Interest rate sensitive auto, bank and realty stocks will be in focus ahead of the Reserve Bank of India's (RBI) mid-quarter monetary policy review today, 18 December 2013.
PTC India Financial Services (PFS) has divested its entire stake of 16.76% in Meenakshi Energy (MEPL) for an amount of Rs 209.73 crore. MEPL is setting up a 1000 megawatts (MW) coal based thermal power project in Andhra Pradesh, of which phase I of 300 MW is commissioned.
PFS continues to maintain a strong focus on growing its loan book, backed by emphasis on renewable energy and diversification across the energy value chain. The company maintains a diversified borrowing mix and is adequately funded to scale up its lending activity and achieve sustained growth. The current equity investment exit will further aid headroom for growth, the company said in a statement.
Commenting on the transaction, Mr. R M Malla - MD & CEO, PFS said: "We are delighted to announce that we have successfully exited from one of our equity investments - Meenakshi Energy Private Limited. We planned this exit keeping in view, the right opportunity and a robust return which will augment Company's networth. It has been our constant endeavor to leverage our expertise through continuous evaluation of projects and entity at the right stage in order to deliver maximum value to the shareholders. We remain confident of maintaining the pace of growth of our business."
Shares of HCL Technologies turn ex-dividend on Wednesday, 18 December 2013, for final dividend of Rs 6 per share for the year ended 30 June 2013.
Multi Commodity Exchange of India (MCX) announced that Forward Markets Commission (FMC) has approved Blackstone GPV Capital partners (Mauritius) VI FII to increase its stake in MCX upto 4.99% through secondary market transaction.
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Godrej Industries said after market hours on Tuesday, 17 December 2013, that ICRA has upgraded the rating of its public deposit programme of Rs 100 crore from MAA to MAA+. The outlook of the rating is stable. Instruments with this rating are considered to have the high-credit quality. The rated deposits programme carries low credit risk.
Trent announced after market hours on Tuesday, 17 December 2013, that it was in discussions with Tesco PLC, UK (Tesco) regarding an investment by Tesco in Trent Hypermarket (THL). THL operates the Star Bazaar retail business and is engaged in multi-brand retail trading and is a wholly-owned subsidiary of Trent. Tesco is in the process of making an application to the Foreign Investment Promotion Board with respect to the proposed investment. Trent has decided to support the application. If the application is successful the intent would be to enter into a partnership where Trent and Tesco will each own a 50% stake in THL. THL currently operates 16 stores across the Southern and Western regions of India. The proposed partnership will operate and build on the existing portfolio of Star Bazaar stores in Maharashtra and Karnataka. The application envisages a minimum foreign direct investment in line with the applicable multi brand retail trading policy.
Sujana Metal Products said after market hours on Tuesday, 17 December 2013, that it has been decided by the management committee of board directors of the company at its meeting held on 17 December 2013, to withdraw the merger petition which is pending with High Court, Hyderabad, Andhra Pradesh, due to the change in circumstances and business environment especially in the Steel Industry and also the uncertainty with regard to the Government policies in respect of steel industry and overall slowdown in economic conditions and hence in such a situation the proposed scheme of amalgamation is not viable in the interest of the company and its stakeholders under current business environment.
Orient Abrasives said after market hours on Tuesday, 17 December 2013, that the promoters of the company have intimated to the company that they have entered into an agreement on 17 December 2013 for sale of 46.65 lakh shares held by them in the company (aggregating 3.9%) at Rs 26.50 per share to Trincass Vyapaar.
Sun Pharma Advanced Research Company (SPARC) announced after market hours on Tuesday, 17 December 2013, receipt of a Complete Response Letter from the US Food and Drug Administration (FDA) on its New Drug Application (NDA) for Venlafaxine Extended-release Tablets, 300 milligram, an anti-depressant product. A Complete Response Letter is a communication from the FDA to companies that an NDA cannot be approved in its present form. In the Complete Response Letter, the FDA has requested for some additional studies related to efficacy and safety. Based on the FDA's feedback, SPARC is evaluating the commercial viability of this product.
Industrial Investment Trust (IITL) said it has completed the proposed transaction of acquiring Future Retail's (FRL) 22.5% stake in Future Generali India Life Insurance Company (FGILICL) on 17 December 2013. Post completion of the transaction, IITL holds 22.50% stake while Future Group continues to hold 52% in FGLICL with the other shareholder being Participatie Maatschappij Graafschap Holland NV.
Veritas (India) said its board has approved the scheme of amalgamation of Kudrat Farming and the company.
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