Kotak Mahindra Bank announced lending rates based on marginal cost of funds to be effective from Friday, 1 April 2016. Kotak Mahindra Bank's Marginal Cost of Funds based Lending Rate (MCLR) for overnight loans will be 8.9%, for one month will be 9% and for three months will be 9.25%. The MCLR on 6-month loans will be 9.4% and for one-year loans the rate would be 9.6%, the bank said. The MCLR on two-year loans will be 9.65% and for three-year loans the rate would be 9.65%, the bank said. The announcement was made after market hours on Friday, 1 April 2016.
Tata Steel announced on Saturday, 2 April 2016 that the sharp fall in international steel prices and the challenging conditions facing the global steel industry triggered a review of Tata Steel's credit rating by Fitch. The company's long-term foreign currency issuer default rating (IDR) has been downgraded by 1 notch.
ITC on Saturday, 2 April 2016 said that the company has been compelled to shut its cigarette factories with effect from 1 April 2016 until clarity emerges in the current uncertain state of the rules on health warning.In 2009, the Central Government introduced pictorial health warning on cigarette packages. The implementation of any change in the health warnings on the cigarette packages is an elaborate process for the manufacturers, entailing months of preparation involving substantial cost and effort, ITC said. Since the matter of new health warning was under the Parliamentary Committee's consideration, and the Government had itself held out that it would await the Committee's report, the industry was led to believe that the Government would re-notify new health warnings after considering the Committee's recommendations, the company said. Further, the question of the legality of the new warnings has been and continues to be pending before the Court, it added. In this situation, the company, as any prudent person would, did not commit to wasting substantial resources in creating the large number of cylinders and other tools necessary for a change-over of the warnings. As a result, the company is at present not in readiness to print the health warnings as now once again notified, ITC said.
Godrej Consumer Products (GCPL) on Saturday, 2 April 2016 announced that it has entered into an agreement to acquire Strength of Nature LLC (SON), a leading company of hair care products for women of African descent. This acquisition is a further step to accelerate GCPL's global 3 by 3 strategy and scale up its presence in Africa by being at the forefront of serving the hair care needs of women of African descent. GCPL's 3 by 3 strategy aims at scaling up the the company's international presence in emerging markets in Asia, Africa and Latin America through 3 core categories viz. hair care, home care and personal care. The acquisition is expected to be EPS accretive for GCPL from year one itself.
HCL Technologies announced on Saturday, 2 April 2016, an agreement to acquire (through demerger) all of the business of Geometric, except for the 58% stake that Geometric owns in the joint venture-3DPLM Software Solutions, with Dassault Systemes. In consideration of this acquisition, HCL will issue 10 equity shares of Rs 2 each to Geometric shareholders for every 43 equity shares of Geometric of Rs 2 each held by them. In total, HCL will issue 1.56 crore equity shares of Rs 2 each. The transaction is expected to be accretive on cash earnings per share, HCL said. Geometric is one of India's leading PLM consulting, mechanical engineering and manufacturing engineering services providers. The acquisition strengthens HCL's presence significantly in the PLM consulting as well as mechanical and manufacturing engineering space. It also significantly strengthens HCL's automotive and industrial practices.
The acquisition would take place through a scheme of arrangement which would be subject to the approval of the High Courts at Mumbai and Delhi in addition to the approval of the regulatory authorities.
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Coal India and its subsidiaries on provisional basis achieved 101% of targeted production at 59.19 million tonnes in March 2016. Coal India and its subsidiaries on provisional basis achieved 94% of targeted offtake at 49.12 million tonnes in March 2016. The announcement was made after market hours on Friday, 1 April 2016.
Hero MotoCorp's sales rose 14% to 6.06 lakh units in March 2016 over March 2015. The announcement was made after market hours on Friday, 1 April 2016.
Tata Motors' total commercial and passenger vehicles sales (including exports) rose 1% to 53,057 units in March 2016 over March 2015. The company's domestic sales of Tata commercial and passenger vehicles fell 1% to 46,701 units in March 2016 over March 2015. The announcement was made after market hours on Friday, 1 April 2016.
TVS Motor Company announced 10.19% rise in total sales to 2.32 lakh units in March 2016 over March 2015. Exports fell 26.88% to 31,121 in March 2016 over March 2015. Total two wheeler sales increased by 13.3% to 2.26 lakh units in March 2016 over March 2015. Scooters sales of the company grew by 24.7% to 68,171 units in March 2016 over March 2015. Three wheeler of the company fell 46.03% to 5,874 units in March 2016 over March 2015. The announcement was made after market hours on Friday, 1 April 2016.
Infibeam Incorporation makes its debut on the bourses today, 4 April 2016. The company has fixed issue price of Rs 432 per share. The Rs 450-crore initial public offer (IPO) of Infibeam Incorporation received tepid response from institutional investors. The IPO received good response from the non-institutional investors (NII) category. The NII category was subscribed 2.23 times and the retail investors' category was subscribed 1.31 times. The Qualified Institutional Buyers (QIBs) category was subscribed 86% or 0.86 times. Overall, the IPO was subscribed 1.11 times. Infibeam Incorporation is an e-commerce company focused on developing an integrated and synergistic e-commerce business model.
Lloyds Metals and Energy said that a meeting of the board of directors of the company will be held on 14 April 2016, to consider stock-split proposal. The announcement was made after market hours on Friday, 1 April 2016.
Simplex Castings said that the company has received an order from Mazagon Dock Shipbuilders Limited and Garden Reach Shipbuilders & Engineers Limited worth about Rs 22.00 crore and about Rs 8 crore from Jindal Rail Infrastructure. Mazagon Dock Shipbuilders, a government of India undertaking is the leading defence shipyard in the country and Garden Reach Shipbuilders & Engineers is the premier Warship building company in India, under the administrative control of Ministry of Defence. Jindal Rail Infrastructure (JRIL) is a 100% subsidiary of Jindal ITF, set up for manufacture of Railway Rolling Stock. The announcement was made after market hours on Friday, 1 April 2016.
Adani Power said that a meeting of the board of directors of the company will be held on 6 April 2016, to consider and approve for offer and issue of warrants convertible into equity shares / equity shares on preferential basis to promoter and / or promoter group of the company. The announcement was made after market hours on Friday, 1 April 2016.
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