Tech Mahindra announced after market hours yesterday, 11 June 2015, the launch of its next generation cloud management platform mPAC (managed platform for adaptive computing) for hybrid IT management. It leverages technologies for HP and VMTurbo suite of products. mPAC is the next generation cloud management platform which simplifies IT by transforming legacy datacenters into adaptive infrastructure enabling software defined datacenter. It aims to improve agility by reducing service deployment time from months to minutes, thereby resulting in significant cost savings.
Wipro announced after market hours yesterday, 11 June 2015, that it will implement a next generation customer helpdesk management solution, powered by its artificial intelligence (Al) platform - Wipro HOLMES for Nexenta, the global leader in Open Source-driven Software-Defined Storage (OpenSDS). Wipro will also implement a Service Bot Workbench for Nexenta's internal Technical Team.
Wipro's solution will automate the creation of service tickets using Natural Language Processing (NLP) technologies. It will auto categorize tickets using intelligent algorithms and help Nexenta resolve issues using intelligent virtual bots and scripts. This will enable faster resolution of service tickets, enhance the overall user experience and improve productivity, the company said.
Shares of state-run banks will be in focus as Finance Minister Arun Jaitley is scheduled to hold the Quarterly Review Meeting of the CEOs of the public sector banks (PSBs) and Financial Institutions (FIs) for the year ended 31 March 2015 (Financial Year 2014-15) in the national capital today, 12 June 2015. The Finance Minister would broadly review the Annual Financial Performance of the PSBs during the Financial Year 2014-15. He will also review the performance of banks with regard to their performance in overall credit growth with particular reference to agriculture credit, MSE credit, education loans, housing loans and non-performing assets (NPAs), according to a statement issued by the finance ministry after trading hours yesterday, 11 June 2015.
Realty stocks will be in focus after the Reserve Bank of India (RBI) yesterday, 11 June 2015, announced that the scheme under which External Commercial Borrowings (ECB) can be raised by eligible borrowers for low cost affordable housing projects under the approval route will continue for the financial year 2015-16.
Reliance Industries (RIL) will host its 41st annual general meeting today, 12 June 2015.
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GMR Infrastructure said after market hours yesterday, 11 June 2015, that the Ministry of Civil Aviation (MoCA) vide its order dated 11 June 2015 has directed Airport Economic Regulatory Authority (AERA) under section 42(2) of AERA Act, 2008 to adopt a Hybrid Till with 30% cross subsidization for the tariff determination of GMR Hyderabad International Airport (GHIAL), a subsidiary of GMR Infrastructure, The RGI Airport Shamshabad (Hyderabad) has been built and operated by GHIAL.
AERA had passed an order on 24 February 2014, determining the tariff of GHIAL considering a Single Till methodology of tariff determination. Single Till being not in line with the concession agreement, GHIAL had appealed against this order of AERA by filing a writ petition in the High Court of Andhra Pradesh. After various hearings, the Court had directed MoCA to pass an order on the appropriate Till methodology to be used for tariff determination of GHIAL.
IndusInd Bank said after market hours yesterday, 11 June 2015, the board of directors of the bank, at their meeting held on 11 June 2015 have approved preferential allotment of shares to promoters of the bank up to 1.5% of the authorised share capital of the bank of Rs 600 crore (Preferential Allotment), so that post any other issue of equity shares that the bank may do pursuant to the shareholders approval and the Preferential Allotment, the aggregate holding of the promoters i.e. IIHL and its subsidiary is retained at 15% and have proposed to seek approval of the Reserve Bank of India and shareholders of the Bank for the same. The decision was taken pursuant to the approval by the shareholders through postal ballot on 8 June 2015 for issuing equity shares up to 10% of the Authorised share capital of the bank.
The board of directors of the bank have authorised Finance Committee of Board / Managing Director and/or Company Secretary and / or Chief Financial Officer on behalf of the board to finalise the notice to shareholders and explanatory statement for obtaining consent of the members of the bank to the preferential allotment and to do all such acts, deeds, matters and things as may at its sole and absolute discretion deem fit, necessary, desirable incidental or expedient for such purpose, to give effect to this resolution.
JSW Steel will be in action. With respect to news titled "Jindal Brothers to Unwind Cross-holdings in Group Cos.", JSW Steel clarified after market hours yesterday, 11 June 2015, that it has been informed by the Promoters and Promoter Group that there is no intention to create any new structure at present. The company will at all times comply with applicable laws and continue to keep informed about its state of affairs by way of applicable statutory/regulatory disclosures, required to be made from time to time.
Rain Commodities announced after market hours yesterday, 11 June 2015, that its board has approved the scheme of arrangement for Amalgamation of Moonglow Company Business Inc, British Virgin Islands, a step-down wholly-owned subsidiary with the company. The aforesaid Scheme of Arrangement is subject to the approval of Lenders, Shareholders, Stock Exchanges, Regulators and High Court of Andhra Pradesh and Telangana.
Aviation stocks will be in focus after the Reserve Bank of India (RBI) yesterday, 11 June 2015, extended the scheme under which airline companies are allowed to raise External Commercial Borrowings (ECB) under the approval route for working capital as a permissible end-use till 31 March 2016. Earlier, the RBI had extended the validity of the scheme twice. The scheme was extended initially till 31 December 2013 and thereafter till 31 March 2015.
Novartis India will be watched. With reference to the news captioned, "Novartis AG said to explore delisting of $380 mn Indian unit," Novartis India clarified after market hours yesterday, 11 June 2015, that it is not aware of the source of the news item. The board of the company has not received any notice from the promoters of the company, Novartis AG, on its intention to delist the equity shares of the company from the Bombay Stock Exchange, the company added.
Bajaj Finance announced after market hours yesterday, 11 June 2015, that the allotment committee of the board approved the allotment of 32.74 lakh equity shares of face value Rs 10 each to eligible qualified institutional buyers (QIBs) at the issue price of Rs 4,275 per equity share, aggregating to approximately Rs 1400 crore.
Jagran Prakashan (JPL) announced after market hours yesterday, 11 June 2015, that it completed acquisition of "Radio City". Jagran Prakashan in their board meeting on 16 December 2014 had approved the entry of the company into the radio industry via acquisition of Music Broadcast (MBPL).
Music Broadcast (MBPL) runs India's leading radio network under the name "Radio City" and is present in 20 stations across 7 states. The network has a strong national presence, with a presence in the top 14 out of 16 advertisement revenue generating markets with a focus on SEC AB audiences. MBPL's year ended March 2015 (FY15) revenues were Rs 209.40 crore, a growth of 30% over the previous year. MPBL's operating margins for FY15 are 31%. The profit after tax for FY15 is Rs 43 crore, a growth of 100% over the previous year.
Richa Industries announced after market hours yesterday, 11 June 2015, it has secured an order from Sam (India) Built Well Pvt. Ltd. for construction of depot cum workshop for Lucknow Mass Rapid Transit System. The project involves construction of 5 pre engineered buildings - Inspection Bay Line & Workshop; Stabling Shed; Interior Cleaning; Pit Wheel & Lathe; and Car Parking. The scope of work includes engineering design, fabrication, shipment and erection of pre engineered buildings for Transport nagar depot at North-South Corridor of Lucknow Metro.
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