Hero MotoCorp (HMCL) after market hours yesterday, 18 November 2015, said it has clocked over 10 lakh units in retail sales during the festive season this year. The 10-lakh units sales landmark was achieved during the 35-day festive period starting with the Navratras, a 11% growth over the corresponding period last year, HMCL said in a statement.
Shares of Reliance Industries will be in focus. The Union Cabinet yesterday, 18 November 2015, has given its approval for determination of marketing margin for supply of domestic gas to urea and LPG producers. Marketing margin is the charge levied by gas marketing company on its consumers over and above the cost or basic price of gas for taking on the additional risk and cost associated with marketing gas. Currently, different transporters are charging different marketing margins for supply of natural gas. With this decision, there would be uniformity in the marketing margin on domestic gas charged by gas marketers for the regulated sectors, namely, urea and LPG, a statement released by the government after market hours yesterday, 18 November 2015 said. There would be a reduction in marketing margin paid by urea and LPG producers as a result of this decision, the statement said.
Coal India (CIL) will be in focus. The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi, yesterday, 18 November 2015, has approved the disinvestment of 10% paid up equity capital of Coal India. This implies divesting of 63.16 crore shares out of the Government of India (GoI) shareholding of 78.65% (after adjusting one percent equity to be offered for sale to the employees of CIL as per CCEA decision in September 2014, which is under process of implementation) through public offering in the domestic market.
The paid up equity capital of the CIL is Rs 6316 crore. After the disinvestment of 10% equity, the GoI's shareholding in CIL would come down to 68.65% (with slight variation based on outcome of sale of one percent equity shares to employees of CIL). The disinvestment transaction will be an offer for sale (OFS) of shares by the promoters through the stock exchange mechanism method.
Shares of roads and highways construction firms will be in spotlight after the Cabinet Committee on Economic Affairs (CCEA) yesterday, 18 November 2015, given its approval for authorizing National Highways Authority of India (NHAI) to allow extension of concession period for all current projects in build, operate and transfer (BOT) (Toll) mode that are languishing during the construction period due to causes not attributable to the concessionaire, subject to certain conditions.
Orient Green Power Company after market hours yesterday, 18 November 2015 said that the Investment and Borrowing Committee meeting of board of directors of the company, at its meeting held on 17 November 2015, approved to enter into a Memorandum of Understanding (MoU) with Chandrabhan Katewa to divest 26% equity shares held by the company in Sanjog Sugars & Eco Power through an investment vehicle to be identified by Chandrabhan Katewa subject to all required approvals.
Suzlon Energy after market hours yesterday, 18 November 2015 said that the Securities Issue Committee of the board of directors of the company at its meeting held on 18 November 2015, approved allotment of 1.55 crore equity shares of Rs 2 each, on conversion of 4,000 $546,916,000 step-up convertible bonds due July 2019 of $1,000 each at a conversion price of Rs 15.46 per equity share with a fixed rate of exchange on conversion of Rs 60.225 to $1 in terms of the Information Memorandum dated 17 June 2014.
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Sugar stocks will be in focus. To further ensure timely payment of cane dues in the current sugar season, the Government has decided to provide a production subsidy of Rs. 4.50 per quintal of cane crushed to offset cane cost. The said subsidy shall be paid directly to the farmers on behalf of the mills and be adjusted against the cane price payable to the farmers towards FRP including arrears relating to previous years. Subsequent balance, if any, shall be credited into the mill's account. Priority will be given to settling cane dues arrears of the previous years.
The Government has notified mill-wise Minimum Indicative Export Quota (MIEQ) for export of sugar. A national grid allocating ethanol supplies to Oil Marketing Companies (OMCs) by distilleries attached to sugar mills under Ethanol Blending Program (EBP) has been notified. The production subsidy is a performance incentive and will be provided to those mills which have exported at least 80% of the targets notified under the MIEQ and in case of mills having distillation capacities to produce ethanol have achieved 80% of the targets notified by the Department under the EBP.
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