Repco Home Finance debuts on the secondary equity market today, 1 April 2013. The company had priced the initial public offer (IPO) at the top end of the Rs Rs 165 to Rs 172 price band. The IPO of Repco Home Finance ended on 15 March 2013. It received bids for 2.21 crore shares compared with 1.33 crore shares on offer. The IPO was subscribed 1.65 times. Qualified Institutional Buyers (QIBs) category was subscribed 3.39 times, Non Institutional Investors category was subscribed 0.35 times, Retail Individual Investors (RIIs) category was subscribed 0.51 times and Employees category was subscribed 0.57 times.
Auto and cement stocks will be in focus as companies from these two sectors start unveiling monthly sales volume data for March 2013 from today, 1 April 2013.
IndusInd Bank and NMDC will replace Siemens and Wipro in the 50-unit CNX Nifty index with effect from today, 1 April 2013.
L&T after market hours on Thursday, 28 March 2013, said it has completed the acquisition of its group company -- Audco India (AIL). With this acquisition, L&T obtains full ownership of AIL and acquires the key product lines, viz. gate, globe and check valves, forged steel GGC valves, ball valves, butterfly valves (including Aquaseal rubber-lined valves and triple offset butterfly valves. L&T will retain the manufacturing plants at Manapakkam (Chennai) and Kanchipuram of AIL, the company said in a statement.
L&T said that this acquisition is in line with the company's overall portfolio rationalization. The deal will help grow L&T's Valve Business globally with a comprehensive range of valve offerings. Together L&T and AIL will provide cutting-edge flow-control solutions to global oil & gas and power sectors.
AIL is one of the leading manufacturer of industrial valves and a joint venture (JV) with Audco, UK, a wholly owned subsidiary of Flowserve Corporation, USA (Flowserve). AIL is a preferred manufacturer for critical valves including cryogenic, low-emission and large-size valves. AIL's international customers includes world-leaders in oil & gas and global EPC majors.
HCL Technologies after market hours on Thursday, 28 March 2013, said it has divested its entire 49% stake in a joint venture (JV), NEC HCL System Technologies (NHST) to NEC Corporation for an all cash consideration of $12 million. NHST is a JV between HCL Technologies and NEC Corporation, a leading provider of internet, broadband network and enterprise business solutions.
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HCL formed the joint venture (JV) with NEC in 2005. HCL and NHST have been providing software engineering solutions in embedded software, hardware design, network & security, R&D, high performance computing and mobile technology to NEC and its subsidiaries. Taking this relationship forward, HCL and NEC will keep maintaining a viable relationship, HCL Tech said in a statement. NHST reported revenues of $18.7 million and net profit of $2.9 million for the year ended 31 March 2012, HCL Tech said in a statement.
Infosys is reportedly cutting prices for select clients, offering add-on services for free to some customers, and partnering with niche firms to drive business volumes, even if it means squeezing profit margins.
Cadila Healthcare said on Saturday, 30 March 2013 that it has received tentative approval from the US Food and Drug Administration for Amlodipine Besylate and Benazepril Hydrochloride capsules, n the strengths of 2.5 milligram (mg)/10mg, 5mg/10mg, 5mg/20mg and 10mg/20mg. It falls in the anti-hypertensve segment. The estimated sales in 2012 as per IMS for Amlodipine Besylate and Benazepril Hydrochloride capsules was $348.8 million.
In a bid to fast-track its ambitious plan to enter 30 countries, two wheeler major Hero MotoCorp has reportedly incorporated an off-shore investment subsidiary in the Netherlands the first in a slew of overseas arms it plans to establish to expedite its global expansion plans, which includes overseas investments and merger and acquisition opportunities.
British marquee brands Jaguar and Land Rover (JLR) are reportedly open to supplying engines to Tata Motors to help address the latter's lack of cutting-edge technology. According to reports, JLR may supply its small 2-litre 4-cylinder petrol and diesel engines, which its is currently developing in the UK, to some of Tata Motors' sports utility vehicles (SUV).
Omaxe after market hours on Thursday, 28 March 2013 said that its board of directors at a meeting held on Thursday, 28 March 2013 has decided to make disinvestment in its wholly-owned subsidiary, Omaxe Infrastructure and Construction by way of sale of 1 crore equity shares of Rs 10 each.
The board of Den Networks approved issuing securities, constituting up to 26% of the company's paid-up share capital, in accordance with applicable laws, including the provisions of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, is amended. The board also approved to ratify the increase in foreign institutional investors (FIIs) limits to such extent as may be permissible under Indian Laws.
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