HDFC Bank will be in focus on media reports that the foreign investment promotion board (FIPB) has approved the bank's revised proposal to increase foreign investment ceiling in the bank to 74% from 49%. Currently, the Reserve Bank of India has put a ban on further purchases of shares of HDFC Bank by foreign institutional investors (FIIs). The RBI had on 16 December 2013 notified that foreign shareholding through FIIs/Non Resident Indian (NRI)/persons of Indian Origin (PIO)/Foreign Direct Investment (FDI)/Asset Development Reserve (ADR)/Global Depository Receipt (GDR) in HDFC Bank had crossed the overall limit of 49% of the bank's paid-up capital. Therefore, no further purchases of shares of this bank would be allowed through stock exchanges in India on behalf of FII/NRI/PIO/FDI/ADR/GDRs, the RBI had said at that time.
ONGC's profit after tax (PAT) declined 10.2% to Rs 5445 crore on 8.8% decline in gross revenue to Rs 20512 crore in Q2 September 2014 over Q2 September 2013. ONCG attributed the decline in PAT to lower crude oil price. ONGC offered a gross discount of Rs 13641 crore in Q2 September 2014 to public sector oil marketing companies on sale of crude oil, PDS kerosene and domestic LPG based on the rates of discount communicated by the Ministry of Petroleum & Natural Gas. This was lower than gross discount of Rs 13796 crore in Q2 September 2013. ONGC's profit after tax was reduced by Rs 7645 crore in Q2 September 2014 due to discount on product sales to PSU OMCs. This was higher than an adverse impact on profit after tax to the extent of Rs 7621 crore in Q2 September 2013. ONGC's crude oil production rose 2.1% to 5.21 MMT in Q2 September 2014 over Q2 September 2013. ONGC announced the second quarter results after trading hours on Friday, 14 November 2014.
At the time of announcement of Q2 September 2014 results, the board of directors of ONGC approved two major investment decisions valued over Rs 10600 crore for further enhancing production from ONGC's Western Offshore fields. The Redevelopment (Phase-III) of ONGC's giant offshore field - Mumbai High (South) involved a capital investment of Rs 6069 crore. The implementation of the project will lead to incremental gain of 7.547 million tonne (MMT) crude oil and 3.864 billion cubic meter (BCM) gas by 2030, ONGC said. This project is designed to carry forward the success of the previous two phases of redevelopment project and give a new lease of life to the giant field, ONGC said in a statement.
The second project viz. the Integrated Development of Mukta, Bassein and Panna Formations involves an estimated capital expenditure of Rs 4620 crore. This project located is designed to carry forward the success of the previous two phases of redevelopment. The incremental production is expected to start in 2014-15 with peak incremental production rate of 10 MMSCMD of gas, 950 barrels of oil and about 1,100 cubic meters of condensate per day by 2017-18. The cumulative production till 2027-28 is pegged at 19.56 BCM of Gas, 1.97 million cubic meter of Condensate and 1.83 MMT of Oil.
At the time of announcement of Q2 September 2014, ONGC notified two more hydrocarbon discoveries; one new Prospect (GKS092NAA-1 (NELP block GK-OSN-2009/2) at Kutch Offshore shallow water) and one New Pool discovery at well RSAK (R-184) in Rudrasagar ML Block, North Assam Shelf, A&AA Basin. With this, ONGC notified total 10 discoveries (5 new Prospects and 5 new Pools) so far in this fiscal year.
Shares of Reliance Industries (RIL) will be in focus after Canada's Niko Resources on Friday, 14 November 2014, said it is evaluating plans for its oil and gas assets in India. There is uncertainty around the long-term natural gas price outlook in India and as a result, the company is evaluating its plans for its assets in India, Niko Resources said at the time of announcement of its Q2 September 2014 results. RIL is the operator of the D6 Block, off the eastern coast of India with 60% stake. Niko owns 10% and BP Plc has a 30% stake in the block.
