State Bank of India (SBI) said that the central board of the bank at its meeting held on Wednesday, 24 September 2014, approved a 10-for-1 stock split.
Shares of Jaiprakash Power Ventures (JPVL) and Reliance Power (RPower) will be watched after RPower on Wednesday, 24 September 2014, called off its discussions with JPVL to buy three hydropower projects.
JPVL announced that for reasons not attributable to any regulatory uncertainties but due to difference of commercial aspects, discussion with RPower has been called off.
JPVL has a generation base of 1700 MW Hydro power (1000 MW Karcham Wangtoo, 300 MW Baspa II, and 400 MW Vishnu Prayag) and 1160 MW thermal power, including 500 MW Bina thermal project and 660 MW Nigrie thermal power project. The company has been in discussions with Anil Dhirubhai Ambani Group (ADAG) for disinvestment of its Hydro power assets for the last two months.
Mr Manoj Gaur, the Chairman Jaypee Group, said that the company was determined to take steps in the larger interest of the shareholders in the prevailing economic sentiment in the country.
Sagar Cements (SCL) said that its board accorded its in principle approval for the acquisition of 100% equity stake in BMM Cements, which owns a cement plant of 1 million tonne capacity p.a. and a captive thermal power plant of 25 MW capacity in Gudipadu near Tadipatri Anantapur District in the state of Andhra Pradesh. This company which has an Enterprise Value of Rs 540 crore, has limestone reserves of around 155 million tonnes.
Titan Company after market hours on Wednesday, 24 September 2014 said that rating agency ICRA vide its letter dated 19 September 2014, assigned a MAAA (pronounced as M Triple A) rating for the fixed-deposit programme of Titan Company. MAAA is the highest-credit-quality rating assigned by ICRA and the outlook on the rating is 'stable'. The rated deposits programme carries lowest credit risk and the rating is valid till 18 September 2015.
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Sasken Communication Technologies said its board will meet on 29 September 2014, to consider a proposal for payment of a special dividend, if any.
Dunlop India in a clarification with regard to news item titled "Dunlop's Sahagunj unit to reopen" said that the initiatives by West Bengal labour minister Mr. Malay Ghatak have helped the company to arrive the decision of re-opening Dunlop's Sahagunj factory in West Bengal shortly. Accordingly understanding has been reached with workers unions and minister and decided to reopen the Sahagunj plant for refurbishment followed by production in a phased manner, Dunlop India said.
Polaris Financial Technology said that the High Court of Madras, in its hearing on 15 September 2014, has sanctioned the demerger between Polaris Financial Technology and Intellect Design Arena and their respective shareholders and creditors for the demerger of products business undertaking of the company into a separate entity, Intellect Design Arena. The company have received the High Court order on 24 September 2014.
United Spirits (USL) after market hours on Wednesday, 24 September 2014 issued a clarification with regard to news item titled "ICRA raise red flag over United Spirits outstanding". USL said that the tag watch with developing implications put by ICRA on the company's term loan, fixed deposits, fund based working capital facilities and non-fund based working capital facilities is only a watch and does not change any of the existing credit ratings assigned to the above credit facilities and fixed deposits. ICRA has chosen to put up the ratings assigned to the above credit facilities and fixed deposits, availed by the company under watch with developing implications due to the fact that the company has incurred significant loss in the financial year 2014 because of the provisions made on account of certain exceptional items in the accounts concerning sale of Whyte & Mackay, receivables from United Breweries (Holdings) and certain other parties, USL said. Further, USL said that the board in their meeting held on 1 August 2014, has decided to repay the entire fixed deposits of the company. Suitable financial arrangements have already been made and the company has tied up with a bank for a line of credit to repay the fixed deposits along with interest thereon and the same will be completed on or before 31 March 2015, USL said. Further, USL said that the above press release by ICRA is on their own volition without any consent or inputs from the company and purely from the published information from the press, USL said. USL does not subscribe to any of the views expressed therein, the company said. The company will continue to comply with the requirements of the Listing Agreement, and will continue to promptly inform the stock exchanges in the event of any reportable event occurring, USL said.
HIL turns ex-dividend today, 25 September 2014, for interim dividend of Rs 10 per share for the year ending 31 March 2015.
Indiabulls Housing Finance turns ex-dividend today, 25 September 2014, for second interim dividend of Rs 9 per share for the year ending 31 March 2015.
Mahindra Lifespace Developers turns ex-dividend today, 25 September 2014, for first interim dividend of Rs 6 per share for the year ending 31 March 2015.
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