Hero MotorCorp said after market hours on Tuesday, 18 February 2014, that it has decided to pass on the entire benefit of the excise duty cut to customers. It has judiciously spread out the price cut across the product portfolio ranging from 2% going up to 5% with the maximum reduction being Rs 4500. The government had reduced excise duty on cars, commercial vehicles, sports utility vehicles (SUVs), motorcycles and scooters for the period up to 30 June 2014 in the in the Interim Budget for 2014-15 announced on Monday, 17 February 2014. The excise duty on small cars, two-wheelers and commercial vehicles has been reduced to 8% from 12%.
Ashok Leyland clarified with reference to the news item appearing in the newspaper titled "Ashok Leyland to sell prime property in Chennai" that the company is exploring various options to cut down its debt and has also gone on press about its intention to divest non-core assets in this regard. One of the identified non-core asset that is being looked at for sale will be a property situated in the Boat Club Area in Chennai. As of now the company have not sold the property and may be the speculation would have arisen based on some enquiries on the property, company added.
NHPC after market hours on Tuesday, 18 February 2014 said that Unit-1 of Parbati-III H.E. Project has been synchronized at 15:50 IST on 17 February 2014.
Esab India and Thomas Cook will announce their October-December 2013 results today, 19 February 2014.
Kingfisher Airlines after market hours on Tuesday, 18 February 2014 clarified to the exchanges with respect to a news item titled "Kingfisher Airlines CEO Sanjay Aggarwal quits" that Mr. Sanjay Aggarwal has submitted his resignation from the company which has not yet been accepted and is under consideration.
Alstom India at the fag end of trading hours on Tuesday, 18 February 2014 said that it has been awarded a contract by NTPC to provide the Flue Gas Desulphurisation (FGD) system for its 500 megawatts (MW) Vindyachal super thermal power plant in Madhya Pradesh. This project will be the first full scope limestone based FGD for a 500 MW plant in India and the fourth FGD project installation for Alstorn in the country, the company said in a statement. The contract is valued at close to 25 million euros, it said.
The scope of the contract includes delivery of the wet limestone based FGD system for the lx500 MW pulverised coal-fired boiler unit on full turnkey basis including designing, engineering, manufacturing, testing, civil works, erection and commissioning, Alstom India said in a statement.
Patrick Ledermann, Managing Director & Vice Chairman, Alstom India, said, "As the first full scope turnkey Lime Stone based FGD project in India, this project will be a benchmark installation in India. The FGD will have SO2 removal efficiency of more than 90% which further reaffirms our commitment towards providing clean power solutions and our growing footprint in air quality control systems."
Tech Mahindra has reportedly shown interest in buying a sizeable equity stake in Financial Technologies (India) (FTIL). A media report suggested that it is uncertain whether the ongoing negotiations will translate into a deal. However, it added that consultants have been hired to carry out a due diligence of FTIL.
Rasoya Proteins after market hours on Tuesday, 18 February 2014 said it has received receipt of approval from Reserve Bank of India (RBI) for increase in investment limit by Foreign Institutional Investors (FIIs) under portfolio investment scheme (PIS) to 100%.
Gammon India said its board at the meeting held on 18 February 2014, subject to the approval of the CDR Lenders, decided to change the financial year of the company to 31 December 2013 instead of 31 March 2014. Accordingly the company's financial year shall be for a period of nine (9) months commencing from 1 April 2013 to 31 December 2013.
Powered by Capital Market - Live News
