Tata Motors after market hours yesterday, 13 January 2015 said that its global wholesales rose 8% to 85,742 units in December 2014 over December 2013. Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range rose 4% to 30,597 units in December 2014 over December 2013. Global wholesales of all passenger vehicles rose 11% to 55,145 units in December 2014 over December 2013. Global wholesales of Tata Motors' passenger vehicles rose 29% to 12,183 units in December 2014 over December 2013. Global wholesales for Jaguar Land Rover (JLR) rose 7% to 42,962 units in December 2014 over December 2013.
Shares of companies engaged in mining of iron ore, manganese, bauxite, copper and gold and shares of companies in the cement, aluminium and steel sectors which are the user industries of these minerals, will be in focus after the Ministry of Mines after trading hours yesterday, 13 January 2015, said that the government has promulgated the Mines and Minerals (Development and Regulation) (Amendment) Ordinance, 2015 on 12 January 2015. The ordinance amends certain provisions of the MMDR Act, 1957. The Ministry of Mines said that the promulgation of the ordinance became necessary to address the emergent problems in the mining industry. Essentially, through the Mines and Minerals (Development and Regulation) (Amendment) Ordinance, 2015, the government intends to remove discretion in grant of mineral concessions. Henceforth, all mineral concessions would be through auctions, thereby bringing in greater transparency and removing of discretion. Unlike in the 1957 Act, there would be no renewal of any mining concession. The tenure of the mineral concession has been increased from the existing 30 years to 50 years. Thereafter, the mining lease would be put up for auction (and not for renewal as in the earlier system).
The Ministry of Mines said that Sub-Section 5 and 6 of Section 8(a) of the ordinance provides that the mining leases would be deemed to be extended from the date of their last renewal to 31 March 2030 in the case of captive miners and till 31 March, 2020 for the merchant miners or till the completion of the renewal already granted, if any, whichever is later. Thus, no mining lease holder is likely to be put into any disadvantaged condition. It is expected that this would immediately permit such closed mines to start their operations, the Ministry of Mines said in a statement.
The ordinance proposes to setup a National Mineral Exploration Trust created out of contribution from the mining lease holders. This would allow the government to have a dedicated fund for undertaking exploration. In addition, the transferability provision (in respect of mining leases to be granted through auction) would permit flow of greater investment to the sector and increasing the efficiency in mining.
In respect of ten minerals in Part C of First Schedule like iron ore, manganese, bauxite, copper, gold, etc., the requirement that a state government should obtain the prior approval of the central government before grant of mineral concession has been done away with. Similarly, approval of mining plan by the government would no longer be mandatory as a provision has been added under 5(2) (b) permitting the state governments to devise a system for filing of a mining plan obviating need for approval by the central government.
With respect to media reports titled Cipla barred from selling Onbrez generic, Cipla after market hours yesterday, 13 January 2015 said that the media article already states the company's position on the issue. Cipla said that the development is in the ordinary course of business and revenues/profits from the product is not expected to be material in the current financial year.
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Reports indicated that the Delhi high court has barred the generic drug maker from making or selling a cheaper copy of Novartis AG's respiratory drug Onbrez in the domestic market, citing infringement of patents held by the Swiss company.
Yes Bank declares Q3 December 2014 result today, 14 January 2015.
Novartis India after market hours yesterday, 13 January 2015 said that as part of its global portfolio transformation, Novartis AG, Basel, Switzerland (Novartis AG) agreed with GlaxoSmithKline Plc, UK (GSK) on 22 April 2014 to create a global consumer healthcare joint venture. Closing of this global transaction is subject to receipt of all applicable anti-trust and regulatory approvals, as well as the satisfaction or waiver (as applicable) of various other conditions, Novartis India said in a statement.
In connection with the joint venture, the board of directors of the company considered on 13 January 2015 the transfer by the company of its OTC division to GlaxoSmithKline Consumer, a private unlisted company incorporated under the Companies Act, 2013 (GSKCPL) (or another affiliate of GSK) (the OTC Transaction).
Tata Coffee after market hours yesterday, 13 January 2015 said it has fixed record date as 27 January 2015, for 10-for-1 stock split.
Vascon Engineers after market hours yesterday, 13 January 2015 said that its board of directors approved the formation of a subsidiary company in Qatar for execution of EPC (engineering, procurement, and construction) projects in that country.
Videocon Industries after market hours yesterday, 13 January 2015 in a clarification with regard to news item titled "Videocon Telecom Gets calls from 2 Cos for Stake buy" and "Videocon Looking at buyers for telecom business said that the management has given a general expression in the past about possibility of equity dilution in the telecom arm at an appropriate time and the process is still continuing. The company has been getting enquiries for sale of stake in telecom business, it said. However, there has not been any material event of any kind in this regard which needs to be informed to the stock exchanges. Videocon Industries added that it has been fully compliant with the provisions of the Listing Agreement, including the provisions with regards to dissemination of corporate information/events, which could have a bearing on the operation/performance of the company.
Alok Industries after market hours yesterday, 13 January 2015 said that that out of the total advance of $1633.33 million equivalent to about Rs 9800 crore by State Bank of India, Backbay Reclamation Branch, Nariman Point, Mumbai, for the facility of an Export Performance Bank Guarantee (EPBG), an initial advance amounting to $250 million has been received on 13 January 2015 by the company's authorized dealer on the company's behalf. Alok Industries said it is confident of receiving the balance advance amount of up to $1383.33 million in regular tranches in the near future.
Vaibhav Global after market hours yesterday, 13 January 2015 said it has repaid the entire amount of outstanding working capital term loan (WCTL) of Rs 9.04 crore including interest to consortium bankers.
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