Maruti Suzuki India (MSIL) will be watched. The Reserve Bank of India (RBI) yesterday, 14 September 2015 notified that foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs)/qualified foreign investors (QFIs) can now invest up to 40% of the paid up capital of MSIL under the Portfolio Investment Scheme (PIS). RBI further advised that the foreign shareholding by FIIs/RFPIs in MSIL have gone below the revised threshold limit. Hence, the restrictions placed on the purchase of shares of MSIL are withdrawn with immediate effect.
Steel stocks will be in focus. The government after trading hours yesterday, 14 September 2015 issued notification imposing a provisional safeguard duty effective from 14 September 2015, on hot-rolled flat products of non-alloy and other alloy steel in coils of a width of 600 mm or more at the rate of 20% ad-valorem for a period of 200 days.
Divis Laboratories announced after market hours yesterday, 14 September 2015 that the company has fixed 26 September 2015 as record date for the purpose of determining the eligibility of shareholders entitled to receive 1:1 bonus issue of shares.
Shares of the merged entity Gujarat Gas will be listed on stock exchanges from today, 15 September 2015. Pursuant to the Scheme of Amalgamation, 1 share of Rs 10 each of Gujarat Gas was issued for every 1 share of Rs 2 each held in Gujarat Gas Company, 81 shares of Rs 10 each of Gujarat Gas were issued for every 76 shares of Rs 10 each held in GSPC Gas Company and 1 share of Rs 10 each of Gujarat Gas was issued for every 1 share of Rs 10 each held in Gujarat Gas Financial Services.
Texmaco Rail & Engineering said that the duly empowered Committee of Board of Directors of the company at its meeting held on 14 September 2015 has approved the execution of a non-binding term-sheet with promoters of Bright Power Projects (India) (Bright Power) for the acquisition of majority equity share capital (76%) of Bright Power at an enterprise value of about Rs 100 crore, subject to applicable conditions. The acquisition will be funded out of the internal accruals of the company, Texmaco Rail & Engineering said. The announcement was made after market hours yesterday, 14 September 2015.
Bright Power is an EPC company, incorporated on 10 January 1994, specialising in over head electrification (OHE) solutions for the Indian Railways. It also serves diverse sectors such as power, utilities, petrochemicals, pharmaceuticals and real estate.
Hindustan Organic Chemicals will be in focus. With respect to news article titled "Hindustan Organic Bonds Downgraded to Junk" Hindustan Organic Chemicals clarified after market hours yesterday, 14 September 2015 that the rating agency, CARE, will revisit and do the needful updations thereof according to their review criteria & policies after company on 10 September 2015, made the respective payments of annual interest payments to the bond holders of HOCL bonds 'Series XX', by transferring on 10 September 2015 their respective amounts of annual interest to their respective bank accounts and the same facts were already informed to the rating agency, CARE.
Further, the company said having paid off the annual interest on HOCL Bonds 'Series XX', on 10 September 2015, the company has already approached the HOCL Bonds Trustees, viz. SBI CAP Trustee Co. Ltd. to withdraw their Guarantee Invocation letter dated 20 August 2015 issued to the government of India (GOI) in this context.
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Nava Bharat Ventures announced after market hours yesterday, 14 September 2015 that the company has entered into a conversion agreement with Tata Steel (TSL) for conversion of chrome ore into ferro chrome, and the arrangement will commence upon the receipt of ore and reductants from TSL during this month.
The agreement is initially up to the end of March 2016 and extendable on mutually agreed terms for a further period of four years. The agreement postulates that the entire smelting capacity of the Odisha plant is dedicated for TSL to produce up to 70,000 metric tonne (MT) of high carbon ferro chrome per annum.
Veritas (India) announced after market hours yesterday, 14 September 2015, that the company is in the process of collating and responding to all the queries raised by the Income Tax Authorities and accordingly final report relating to search/survey operation will be concluded as per the laid down procedures after Income Tax Authorities carried out search and seizure proceedings at the premises of the company, its promoters and its senior officials on 10 September 2015 to 13 September 2015.
Upon conclusion of the process, material development, if any, will be intimated in due course of time, company said. The company continues to operate in normal course of business.
Sasken Communication Technologies announced after market hours yesterday, 14 September 2015 that the board of directors of the company at its meeting held on 14 September 2015 has considered the amalgamation of Sasken Network Engineering (SNEL) the wholly-owned subsidiary of the company with Sasken Communication Technologies.
The scheme is approved subject to requisite approvals from the relevant regulatory authorities and sanction of the High Court of Karnataka. The appointed date of the scheme will be 1 April 2015. No issue of fresh capital or any other security is contemplated as SNEL is a wholly-owned subsidiary of the company.
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