The National Stock Exchange (NSE) after trading hours on Tuesday, 11 March 2014, said it has decided to include L&T Finance Holdings and Just Dial for trading in the futures and options (F&O) segment with effect from 13 March 2014. The market lot of these two securities for the purpose of trading in the F&O segment shall be informed to members on Wednesday, 12 March 2014, through a separate circular, NSE said.
State-run Bharat Heavy Electricals (Bhel) announced after market hours Tuesday, 11 March 2014, that S. Ravi, part time non-official director has ceased to be director on the board of the company, on completion of his tenure on 9 March 2014.
Oil & Natural Gas Corporation (ONGC) announced after market hours Tuesday, 11 March 2014, that the tenure of Dr. D. Chandrasekharam, Independent Director of the company has ended on 10 March 2014 after expiry of the term of three years from the date of his joining of ONGC board i.e. effective from 11 March 2011. Further the company has informed that, Ministry of Petroleum & Natural Gas, Government of India vide letter dated 11 March 2011 had appointed him as non-official part time Director of the company for a period of 3 years from the date of joining of Board of ONGC.
DLF announced after market hours Tuesday, 11 March 2014, that DLF Home Developers (DHDL), a wholly owned subsidiary of DLF, received its final tranche of payment of Rs 93.5 crore on the sale of balance shares of Galaxy Mercantile (GML), a joint venture company of DHDL, IDFC and others. In November 2011, IDFC had contracted to acquire 100% stake in the JV company owning 1.3 million square feet (mill. sq. feet) IT Park located in Sector 62, Noida, Uttar Pradesh. The above transaction is in line with the DLF's objective of divesting its non-core assets, the company said.
A group of investors in Maruti Suzuki India has reportedly ratcheted up pressure on India's top carmaker to abandon a plan for its Japanese parent to build a new plant to make cars for the Indian firm, saying it would hurt shareholders.
Suzuki Motor Co had in January 2014 announced plans to invest $488 million on a new plant in India and shelved an earlier plan for Maruti Suzuki India to set up the factory itself.
More From This Section
A group of 16 big fund managers said in a letter to Maruti Suzuki India management, dated 5 March 2014, that the plan would shift manufacturing activity away from the Indian company and turn it into a "shell company" of its parent, report added.
"The decision of the Maruti Suzuki India board is ill-conceived in its entirety and results in outsourcing of the core manufacturing activity that is fundamental and critical for Maruti Suzuki India," the letter said, referring to Maruti Suzuki India. "This clearly is not in the best interest of Maruti Suzuki India and its shareholders and is in fact significantly detrimental to them," the investors said, in a rare case of shareholder activism in India.
A smaller group of shareholders sent a previous letter last month, saying they were concerned that the contract for the plant in Gujarat state meant the Japanese carmaker, rather than Maruti Suzuki India, would reap the benefits of rising domestic sales. Under the plan, Maruti Suzuki India will buy vehicles produced by Suzuki at the new plant and sell them in the open market. Maruti Suzuki India currently produces and sells its own cars.
Maruti Suzuki India will continue to produce cars at its existing factories in Manesar and Gurgaon in north India, which have a capacity of 1.5 million vehicles per year, but incremental production would be sourced from the Suzuki plant. The second letter was signed by HDFC Asset Management, DSP BlackRock Investment Managers, Axis Asset Management and Birla Sun Life Mutual Fund, among others, report said.
Eicher Motors turns ex-dividend for a dividend of Rs 30 per share for the year ended 31 December 2013.
Garden Silk Mills after market hours on Tuesday, 11 March 2014 said that a meeting of the Board of Directors of the company will be held on 19 March 2014, inter alia, to consider and approve the proposal of conversion of share warrants into equity shares consequent to the right of conversion exercised by the warrant holder in terms of SEBI (ICDR) Regulations 2009.
Autoline Industries after market hours on Tuesday, 11 March 2014 said that the Board of Directors of the company at its meeting held on 11 March 2014, discussed various avenues of raising funds to meet the funding requirements of the company including full disinvestment of stock/ shares in Autoline Industries Inc., USA and decided to meet in coming fortnight to discuss this further.
GMM Pfaudler after market hours on Tuesday, 11 March 2014 said that a meeting of the Board of Directors of the company will be held on 20 March 2014, inter alia, to consider proposal for expansion of company's existing manufacturing facilities.
Powered by Capital Market - Live News