Jewellery stocks such as Titan Company will be watched after the Reserve Bank of India (RBI) eased some restrictions on gold imports that were imposed last year. RBI on Wednesday, 21 May 2014, allowed large private gold importers, or star and premier trading houses, to import the yellow metal. However, the existing guidelines stating that importers can import gold, provided that 20% of it is exported as finished products, remain intact.
Hindalco Industries will be watched after a media report suggested that the company's US subsidiary, Novelis Inc, the world's biggest maker of flat-rolled aluminum used to make beverage cans, has decided to pay a dividend of $250 million (Rs 1470 crore) to Hindalco this year. Hindalco will reportedly utilise the fund in reducing its debt.
Jindal Steel & Power is seeking approval of shareholders by way of postal ballot for increasing the borrowing powers of the company to Rs 50000 crore, creation of security on the assets of the company in favour of the lenders and issuance of non convertible debentures on private placement basis up to Rs 10,000 crore. The firm is also seeking approval for giving of loans/ guarantees and providing of securities and making of investments in securities up to Rs 20000 crore.
Ashok Leyland, Gujarat State Petronet, Motherson Sumi Systems, Novartis India, Sobha Developers and Suven Life Sciences, among others, will announce their January-March 2014 earnings today, 22 May 2014.
Net profit of UCO Bank rose 474.46% to Rs 284.70 crore in the quarter ended March 2014 as against Rs 49.56 crore during the previous quarter ended March 2013. Operating income rose 17.3% to Rs 5309.28 crore in the quarter ended March 2014 as against Rs 4527.06 crore during the previous quarter ended March 2013.
Kalindee Rail Nirman (Engineers) said after market hours on Wednesday, 21 May 2014 that the Board of Directors of the company at its meeting held on 21 May 2014, has approved a Scheme of Amalgamation (Scheme), whereby the company shall be amalgamated into and with Texmaco Rail & Engineering (Texmaco). Texmaco is a shareholder holding 49.07% of the issued, subscribed and paid-up share capital of the company.
The aforesaid decision of the Board is based on the recommendation received from the Audit Committee and the Committee of Directors, which was formed by the Board on 2 May 2014 to explore various options for restructuring the company, its businesses and its operational and business relationship with Texmaco, so as to create better synergy within the company and between these entities, and to ensure that the businesses are operated in the most efficient and cost effective manner, with the ultimate aim and intent of enhancing shareholders value and improving the overall working culture/environment.
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The Scheme shall result in the amalgamation of the company into and with Texmaco with effect from 1 April 2014. The share swap ratio is 1:1.06, i.e., 106 fully paid-up equity shares of Texmaco shall be issued for every 100 fully paid-up equity share held by a shareholder in the company. No shares shall be issued to Texmaco as a result of the Scheme, and post effectiveness of the Scheme, Texmaco's shareholding in the company shall stand cancelled.
The Scheme shall then be subject to necessary approval of the shareholders, creditors, and the approval and sanction of the Delhi High Court and the Calcutta High Court and other competent authorities, if any.
Deepak Nitrite said after market hours on Wednesday, 21 May 2014 that the company, after completion of successful trial runs of production at its new Greenfield Plant at Dahej. Dist. Bharuch in the state of Gujarat has commissioned balance capacities of Optical Brightening Agent (OBA) on 20 May 2014. Now the plant stands fully commissioned, it added.
Foseco India turns ex-dividend today, 22 May 2014 for first interim dividend of Rs 1 per share for the year ending 31 December 2014 (FY 2014).
MT Educare turns ex-dividend today, 22 May 2014 for second interim dividend of Rs 1.25 per share for the year ended 31 March 2014 (FY 2014).
Net profit of Texmaco Infrastructure & Holdings declined 5.23% to Rs 3.08 crore in the quarter ended March 2014 as against Rs 3.25 crore during the previous quarter ended March 2013. Sales declined 2.90% to Rs 2.68 crore in the quarter ended March 2014 as against Rs 2.76 crore during the previous quarter ended March 2013.
Net profit of Zandu Realty reported to Rs 38.51 crore in the quarter ended March 2014 as against net loss of Rs 2.04 crore during the previous quarter ended March 2013. Sales reported to Rs 29.04 crore in the quarter ended March 2014. There were no Sales reported during the previous quarter ended March 2013.
IOL Chemicals & Pharmaceuticals said that the board has approved to issue upto 50 lakh equity shares of face value Rs 10 each and issue of upto 1.10 crore equity warrants, carrying an option to the holder of such warrants to subscribe to one equity share of face value of Rs 10 each for each warrant held within 18 months from the date of allotment of the warrants, on preferential basis, to the non promoters.
The board also approved preponing the redemption of 1.50 crore, 1% Non Cumulative Redeemable Preference Shares of face value of Rs 10 each issued to the promoter group companies and 50 lakh, 7% Non Cumulative Redeemable Preference Shares of face value of Rs 10 each issued to non promoters by way of issue equity share of Rs 10 each, IOL Chemicals & Pharmaceuticals said in a statement.
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