Shares of automobile companies will be in focus as auto companies start unveiling monthly sales volume data for November 2014 from today, 1 December 2014.
Shares of public sector oil marketing companies (PSU OMCs) will be in focus after petrol prices were reduced by Rs 0.91 per litre and diesel prices by Rs 0.84 with effect from midnight of 30 November 2014 and 1 December 2014. PSU OMCs review fuel prices during the middle of the month and on the last day of the month based on the average imported oil price in the preceding fortnight.
Hero MotoCorp launched six of its best-selling bikes in Colombia as part of its target to clock 1.2 million unit sales from global business by 2020.
"Colombia is one of the top two-wheelers market in South America and therefore, it is going to play a significant role as we continue to expand our footprint in the region," Hero MotoCorp Vice Chairman and MD & CEO Pawan Munjal said. "Going forward, we will aim at making Colombia a base for expanding our operations to neighbouring countries in the region," he added.
The two-wheelers rolled out include the 100 cc bikes -Splendor iSmart, Eco Deluxe, and Passion-Pro; the 125 cc Glamour; the 150 cc Hunk and the 225 cc Karizma ZMR. The bikes will be sold in 120 outlets spread across the country. The company plans to expand its distribution network to over 150 outlets in a year's time.
Hero MotoCorp is also setting up a manufacturing plant in Colombia. The company plans to launch its operations in Europe by 2015 and in the US by 2016. It also became the first two-wheeler company in Colombia to offer 4-year warranty on all its models.
This July, Hero MotoCorp formed a wholly-owned subsidiary in Colombia and commenced construction of a state-of-the-art manufacturing plant in the country. With a project cost of US$ 70 million, HMCL will invest US$ 38 million in CAPEX, with the rest being utilised as working capital over the next three-year period. The equity investment will be made through HMCL's wholly-owned subsidiary in the Netherlands -HMCL BV, the company said.
Sun Pharmaceutical Industries announced that Foreign Investment Promotion Board (FIPB) has approved the proposal of the company for issuing equity shares of the company to the non-resident investors of Ranbaxy Laboratories pursuant to the merger of Ranbaxy Laboratories into Sun Pharmaceutical Industries through the scheme of arrangement between Ranbaxy Laboratories and Sun Pharmaceutical Industries.
DLF after trading hours on Friday, 28 November 2014, said that the Supreme Court has passed an order to maintain status-quo with respect to allotment of land to the company in Gurgaon in 2009. DLF had filed a petition before the Supreme Court challenging the judgment dated 3 September 2014 passed by the Punjab and Haryana High Court which disapproved the allotment of land admeasuring 350 acres in Wazirabad village, Gurgaon by the Haryana state government to DLF. The land was allotted to DLF through an international competitive bidding process in the year 2009. The matter will come up for hearing in Supreme Court in due course, DLF said in a statement.
Shares of companies whose fortunes are linked to orders from Indian Railways may edge higher after Prime Minister Narendra Modi on Saturday, 29 November 2014, said that the government will expand and modernize the Indian Railways. On the occasion of flagging off of the first train from Mendipathar, Meghalaya to Guwahati, Modi spoke of both horizontal expansion of railways -- expanding the network across India and vertical expansion of railways -- which means capacity building, technology upgradation and better services.
Shares of infrastructure developers will be in focus after Prime Minister Narendra Modi on Saturday, 29 November 2014, said that India now needs next-generation infrastructure consisting of both highways and i-ways (information ways). Why should there not be a gas-grid, why should we not get electricity for all 24 hours, the Prime Minister asked, expressing confidence that next-gen infrastructure would be the key to building a modern India. On the occasion of flagging off of the first train from Mendipathar, Meghalaya to Guwahati, Modi said that the government is also considering privatization of Railway Stations to promote economic activity.
