Financial Technologies (India) (FTIL) will be watched as the National Spot Exchange (NSEL) on Tuesday, 17 September 2013, made the fifth straight payment default, as it could pay only Rs 8.57 crore to investors out of the scheduled amount of Rs 174.72 crore.
NSEL had to shut down its operations since 1 August 2013 following the government direction in the wake of violation of certain rules. NSEL is grappling with the problem of payment settlement after the suspension. It has given eight-month plan to settle Rs 5574.31 crore to investors. NSEL is scheduled to make a payout every Tuesday for 30 weeks, ending in March 2014. FTIL is one of the two promoters of the NSEL.
Infosys will be watched as Kartik Jayaraman, heading the company's BPO sales in Australia, has reportedly quit and joined outsourcing major Accenture. Jayaraman, who joined Infosys' BPO services in the US in 2006, was based in Melbourne (Australia).
Suzlon Energy said its UK-based subsidiary, REpower UK, signed four new turbine contracts in the UK. The company's UK operation will be supplying turbines for new wind farms at Clashindarroch in Aberdeenshire, Scotland; Eye Airfield in Suffolk in the South East of Engliand; Hampole in Yorkshire and finally Westnewton located in Cumbria. Financial details were not disclosed.
Reliance Broadcast Network's board of directors will meet today, 18 September 2013, to consider delisting of equity shares of the company from the stock exchanges.
In fresh setback to Reliance Industries, upstream oil and gas regulator Directorate General of Hydrocarbons (DGH) has reportedly recommended shaving off over $800 million from the cost incurred by the company on its flagging eastern offshore KG-D6 fields. According to the report, the DGH recommended the reduction in view of production from the fields not matching the projections.
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SKS Microfinance after market hours on Tuesday, 17 September 2013, said that a leading rating agency has assigned 'A' rating for its long-term and 'A1' rating for its short-term bank facilities for an aggregate sum of Rs 2000 crore. According to the rating agency, instruments with 'A' rating are considered to have adequate degree of safety regarding timely servicing of financial obligations and carry low credit risk. Instruments with 'A1' rating are considered to have very strong degree of safety regarding timely payment of financial obligations and carry lowest credit risk, SKS said.
Mr. S. Dilli Raj, Chief Financial Officer, SKS Microfinance said, "The ratings would help to reduce the risk weights assigned to banks' exposure on SKS Microfinance from the present 100% to 50% in the case of long-term facilities and 30% for short-term facilities. The ratings are likely to enhance credit availability and reduce the cost of borrowing as they will free up capital allocation for banks in the case of SKS Microfinance's borrowings. We are unable to quantify the gains at this juncture, but expect the impact will be positive."
SKS Microfinance's borrowings as of 31 August 2013 stood at Rs 1675 crore.
SKS Microfinance said that the ratings are significant in view of the fact that the company has sustained and completed its turnaround in Q1 FY 2014 with three consecutive quarters of profit. During the Andhra Pradesh situation, the company had repaid Rs 5800 crore to the banking system without any rescheduling or deferral or haircut. As of 30 June 2013, the company had a capital adequacy ratio of 30% and cash and bank balance of Rs 310 crore. Collection efficiency of the non-Andhra Pradesh portfolio is at 99.8% in Q1 FY 2014, SKS said.
Seamec at the fag end of trading hours on Tuesday, 17 September 2013 said that Vessel SEAMEC PRINCESS after completion of dry dock at Singapore has gone back for deployment with Kruez Subsea Pte, the Charter with effect from 13 September 2013. The vessel was in dock for about 37 days from 6 August 2013.
Polaris Financial Technology is reportedly in talks to sell its services division to Japan's NEC Corporation. According to reports, Polaris was earlier negotiating with Tech Mahindra but the proposed deal fell through over valuation.
Jagran Prakashan turns ex-dividend today, 18 September 2013, for final dividend of Rs 2 per share for the year ended 31 March 2013.
Kaveri Seed Company turns ex-dividend today, 18 September 2013, for final dividend of Rs 8 per share for the year ended 31 March 2013.
McNally Bharat Engineering Company turns ex-dividend today, 18 September 2013, for dividend of Re 1 per share for the year ended 31 March 2013.
Multi Commodity Exchange of India (MCX) turns ex-dividend today, 18 September 2013, for final dividend of Rs 12 per share for the year ended 31 March 2013.
Godawari Power & Ispat turns ex-dividend today, 18 September 2013, for dividend of Rs 2.50 per share for the year ended 31 March 2013.
Indo-National turns ex-dividend today, 18 September 2013, for dividend of Rs 10 per share for the year ended 31 March 2013.
Technofab Engineering turns ex-dividend today, 18 September 2013, for final dividend of Rs 2.50 per share for the year ended 31 March 2013.
TVS Srichakra turns ex-dividend today, 18 September 2013, for dividend of Rs 7.50 per share for the year ended 31 March 2013.
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