Shares of banking firms ICICI Bank and Bank of Baroda will be watched after the Reserve Bank of India (RBI) yesterday, 17 December 2014 imposed fines worth Rs 50 lakh and Rs 25 lakh on ICICI Bank and Bank of Baroda, respectively, for violations of its instructions on know-your-customer (KYC) and anti-money laundering norms. The RBI said that three other banks including the listed State Bank of India, Axis Bank and the unlisted State Bank of Patiala, have also been cautioned to put in place appropriate measures and review them from time to time to ensure strict compliance of KYC requirements in future.
Larsen & Toubro (L&T) and Canada Pension Plan Investment Board (CIPB) have completed the definitive investment agreement entered into in June 2014. The agreement was made between L&T and a wholly owned subsidiary of CPPIB for investment into L&T's subsidiary L&T Infrastructure Development Projects Ltd (L&T IDPL). The announcement was made after market hours yesterday, 17 December 2014.
CPPIB, through a subsidiary, has made an initial investment of Rs 1000 crore in L&T IDPL on 16 December 2014, by way of subscription to compulsorily convertible preference shares.
A second tranche of Rs 1000 crore or such higher amount as may be agreed between L&T IDPL and CPPIB's subsidiary, will be invested after 12 months from the date of the initial investment, subject to any required regulatory approvals at such time, L&T said in the statement. This is the first direct private investment by a Canadian pension fund into an Indian infrastructure development company, it added.
Indian Oil Corporation (IOCL) will be in focus after the Minister of State (Independent Charge) for Petroleum & Natural Gas Dharmendra Pradhan informed the Rajya Sabha in a written reply yesterday, 17 December 2014, that IOCL is establishing a refinery of 15 million metric tonne per annum (MMTPA) capacity at Paradip, Odisha, at an estimated cost of Rs 34162 crore. IOCL has reported that a detailed feasibility study for setting up of a polypropylene (PP) plant which is a part of proposed petrochemical complex attached to the refinery, has been completed. The PP plant will produce 700 thousands metric tonne per annum. The investment decision for PP plant was taken by the IOCL board in March 2014. The estimated cost of the PP project is Rs 3150 crore. The PP plant is planned to be commissioned during 2017-18. IOCL has also plans to set up ethylene derivative project (Ethylene Glycol), Para Xylene & PTA and Petcoke gasification based derivative, Pradhan said.
Swiss drugmaker Novartis has reportedly sued Cipla for infringing patents covering its respiratory drug Onbrez, a month after Cipla launched a copy at a fifth of the original drug's price.
Shares of Punjab National Bank turn ex-split today, 18 December 2014, for 5-for-1 stock split.
Adani group stocks Adani Enterprises, Adani Power and Adani Ports & Special Economic Zone will be in focus on reports that Adani Group's Australian subsidiary has signed an MOU with a South Korean steel giant for the construction of a new strategic terminal at Abbot Point coal port to export high-quality coal globally at competitive rates.
Shares of products company Intellect Design Arena will list on the bourses today, 18 December 2014. The company was formed following demerger from Polaris Software Technology. In March 2014, Polaris Financial Technology announced the demerger of its products business into an independent entity.
With respect to news titled Cadila's US Arm recalls 63,648 bottles of benzonatate capsules, Cadila Healthcare clarified after market hours yesterday, 17 December 2014, that the recall by the company's US subsidiary was voluntary and a class-III type recall, which means that the use of the product is not likely to cause any adverse health consequences. Cadila Healthcare this development has no material impact on the company's operations and financials.
Emami will be watched. With respect to the news stating "Emami ties up with German Firm," Emami clarified that it has not entered into the above arrangement.
M. Bhattacharya & Co alongwith King & Company (Homoeo Chemist), both the Emami Group Companies engaged in the business of homeopathy medicines has entered into the strategic technical joint venture with German homoeopathic giant Hevert- Arzneimittel GmbH & Co.KG, Germany in the area of distribution and marketing, GMP consultancy and licence for manufacturing select revert formulations in India.
As Emami was not the part of the above agreement, it was not obligatory on the company to intimate the exchange under clause 36 of the Listing Agreement, the company said.
SKS Microfinance issued commercial papers of an aggregate amount of Rs 70 crore on 16 December 2014, which have been rated A1+ by a leading rating agency. Instruments with the aforesaid rating are considered to have a very strong degree of safety regarding timely payment of financial obligations. Such instruments carry the lowest credit risk. The aggregate Commercial Paper outstanding as on date is Rs 150 crore.
IL&FS Investment Managers will be watched. With respect to news titled "IL&FS Fund Exits Phase I of Wadhwa Project," IL&FS Investment Managers clarified that IL&FS Investment Managers (IIML) is a private equity fund manager and manages private equity funds which invest across various sectors including real estate. The funds in their normal course of business regularly make investments and divestments in various companies across various sectors.
However, IIML in only a fund manager but does not make any direct investments in companies. However, one of the funds under its management recently made a divestment from Wadhwa Residency.
In view of the fact that this is not a divestment made by IIML and hence it has not considered this as a price sensitive information for IIML and accordingly no disclosures under Clause 36 of the Listing Agreement was made.
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