Cox & Kings will be in focus as shares allotted by the company to institutional investors under Qualified Institutional Placement (QIP) are admitted for trading on the bourses today, 1 December 2014. A total of 3.27 crore shares will be admitted for trading. Cox & Kings had priced the issue of shares to institutional investors at Rs 305 per share.
Texmaco Rail & Engineering will be in focus as shares allotted by the company to institutional investors under Qualified Institutional Placement (QIP) are admitted for trading on the bourses today, 1 December 2014. A total of 2.8 crore shares will be admitted for trading. Texmaco Rail & Engineering had priced the issue of shares to institutional investors at Rs 107 per share.
Shares of jewellery retailers may edge higher after the Reserve Bank of India (RBI) late on Friday, 28 November 2014, eased gold import norms in a bid to curb smuggling of the yellow metal. The RBI in a circular said that the Government of India has decided to withdraw the 20:80 scheme and restrictions placed on import of gold. Accordingly, all instructions issued about the 20:80 scheme stand withdrawn with immediate effect, the RBI said in a notification.
Shares of Reliance Industries (RIL) will be watched. The union auditor has reportedly raised a red flag over allowing Reliance Industries (RIL) to recover $970 million of the investment it has made in the KG-D6 oil and gas block off the Andhra coast. In its latest audit report on the performance of the government's production sharing contracts with private operators, the comptroller and auditor general has reportedly observed that Reliance has recovered $9.2 billion out of the $10.44 billion invested in the field till March 2013.
Meanwhile, RIL clarified on the stock exchanges that there are obvious differences between the Comptroller & Auditor General (CAG) and RIL on certain basic issues concerning the Production Sharing Contract (PSC). Once the company receives a formal communication of audit exceptions by the Government, it will respond to the Government in accordance with the provisions of the accounting procedure under the PSC and also exercise such other rights as are available to the company in law.
Steel Authority of India (Sail) on 28 November 2014 sold its entire 26% equity shareholding of 3.47 crore equity shares of Rs 10 each in Bokaro Jaypee Cement, a joint venture company of Sail and Jaiprakash Associates to Shri. Rangam Securities & Holdings (SRSHL) at Rs 67.50 per equity share. SRSHL is an indirect wholly-owned subsidiary of Dalmia Cement (Bharat), a subsidiary of Dalmia Bharat. Sail has received a sum of Rs 234.56 crore as consideration for sale of the above shares. In a separate announcement, Jaiprakash Associates said it received a consideration of Rs 667.56 crore from the transaction.
The board of State Bank of Mysore accorded approval to raise Basel III compliant Tier II Bond to the tune of Rs 500 crore, to be raised through private placement.
The board of SPML Infra will meet on 5 December 2014, to consider the performance of the company, fund requirements and options of fund raising.
The qualified institutional placement (QIP) committee of Suven Life Sciences approved closure of the QIP 29 November 2014. The board also approved the issue price of Rs 191.32 per equity share , which is at a discount of Rs 10.06 per equity share, to the floor price of Rs 201.38 per share, for the shares to be issued and allotted to eligible QIPs.
Balasore Alloys said that a committee of board of directors of the company have allotted 11% Non Convertible Debentures (NCDs) to the Consortium Bankers of the Company.
Sintex Industries said that a committee of directors allotted 12.54 lakh equity shares of Re 1 each to Foreign Currency Convertible Bonds (FCCB) holders on the exercise of their conversion right.
The board of IOL Chemicals & Pharmaceuticals approved an allotment of 50.51 lakh equity shares of face value of Rs 10 each on conversion of $6 million Zero Coupon Unsecured Foreign Currency Convertible Bonds issued in May 2010 to the bondholders and allotment of 8.41 lakh equity shares of the face value Rs 10 each on conversion of $1 million bonds in the name of custodian on behalf of the bondholders, who have not submitted their conversion notices for mandatory conversion. The paid up capital of the company increased from 4.17 crore equity shares of Rs 10 each to 4.76 crore equity shares of Rs 10 each on the allotment aforesaid shares.
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