Hindalco Industries may edge higher after the company won the Dumri coal block in Jharkhand at Rs 2,127 per tonne on the third day of coal auctions for schedule III category mines held on Saturday, 7 March 2015. The Dumri coal block has a total extractable reserve of 40.854 million tonnes.
Jindal Steel & Power (JSPL) may edge higher after its power generation unit Jindal Power won the Tara coal block in Chattisgarh for a closing bid of Rs 126 per tonne on the third day of coal auctions for schedule III category mines held on Saturday, 7 March 2015. The Tara coal block was reserved for the power sector. The Tara coal block has a total extractable reserve of 166.92 million tonnes and was earlier allotted to Chattisgarh Mineral Development Corporation.
Ambuja Cements may edge higher after the company won the Gare Palma IV/8 coal block at Rs 2,291 per tonne on the fourth day of coal auctions for schedule III category mines held on Sunday, 8 March 2015.
IT stocks may edge higher on positive economic data in the US. US is the biggest outsourcing market for the Indian IT firms.
Telecom stocks will be in focus. The auction of spectrum in 2100 MHz, 1800 MHz, 900 MHz and 800 MHz bands continued and 24 rounds of bidding completed at the end of day 4 on Saturday, 7 March 2015. The bidding has taken place in all bands. At present, a value of approximately Rs 86000 crore has been committed by bidders in respect of provisionally won spectrum. There is still spectrum, which is yet to be sold. Bidding would recommence today, 9 March 2015.
Axis Bank after market hours on Thursday, 5 March 2015 said that the bank has raised $250 million under the Euro 3 billion Medium Term Note Programme through its DIFC branch. The pricing finalization took place on 4 March 2015 and the settlement is scheduled on 11 March 2015. The Notes will be consolidated to form a single series with the $500,000,000 3.25% Notes due in 21 May 2020 issued on 21 November 2014. The issuance will take the outstanding issue size to a total of $750 million.
TCS after market hours on Thursday, 5 March 2015 said that the revenue in Q4 March 2015 is expected to be in-line with last year trend. Retail, manufacturing and Hi-Tech segments are recovering from muted Q3 December 2014, TCS said. TCS said there will be continued weakness in Diligenta, insurance, and energy businesses. The company expects European business to grow better than average. Strength in ITIS will continue in Q4 March 2015, TCS said. The company said it is likely to see a currency impact of almost negative 275 basis points, (constant currency to rupee revenue) and negative 200 bps (constant currency to dollar revenues). TCS has kept its target EBIT margin band unchanged.
Power Grid Corporation of India after market hours on Thursday, 5 March 2015 said that the board of directors of the company at its meeting held on 4 March 2015 has accorded investment approvals for 'Installation of STATCOM in Western Region' at an estimated cost of Rs 1071.24 crore, with commissioning schedule of 30 months progressively from the date of investment approval; 'Spare 765/400KV transformers for Northern Region' at an estimated cost of Rs 63.56 crore, with commissioning schedule of 24 months from the date of investment approval; 'Establishment of Fiber Optic Communication System in Northern Region under Fiber Optic Expansion Project (Additional Requirement)' at an estimated cost of Rs 197.40 crore, with commissioning schedule of 36 months from the date of investment approval; and 'Northern Region System Strengthening Scheme-XXXIV (NRSS-XXXIV)' at an estimated cost of Rs 148.76 crore, with commissioning schedule of 28 months from the date of investment approval.
Canara Bank said after market hours on Thursday, 5 March 2015 that the bank has successfully raised Rs 1500 crore under BASEL-III compliant additional Tier-I bonds. The issue opened on 16 February 2015 and closed on 5 March 2015.
United Spirits said that the manufacturing activities at the company's unit situated at 32A, Jannagar Road, Serampore, Hooghly, West Bengal has been discontinued with effect from 28 February 2015, in view of space constraints for further expansion and also other operational issues. All the issues pertaining to workmen/employees have been amicably settled through a settlement in accordance with law. The company does not expect the discontinuation of manufacturing activities at the aforesaid unit to have any material impact on the operations of the company, United Spirits said.
Shares of Container Corporation of India may edge higher. The Reserve Bank of India after market hours on Thursday, 5 March 2015 notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 34% of the paid up capital of Container Corporation of India under the Portfolio Investment Scheme (PIS). RBI further advised that the foreign shareholding by FIIs/RFPIs in Container Corporation of India has gone below the revised threshold limit. Hence, the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect, the RBI said.
