Tata Steel announced after market hours yesterday, 14 May 2015, that the company expects to recognize a non-cash write-down of the goodwill and assets in the consolidated financial results in Q4 March 2015 of approximately Rs 5000 crore, mainly relating to the Long Products UK business in Tata Steel Europe which will now be fully impaired. The impairment also includes a write down of investments in overseas raw materials projects in Mozambique, Ivory Coast and Taconite project in Canada because the economic viability of these projects remains uncertain at the current level of commodity prices. Additionally, the company undertook a non cash impairment charge of Rs 1577 crore in Q1 June 2014 towards its investment in the Mozambique Coal Project. The total impairment charge for the year ended 31 March 2015 (FY 2015) would be around Rs 6500 crore in the consolidated financial results. The details of the impairments will be included in the audited financial results on 20 May 2015. The company's liquidity position or financial covenants are unaffected by the above non-cash write down, Tata Steel said.
Infosys announced after market hours yesterday, 14 May 2015, that the company has joined the Industrial Internet Consortium (IIC), an open membership group established to improve the integration between the physical and the digital worlds and accelerate the adoption of Internet of Things. The goal of the consortium is to amplify the development and availability of connected, intelligent industrial automation.
Bank stocks will be in focus after Reserve Bank of India (RBI) Governor Raghuram Rajan yesterday, 14 May 2015, said that bad loans at Indian banking sector may not have peaked yet, adding the central bank was working with lenders to recognise and resolve these non-performing assets. Rajan made those comments in reply to a question during a news conference after the central bank's board meeting in Goa.
Among key corporate earnings, JSW Steel, Nestle India and Tata Coffee are scheduled to announce their quarter ended 31 March 2015 earnings on today, 15 May 2015.
GAIL (India) will be watched. With respect to news article titled "GAIL in talks to acquire Dabhol's 5 mtpa regasification terminal", GAIL (India) announced after market hours yesterday, 14 May 2015, that it is not aware of the basis of the news item and that there is no such proposal at GAIL's end.
TVS Motor Company announced after market hours yesterday, 14 May 2015, that its scooter, TVS Jupiter, has added another feather to its cap, becoming the fastest scooter in India to reach the 5 lakh units sales milestone in just eighteen months since its introduction into the market. TVS Jupiter, which was launched in September 2013, offering greater comfort, conveniences and first time features, has witnessed high customer acceptance. This can be attributed to three broad aspects: best in class styling, features and performance. TVS Jupiter is powered by a next generation, all-aluminum, low-friction 110cc engine that delivers an amazing mix of power, superior acceleration and best in class fuel efficiency. The metal bodied, TVS Jupiter is styled to enthuse the male consumer.
Amtek Auto's net profit rose 52.94% to Rs 129.82 crore on 4.04% decline in total income to Rs 954.69 crore in Q2 March 2015 over Q2 March 2014. The result was announced after market hours yesterday, 14 May 2015.
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Amtek India's net profit declined 94.6% to Rs 3.38 crore on 0.67% drop in total income to Rs 742.83 crore in Q2 March 2015 over Q2 March 2014. The result was announced after market hours yesterday, 14 May 2015.
Graphite India's net profit declined 68.38% to Rs 14.21 crore on 14.99% drop in total income from operations (net) to Rs 415.65 crore in Q4 March 2015 over Q4 March 2014. The result was announced after market hours yesterday, 14 May 2015.
SeQuent Scientific will be in focus. The Reserve Bank of India (RBI) yesterday, 14 May 2015 notified that foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs) can now invest up to 32.46% of the paid up capital of SeQuent Scientific under the Portfolio Investment Scheme (PIS).
Indian Hume Pipe Company announced after market hours yesterday, 14 May 2015, that the company has on 14 May 2015 signed a Memorandum of Understanding (MoU) with Sobha, a developer of repute having pan India operations, for the development of company's industrial land at Badarpur, New Delhi, admeasuring about 27,504.78 square meters equivalent to 2.96 lakh square feet for Group Housing Residential project as per applicable laws (the said Land).
Consequent upon the signing of the MoU, the company has also given a limited Power of Attorney to Sobha for obtaining all permissions, sanctions and approvals including conversion of the said land.
The MoU envisages that a formal agreement for development will be executed between the parties closer to the date of conversion of the said land from Industrial to Residential.
After the signing of the agreement for development, the transaction will envisage that the revenue generated from the sale of developed property will be shared in the ratio of 48.5% to the company and 51.5% to Sobha. The company will bear the conversion charges and land related charges while Sobha will bear and pay all development and other project related costs as agreed upon by the parties.
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