Interest rate sensitive auto, bank and realty stocks will be in focus ahead of the Reserve Bank of India's (RBI) mid-quarter review of the monetary policy today, 17 June 2013.
Rating agency CRISIL will be in focus after influential investor Rakesh Jhunjhunwala's wife Rekha Jhunjhunwala, sold 4 lakh shares of the rating agency on NSE for Rs 46 crore through a block deal for an average price of Rs 1,158.60 a share on Friday, 14 June 2013.
As of the quarter ended March 2013, Rakesh and Rekha Jhunjhunwala together held 54 lakh shares, equivalent to 7.69% stake in CRISIL.
IndusInd Bank turns ex-dividend today, 17 June 2013, for dividend of Rs 3 per share for the year ended 31 March 2013.
UCO Bank turns ex-dividend today, 17 June 2013, for dividend of Rs 1.60 per share for the year ended 31 March 2013.
Tech Mahindra after market hours on Friday, 14 June 2013, announced the appointment of Milind Kulkarni as Chief Financial Officer (CFO), and Manoj Bhat as Deputy CFO of the company. Sonjoy Anand, who has served as CFO of Tech Mahindra moves on having decided to pursue opportunities internationally. Milind Kulkarni has been Senior Vice President, Finance of the company till now, will take charge of the CFO's office with immediate effect. Manoj Bhat who is leading the Corporate Planning (including Mergers and Acquisitions) and also Investor Relations portfolio, will now take up the additional responsibility of Deputy CFO.
Infosys said after market hours on Friday, 14 June 2013, that the US District of Columbia awarded Infosys Public Services, a US-based subsidiary of Infosys, a one-year contract valued at $49.5 million to develop its new health benefit exchange, a crucial component of the Affordable Care Act.
Infosys Public Services is the prime systems integrator of this healthcare system transformation that will bring critically important benefits to nearly one quarter million District residents. Individuals, families, and small businesses can purchase healthcare coverage through an online marketplace. The Exchange, known as the District of Columbia Access System (DCAS), is a state-of-the-art health and human services solution that will provide seamless healthcare coverage while minimizing risks.
The Mahindra Group (India) and CIE Automotive S. A. (Spain) announced on Saturday, 15 June 2013, the signing of a global alliance agreement between Mahindra's automotive component businesses (held under its Systech Sector) and CIE Automotive (involving also its subsidiary Autometal). Mahindra Systech consists of Mahindra Forgings, Mahindra Ugine Steel Company, Mahindra Composites, Mahindra Hinoday Industries and Mahindra Gears. The agreement will see the formation of a global automotive component supply network with combined annual sales of approximately Rs 15000 crore or Euro 2.2 billion or $ 3 billion with operations in North America, South America, Europe and Asia held through listed businesses in Spain, Brazil and India.
As part of the transaction, CIE Automotive - through one of its subsidiaries - will acquire from Mahindra Group a stake in its listed and unlisted companies belonging to Systech Automotive Component business and CIE Automotive will contribute its forging businesses in Spain and Lithuania and together consolidate all companies under MFL which will be rechristened Mahindra CIE. Mahindra CIE will continue to be listed on BSE (Bombay Stock Exchange) and NSE (National Stock Exchange).
The share sale by Mahindra will trigger open-offer provisions under the Securities Exchange Board of India (Sebi) (Substantial Acquisition of Shares and Takeovers) Regulations 2011. The proposed business transaction will be carried out in a series of steps over the next year that will culminate in M&M taking a stake of 13.5% in CIE Automotive, which is listed in Spain making it the second largest shareholder in CIE. M&M will nominate 2 Directors to the CIE board. CIE Automotive will take a majority stake in a single listed entity in India which will continue to operate the current Systech automotive component businesses globally and include CIE's European forgings operations.
Mahindra & Mahindra (M&M) said on Saturday, 15 June 2013, that the committee of directors of the company at its meeting held on 15 June 2013, has approved purchase by the company of the entire shareholding of 51 lakh shares held by Mahendra Ugine Steel Company in Mahindra Sanyo Special Steel (MSSSPL), a second tier subsidiary of the company, constituting 51% of the share capital of MSSSPL, for an aggregate consideration of Rs 214.33 crore, thereby making MSSSPL a direct subsidiary of the company. The said consideration is as per the valuation report of an independent professional firm.
The committee of directors also approved purchase of land for a consideration of Rs 126 crore admeasuring about 304,398 square meters (about 76 acres) alongwith all buildings and structures standing thereon, situated at Jagdish Nagar, Khopoli, District - Raigad, Maharashtra from Mahindra Ugine Steel Company, a subsidiary of the company. The said consideration is as per the valuation report of an independent professional firm.
Maruti Suzuki India on Saturday, 15 June 2013, announced the launch of the CNG variant of Ertiga, 7-seater utility vehicle named Ertiga Green. With this launch, Ertiga will now be available in all three fuel variants: CNG, petrol and diesel. Ertiga Green will be available in two variants viz. Ertiga Green LXi CNG and Ertiga Green VXi CNG with ex-showroom price of Rs 6.52 lakh and Rs 7.30 lakh respectively at Delhi. Ertiga Green will be available in states with CNG infrastructure including Delhi, NCR, Gujarat, Mumbai, Pune and parts of Andhra Pradesh, Uttar Pradesh and Madhya Pradesh.
The Tata Motors Group global wholesales in May 2013, including Jaguar Land Rover, were 81,783 units. Global wholesales of all commercial vehicles - Tata, Tata Daewoo and the Tata Hispano Carrocera range -- were 38,641 units. Cumulative commercial vehicles wholesales for the fiscal were 78,610 units.
Global wholesales of all passenger vehicles in May 2013 were 43,142 units. Global wholesales of Tata passenger vehicles in May 2013 were 11,932 units. Cumulative wholesales for the fiscal were 24,330 units. Global wholesales for Jaguar Land Rover were 31,210 vehicles. Jaguar wholesales for the month were 7,061 vehicles and cumulative wholesales were 12,395 vehicles, while Land Rover wholesales for the month were 24,149 vehicles and cumulative wholesales were 47,689 vehicles. Cumulative wholesales for Jaguar Land Rover for the fiscal were 60,084 vehicles.
The board of Zee Entertainment Enterprises has approved the proposed bonus issue of redeemable preference shares to equity shareholders of the company. Zee will issue twenty-one, 6% cumulative redeemable non-convertible preference shares for every equity share held in the company. The company had proposed issuing redeemable preference shares to its shareholders as a special reward on completion of 20 years of broadcasting business of the company.
Emami Paper Mills said its board approved raising Rs 120 crore by issuing 30 lakh cumulative redeemable non-convertible preference shares of Rs 100 each at a premium of Rs 300 each to the promoters of the company in one or more tranches. The company said it would utilise the fund for part financing the expansion project at Balasore in Orissa.
Tribhovandas Bhimji Zaveri (TBZ) said it has waived off making charges on certified diamond jewellery at all 'TBZ-The Original stores' in Maharashtra. TBZ has also tied up with many Indian and international banks to provide convenient equal monthyl installments schemes to all its customers.
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