In October 2014, the Government of India announced its new domestic gas pricing policy effective 1 November 2014. The announced price for the period from November 2014 to March 2015 is a 33% increase over the price received previously and the company expects to receive a cash benefit of $4 million over this period related to gas sales from the MA field in the D6 Block in India, Niko Resources said in a statement. The new gas pricing guidelines indicate that for all discoveries after the issuance of these guidelines, in Ultra Deep Water Areas, Deep Water Areas and High Pressure-High Temperature areas, a premium would be given on the gas price determined as per the formula defined in the guidelines, with the premium to be determined as per prescribed procedure. The applicability of the premium to existing undeveloped discoveries in the D6 and NEC-25 blocks, such as the discoveries included in the approved plans of development for the R-Cluster and Satellite Areas, remains to be clarified, Niko Resources said. The development of these discoveries is dependent on the future long-term price outlook for gas sales from these projects and the uncertainty in this outlook could mean that the development of these reserves could be deferred and/or material reductions in the company's reported reserves or future net revenues could result, Niko Resources said.
Tata Motors' consolidated net profit declined 7.1% to Rs 3291 crore on 6.5% growth in revenue (net of excise) to Rs 60564 crore in Q2 September 2014 over Q2 September 2013. The result was announced after market hours on Friday, 14 November 2014.
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Tata Motors said that revenue rose as continuing weak operating environment in the standalone business was more than offset by increase in wholesale volumes, richer product mix and market mix at its British luxury care unit Jaguar Land Rover (JLR).
JLR's net profit declined 11.24% to GBP 450 million on 4.2% growth in revenue at GBP 4808 million in Q2 September 2014 over Q2 September 2013. JLR's profit before tax (PBT) fell 8.8% to GBP 609 million in Q2 September 2014 over Q2 September 2013. The decline in PBT was due to unfavourable revaluation of foreign currency debt and unrealised hedges and higher depreciation and amortisation, Tata Motors said. JLR's earnings before interest, taxation, depreciation and amortization (EBITDA) rose 15.3% to GBP 933 million in Q2 September 2014 over Q2 September 2013. Continued strong revenue and operating performance were driven by wholesale volume increase, richer product mix supported by the ongoing success of Ranger Rover Sport, Range Rover and Jaguar F-TYPE, robust market mix with strong sales in emerging markets, Tata Motors said in a statement.
Tata Consultancy Services announced on Friday, 14 November 2014 that its customer, Nedgroup Insurance Company (Nedic), a leading insurer specializing in homeowner's cover (HOC), personal-accident and vehicle insurance products, has gone operational with TCS BaNCS for Insurance as its new policy administration system for short-term insurance services. The announcement was made after market hours on Friday, 14 November 2014.
Tech Mahindra announced after market hours on Friday, 14 November 2014, the company has joined forces with The Open University and Milton Keynes Council in leading the charge in the UK's Smart Cities revolution.
At a special ceremony, top representatives from the OU and Council were joined in Milton Keynes by the CEO of India-based Tech Mahindra to sign agreements which will see the parties work closely together in researching key areas behind Smart Cities. This makes Tech Mahindra one of the first Indian IT companies to work on integrated solutions across connected ecosystem for Smart Cities in the UK.
Smart Cities harness the power of big data to improve the running of key services such as energy and transport, making them more reliable and efficient. The new partnership between the three organisations will focus its efforts on the following key areas: energy, transportation, electric vehicles, connected ecosystem and internet of things.
The new Memoranda of Understanding (MoU) is designed to pool the talents and experience of the three organisations to develop bids for private and Government sector opportunities in these areas over the next five years, with the sector estimated to be worth 400bn globally by 2020. In Milton Keynes alone, the Smart Cities revolution has the potential to increase employment at a rate of 2,600 jobs per year.
Milton Keynes is already a pioneer in the Smart Cities field, having been invited to join a government-led forum along with just four other cities around the UK.
As a leading institution with a strong track-record of harnessing the latest technology to benefit its students and business, the OU was chosen by Tech Mahindra as a commercial ally, working together on bids for digital projects such as Internet of Things and Driverless Cars.
Commenting on the partnership, CP Gurnani, MD & CEO, Tech Mahindra said: "Our unique combination of capabilities in both the Communications and Enterprise domains positions us well in the Digital marketplace. We are excited to be part of this ambitious vision and eager to transform Milton Keynes to a smart city." He also added, "This partnership brings skills from both academia and the commercial world which will deliver great benefits in furthering research in our increasingly digitised and connected world."
Pro Vice-Chancellor for Research at The Open University, Professor Tim Blackman said: "The Open University has been leading the way in terms of exploiting the latest technology since we were established over four decades ago. The whole area of Smart Cities is incredibly exciting, so joining forces with an organisation with the capability of Tech Mahindra is a great boost in terms of developing innovative solutions. This will make a real difference to the way people interact with their surroundings - from how we consume energy to the way we get about."
