Maruti Suzuki India announced on Sunday, 1 January 2017 that total sales fell 1% to 1.17 lakh units in December 2016 over December 2015. Domestic sales fell 4.4% to 1.06 lakh units in December 2016 over December 2015. Exports rose 47.1% to 11,494 units in December 2016 over December 2015.
Eicher Motors announced on Sunday, 1 January 2017 that sale volume of VE Commercial Vehicles, an unlisted subsidiary of Eicher Motors fell 20.04% to 4,048 units in December 2016 over December 2015.
Separately, Eicher Motors said that total motorcycles sales rose 42% to 57,398 units in December 2016 over December 2015.
Bombay Dyeing & Manufacturing Company announced on Sunday, 1 January 2017, that pursuant to the approval of the committee of the board the company has entered into an agreement for sale of MIDC land & building and some specific utility machineries of Ranjangaon unit situated at Ranjangaon, District - Pune, Maharashtra, at an aggregate value of Rs 174.45 crore on 31 December 2016.
The company has also entered into an agreement for sale of company owned flat at Beach Towers, Prabhadevi, Mumbai at a value of Rs 9.4 crore on 31 December 2016.
Coal India announced before market hours today, 2 January 2017, that the coal production of the company and its subsidiaries was 96% of targeted production at 54.20 million tonnes in December 2016 and coal offtake was 98% of target at 51.46 million tonnes in December 2016.
Mahanagar Gas announced on Sunday, 1 January 2017 the launch of CNG-fueled two-wheelers in Mumbai.
Punjab National Bank announced on Sunday, 1 January 2017 that the bank has reduced marginal cost of funds based lending rate (MCLR) with effect from 1 January 2017.
State Bank of India has reportedly cut its marginal cost of lending rate, or MCLR, by 90 basis points across all maturities. The country's largest bank has reduced its key one-year benchmark MCLR to 8% per annum. The one-year benchmark is used for pricing home and car loans. Loans are provided to borrowers at 35 basis points over the MCLR. SBI's new rates were effective from 1 January 2017.
Realty stocks will be in focus as Prime Minister Narendra Modi on the eve of New Year on 31 December 2016, announced that two new middle income categories have been created under the Pradhan Mantri Awaas Yojana in urban areas. Loans of up to Rs 9 lakh taken in 2017, will receive interest subvention of 4%. Loans of up to Rs 12 lakh taken in 2017, will receive interest subvention of 3%. The number of houses being built for the poor, under the Pradhan Mantri Awaas Yojana in rural areas, is being increased by 33%.
In addition to this, another scheme is being put in place for the neo middle and middle class in rural areas. Loans of up to Rs 2 lakh taken in 2017, for new housing, or extension of housing in rural areas, will receive an interest subvention of 3%.
Shares of public sector oil marketing companies (PSU OMCs), automobiles firms and aviation firms will be watched. Petrol price was hiked by Rs 1.29 a litre and the diesel rate by Rs 0.97 a litre on Sunday, 1 January 2017. The increase in petrol and diesel rates is excluding state levies and the actual hike will be higher.
Further, aviation turbine fuel (ATF) price was hiked by a steep 8.6%. ATF price hike is applicable from midnight of 31 December 2016. Meanwhile, subsidised LPG rate was raised by Rs 2 per cylinder.
Shilpi Cable Technologies announced that its board of directors at its meeting held on Friday, 30 December 2016, approved acquisition of 100% shareholding of Gulf Aglow LED Lighting FZCO (GAL), a UAE based company incorporated within the laws of UAE. GAL is engaged in the manufacturing of lighting products.
The acquisition will be in the nature of cash consideration. The indicative time period for the completion of the acquisition is 3 months. This acquisition is intended to expand market share of Shilpi Cable in lighting products, wires & cables in middle east & African countries. The transaction is subject to applicable FEMA and RBI regulations. The announcement was made after market hours on Friday, 30 December 2016.
Ujaas Energy announced that it has received letter of Intent from MOIL for design, engineering, procurement & supply, construction, erection, testing & commissioning of solar PV plant with tracking system on turnkey basis of 5 megawatts (MW) (AC) capacity in Maharashtra. The announcement was made on Saturday, 31 December 2016.
IL&FS Engineering and Construction Company announced that it has received a letter of acceptance (LoA) for a road contract worth Rs 242.56 crore from Ministry of Road Transport & Highways (MoRTH) through CE (NH) PWD, Government of Karnataka.
The engineering, procurement & construction (EPC) project is expected to be completed in 24 months. The company is currently executing a metro rail contract in Karnataka for Bangalore Metro Rail Corporation for a value of Rs 326.99 crore. The announcement was made after market hours on Friday, 30 December 2016.
Bafna Pharmaceuticals announced that the meeting of the board of directors of the company is scheduled to be held on 4 January 2017, to transact withdrawal of entire preferential issue of 40 lakh share warrants and in-principle application filed with the stock exchanges.
The reasons the board will consider such a proposal is that the proposed allottees in the promoter group and one of the investors were ineligible due to sale/purchase/transfer within the group during the 6 months preceding the relevant date and due to inordinate delay in the process, few of the proposed allottees expressed their unwillingness to subscribe for the issue
The board will also propose and consider fresh issue of 80 lakh share warrants to promoter and non-promoter group subject to necessary approvals. The announcement was made after market hours on Friday, 30 December 2016.
Transformers and Rectifiers (India) announced that the company has been awarded the order for 40 numbers of 15MVA and 40 numbers of 20MVA power transformers with natural/synthetic ester oil of 66 kV class amounting to Rs 92 crore from Gujarat Energy Transmission Corporation Limited (GETCO).
The order falls under the normal course of business. The company neither has any interest in the entity that awarded the order nor fall within related party transactions. With this order, the company's order book as on date stands around Rs 960 crore.
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