Shares of companies engaged in mining of iron ore, manganese, bauxite and copper and shares of companies in the cement, aluminium and steel sectors which are the user industries of these minerals, will be in focus after Minister of Steel and Mines Narendra Singh Tomar yesterday, 19 January 2015, said that simplification and transferability brought in the MMDR Act, 1957 through the Mines and Minerals (Development and Regulation) (Amendment) Ordinance, 2015 will attract private investment in the mining sector. Addressing a meeting of mines ministers and secretaries from across the country, Tomar said that the ordinance is a revolutionary step in revival of mining sector in the country, hitherto stagnated due to various reasons. He added that the classification of minerals will lead to their better scientific exploration and with more power to the states mining process will be expedite. Citing the example of falling levels of iron ore production in the country, Tomar urged state governments to revive mining in all earnestness. Mining ministers and secretaries from different states expressed optimism over the amendments, and offered constructive suggestions for its implementation on the ground level, the Ministry of Mines said in a statement. It was agreed that delays in environment and forest clearances had to be resolved by MoEF for providing unhindered support in growth of mining.
Mindtree's net profit rose 2.5% to Rs 140.80 crore on 2.6% rise in revenues to Rs 911.70 crore in Q3 December 2014 over Q2 September 2014. The result was announced after market hours yesterday, 19 January 2015. There were 201 active clients of the company as of 31 December 2014. The company added one client to $50 million category in Q3 December 2014. The company has 13,323 employees as of 31 December 2014. It added 1,016 employees during Q3 December 2014 on a gross basis. Trailing 12 months attrition stood at 18.1%, company said.
Mindtree's board of directors, at its meeting held on 19 January 2015 recommended an interim dividend Rs 4 per share for the quarter ended 31 December 2014.
Krishnakumar Natarajan, CEO & Managing Director, Mindtree said, "our clients continue to look at Mindtree as their partner of choice for Digital Transformation, all the way from innovation to rapid execution. Our ability to drive significant optimization in our chosen verticals, in IT and application management, remains a strong foundation for delivering sustained value to our clients. Together with digital, the Mindtree story is becoming stronger than ever before."
Mindtree also announced that it has entered into definitive agreements to acquire Discoverture Solutions LLC (Discoverture), a leading provider of insurance solutions based in the US. With this acquisition Mindtree gained access to marquee clients and added300 experts across US, UK, Canada and India.
This acquisition is an all cash transaction for $15 million, payable over 18 months and earn outs based on future revenue targets. This Agreement is subject to customary closing conditions and statutory/regulatory approvals.
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Founded in 2002 and headquartered in Scottsdale, Arizona, Discoverture has subsidiaries in the UK, Canada and Bhubaneswar, India.The acquisition is subject to customary closing conditions and regulatory approvals. BMR Advisors acted as the sole financial advisors for the transaction.
Sasken Communication Technologies' consolidated net profit fell 82.5% to Rs 16.14 crore on 0.8% decline in consolidated revenues to Rs 107.28 crore in Q3 December 2014 over Q2 September 2014. The result was announced after market hours yesterday, 19 January 2015. Consolidated earnings before interest, tax, depreciation and amortization (EBITDA) fell 35.5% to Rs 6.32 crore in Q3 December 2014 over Q2 September 2014. Software services revenues fell 0.1% to Rs 104.03 crore in Q3 December 2014 over Q2 September 2014.
Sasken Communication Technologies said that the board of directors of the company at its meeting held on 19 January 2015, declared payment of interim dividend of Rs 2.50 per share.
Poddar Developers announced after market hours yesterday, 19 January 2015, that members of Finance Committee of the company at their meeting held on 19 January 2015, have considered and approved the opening of the issue of shares under qualified institutional placement (QIP) transaction and the preliminary placement document.
Manaksia announced after market hours yesterday, 19 January 2015, that suspension of operations at aluminium division factory at Haldia, West Bengal has been lifted from 17 January 2015 and normal operations have since resumed. Further the company has informed that, the aluminum division factory at Haldia, West Bengal has been transferred as a going concern to Manaksia Aluminium Company pursuant to the scheme of arrangement as sanctioned by Calcutta High Court effective 23 November 2014.
