Corporation Bank announced after market hours yesterday, 24 August 2015, that Ministry of Finance, Department of Financial Services, Government of India, vide their letter dated 19 August 2015, has communicated its decision to infuse capital funds to the tune of Rs 857 crore in the bank by way of preferential issue of equity in favour of Government of India. The board of the bank on 24 August 2015 has accorded its approval for the said infusion of capital of Rs 857 crore by Government of India and for convening an Extraordinary General Meeting of the shareholders of the bank on 22 September 2015, for seeking its approval for the said infusion of capital. The bank is in the process of taking necessary steps/approvals for raising the said amount.
Adani Enterprises announced after market hours yesterday, 24 August 2015, Adani Group, a global integrated player, signed on 24 August 2015, a memorandum of understanding (MOU) with the Government of Chhattisgarh to develop two critical projects in the state. The project cost for both the projects is estimated to be around Rs 25200 crore. The MOU was signed in the presence of Mr. Raman Singh, Chief Minister, Chhattisgarh, Mr. Amar Agrawal, Minister of Industry, Mr.Vivek Dhandh, Chief Secretary of State and Mr. Rajesh Adani, Managing Director, Adani Enterprises.
The two projects comprise of a Coal to Poly?generation (CTP) Project and a Rice Bran Solvent Extraction Plant & Refinery. The MOU was signed by Mr. Subodh Kumar Singh, Secretary-Industries of the State and Mr. Rajesh Jha and Mr. KS Varshney from the Adani Group.
The first project to be set up is a Coal to Poly generation (CTP) Project consisting of Ammonia/Urea and Substitute Natural Gas (SNG) Complex via gasification of Indian high ash coal sourced from within the state. The project cost is estimated to be more than Rs 25 000 crore and includes Coal to Urea, Coal to SNG Plant and Coal based Thermal Power Plant. The CTP project has the potential to generate 5000 jobs as well as substantial revenue to the state of Chhattisgarh. In addition to this, the project will strengthen the overall socio? economic status of Chhattisgarh State. The Proposed CTP Project of Adani Enterprises (AEL) is a unique Project, being set up for the first time in India, based on Coal to Synthetic Energy. Based on the various studies, Adani Enterprises believes that the CTP, project would add significant value to the Indian economy. The project will not only help ensuring energy security for India but also drive macroeconomic growth through the coal based fuel.
The second project comprises of setting up a Rice Bran Solvent Extraction Plant and a physical Refinery packing plant at Rajnandgaon in the state of Chhattisgarh. The project cost is estimated to be around Rs 200 crore and has the potential to generate more than 600 jobs in the state of Chhattisgarh. The proposed project will not only help in increasing the potential of rice bran oil production in the state but will also help in generating employment and economic growth in the region of operation.
Ruby Mills after market hours yesterday, 24 August 2015 said that its board of directors will meet on 31 August 2015, inter-alia to consider bonus issue of shares.
DLF after market hours yesterday, 24 August 2015 said that pursuant to a shelf information memorandum cum private placement offer letter dated 10 August 2015 and pricing supplement dated 21 August 2015, the company has allotted 12.25% privately placed fully-paid non-convertible debentures of a principal amount of Rs 375 crore (comprising the second tranche out of an overall shelf limit of up to Rs 1375 crore), redeemable for cash at par in separate series within a period of 4 years 11 months and 18 days from the date of allotment. These debentures are proposed to be secured by certain immovable assets of a wholly owned subsidiary of DLF, and are proposed to be listed on the BSE, in accordance with the terms of applicable law, corporate approvals, transaction documents and other relevant considerations.
Tech Mahindra after market hours yesterday, 24 August 2015, announced that their in-house developed platform TAP (Tech Mahindra Analytics Platform) for Big Data solutions has been certified by Hortonworks, a technology leader and ecosystem builder for the Apache Hadoop industry.
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TAP, an asset-based delivery kit, addresses the critical and evolving needs of customers with a multitude of diverse use cases in Big Data Analytics. It is one of the major technology initiatives in the Analytics area and the certification by Hortonworks adds further value to this asset and enables the delivery of analytics solutions on the HWX platform, Tech Mahindra said in a statement.
Alok Industries after market hours yesterday, 24 August 2015 said that it has received an additional advance amounting to $25 million taking the total export advance received till date to $750 million. It may be recalled that Alok Industries had earlier received $725 million under the Export Performance Bank Guarantee Scheme (EPBG) backed export advance scheme out of the targeted $1633.33 million equivalent to about Rs 9800 crore.
Shares of Biocon will be focus. With regard to news item titled "USFDA observations", Biocon clarified after market hours yesterday, 24 August 2015 that USFDA conducts audit at regular intervals. Biocon underwent such inspection in June 2015, wherein a few minor observations in the nature of recommendations were made by the regulatory team. All those have been considered by the company and closed out with the FDA, Biocon said. None of the USFDA observations were material in nature to have bearing on operation/performance of the company or price sensitive in nature, Biocon said.
Bhushan Steel will be in focus. With regard to news item titled "May sell 35% stake in Orissa mine to Bhushan : Monnet Ispat", Bhushan Steel clarified after market hours yesterday, 24 August 2015 that as referred in the news, the company's discussion with Monnet Ispat regarding purchase of their stake in Orissa Sponge Iron & Steel (OSISL) is at very preliminary stage and management is looking into the viability/possibility in this regard and proper due diligence is also needed which will take about 45/60 days. The relevant information in this regard would certainly be announced to the exchanges under clause 36 of the listing agreement as soon as some concrete action is generated, Bhushan Steel said.
Future Retail after market hours yesterday, 24 August 2015 said that the Committee of Directors of the company at their meeting held on 24 August 2015, approved allotment of 2,050, 10.25% Secured Redeemable Non-Convertible Debentures (NCDs) of Rs 10 lakh each, aggregating to Rs 205 crore, on private placement basis. The said NCDs shall be listed on Wholesale Debt Market Segment of BSE, Future Retail said.
KDJ Holidayscapes and Resorts after market hours yesterday, 24 August 2015 said that its board of directors will meet on 31 August 2015, inter-alia to consider 2-for-1 stock split.
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