Auto stocks will be in focus as these companies will start reporting sales volume data for May 2017, starting from today, 1 June 2017.
Shares of public sector oil marketing companies (PSU OMCs) will be watched. Indian Oil Corporation (IOCL) yesterday, 31 May 2017, announced an increase in the price of petrol and diesel with effect from the midnight of 31 May/1 June 2017. Petrol price was hiked by Rs 1.23 per litre and diesel price was raised by Rs 0.89 a litre at Delhi (excluding state levies).
MOIL announced increase in price of various grades of manganese ore effective from 1 June 2017. The announcement was made after market hours yesterday, 31 May 2017.
MOIL announced that the prices have been increased by 10% on the existing prices prevailing since 1 May 2017 for all Ferro Grades. The prices have been increased by 10% on all grades of SMGR (Mn 30%) and SMGR Low (Mn 25%) on the prevailing prices since 1 May 2017.
The prices have been increased by 10% on all grades of fines and chemical grades ores on the prevailing prices since 1 May 2017. However, prices of Electrolytic Manganese Dioxide (EMD) were kept unchanged.
Future Market Networks announced after market hours yesterday, 31 May 2017, that it executed a share purchase agreement with IL&FS Township and Urban Assets (ITUAL) to acquire 50% equity share capital viz. 1.50 crore equity shares of Rs.10/- each held by ITUAL in Future Retail Destination (FRDL). FRDL is set up for development of infra logistic parks across India as a special purpose vehicle company. FRDL shall become 100% subsidiary of the company upon completion of the transaction. The total consideration payable by the company under the SPA is Rs 14 crore. In terms of the SPA, the company has paid an amount of Rs 9 crore and the balance consideration of Rs 5 crore shall be paid on or before 30 September 2018.
Pfizer announced after market hours yesterday, 31 May 2017, that it entered into an acquisition agreement with AstraZeneca AB, Sweden, pursuant to which the brand 'Neksium' is being acquired by the company in India for a consideration of Rs 75 crore, subject to completion of necessary conditions precedent. Neksium (esomeprazole) complements the company's existing product portfolio in the gastrointestinal (GI) therapeutic area.
JK Paper announced after market hours yesterday, 31 May 2017, that meeting of the committee of directors of the company will be held on 8 June 2017, to consider allotment of equity shares of the company consequent to conversion notices received from one of the foreign currency convertible bonds (FCCBs) holders, seeking conversion of its FCCBs (Series 4) and FCCBs (Series 5) of 2.4 million euro each into equity shares of the company.
Bharat Gears announced after market hours yesterday, 31 May 2017, that the finance committee of board of directors of the company approved the proposal to avail a term loan of Rs 110 crore from KKR India Financial Services for repaying some of the existing term debts, working capital requirements and capital expenditure, among others.
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