With respect to news article titled "Asian Paints Rs 1700 cr. Vizag plant gets nod", Asian Paints clarified after market hours yesterday, 19 January 2015, that since the company has not been allotted the required land and pending other approvals, as may be required for setting up the said paint manufacturing facility, the company has not made any announcements in this regard. As soon as the required land is allotted to the company and necessary approvals for setting up of the paint manufacturing facility are granted by the concerned state Government, the company will promptly make appropriate disclosures including the location of the paint manufacturing facility and details of the proposed investment.The company has been exploring possibility of setting up a paint manufacturing plant and is in talks with the southern states of the country. In this regard, representatives of the company have been meeting officials of various state government authorities, Asian Paints said.
With reference to the news titled "Temasek May Buy 18% in Global Health for Rs. 700 cr", Punj Lloyd has clarified after market hours yesterday, 19 January 2015, that it has sold its entire shareholding of 86.01 lakh shares in Global Health Private (GHPL), amounting to 17.74% of the issued equity share capital of GHPL, to Dunearn Investments (Mauritius) Pte (Dunearn) on 19 January 2015. Dunearn is a wholly-owned subsidiary of Singapore investment company, Temasek Holdings Pte. GHPL is an owner and operator of hospitals and medical clinics.
Hindustan Zinc's net profit rose 38.11% to Rs 2379.37 crore on 20.42% rise in total income to Rs 4665.29 crore in Q3 December 2014 over Q3 December 2013. The result hit the market after market hours yesterday, 19 January 2015. The increase in revenue in Q3 December 2014, was driven by higher zinc LME and lead & silver metal volumes, partly offset by lower silver price and refined zinc volume. EBITDA rose 14% to Rs 2089 crore in Q3 December 2014 over Q3 December 2013 as a result of better revenues and lower cost of production.
The company's cash and cash equivalents increased by 5% from the end of Q2 September 2014 and 20% from Q3 December 2013. As on 31 December 2014, cash and cash equivalents were Rs 28980 crore, out of which Rs 26687 crore was invested in mutual funds and Rs 2,283 crore in bonds. The company follows a conservative investment policy and invests in high quality debt instruments.
Sindesar Khurd mine expansion is proceeding better than planned, although Rampura Agucha underground shaft project is behind schedule. The board has approved deepening of the open cast mine by 50 metres which will extend mine life to FY 2019-20 and ensure a stable transition from open pit to underground at Rampura Agucha. The pre-stripping work will start in the current quarter, Hindustan Zinc said.
Mr. Agnivesh Agarwal, Chairman - "We continued to deliver solid performance in the third quarter. Zinc market fundamentals are favourable and we remain committed to increasing production and controlling costs to drive profitability of our operations. Looking ahead, we believe that opportunities lie in our ability to execute against our long-term strategic priorities, which will continue to differentiate Hindustan Zinc and drive shareholder value."
With respect to a news item captioned "Reliance Cap eyes on Goldman India's MF unit", Reliance Capital clarified after market hours yesterday, 19 January 2015 that the company is continuously engaged in evaluating opportunities and as and when any transaction is finalised resulting in a disclosable event, the Stock Exchanges will be promptly informed as required under Clause 36 of the Listing Agreement.
Kansai Nerolac Paints after market hours yesterday, 20 January 2015 said that it has entered into a joint venture agreement with Capital Holdings Maharaja, a group company in the Maharaja Group. Owing to Srilanka's progressive economy, Kansai Nerolac Paints has shown significant interest in its neighboring country. Maharaja group is a diversified group in Srilanka having presence in businesses like Media, hardware, FMCG products, etc. Maharaja group was exploring to enter paints. Kansai Nerolac Paints seeks to take advantage of their strong presence in hardware outlets, the company said. The company now intends to start a JV by incorporating a company. The total project cost is estimated to be 65 crore SLR. The equity contribution of Kansai Nerolac Paints in this proposed JV would be 60% amounting to around 39 crore SLR (Rs 18.4 crore), Kansai Nerolac Paints said.
Cox & Kings after market hours yesterday, 19 January 2015 said that The Bank of New York Mellon, has been appointed as successor depositary to Citibank, N.A by the company for its global depositary receipt (GDR) program with effect from today, 20 January 2015. Each GDR represents one ordinary share of the company and trades on the Luxembourg Stock Exchange.
Shares of Dhunseri Tea & Industries (DTIL) will be admitted to trading on the bourses today, 20 January 2015.
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