Coal India said that the board of directors of the company at its meeting held on 5 March 2016, has approved payment of interim dividend of Rs 27.40 per share for the year ending 31 March 2016. The announcement was made on Saturday, 5 March 2016. The stock offers a dividend yield of 8.42% based on its closing price of Rs 325.20 on the BSE on Friday, 4 March 2016.
Meanwhile, the Prime Minister Narendra Modi on Friday, 4 March 2016, reviewed the progress of key infrastructure sectors including power, coal, housing, ports, and Digital India, a statement released by the government on Saturday, 5 March 2016 said. Coal India has achieved a 9.2% increase in production this year, as compared to an average of just 3% growth over the last 5 years, the government said in a statement.
Asian Paints after trading hours on Friday, 4 March 2016, announced that it has filed First Information Report (FIR) with the Police department against its Registrar & Transfer Agent Sharepro Services (India) Pvt. Ltd. and its employees on certain irregularities by Sharepro with respect to share transfer operations and dividend encashment activities. Asian Paints has issued a termination notice to Sharepro for the termination of Registrar & Transfer Agent services with effect from 1 April 2016. The company is currently in the process of appointing a new Registrar & Transfer Agent.
L&T has completed the transaction for the sale of its casting manufacturing unit located at Coimbatore to Australia's Bradken Limited for total consideration of Rs 163 crore. The business transfer agreement was signed in November 2014. This unit clocked revenue of Rs 122 crore in the year ended 31 March 2015 (FY 2015), which was less than 1% of the total revenue of the company for the year. The sale of the Coimbatore foundry is in line with the company's strategic plan to exit non-core businesses and rationalize its portfolio. The company continues to operate two other foundries in Odisha and Gujarat. L&T made the announcement after trading hours on Friday, 4 March 2016.
Stocks of public sector banks (PSU banks) will be in focus after Finance Minister Arun Jaitley on Saturday, 5 March 2016, said that an Experts' Group would be constituted immediately to consider a proposal for consolidation of PSU banks in order to have strong banks. Speaking to the media at the end of a two-day conference of top management of PSU banks, finance sector regulators and finance ministry officials organized by the finance ministry, Jaitley also said that the Department of Financial Services (DFS) is considering amending the Debt Recovery Tribunal (DRT) Act and SARFESI Act to help banks expedite the process of recovery of bad loans. Jaitley was quoted as saying at the press conference that the government is also considering a proposal to allow PSU banks to institute employee stock option plan for bank employees.
Shares of Siemens may edge higher after the company announced that its board of directors has decided to consider the distribution of 50% of the proceeds from the sale of its healthcare undertaking as a special dividend to the company's shareholders. The board will take the decision on special dividend at its first board meeting after the completion of the transaction. The transaction is expected to be completed by 1 July 2016. Siemens has approved the sale and transfer of the healthcare undertaking as a going concern on a slump sale basis to the subsidiary of its parent firm Siemens AG, Germany for total consideration of Rs 3050 crore. The unit clocked revenue of Rs 1424.80 crore in the year ended 30 September 2015 (FY 2015), accounting for 13.55% of the company's revenue for the year. The unit had negative networth of Rs 88.50 crore as on 30 September 2015. The transaction is subject to the approval of the company's shareholders through an ordinary resolution.
Regarding the rationale for the sale of the healthcare unit to the parent firm, Siemens said that it would allow the parent firm increased flexibility, greater entrepreneurial freedom and faster decision making to grow its India healthcare segment independently. The healthcare unit is highly dependent on the parent company and its subsidiaries for products and technical know-how and that significant long-term investments are required for localization of products and solutions of the unit, Siemens said. Siemens further said that currently there are limited synergies between the healthcare business and its other business segments. The sale of the unit will allow Siemens to increase its focus and capital allocation to power generation, transmission and distribution, mobility, industrial automation and Smart Cities segments. The transaction will be margin accretive for Siemens. The company made the announcement on the sale of the healthcare unit after trading hours on Friday, 4 March 2016.
Shares of jewellery makers will be in focus after the finance ministry said in its clarifications issued on the levy of excise duty on articles of jewellery in the Union Budget 2016-17 that the central excise officers have been directed not to visit the premises of jewellery manufacturers. The facility of Optional Centralized Registration has also been provided for jewellery manufacturers for payment of excise duty. Thus, there is no need for a jewellery manufacturer to take separate registrations for all his premises. Jeweler's private records or records for State VAT or records for Bureau of Indian Standards (in the case of hallmarked jewellery) will be accepted for all Central Excise purposes. Further, there is no requirement for the jewellery manufacturer to file a stock declaration to the jurisdictional central excise authorities. The finance ministry also said that a simplified export procedure is available for exempted units.
The government announced the imposition of excise duty at 1% without input tax credit (ITC) or 12.5% with input tax credit on articles of jewellery (excluding silver jewellery) in the Budget, with a higher exemption and eligibility limits of Rs 6 crore and Rs 12 crore respectively.
Ajanta Pharma said it has received final approval from the United States Food and Drug Administration (USFDA) for Almotriptan Malate Tablets (6.25 mg & 12.5 mg), a generic version of Axert, for treatment of acute migraine pain relief. The company's US subsidiary, Ajanta Pharma USA Inc. is scheduled to launch Almotriptan Tablets in US shortly, the company said. The announcement was made on Monday, 7 March 2016. The stock market was closed on that day due to Mahashivratri.
Alkem Laboratories said that its manufacturing plant at Mandva, Gujarat, has successfully obtained the Establishment Inspection Report (EIR) from the US Food and Drug Administration (USFDA). The plant manufactures active pharmaceutical ingredients (APIs) and was inspected by USFDA in September 2015. The announcement was made on Monday, 7 March 2016. The stock market was closed on that day due to Mahashivratri.
Ashoka Buildcon said that the company's subsidiary Ashoka Concessions has informed the company that one of its associate companies viz. PNG Tollway (SPV) has given notice of termination of the concession agreement to NHAI in respect of the project viz. to undertake design, engineering, finance, procurement, construction, operation and maintenance of six laning of Pimpalgaon - Nashik - Gonde section of NH - 3 in Maharashtra on design, build, finance, operate and transfer (DBFOT) basis. The announcement was made after market hours on Friday, 4 March 2016.
Future Retail said that the High Court of Judicature at Bombay, on 4 March 2016 has sanctioned the composite scheme of arrangement between Future Retail and Bharti Retail and their respective shareholders and creditors with some minor modifications. The announcement was made after market hours on Friday, 4 March 2016.
ISGEC Heavy Engineering said that in order to execute a project in the Hashemite Kingdom of Jordan, the company is considering opening a branch in the Hashemite Kingdom of Jordan and the branch is called as Operating Foreign Company in Jordan. The project involves erection and civil work of machinery and equipment for 30 megawatts coal based thermal power plant. The announcement was made after market hours on Friday, 4 March 2016.
Eveready Industries India said that the company is in the process of launching in various parts of the country, a range of electrical/non-electrical appliances being ceiling fans, choppers, coffee maker espresso, dry irons, food processors, immersion water heaters, induction cookers, juicer mixer grinders, juicers, kettles, mixer grinders, multi grills, oven toasters grillers, pop-up toasters, rice cookers, roti makers, sandwich makers, steam irons and water heaters in the product category of consumer goods. These products will cater to the domestic market, Eveready Industries India said. The announcement was made after market hours on Friday, 4 March 2016.
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