the board of directors of the company at its meeting held on 30 January 2015, inter alia, has recommended 1:1 bonus issue.
With respect to news article titled "Tatas may get 5 months lease extension for Taj Mansingh" Indian Hotels clarified after market hours yesterday, 29 January 2015, that the company is not in a position to either confirm or deny the said news item as the company has not received any official communication from NDMC in this regard.
GAIL (India) said its LPG recovery plant at Lakwa, Assam would be converted to supply feedstock for the petrochemical unit of Brahmaputra Cracker and Polymer Limited (BCPL) being set up at Lepetkata near Dibrugarh.
Denying media reports that the plant was being shut down, GAIL said there is no such plan and the plant was only being converted to supply feedstock to the petrochemical unit and would continue to function under BCPL.
Towards accomplishment of the Assam Accord, the Government of India had entrusted GAIL the responsibility of setting up the petrochemical plant which is coming up near Dibrugarh at a cost of Rs 8920 Crores. The project is being executed by BCPL which is a joint venture company of GAIL, Oil India (OIL), Numaligarh Refinery (NRL) and the Government of Assam, the company said in a statement. GAIL is the majority stakeholder in the project.
BCPL is in the process of commissioning the petrochemical plant and to make it operational and viable, supply of natural gas from OIL, Oil and Natural Gas Corporation Limited (ONGC) and Naphtha from NRL has been arranged for feed stock. To make the project viable, gas available in and around Lakwa region is also being considered for making available as feedstock to BCPL, the statement said.
Since gas available at Lakwa was to be processed for producing C2+ feed, economics were worked out for transporting natural gas vis-a-vis C2+ feed through pipeline from Lakwa to BCPL at Lepetkata with respect to the capital cost and it was found that transportation of C2+ feed is economical. C2+ is the hydrocarbon needed for production of polyethylene, it said.
Hence, it was decided in the larger interest of the project to convert the existing LPG plant to C2+ recovery unit for BCPL. More facilities in term of Gas Sweetening Unit, DM Water plant, Boiler, enhanced nitrogen plant, air plant are being set up in the existing premises at Lakwa to convert the LPG plant into C2+ recovery unit, it added.
The company also clarified that as Lakwa plant will continue to operate with change in product, requirement of majority of contract workers will still exist and contractors will be persuaded to continue with the workers as and when any change in contract takes place.
With respect to apprehension that there would be shortfall in the supply of LPG to Assam and the North East region, it may be mentioned that GAIL had informed Indian Oil Corporation Limited (IOCL) at the beginning of project about the conversion of GAIL's LPG plant into C2+ recovery unit by BCPL. IOCL on behalf of the Ministry of the Petroleum and Natural Gas is taking necessary action to ensure that there is no shortage in supply of LPG in the state, the company said.
Shriram City Union Finance's net profit rose 10.73% to Rs 142.94 crore on 11.13% increase in total income to Rs 902.45 crore in Q3 December 2014 over Q3 December 2013.
Tata Teleservices (Maharashtra) (TTML) board has approved the issue of Non-Convertible Debentures upto an amount of Rs 2500 crore, in one or more tranches, by way of private placement, subject to the approval of shareholders of the company.
United Bank of India said that its board will meet on 10 February 2015, to approve preferential allotment of equity to the Government of India by conversion of 52,523 Perpetual Non-cumulative Preference Shares of Rs 1 lakh each aggregating Rs 525.23 crore. The board will also consider preferential allotment of equity to the government by issuing fresh equity shares aggregating up to Rs 1000 crore. Further, the board will also consider alloting up to Rs 500 crore Basel III compliant Perpetual Debt Instruments in the form of subordinated, non-convertible, non-cumulative, listed, additional tier-1 bonds of Rs 10 lakh each.
Akzo Nobel India's net profit rose 87.86% to Rs 50.74 crore on 4.68% increase in total income from operations to Rs 687.02 crore in Q3 December 2014 over Q3 December 2013.
SKS Microfinance's net profit rose 91.64% to Rs 41.05 crore on 48.14% increase in total income to Rs 206.89 crore in Q3 December 2014 over Q3 December 2013.
SKS Microfinance's board approved a proposal for making an application to Reserve Bank of India (RBI) for getting a license for Small Finance Bank based on the Guidelines for Licensing of Small Finance Banks in the Private Sector issued by RBI on 27 November 2014 and clarification issued on 1 January 2015.
On a consolidated basis, ICRA's net profit rose 20.62% to Rs 17.78 crore on 14.51% increase in total income to Rs 85.23 crore in Q3 December 2014 over Q3 December 2013.
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