Councillor Pete Marland of Milton Keynes Council said: "By harnessing the latest technology and drawing on data available to us, Smart Cities have enormous potential to revolutionise the way we live our lives. But more than this, the Smart City industry is predicted to be worth some $400bn by 2020, with the UK aiming to corner 10% of this market. This partnership is great news for the UK, but as one of the country's Smart City pioneers, Milton Keynes stands to be one of the big winners in this exciting and expanding sector."
With over 14 years of presence in Milton Keynes, Tech Mahindra is also aiming to bring its global innovation and connected solution expertise to the MK:Smart programme. These MOU will pave the way for enhanced collaboration between the partners around initiatives like Smart City, Low Carbon Management and Connected Ecosystem Solutions.
Digital Enterprise Services (DES) Unit of Tech Mahindra has been instrumental in contributing to the Smart City initiatives of Tech Mahindra. The unit offers innovative and customer-centric services and solutions integrating technology with business that answer today's issues, anticipate tomorrow's needs and create Future Proof and Future Ready Solutions using seven technologies namely Networks, Mobility, Analytics, Cloud, Security, Social and Sensors.
Educomp Solutions said before market hours that with reference to the Corporate Debt Restructuring scheme as approved by the Corporate Debt Restructuring Cell the promoter, Mr. Shantanu Prakash, has infused, in terms of the CDR Scheme, till date an amount of Rs 30.46 crore as promoter contribution, in the form of 0% unsecured loan. The said loan, on the later date, will be discharged by the company by issuance of equity or equity related instruments or otherwise, in terms of CDR Scheme of the company.
JSW Energy said before market hours that that the company has agreed to acquire from Jaiprakash Power Ventures and other shareholders, 100% stake in Himachal Baspa Power Company for a base Enterprise Value of approximately Rs 9700 crore, subject to mutually agreed adjustments.
The board of directors of Jaiprakash Power Ventures has approved the transfer of, the 300 megawatts (MW) Baspa II hydro electric project located at Himachal Pradesh, and the 1091 MW Karcham Wangtoo hydro electric project located at Himachal Pradesh into a separate company, i.e. the Himachal Baspa Power Company as a going concern through a scheme of arrangement under Sections 391 - 394 of the Companies Act, 1956.
Subsequent to the scheme of arrangement being made effective and subject to other terms and conditions agreed between the company and JPVL, the company proposes to acquire 100% of the securities of the Himachal Baspa Power held by JPVL.
Bhushan Steel reported net loss of Rs 297.19 crore in Q2 September 2014 as compared to net profit of Rs 60.06 crore in Q2 September 2013. Total income rose 30.3% to Rs 2966.55 crore in Q2 September 2014 over Q2 September 2013. The result was announced after market hours on Friday, 14 November 2014.
BEML reported net loss of Rs 55.14 crore in Q2 September 2014, higher than net loss of Rs 38.88 crore in Q2 September 2013. Total income fell 39.48% to Rs 458.78 crore in Q2 September 2014 over Q2 September 2013. The result was announced after market hours on Friday, 14 November 2014.
On a consolidated basis, Reliance Capital reported 19.88% rise in net profit to Rs 217 crore on 11.5% rise in total income to Rs 2084 crore in Q2 September 2014 over Q2 September 2013. The result was announced after market hours on Friday, 14 November 2014.
Noida Toll Bridge Company turns ex-dividend today, 17 November 2014, for interim dividend of Rs 1 per share for the year ending 31 March 2015 (FY 2015).
Orbit Exports turns ex-dividend today, 17 November 2014, for interim dividend of Rs 2.25 per share for the year ending 31 March 2015 (FY 2015).
Page Industries turns ex-dividend today, 17 November 2014, for second interim dividend of Rs 18 per share for the year ending 31 March 2015 (FY 2015).
Sundram Fasteners turns ex-dividend today, 17 November 2014, for interim dividend of Rs 0.85 per share for the year ending 31 March 2015 (FY 2015).
Welspun India turns ex-dividend today, 17 November 2014, for interim dividend of Rs 3 per share for the year ending 31 March 2015 (FY 2015).
Orbit Corporation clarified on Saturday, 15 November 2014, with respect to symbolic possession notices published in media by LIC Housing Finance in respect of the property mentioned therin that the said notices were issued under the Securitisation and Resconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The company said it will keep informed of any further development about the same.
