Tata Motors announced that its total sales of commercial and passenger vehicles rose 9.9% to 39,763 units in April 2016 over April 2015. Domestic sales of Tata commercial and passenger vehicles rose 11% to 35,978 units in April 2016 over April 2015. Sales from exports were flat at 3,785 units in April 2016 compared with corresponding previous year. The company announced the monthly sales volume data after market hours yesterday, 2 May 2016.
Hero MotoCorp reported 14.89% increase in total sales to 6.12 lakh units in April 2016 over April 2015. Having grown by 13.6% and 14% in February 2016 and March 2016 respectively, this is the third consecutive month of double digit monthly sales growth for the company, Hero MotoCorp said in a statement. The announcement was made after market hours yesterday, 2 May 2016.
State Bank of India (SBI) after trading hours yesterday, 2 May 2016, announced reduction in lending rates by 5 basis points (bps) across tenures. SBI's Marginal Cost of Funds based Lending Rate (MCLR) for overnight loans will be 8.90%. MCLR for one-month loans will be 9% and for three-month loans it will be 9.05%. The MCLR on 6-month loans will be 9.10% and for one-year loans the rate would be 9.15%, the bank said. MCLR for two-year loans would be at 9.25% and loans with three-year maturity would carry an MCLR of 9.30%, the bank said.
All rupee loans sanctioned and credit limits renewed with effect from 1 April 2016 are priced with reference to the Marginal Cost of Funds based Lending Rate (MCLR) which is the internal benchmark of the concerned bank. Actual lending rates are determined by adding the components of spread to the MCLR.
Tata Power Company said that its Strategic Engineering Division (Tata Power SED) has received an order from the Border Security Force (BSF), Ministry of Home Affairs, Government of India for the supply of Rajak TBC DN-1, its indigenously developed Hand Held Thermal Imaging Systems (HHTI) (cooled version). BSF is one of the premier forces of India using HHTIs for border surveillance and has selected through a global tender Tata Power SED's Rajak TBC DN-1 multi-function thermal imager after extensive field trials. The announcement was made after market hours yesterday, 2 May 2016.
Coal India and its subsidiaries on provisional basis achieved 90% of targeted production at 40.09 million tonnes in April 2016. Coal India and its subsidiaries on provisional basis achieved 83% of targeted offtake at 42.45 million tonnes in April 2016. The announcement was made after market hours yesterday, 2 May 2016.
Adani Ports and Special Economic Zone (APSEZ) is scheduled to announce its Q4 March 2016 results today, 3 May 2016.
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Indian Oil Corporation (IOCL) said that in accordance with the approval accorded by Cabinet Committee on Economic Affairs on 13 May 2013, Government of India (GOI) has offered 1.21 crore shares to the eligible employees of the company at a discounted price of Rs 367.65 per share (5% discount to the cut off price of Rs 387 discovered through the Offer For Sale of equity shares of IOCL carried out by GOI on 24 August 2015). In connection with this, action has been initiated by the company for sale of equity shares to the eligible employees by the GOI. The offer for sale of share shall remain open from 2 May 2016 to 10 May 2016, IOCL said. The announcement was made after market hours yesterday, 2 May 2016.
TVS Motor Company reported 16% increase in total sales to 2.27 lakh units in April 2016 over April 2015. The announcement was made after market hours yesterday, 2 May 2016.
Atul Auto reported 50.36% fall in total sales to 1,242 units in April 2016 over April 2015. The announcement was made after market hours yesterday, 2 May 2016.
KDDL said that its board approved an investment of Rs 4 crore in Ethos, a subsidiary company by way of preferential allotment of 2.79 lakh equity shares of Rs 10 each at a premium of Rs 133 per share as per valuation report obtained from the registered valuer. Post subscription and allotment, consolidated holding of company will increase from 72.01% to 72.55% on fully diluted basis. The announcement was made after market hours yesterday, 2 May 2016.
Blue Star said that it has received an order from the Principal Commissioner of Service Tax - 1, Commissionerate, Kolkata holding that there has been alleged short payment of service tax amounting to around Rs 67.86 crore during the period 2007-2008 to 2011-2012 in their Kolkata location on the basis of purported examination of the company's records and comparing it with the service tax returns filed by Kolkata location during the said period. The Commissioner has also imposed penalty of Rs 67.86 crore equal to the tax demand under Section 78 of the Finance Act, 1994 apart from interest (not quantified in the order) to be paid in terms of Section 75 of the Finance Act, 1994 on the tax demanded.
The order is a complete departure from a ruling by the competent authority in an identical matter at another jurisdiction, in which after examination of the company's similar records, the demand notice raised by the service tax department was quashed. Based on the advice received from its tax advisors, the company strongly believes that the order apart from being patently erroneous, has been passed without appropriately considering the submissions made by the company, is based on incorrect presumptions and hence is untenable. The company will challenge the order before the appropriate forum in accordance with law and is confident about a positive outcome. The announcement was made after market hours yesterday, 2 May 2016.
Hindustan Construction Company (HCC) said that its board appointed Mr. Rajgopal Nogja as the Group CEO with effect from 3 May 2016. Pursuant to his appointment, Mr Nogja has stepped down from the board as whole time director with effect from 2 May 2016. The announcement was made after market hours yesterday, 2 May 2016.
Sakthi Sugars said that its board approved issuing 2.26 crore equity shares at Rs 27 each as fully paid-up equity shares to Asset Reconstruction Company (India) (Arcil) on preferential issue basis upon conversion of loans aggregating to Rs 61.12 crore. The announcement was made after market hours yesterday, 2 May 2016.
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