NMDC after trading hours on Thursday, 4 December 2014, announced a reduction in price of lump ore by Rs 200 a tonne to Rs 4,200 a tonne for the current month. The state-run iron ore miner reduced prices of fines by Rs 100 per tonne to Rs 3,060 per tonne. Production rose 10.03% to 19.08 million tonnes for the period April-November 2014, over the corresponding previous year period. Sales rose 7.69% to 19.88 million tonnes for the period April-November 2014, over the corresponding previous year period.
Steel Authority of India (Sail) announced after market hours yesterday, 4 December 2014, that the floor Price of the offer for sale (OFS) of the government's 5% stake in the firm has been fixed at Rs 83 per share. The floor price set for the OFS is at a discount of 2.75% to the closing price of Rs 85.35 on Thursday, 4 December 2014. The government on 3 December 2014, announced an offer for sale (OFS) of upto 20.65 crore equity shares or 5% stake in Sail through a sale on the separate window provided by the BSE and NSE today, 5 December 2014. The share sale will open at 9:15 IST and shall close at 15:30 IST. As much as 10% of the offered shares have been reserved for retail investors, who can buy shares worth up to Rs 2 lakh in the share sale. Retail investors will be allocated shares at a discount of 5% to the bid price entered by them.
NTPC will be in focus after the Minister of State for Power, Coal & New and Renewable Energy (Independent Charge) Piyush Goyal yesterday, 4 December 2014, said in a written reply to a question in the Lok Sabha that NTPC proposes to increase its existing power generation capacity three fold by 2032. The present power generation capacity of NTPC (including JVs and its subsidiaries) is 43,128 megawatts (MW). Goyal said that as per its long-term corporate plan, NTPC plans to have an installed capacity of 1.28 lakh MW by 2032. Over 9% of this capacity is expected to be based on renewable energy sources. In order to achieve its long-term plans, NTPC has signed power purchase agreements (PPAs) with state distribution utilities for over 1.03 lakh MW capacity and has also been allocated a 4,000 MW project under AP Reorganization Act, 2013. Out of this, 43,128 MW (including JVs and its subsidiaries) has been commissioned and 23,854 MW is under construction, Goyal said.
Axis Bank announced after market hours yesterday, 4 December 2014, that it has closed its senior unsecured redeemable non-convertible debenture issue of amount Rs 5705 crore and priced at 8.85% per annum payable annually maturing on 5 December 2024. The NCD's are rated AAA by CRISIL and ICRA. The NCDs shall be allotted to eligible investors on 5 December 2014. The NCDs are issued in Indian rupees at a fixed coupon and the proceeds shall be utilized for enhancing long term resources for funding infrastructure and affordable housing.
Ashiana Housing announced after market hours yesterday, 4 December 2014, that the company has entered the Chennai market by signing a Development Agreement, on revenue sharing basis, with Escapade Real Estate (A group company of Arihant Foundations & Housing) a Chennai based real estate company, for development of a 'Senior Living Project' as well as 'Regular Group Housing Project', on 20 acres (approx.) of land with saleable area of 9.70 lakhs square feet. (approx.). The proposed project is coming up at Sengundaram village, Maraimalai Nagar, off. GST Road, Chennai (Tamil Nadu).
Polygenta Technologies announced after market hours yesterday, 4 December 2014, that the company's plant operations have resumed. The company on 26 November 2014 had informed regarding temporary stoppage of plant operations.
Mastek announced after market hours yesterday, 4 December 2014, that Unum, one of the UK's leading providers of financial protection has selected Mastek's Elixir platform as the core administration platform for their Group Protection business in the UK. Unum will implement Elixir across its Group Protection business in order to create and adapt products more quickly.
Atul announced after market hours yesterday, 4 December 2014, that meetings of the Audit Committee and the board have been convened today, 5 December 2014, to consider the merger of Amal (a sick company registered with the BIFR), an associate company, with Atul.
Andhra Cements announced after market hours yesterday, 4 December 2014, that after successful trial runs, the stabilized commercial production of the company's cement plants, viz Durga Cement Works at Dachepalli, Guntur District, Andhra Pradesh & Visakha Cement Works at Visakhapatnam, Andhra Pradesh, has commenced with effect from 1 December 2014.
The Reserve Bank of India on Thursday, 4 December 2014, notified that the foreign shareholding by Non-Resident Indians (NRI)/Persons of Indian Origins (PIOs) in Selan Exploration Technology have gone below the revised threshold caution limit. Hence the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect.
The RBI further notified that the NRI/PIOs can now invest up to 24% of the paid up capital of Selan Exploration Technology under the Portfolio Investment Scheme. The Reserve Bank has stated that the company has passed resolutions at its Board of Directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by NRI/PIOs. The purchases could be made through primary market and stock exchanges, the RBI said.
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