BEML after market hours on Thursday, 5 March 2015 said that the company has on Thursday, 5 March 2015 rolled out the country's first electric drive rear dump truck for large-scale coal mining applications. BH205E Rear Dump Truck is powered by Tier-II emission compliant Modular common rail Electronic Engine with 2300 HP. AC drive system has been engineered to provide exceptional haul road performance with reduced maintenance.
Mindtree announced on Saturday, 7 March 2015, that it has updated its outlook for its Q4 results. In dollar terms, Mindtree's sequential revenue growth on an organic basis is expected to report a small decline due to continued depreciation of certain currencies against the dollar, along with a delay in the commencement of projects at two clients in the retail and consumer packaged food verticals. On a constant currency basis, the revenue is expected to remain flat. As a result, operating margins for the quarter are expected to decline marginally.
As indicated earlier, Mindtree is expected to significantly exceed the NASSCOM growth estimates of 12.3% for the financial year ending 31 March 2015 (FY 2015). Since the above update is a current quarter issue and transitory in nature, Mindtree remains optimistic on the future demand environment and is also confident of exceeding the NASSCOM growth estimates for FY 2016.
On 13 February 2015, Mindtree announced the completion of the acquisition of Discoverture Solutions LLC (Discoverture). Consequently, the consolidated results for the fourth quarter wlll take into account the financials of Discoverture.
Shilpi Cable Technologies announced on Saturday, 7 March 2015, that a meeting of the board of directors of the company will be held on 9 March 2015, inter alia, to consider and approve the preferential allotment of 40 lakh convertible warrants to Shilpi Cables, a promoter group company at a price of Rs 65 each.
Kernex Microsystems India announced on Saturday, 7 March 2015, that a meeting of the board of directors of the company will be held on 10 March 2015, inter alia, to consider and approve proposal for sale/disposal of selected assets of the company to finance new projects and to provide additional capital to ongoing projects.
Sintex Industries announced on Saturday, 7 March 2015, that pursuant to the approval of the shareholders of the company at the 81st Annual General Meeting of the company held on 17 September 2012; for issue of $140 million, 7.5%, step down convertible bonds due 2017, the committee of directors at its meeting held on 7 March 2015 has allotted 1 crore shares of Rs 1 each to foreign currency convertible bonds (FCCB) holders on the exercise of their conversion right.
Tayo Rolls announced on Saturday, 7 March 2015, that the committee of the board of directors of the company at their meeting held on 7 March 2015 have allotted 5 lakh 8.5% non-cumulative redeemable preference shares of Rs 100 each to Tata Steel on preferential basis.
Nagarjuna Agrichem after market hours on Thursday, 5 March 2015 said that the insurance company has accepted the company's provisional insurance claim in respect of damages occurred in the fire affected Black-5 of the Srikakulam plant and an interim on-account payment has been made.
INOX Leisure said that the company shall commence the commercial operation of new multiplex cinema theatre situated at City Square Mall, Panchsheel Nagar, Ajmer, Rajasthan, having 3 screens and 884 seats from 8 March 2015.
On commencement of Multiplex at Ajmer, INOX along with Satyam Cineplexes Limited will be present in 95 multiplexes & 368 screens in 52 cities and a total seating capacity of 97878 across India.
Jindal Saw after market hours on Thursday, 5 March 2015 said that the Jindal Tubular (India), a wholly owned subsidiary of the company has agreed to operate and maintain certain identified facilities of PSL. This is a short term arrangement for one year which may be extended or modified, based on meeting of certain covenants and mutual acceptance at the appropriate time.
Meanwhile, PSL after market hours on Thursday, 5 March 2015 said that in order to meet the operating costs of company's units at Varsana, Vizag, Vaiyavoor and Jaipur so as to improve overall financial performance of the company which has been adversely affected lately due to ongoing CDR process the company has entered into a comprehensive agreement for operations, maintenance and management of these units with Jindal Tubular (India), the wholly owned subsidiary Jindal Saw for one year. The management of the company feels that the broad terms and conditions on which the said agreement has been executed are in the best interests of the company considering its aforesaid present circumstances, PSL said.
National Fertilizers said that Panipat Unit of the company after achieving 100% capacity utilization has been put under annual turnaround with effect from 4 March 2015 and the plant is expected to resume production by 7 April 2015. Further, the company said that Vijaipur-I plant of the company after achieving 110% of the reassessed capacity has been put under shutdown on 3 March 2015. As per the existing Government Policy, the production upto only that level is profitable. The plant is expected to resume production in the third week of April 2015 after completion of various turnaround maintenance job.
3i Infotech after market hours on Thursday, 5 March 2015 said that it has allotted 30.78 lakh equity shares on 5 March 2015, against conversion of the FCCBs of principal amount of $1 million.
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