Shares of railway infrastructure companies will be in focus after the Department of Industrial Policy and Promotion (DIPP) yesterday, 27 August 2014, issued a notification allowing 100% foreign direction investment (FDI) through the automatic route in railway infrastructure viz. suburban corridor projects, high speed train projects, dedicated freight lines, rolling stock, locomotives manufacturing, railway electrification, signaling systems, freight terminals, passenger terminals, infrastructure in industrial park pertaining to railway line/sidings and mass rapid transport systems.
Financial Technologies (India) said it has further sold balance 5% equity shares of MCX in the market. Post the above selling and subject to unlocking of balance shares by MCX to complete the condition precedent of share purchase agreement, the company holds NIL shares in MCX.
Sun Pharmaceutical Industries said before market hours that the company has received direction under Section 29(2) of the Competition Act, 2002 from Competition Commission of India (CCI), directing Sun Pharma to publish the details of the proposed combination of Sun Pharma and Ranbaxy Laboratories within 10 working days from 27th August 2014 in Form IV contained in Schedule II to the Combination Regulations. In April 2014, Sun Pharma acquired Ranbaxy in $ 4 billion landmark transaction.
Reliance Industries (RIL) after market hours on Wednesday, 27 August 2014 said it has scheduled a planned turnaround at its Hazira manufacturing site. The cracker unit will be shut for a period of about 4 week, starting from the last week of September 2014, RIL said. This opportunity will be utilized to carry out other routine maintenance and turnaround activities to enhance productivity, the company added. RIL's crackers at other locations will continue at normal levels of operations, the company said. With advance planning and inventory management, impact on external sales is likely to be minimal, RIL added.
DLF after market hours on Wednesday, 27 August 2014 said that the Appeal filed by DLF against the Order of the COMPAT has been admitted today, 27 August 2014, by the Supreme Court of India. The Supreme Court directed DLF to deposit Rs 630 crore in an interest-bearing fixed deposit with the court for the duration of the appeal proceedings. The amount is to be deposited within a period of three months, of which Rs 50 crore is to be deposited within three weeks, DLF said. The entire deposit is subject to the final decision of the Supreme Court, DLF added. The copy of the order passed by the Supreme Court is still awaited, DLF said. DLF will take all steps to comply with the directions of the Supreme Court and remains confident of the merits of its case, DLF added.
Central Bank of India after market hours on Wednesday, 27 August 2014 in a clarification with regard to news item titled "CBI books Electrotherm for cheating Central Bank' of Rs. 436 crore" said that as on 31 July 2014, total outstanding loans to Electrotherm (India) was Rs 385.26 crore. The account has been classified as non-performing assets (NPAs) on 31 March 2012 and is presently under doubtful category. Central Bank of India said it has already made 100% provision and written off the account in previous financial year ended 31 March 2014. Accordingly, any development in the account will not affect the bank's profit & loss account, Central Bank of India said. The bank further said that Electrotherm (India) has been declared as willful defaulter on 2 April 2014. Bank has already initiated legal proceedings against the company, promoters, directors and its guarantors and filed suit in DRT for recovery of bank's dues on 24 January 2014. Bank has also filed FIR with Central Bureau of Investigation (BS&FC) vide letter dated 3 January 2014. Forensic audit of the company has been entrusted to Deloitte in January 2014, Central Bank of India said.
SML Isuzu will be watched. Pursuant to cancellation of an order dated 16 July 2009 for supply of 300 customized buses placed on the company by a customer and non resolution of the matter at the customer's end, the company had invoked arbitration clause of the contract and lodged its claim before the Arbitral Tribunal for losses suffered by the company on this account. The Arbitral Tribunal has pronounced its Arbitration Award and has awarded an amount of Rs 11.52 crore to the company towards losses/costs suffered by the company in earlier years. It may be noted that this Award is subject to challenge by the customer under Section 34 of the Arbitration & Conciliation Act, 1996 and appeals therefrom.
Rollatainers has entered into a license agreement through Sierra Nevada Restaurants, a company in which Rollatainers is having 50% equity stake, with The Wendy's Company to develop and operate the Wendy's brand across India. Rollatainers and International Market Management (IMM) each have a 50% equity interest in Sierra Nevada Restaurants. The Wendy's Company is the world's third largest quick-service hamburger restaurant chain.
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Nitesh Estates has signed up a joint development agreement for a new residential project which will have 262 residential units. The project located at prime Hosur Main Road will have easy access to the Electronic City, Outer Ring Road and major office complexes. The project will give a total revenue of Rs 170 crore to the company and will contribute to the profitability over the 36 months. The project will be launched shortly.
Piramal Enterprises and Navin Fluorine International, an Arvind Mafatlal Group Company, have agreed to form a joint venture company to develop, manufacture and sell specialty Fluorochemicals with specific focus on applications in healthcare. The strategic joint venture leverages Navin's fluorochemicals capabilities and Piramal's strong presence in healthcare. With the increasing importance of fluorine in life sciences, there is a considerable potential to exploit synergies between the two companies. Piramal will hold 51% of the equity share capital of the proposed joint venture company and the remaining 49% will be held by Navin. In the first phase of development, the JV is expected to invest around Rs 120 crore in India.
Indsil Hydro Power and Manganese said that the joint venture ferro chrome manufacturing operation in Sultanate of Oman has commenced full scale commercial production from April 2014 onwards. The company, through its wholly owned subsidiary, has started receiving the agreed marketing and operating fees from this quarter onwards.
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