Coal India will be in focus after the Ministry of Corporate Affairs after trading hours on Thursday, 30 January 2014, said that the Competition Commission of India (CCI) has ordered investigation under Section 26(1) of the Competition Act in respect of information filed by Wardha Power Company (Informant) against Western Coalfields (WCL) and Coal India (CIL). The Informant had alleged that WCL and CIL have abused their dominant position and the various clauses of the Fuel Supply Agreement were discriminatory, the Ministry of Corporate Affairs said in a statement. The CCI is of the opinion that prima facie case was made out against WCL and CIL for investigation for contravention of Section 4 of the Competition Act and it is a fit case to be investigated by DG. The report of DG is to be submitted within 60 days from receipt of the order.
The CCI in the past also ordered investigations against Coal India and its subsidiaries for their alleged anti-competitive conduct in other similar cases, the Ministry of Corporate Affairs said.
Punjab National Bank and IDFC will unveil Q3 results today, 31 January 2014.
Hero MotoCorp (HMCL) after market hours on Thursday, 30 January 2014 reported 7.53% rise in net profit to Rs 524.66 crore on 11.13% rise in total turnover (net sales and other operating income) to Rs 6876.78 crore in Q3 December 2013 over Q3 December 2012. Sales volume rose 6.85% to 16.80 lakh two-wheelers in Q3 December 2013 over Q3 December 2012.
EBITDA margin (Earnings before interest, taxation, depreciation and amortization) stood at 13.06% in Q3 December 2013.
Commenting on the company's financial performance for Q3 December 2013, Mr. Pawan Munjal, Managing Director & Chief Executive Officer, Hero MotoCorp said: "We have been able to post solid sales in the quarter in a relatively dull market, and our PAT and total turnover figures are up from the corresponding quarter last year. However, our EBITDA has been affected due to partial recovery of rising metal costs and currency fluctuation. We continue to sustain our market-leadership quarter after quarter with a strong focus on performance and profitability, and going forward, we plan to further strengthen our leadership and demonstrate our prowess in innovation and technology. While the industry overall is under constant pressure due to a number of reasons, we are confident of and committed to deliver value to our stakeholders. For this, we will continue to challenge the existing benchmarks and innovate constantly to pave way for improved performance. We are excited about the upcoming Auto Expo where we will be showcasing our vision for the future of two-wheelers. Only yesterday, we gave you a glimpse of the range of products that we are developing. But there's more to come -- several more products, including new concepts which you will get to see at the Delhi Motor Show in February".
Delivering on its commitment to bring revolutionary products in the two-wheeler market, Hero MotoCorp (HMCL) on Wednesday, 29 January 2014, unveiled a slew of game-changing two-wheelers across-the-spectrum. The next-generation range of two-wheelers includes the new 250-cc sports bike 'HX250R', the break-through Liquid-cooled Turbo Charged Diesel Concept Bike 'RNT', India's first series hybrid scooter 'LEAP' and 110cc scooter 'Dash'.
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State Bank of India (SBI) said it raised Rs 8032 crore by selling equity shares through qualified institutional placement. The bank sold 5.13 crore shares at an average price Rs 1565 per share.
Dewan Housing turns ex-dividend today, 31 January 2014, for interim dividend of Rs 3 per share for the year ending 31 March 2014.
NTPC turns ex-dividend today, 31 January 2014, for interim dividend of Rs 4 per share for the year ending 31 March 2014.
Shree Cement turns ex-dividend today, 31 January 2014, for interim dividend of Rs 10 per share for the year ending 30 June 2014.
Aditya Birla Nuvo said its wholly-owned subsidiary, ABNL IT & ITES, has entered into an agreement to divest its IT-ITeS subsidiary, Aditya Bins Minacs Worldwide, subject to customary closing conditions, third party consents and regulatory approvals. Pursuant to a share purchase agreement with a group of financial investors led by Capital Square Partners (CUP) and CX Partners (CXP), ABNL IT & ITeS will divest Aditya Birla Minacs at an enterprise value of $260 million subject to the working capital adjustments,
Aditya Birla Nuvo entered the iTeS sector in 2003 through acquisition of TransWorks, a $12 million company. Later to provide scale to the business, TransWorks acquired Minacs, a $265 million company in 2006. Committed to its turnaround and growth, ABNL supported Minacs over the years, to attain revenue of $450 million (Rs 2466 crore) and net profit of $23 million (Rs 125 crore) in fiscal 2012-13, Aditya Birla Nuvo said in a statement.
Today, Aditya Birla Minacs has risen to the stature of a global business solutions provider that partners with global corporations through its 35 centers spanning 10 countries across 3 continents. To further expand its scale, enhance its competitive advantage and attain the next level of growth, Minacs requires capital investments, the company added.
Being a conglomerate, Aditya Birla Nuvo constantly evaluates its capital allocation strategy and reviews its business portfolio. Given the multiple growth opportunities and ensuing capital requirements at ABNL, the company decided to divest Minacs to a strategic financial investor, with extensive domain experience, who can ensure that Minacs continues to progress forward on its strategic roadmap, Aditya Birla Nuvo said.
Future Lifestyle Fashions announced that a major fire occurred on Thursday, 30 January 2013, evening in one of the company's distribution centers situated at Jigni, Bengaluru. The fire could be controlled only after few hours. As per initial reports, the company's inventory, warehoused in the said distribution center has been substantially damaged. However, the company clarified that since it has other distribution centers, there would not be impact on the company's operations. The inventory of the company is fully insured, the company added.
Suzlon Energy said that the securities issue committee of its board has approved allotment of 7.10 crore equity shares of Rs 2 each at an issue price of Rs 18.51 per share to the corporate debt restructuring (CDR) lenders as per CDR package on preferential basis. The shares will be locked in for a period of one year from the date of allotment, the company said.
Net profit of Bayer CropScience declined 95.68% to Rs 39 crore in the quarter ended December 2013 as against Rs 903.40 crore during the previous quarter ended December 2012. Sales rose 12.07% to Rs 626.60 crore in the quarter ended December 2013 as against Rs 559.10 crore during the previous quarter ended December 2012.
Bayer CropScience said that Mr. Stephan Gerlich ceased to be the Vice Chairman and Managing Director of the Company and also as a member of the Board of Directors with effect from closing hours of 30 January 2014. Mr. Richard van der Merwe was appointed as Vice Chairman and Managing Director of the Company with effect from 1 February 2014.
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