HCL Technologies after market hours on Friday, 21 June 2013, said it entered into a multi-year engagement with Vestas Wind Systems A/S as the latter's strategic partner. Vestas is a global leader in manufacturing, selling, installing, and servicing of wind turbine power-plants.
HCL will provide application development and management and IT-consultancy services to applications run by Vestas as part of this engagement. The services will be delivered to Vestas primarily from India, but also from the Philippines and across locations in Denmark. Besides cost reduction, Vestas IT expects to gain increased flexibility in terms of skills, scale, knowledge and experience and achieve higher quality by using the HCL's best in class processes and services.
Bharti Airtel will reportedly cut 4G data charges by 31% from today, 24 June 2013, in an aggressive bid to boost mass appetite for fourth-generation wireless broadband services.
Indian Overseas Bank (IOB) after market hours on Friday, 21 June 2013, clarified that a news item published in a leading news paper on 20 June 2013, stating that the Central Bureau of Investigation (CBI) officials had conducted a surprise search at the bank's headquarters in Chennai on 19 June 2013 in connection to a job scam was incorrect and the CBI officials did not carry out any search at the bank. IOB further added that this newspaper had published the bank's rebuttal of the same in its Friday's (21 June 2013) edition.
Alstom T&D India turns ex-dividend today, 24 June 2013, for dividend of Rs 1.80 per share for the year ended 31 March 2013..
Indian Bank turns ex-dividend today, 24 June 2013, for dividend of Rs 6.60 per share for the year ended 31 March 2013.
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PVR after market hours on Friday, 21 June 2013, said that it opened two multiplexes in Chandigarh and Bangalore with 8 and 9 screens respectively. With this launch, the total screen-count of PVR has gone upto 247 screens at 50 locations across 28 cities in 13 states and 1 Union Territory. The opening of these two prestigious Cinema is a part of PVR's organic growth strategy of pan India expansion and increasing its presence in major cities, the company said.
Apollo Tyres after market hours on Friday, 21 June 2013, said that the rating agency CRISIL has downgraded its rating on the bank facilities and other debt programmes of Apollo Tyres to 'CRISIL A' from 'CRISIL AA' and revised the rating outlook to 'Negative' from 'Stable'. CRISIL has also downgraded the company's short-term rating to 'CRISIL A1' from 'CRISIL A1+.
The rating downgrade follows Apollo Tyres' announcement of acquiring Cooper Tire and Rubber in an all-cash-transaction of $2.5 billion. CRISIL in its report said it believes that the fully debt-funded acquisition, which is much larger than Apollo Tyres' existing consolidated balance sheet, will deteriorate its financial risk profile. Post-acquisition the consolidated entity will have a net gearing of around 4 times (pro-forma calculation on Cooper's balance sheet ended 31 December 2012 and Apollo Tyres' as on 31 March 2013). The entity's debt protection metrics are also likely to weaken significantly from current levels, CRISIL said.
CRISIL in its report said it believes that the susceptibility of Apollo Tyres' debt servicing ability to the cyclical nature of the tyre industry and volatility in raw material prices is magnified post this acquisition. Moreover, Apollo Tyres could face issues with integrating the combined entity and exploiting the benefits of synergies in initial years, CRISIL added. The rating could be downgraded if there is a sharp decline in the operating cash flows of any of the company's key operations/geographies resulting in a further deterioration of its debt protection metrics, CRISIL said. The outlook may be revised to 'Stable' if there is a significant augmentation in the operating cash flows of Apollo Tyres benefitting from the synergies resulting in an earlier-than-expected improvement in capital structure and/or timely and adequate deleveraging through fresh equity infusion, CRISIL said.
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