PSU OMCs and auto stocks will be in focus after state-owned oil firms on Tuesday, 30 September 2014, cut petrol price by 54 paisa a litre. Also automobile companies will start unveiling their September sales figures from today, 1 October 2014.
State-owned oil firms on Tuesday, 30 September 2014, cut petrol price by 54 paisa a litre without including local sales tax or VAT, with effect from Tuesday midnight. After accounting for the incidence of local sales tax, petrol rate in Delhi was reduced by 65 paisa to Rs 67.86 per litre. Diesel price revision was put off until the return of Prime Minister Narendra Modi from the US.
State Bank of India (SBI) announced after market hours yesterday, 30 September 2014 that it has decided to revise retail term deposit interest rates for deposit below Rs 1 crore of 7 days to 45 days tenure to 6% from 7% earlier from 7 October 2014. For the other tenures retail deposit rates has been kept same as earlier.
Maruti Suzuki India announced after market hours yesterday, 30 September 2014, that it will proactively inspect and repair the wiring harness fitment of 69,555 diesel vehicles (55,938 units of old Dzire, 12,486 units of old Swift and 1,131 units of Ritz) manufactured between 8 March 2010 and 11 August 2013. This exercise is limited to vehicles within the above specified range and does not pertain to any other vehicle of the company or its exports. This exercise does not pertain to any other model of the company or its exports. The problem was noticed based on feedback monitoring and internal checks by the company. Accordingly proactive action has been initiated in the interest of customers, the company said in a statement.
Infosys before market hours today, 1 October 2014 announced that it is extending its relationship with Oracle to enhance support for a range of innovative solutions and services on new technology platforms. These platforms will enable enterprises to use Oracle products to reshape their business and create new innovative ecosystems, Infosys said in a statement.
Separately, Infosys before market hours today, 1 October 2014 announced a strategic relationship with the Institute for Computational & Mathematical Engineering (ICME), Stanford University. Through this arrangement, Infosys will work with ICME to develop curriculum in Data Science and Analytics focused on real-world problem areas and will undertake joint research using Data Science to find solutions to key industry issues.
DLF after market hours yesterday, 30 September 2014 in a clarification with regard to news item titled "DLF under scanner for service tax evasion", said that the charges referred to in the news report are completely misleading and incorrect and the company denies them outright. DLF and its associates pay a total service tax of more than Rs 500 crore per annum to government of India and there is no question of evading service tax of Rs 30 crore across multiple years as speculated in the said news report, DLF said. The company further said that it has so far not received any finding or observation from any wing of the service tax department with reference to the matter mentioned in the said news report.
DLF said that the matter of service tax on development rights mentioned in the said newspaper report per se is purely a legal clarification which has been under discussion by the real estate industry players with the tax authorities, since development rights are a part of immoveable property and hence not subject to service tax, DLF said. Industry bodies like CREDAI have also taken this issue up with the government for clarification, the company added. DLF added that it expects an early and satisfactory resolution to this issue.
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Seamec after trading hours yesterday, 30 September 2014, said it has decided to seek approval of shareholders by way of Special Resolution through Postal Ballot for advising Seamec International FZE to sell its vessel ALLIANCE to a prospective buyer in terms of regulation 25(2) of SEBI (Acquisition of Shares and Takeovers) Regulations, 2011. Seamec International FZE is a wholly-owned subsidiary of the company.
Praj Industries after trading hours yesterday, 30 September 2014, said that the company has acquired a further stake of 10% in its subsidiary Praj HiPurity Systems, formerly known as Neela Systems, for approximately Rs 20.40 crore. With this, Praj Industries now holds 80% stake in Praj HiPurity Systems at an approximate cost of Rs 117.95 crore.
India Glycols after trading hours yesterday, 30 September 2014, said that the company has terminated its joint venture with Fourcee Infrastructure Equipments and has entered into a joint venture with new partner viz. Apollo LogiSolutions which is a logistics arm of Apollo International of the Apollo Group. Apollo LogiSolutions will infuse fresh equity and will hold 51% of the expanded capital base of the joint venture company. The joint venture will be funded with a combination of debt and equity. The joint venture company will develop, manage and operate a freight terminal at Kashipur in Uttarakhand. The facility is expected to be operational by April 2015.
Apollo Hospitals Enterprise after trading hours yesterday, 30 September 2014, announced a collaboration with multinational pharmaceutical firm Sanofi to provide an integrated care program in India for people with diabetes. The first wave of this collaboration will focus on the establishment of 50 Apollo Sugar Clinics which provide integrated diabetes care programs in India.
