NMDC in spotlight as board to mull buyback

NMDC announced that its board will meet on 8 January 2019, to consider buyback of the fully paid-up equity shares of the company. The announcement was made after market hours yesterday, 1 January 2019.

LIC Housing Finance announced that V. K. Sharma has resigned as chairman of the company with effect from 31 December 2018 consequent to attainment of superannuation from the services of Life Insurance Corporation of India. The announcement was made after market hours yesterday, 1 January 2019.

Tata Motors will be watched. The trend of muted consumer sentiments continued in December 2018, impacting the sales performance of Tata Motors commercial and passenger vehicles business in the domestic market, which dropped by 8% at 50,440 units as against 54,627. In December 2018, liquidity crisis in the industry, higher interest rates and rising fuel costs continued to impact the commercial vehicle sales, with M&HCV (medium and heavy commercial vehicle) and I&LCV (intermediate and light commercial vehicles) segment witnessing a decline while the passenger vehicle business bounced back.

 

Tata Motors' sales from exports (from CV and PV) in December 2018 was at 3,999 units as against 6,293 units in December 2017, lower by 36%, due to sharp TIV (total industry volume) contraction in Bangladesh due to elections and political uncertainty in Sri Lanka.

Coal India announced the provisional production and offtake figures of the company and its subsidiaries in December 2018. Production fell 0.9% to 54.13 million tonne in December 2018 over December 2017. Offtake fell 1.2% to 52.77 million tonne in December 2018 over December 2017. The announcement was made after market hours yesterday, 1 January 2019.

MOIL announced that in line with the business practice of fixing/revising prices Manganese Ore, the company has fixed/revised prices of different grades of Manganese Ore, effective from 1 January 2019. The prices of Ferro Grade, SMGR (Mn 30% & Mn 25%), Chemical Grade and Fines have been decreased by about 10% on the existing prices prevailing since 1 December 2018. On select grades of non-moving low grade manganese ore, a discount of 10% has been offered for the dispatches during the January 2019. Further, on select grades of non-moving low grade manganese ore, MOIL has offered bulk quantity discount ranging from 5% to 20%. The basic price of Electrolytic Manganese Dioxide (EMD) has been increased by Rs 10,000 PMT on the existing price prevailing since 1 October 2018. Ferro Manganese/ Ferro Manganese Slag and some identified grades of Manganese Ore will continue to be sold on e-auction basis as well as through Metal Mandi (M3) of MSTC. The announcement was made after market hours yesterday, 1 January 2019.

Jet Airways (India) announced that the payment of interest and principal installment due to the consortium of Indian banks (led by State Bank of India) on 31 December 2018 has been delayed due to temporary cash flow mismatch. The company has engaged with them in relation to the same. The announcement was made after market hours yesterday, 1 January 2019.

Bank of Maharashtra announced that its board will meet on 4 January 2019, to consider the proposal of raising of equity capital aggregating to Rs 4498 crore by way of preferential allotment of shares to Government of India (GOI) subject to necessary approvals/ permissions. The announcement was made after market hours yesterday, 1 January 2019.

Power Grid Corporation of India announced that its wholly owned subsidiary, POWERGRID Jabalpur Transmission, has successfully commissioned transmission system strengthening associated with Vindhyachal-V on build, own, operate and maintain (BOOM) basis. The transmission system has been put into commercial operation with effect from 1 January 2019. The announcement was made after market hours yesterday, 1 January 2019.

Chambal Fertilisers & Chemicals announced the commencement of commercial production from Gadepan-III plant with effect from 1 January 2019. The company had earlier announced setting up of new urea plant for production of 1.34 million MT of urea per annum at the existing site at Gadepan, District, Kota, Rajasthan ('Gadepan-III plant'). The announcement was made after market hours yesterday, 1 January 2019.

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