Grasim Industries will be watched. The shareholders of Grasim, Aditya Birla Nuvo (ABNL) and Aditya Birla Financial Services (ABFSL) at their meetings held on 6 and 10 April 2017, respectively have approved the scheme of amalgamation of ABNL with Grasim followed by the demerger and listing of the financial services business, in line with the NCLT order and the Sebi requirements. The announcement was made after market hours yesterday, 11 April 2017.
Tech major Wipro said it has completed the acquisition of Brazilian IT service provider InfoSERVER. The impact of the buyout will reflect in the financials of the company from the Q1 June 2017, it added. In January this year, Wipro signed an agreement to acquire InfoSERVER, an IT service provider focused on the Brazilian market for $8.7 million. The announcement was made after market hours yesterday, 11 April 2017.
Tata Power Company will be in focus. The company announced after market hours yesterday, 11 April 2017, that the Supreme Court on Tuesday, 11 April 2017, conveyed its judgment on the Compensatory Tariff mailer on the Mundra Ultra Mega Power Projects (UMPP). The order verbally conveyed set aside the previous favourable order of Appellate Tribunal for Electricity (APTEL) which had allowed compensatory tariff on account of "Forced Majeure" conditions at Indonesia. It did not mention about the use of Regulatory Powers of the Central Electricity Regulatory Commission (CERC) in adjudicating compensatory tariff as per previous order. The final order has got uploaded in the evening and the company is studying the same. The company will continue to pursue all alternatives options at Coastal Gujarat Power (CGPL), including sourcing of competitive coal from other relevant geographies as also use low grade and blended coal options to contain the onslaught of under recovery at Mundra UMPP.
Reliance Industries (RIL) will be watched. RIL's subsidiary, Reliance Jio Infocomm (Jio) announced that the Jio Summer Surprise has been fully withdrawn, following the advice of Telecom Regulatory authority of India (TRAI). Jio further announced new all unlimited plans with special benefits, exclusively for its Jio Prime members and aimed at encouraging Jio subscribers to live the Digital Life without restrictions - Jio Dhan Dhana Dhan! The plans start with the most affordable Rs. 309 all unlimited plan, which provides unlimited SMS, calling and data (1GB per day at 4G speed) for 3 months on first recharge. The company also announced the Rs 509 all unlimited plan for daily high data users offering unlimited SMS, calling and data (2GB per day at 4G speed) for 3 months on first recharge. The announcement was made after market hours yesterday, 11 April 2017.
Vedanta and Cairn India announced after market hours yesterday, 11 April 2017, that the merger of Cairn India with Vedanta pursuant to the scheme of arrangement has become effective. Thursday, 27 April 2017 has been fixed as the record date for determining the list of the shareholders of Cairn India to whom the equity and preference shares of Vedanta will be allotted as per terms of the scheme. Shareholders of Cairn India will receive, for each equity share held, one equity share in Vedanta of face value Rs 1 each and four 7.5% redeemable preference share (RPS) in Vedanta with a face value of Rs 10 each.
Cairn India shareholders as on said record date, who will become shareholders of Vedanta, would also receive an interim dividend of Rs 17.70 per equity share as approved by the board of Vedanta on 30 March 2017. No shares will be issued to Vedanta or any of its subsidiaries for their shareholding in Cairn India. Vedanta will arrange for a third-party facility enabling a cash exit for RPS holders at par within 30 days from issuance.
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This merger consolidates Vedanta's position as one of the world's largest diversified natural resources companies, with world-class, low-cost assets in metals & mining and oil & gas. The merged company will have a larger pro forma market capitalisation of $15.60 billion, and higher free float of 49.9%.
NBCC (India) announced that its subsidiary, Hindustan Steelworks Construction (HSCL), as on 1 April 2017, had an order book of Rs 8000 crore (approximately). For the financial year 2015-2016, the company's total revenue and net profit was Rs 1416 crore (approximately) and Rs 30.19 crore respectively. Presently, HSCL is a debt free company. The announcement was made after market hours yesterday, 11 April 2017.
Jammu & Kashmir Bank said that its board will meet on Saturday, 15 April 2017 to consider preferential issue of equity shares for an amount of Rs 282 crore to the Government of Jammu & Kashmir, the promoter and majority shareholder of the bank. The board will also consider rising funds through allotment of unsecured, redeemable, subordinated, non convertible, Basel III Compliant Tier 2 Bonds in the nature of debentures/bonds aggregating to Rs 1000 crore. The announcement was made after market hours yesterday, 11 April 2017.
Pincon Spirit announced that its board at a meeting held on 11 April 2017, approved a proposal to raise funds through issue of up to 57.06 lakh equity share warrants on preferential basis to Monoranjan Roy, Aptex Enterprises, K.D. Liquor & Fertilizer, Majestic Bottlers, Priya Purnima Credits, Westwell Iron & Steel, Maa Tarini Natural Resources, Sudarshan Commtrade, Ecospace Infotech and Pincers Commodities. The announcement was made after market hours yesterday, 11 April 2017.
Fag Bearings India turns ex-dividend today, 12 April 2017, for dividend of Rs 12 per share for the year ended 31 December 2016.
KSB Pumps turns ex-dividend today, 12 April 2017, for dividend of Rs 5.50 per share for the year ended 31 December 2016.
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