The company informed that it has availed certain facilities from LIC HFL from time to time to part fund for construction of ongoing projects. The company had received Rs 260 crore from LIC HFL and has paid a major part of Rs 173 crore over a period of time. However, there has been delay in the payment of certain interest and principal over last few months and currently an amount of around Rs 96 crore is outstanding towards the same.
The management is in continuous discussion with LIC HFL personnels for one time settlement and other avenues for repayment of the balance term loan. The company has explained to the concerned personnels the reasons for delay in the repayments from time to time particularly construction had stopped due to the regulatory requirements etc.
The company has received permissions for its projects in the last few months and slowly construction activity has begun to remobilize the sites. The company is also planning for the joint development of few of its properties through which its cash flow will improve leading to repayment of their loan.
GMR Infrastructure reported consolidated net loss of Rs 610 crore compared with consolidated loss of Rs 393 crore in Q2 September 2013. Income from operations rose 11% to Rs 2682 crore in Q2 September 2014 over Q2 September 2013. The increase is powered by tariff growth in Delhi and Hyderabad airports and increased revenues in EMCO and Kamalanga, which are in the stabilization phase. On other hand, revenues from Turkey airport and Ulunderpet Expressways have not been accounted for during the quarter, due to disinvestments of these projects. EBITDA rose 2% to Rs 576 crore in Q2 September 2014 over Q2 September 2013. The Group continues to consolidate and stabilize the operations through focusing on consistent growth across the various business verticals. The result was announced on Saturday, 15 November 2014.
With reference to the news item captioned "GVK to lease out land near Mumbai Airport worth 450 cr", GVK Power & Infrastructure has clarified on Saturday, 15 November 2014, on 27 August 2014, the company had already intimated that Mumbai International Airport (MIAL), a subsidiary of the company had kick started the monetisation of its commercial real estate by finalising lease of one of the parcel, to Oasis Realty (Kamala Mills) and the said parcel is a part of the process of overall commercial development of 22 million square feet in phases over a period of 10 years. The company then, thought that, it would be appropriate to inform the stock exchanges at the very beginning of this commercial development process instead of piece meal basis irrespective of the value of each such transaction.
Since then, MIAL, as a part of monetization of its commercial real estate, has been, during its normal course of business, negotiate and finalises with various interested parties for leasing the available premises, in a phased manner, GVK Power added.
Neyveli Lignite Corporation announced on Saturday, 15 November 2014, that due to excessive rainfall in the Cuddalore District since 12 November 2014, the mining operations have been partially affected. Pumping out of excess water from the mines is in progress. On account of the above, due to supply of wet condition of lignite, generation of power has been partially reduced in all power stations. Normalcy in operation is expected shortly. This is not an unusual occurrence as this occurs normally during North-East monsoon between October to December every year, company added.
Monnet Ispat & Energy announced on Saturday, 15 November 2014, that the board of directors of the company at its meeting held on 14 November 2014, inter alia, has deferred the decision on raising further capital through Rights / Preferential Route.
Shriram EPC announced on Saturday, 15 November 2014, that the Board of Directors of the company at its meeting held on 15 November 2014, inter alia, has discussed and approved allotment of 1 crore shares of Rs 10 each at a premium of Rs 40 per share on preferential basis to the promoter company, Shriram Industrial Holdings.
Videocon Industries announced on Saturday, 15 November 2014, that net profit fell 93.35% to Rs 1.34 crore on 1.43% rise in total income to Rs 3407.86 crore in Q2 September 2014 over Q2 September 2013.
JBM Auto said the Board of Directors of the company at its meeting held on 13 November 2014 have considered the various fund raising options and approved the enabling resolution for the purpose of further issue of securities for an amount not exceeding Rs 500 crore subject to the approval of the shareholders of the company and all the requisite approvals as may be required from regulatory authorities and in accordance with the provisions of the applicable laws. The announcement was made after market hours on Friday, 14 November 2014.
On a consolidated basis, Indiabulls Real Estate reported 54.01% fall in net profit to Rs 37.33 crore on 37.53% rise in total income to Rs 470.76 crore in Q2 September 2014 over Q2 September 2013. The result was announced after market hours on Friday, 14 November 2014.
Credit Analysis and Research reported 49.51% rise in net profit to Rs 52.41 crore on 37.07% rise in total income to Rs 96.94 crore in Q2 September 2014 over Q2 September 2013. The result was announced after market hours on Friday, 14 November 2014.
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