ABB India after trading hours yesterday, 30 September 2014, announced winning an order worth around Rs 55 crore from Tamil Nadu state government entity Tamil Nadu Transmission Corporation to build a new substation in downtown Chennai. The project is scheduled to be completed in 2015.
Ramco Systems after trading hours yesterday, 30 September 2014, announced the successful go-live of its Loadable Software Airplane Parts (LSAP) solution at Kenya Airways, the flag carrier of Kenya. Ramco has provided its Engineering Data Management System (EDMS), widely known as LSAP to maintain Kenya Airways' latest fleet of B787 Dreamliner.
Hero MotoCorp after trading hours yesterday, 30 September 2014, said that the company has clocked sales of 6 lakh units of two-wheelers in the month of September 2014. This is a robust growth of more than 30% over the corresponding month last year, Hero MotoCorp said. As despatches will continue till midnight of 30 September 2014, the final tally for the month is expected to be much higher, Hero MotoCorp said. The company further said that it has clocked over 1.7 lakh units in retail sales during the first six days of Navratri this year, which is a growth of more than 15% over the corresponding period last year. Hero MotoCorp further said that the company has lined up over 10 new product launches, including refreshes and variants, which will reach all dealerships across the country during the current festive season.
Hindalco Industries after trading hours yesterday, 30 September 2014, clarified that the company has not obtained any benefit under the SEZ Scheme and hence, there is no financial obligation on the company arising from cancellation of SEZ. Hindalco issued the clarification after media reports stated that the government has cancelled approvals of nine special economic zones, including that of Hindalco Industries, as no satisfactory progress was made to execute the projects. Hindalco said that the company had initiated setting up of two aluminium projects, viz., Aditya Aluminium in Orissa and Mahan Aluminium in Madhya Pradesh under SEZ Scheme. Subsequently, it was observed that establishing the projects under Domestic Tariff Area (DTA) was more attractive for the company. Accordingly, the company decided to exit from the SEZ Scheme and established the projects under DTA.
State-run Punjab National Bank after trading hours yesterday, 30 September 2014, said that the bank is raising Rs 1000 crore Tier-II (Basel III compliant) Capital Bonds at an annual coupon rate of 9.25% on private placement basis.
IDFC will be in focus after the Reserve Bank of India (RBI) yesterday, 30 September 2014, notified decrease in the ceiling for purchase of equity shares and convertible debentures by Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) in IDFC from 50% to 48%. RBI said that IDFC has passed resolutions at the Board of Directors' level and a special resolution by the shareholders agreeing for decreasing the limit for investment in the company by FIIs/RFPIs. RBI further said that IDFC will remain included in the ban list for FIIs/RFPIs as the 48% ceiling has been reached.
Shemaroo Entertainment makes its debut on the secondary equity market today, 1 October 2014. The company had priced its initial public offer (IPO) at Rs 170 per share. A discount of Rs 17 per share was offered to retail investors in the IPO. The company's IPO was subscribed 7.39 times. Shemaroo Entertainment is in the business of aggregation, production and co-production of cinematograph films and dramas and exploiting and distributing rights of films and dramas through various medium such as television licensing, DVD and VCD release; rights of content through new distribution avenues such as Internet protocol television, video on demand, and mobile platform.
Bharat Forge after market hours yesterday, 30 September 2014 said that BF Elbit Advanced Systems, the wholly owned subsidiary of the company has issued 3,513 equity shares of Rs 10 each to Elbit Systems Land and C4I (Elbit)- the other JV partner. Consequently, BF Elbit Advanced Systems has become a joint venture subsidiary company of BFL. As a result, now BFL and Elbit are holding 74% and 26% equity share capital of BF Elbit Advanced Systems, respectively, Bharat Forge said.
Kingfisher Airlines after trading hours yesterday, 30 September 2014 said that it has secured a stay from the Calcutta High Court on the decision of the Grievance Redressal Committee of the United Bank of India which had earlier declared the airline and its directors (including erstwhile directors) as willful defaulters. United Bank of India has been directed to file its affidavit-in-opposition by 3 November 2014 and the petitioners have been directed to file their reply one week thereafter. The next date of hearing has been fixed for 10 November 2014.
Jaiprakash Power Ventures after trading hours yesterday, 30 September 2014 in a clarification with regard to news item titled "Jaiprakash Power Venture violated norms in Karcham Wangto project: CEA panel report" said that it has not so far received the copy of any Fact Finding Committee Report stated to have been filed with the Central Electricity Authority (CEA). As and when it hears from the concerned Authorities, the company will take appropriate action in the matter, Jaiprakash Power Ventures said.
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