Metal stocks may edge lower as a private survey showed a faster-than-estimated drop in China's manufacturing in February. China is the world's largest consumer of copper and aluminum.
Mahindra & Mahindra (M&M) after market hours on Wednesday, 19 February 2014, announced a reduction in prices of its passenger vehicle portfolio ranging from Rs 13000 to Rs 49000. The company will also reduce prices of its premium SUV, the Rexton by up to Rs 92,000. The reduction is due to the lower excise duties announced in the Interim Budget and would be effective immediately, M&M said in a statement.
Commenting on the price reduction, Pravin Shah, Chief Executive, Automotive Division, M&M said, We are delighted at the Interim Budget announcements which have been taken to boost the automotive industry. We are confident that the reduction in prices by Mahindra as well as other auto companies would provide the much needed fillip to the auto industry. The prices of our range of commercial vehicles are also being reduced.
State-run Bhel will be in focus on media reports that the government is planning to divest 5% stake through a block deal.
Geodesic said that the London Court has given a Summary Judgment in the case filed by the Bondholders through their Trustees, Citibank N.A., London (Citibank). According to the Judgment, the company has to pay to Citibank a sum of $157.06 million. The firm has to pay $14.88 million in respect of unpaid default interest upto and including 7 February 2014 and $39,266.06 per day of default interest from 8 February 2014 to the date of payment. It is also ordered that the company would also have to pay the cost of the proceedings of 1,22,500 pounds, excluding of VAT.
Financial Technologies (India) (FTIL) after market hours on Wednesday, 19 February 2014 in a clarification to the stock exchanges with reference to the news item titled "Tech M and FT Come Closer on Deal Talks" said, "As a policy of the company, we do not wish to comment on any speculative news article; hence we would not like to offer any comments on the said news reporting and also on the price rise of the company's share."
FTIL further clarified, "We have no comments. It is not our policy to comment on market rumours or speculation. Any definitive development of any substantive nature will be first notified to the stock exchanges in full compliance with Listing Agreement, so as to ensure uniform and simultaneous disclosure to all the investors."
"As a responsible corporate and as a matter of good corporate governance practice, any price sensitive information pertaining to operations or performance of the company, or such other information as required under Clause 36 of the Listing Agreement, will be first notified to the Stock Exchanges to comply with the Listing Agreement," FTIL said.
Meanwhile, Tech Mahindra in a clarification to the exchanges on the aforesaid news item clarified, "the report is speculative in nature and therefore the answers to both your questions is in negative".
Financial Technologies (India) turns ex-dividend today, 20 February 2014, for third interim dividend of Rs 2 per share for the year ending 31 March 2014.
Bajaj Corp turns ex-dividend today, 20 February 2014, for interim dividend of Rs 6.50 per share for the year ending 31 March 2014.
Hexaware Technologies turns ex-dividend today, 20 February 2014, for interim dividend of Rs 7.50 per share for the year ended 31 December 2013.
Rural Electrification Corporation (REC) turns ex-dividend today, 20 February 2014, for interim dividend of Rs 7.75 per share for the year ending 31 March 2014.
On a consolidated basis, Thomas Cook (India)'s net profit rose 53.33% to Rs 13.14 crore on 376.50% surge in total income from operations to Rs 465.59 crore in Q4 December 2013 over Q4 December 2012. The result was announced after market hours on Wednesday, 19 February 2014.
Esab India's net profit fell 33% to Rs 7.06 crore on 10.5% decline in net sales to Rs 109.30 crore in Q4 December 2013 over Q4 December 2012.
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