National Aluminium Company (Nalco) after market hours yesterday, 13 July 2016 announced that it has been granted Pottangi Bauxite mines in Koraput district of Odisha, where the company's 22.75 lakh tonne alumina refinery is located. As per a recent order issued by the state government of Odisha, Nalco has been granted the mining lease of Pottangi with an area covering 1,738 hectares for a period of 50 years. Nalco's expansion plans, including the proposed addition of fifth stream in its existing alumina refinery at an investment of Rs 5600 crore, greatly depended on this additional source of bauxite, the company said in a statement.
Mahindra & Mahindra (M&M) announced the incorporation of subsidiary company in the name of Merakisan to carry on the business of procuring and marketing agricultural produce including fruits and vegetables. Merakisan was incorporated as a wholly owned subsidiary of Mahindra Univeg (MUPL) which is a step-down subsidiary of M&M. The announcement was made after market hours yesterday, 13 July 2016.
MindTree announced after market hours yesterday, 13 July 2016 that it has launched Decision Moments, the first data analytics platform that applies continuous learning algorithms to large data pools, allowing businesses to generate meaningful and compelling insights that improve over time.
TCS, Cyient, Canfin Homes, Vimta Labs among others are scheduled to announce their quarterly results today, 14 July 2016.
NBCC (India) will be in focus after the Cabinet Committee on Economic Affairs approved disinvestment of 15% paid up equity of the company out of Government of India's (GoI) 90% shareholding. The announcement was made after trading hours yesterday, 13 July 2016. The NBCC (India) stock slumped 10.72% to settle at Rs 229.80 yesterday, 13 July 2016, as investors awaited details regarding the quantum of the stake sale after media reports suggested that the government had approved divestment in the state-run firm. The divestment of stake will be carried out through the offer for sale (OFS) route via the stock exchanges mechanism. In order to inculcate a sense of belongingness amongst the employees of NBCC, GoI has decided to allot additional shares to the eligible and willing employees of the company at a discount of 5% to the issue/discovered (lowest cut off) price of the OFS. NBCC (India) is engaged in construction, engineering and project management consultancy services.
Shares of another state-run firm ITI will be in focus after the Cabinet Committee on Economic Affairs approved the proposal of Department of Telecommunication regarding transfer of shares by ITI to Special National Investment Fund (SNIF) to meet Securities and Exchange Board of India's (Sebi) minimum public shareholding requirement. ITI will be allowed to transfer the requisite number of shares from President of India to SNIF as and when capital grant is released in the form of equity infusion to ITI as part of revival plan approved by the Cabinet in February 2014 so as to adhere to Sebi's minimum 10% public shareholding requirement. ITI will be allowed to meet Sebi's requirement of minimum 25% public shareholding by August 2017. The announcement was made after trading hours yesterday, 13 July 2016. ITI offers a complete range of telecom products and total solutions covering the whole spectrum of switching, transmission and access and subscriber premises equipment. Shares of ITI surged 18.78% to settle at Rs 34.15 yesterday, 13 July 2016, on reports that the government had cleared sale of assets in ITI. However, there was no such announcement from the government after the conclusion of the meeting of the Cabinet Committee on Economic Affairs.
Atul turns ex-dividend today, 14 July 2016, for dividend of Rs 10 per share for the year ended 31 March 2016 (FY 2016).
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Bajaj Auto turns ex-dividend today, 14 July 2016, for final dividend of Rs 5 per share for the year ended 31 March 2016 (FY 2016).
Bajaj Holdings & Investment turns ex-dividend today, 14 July 2016, for final dividend of Rs 7.50 per share for the year ended 31 March 2016 (FY 2016).
Bajaj Finance turns ex-dividend today, 14 July 2016, for final dividend of Rs 7 per share for the year ended 31 March 2016 (FY 2016).
Kotak Mahindra Bank turns ex-dividend today, 14 July 2016, for dividend of Rs 0.50 per share for the year ended 31 March 2016 (FY 2016).
Eveready Industries turns ex-dividend today, 14 July 2016, for dividend of Rs 1 per share for the year ended 31 March 2016 (FY 2016).
Jyothy Laboratories turns ex-dividend today, 14 July 2016, for final dividend of Rs 1 per share for the year ended 31 March 2016 (FY 2016).
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