Infrastructure, PSU OMCs and auto stocks will be in focus as in order to fund the ambitious infrastructure development programme of the Government, particularly the building of 15000 kms of roads, during current and next financial year, the Government after market hours on Thursday, 1 January 2015, has decided to increase basic excise duty on petrol and diesel (both branded and unbranded) by Rs 2 per litre. Allocation of these resources to the road sector will also spur economic activity and employment generation arising from the road construction sector. These increased rates of basic excise duty will be effective from 2 January, 2015. There will be no change in other excise duty rates applicable to these commodities.
Mahindra & Mahindra (M&M) said its total tractor sales declined 27% to 12474 units in December 2014 over December 2013. M&M's total auto sales fell 8% to 36328 units in December 2014 over December 2013. The sales figures were announced at the fag end of the trading session on Thursday, 1 January 2015.
TVS Motor Company said after market hours on Thursday, 1 January 2015, that it recorded 20% growth in total sales to 1.91 lakh units in December 2014 over December 2013. Three wheeler sales of the company registered an increase of 61% to 9,886 units in December 2014 over December 2013. The company's total exports grew by 28% with to 32,969 units in December 2014 over December 2013. Total two wheeler sales increased by 19% to 1.81 lakh units in December 2014 over December 2013.
PSU bank stocks will be in focus as the two-day brainstorming session of the finance minister, the Reserve Bank of India (RBI) governor and chiefs of state-owned banks begins today, 2 January 2015. At the session's end tomorrow, 3 January 2015, a reforms blueprint for phased implementation will be presented to Prime Minister Narendra Modi.
The meeting's agenda includes universal financial inclusion, leveraging technology, improving risk management, recovery and asset quality, talent management in PSU banks, and consolidation & restructuring of PSU banks for better efficiency, governance and capital efficiency.
SJVN said it signed an Memorandum of Understandings (MoU) with Hindustan Salts to conceptualise, structure, implement, operate and maintain the ultra mega hybrid renewable energy (solar & wind) park at salt pan land in Kharaghoda, Gujarat. Further, SJVN also signed an MoU with Rajasthan Electronics and Instruments to develop solar power plant of about 2 megawatts capacity at Kotla, Himachal Pradesh and other places in the project area of SJVN.
Bhushan Steel announced that it came across the ex-parte ad-interim order of Securities and Exchange Board of India (Sebi), in the matter of Radford Global Limited and Others. The promoters being Brij Bhushan Singal, Neeraj Singal, Ritu Singal and Uma Singal have been restrained from accessing the Securities market and buying / selling or dealing in securities, either directly or indirectly, pending enquiry and passing of the final order. The individual concerned, will take necessary steps as may be available under law. However, the company said it sees no bearing of the said interim order on the operations / performance of the company.
Wockhardt will be watched. With respect to news titled, "Wockhardt, Cadila & Hospira voluntarily recall drugs in US," Wockhardt clarified that the recall of Metoprolol Succinate tablets by Wockhardt USA, the US-based subsidiary of the company was voluntary and Class III type recall which means the use of the product is not likely to cause any adverse health consequences, hence there is no material impact. The company keeps the exchange informed about events, information etc. including price sensitive information in accordance with regulatory requirements. In present case, the company said it does not have any important information/announcement to be shared.
Eicher Motors said its total motorcycle sales jumped 48% to 28634 units in December 2014 over December 2013. Motorcycle exports surged 86% to 455 units in December 2014 over December 2013. The announcement was made at fag end of trade yesterday, 1 January 2014.
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Central Bank of India after market hours on Thursday, 1 January 2015, said that Capital Raising Committee of the Board of Directors of the bank at their meeting held on 1 January 2015 has allotted 8.28 crore shares to Life Insurance Corporation of India subsequent to passing of the Special resolution by shareholders at their meeting held on 30 December 2014 to accord consent to the Capital Raising Committee/Board of the bank to create, offer, issue and allot above said shares to Life Insurance Corporation of India of the face value of Rs 10 per share at a price of Rs 75.55 per share determined in accordance with Regulation 76 of SEBI ICDR Regulations aggregating to Rs 626.23 crore.
Sadbhav Engineering announced that on completion of all the formalities in relation to the appointed date as required under the Concession Agreement dated 20 March 2014 between Mysore - Bellary Highway (MBHPL) and the Government of Karnataka (the client), 12 December 2014 was declared by the client as the appointed date for the project Design, Build, Finance, Operate, Maintain & Transfer (DBFOMT) of existing state highway (SH-3 & SH 33) from Malavalli to Pavagada (approx length of 193.344 Kms) in the State of Karnataka on DBFOMT annuity basis to be executed by the company's subsidiary and special purpose vehicle, MBHPL.
Concession period for the project is 10 years from the appointed date including construction period of 30 months. MBHPL shall receive lumpsum payments of Rs 239.209 crore during construction period and semi-annual annuity of Rs 71.15 crore post achievement of COD till the end of concession period, Sadbhav Engineering said in a statement.
SRF after market hours on Thursday, 1 January 2015, said that pursuant to an authorisation from the Board a definitive Agreement has been signed on 31 December 2014 by SRF with E.l. DuPont De Nemours and Company, USA, effective immediately upon signing. Under the transaction SRF acquires Global DuPont Dymel HFC 134a Pharma Business, will own Du Font's 'Dymel' brand and receive the technology and knowhow for setting up its own 'current Good Manufacturing Practices' (cGMP) facility for manufacturing HFC 134a Pharma grade. DuPont will supply SRF the product from its existing facility till SRF's facility is approved. The consideration for the transaction is $20 million payable in cash. SRF has two plants for manufacture of technical grade of HFC 134a. It is envisaged that HFC 134a pharma will form a part of the downstream products from these plants. It is SRF's endeavour to constantly move up the value chain and this acquisition is a move in that direction.
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