Oil India's Board in its meeting held on 13 March 2013 has declared second interim dividend of Rs 12 per share for the year ending 31 March 2013.
Engineers India Board of Directors at its meeting held on 13 March 2013 has declared an interim dividend of Rs 3 per share for the financial year ending 31 March 2013.
Aviation shares will be in focus after the Minister of State for Civil Aviation Mr. K.C Venugopal informed Lok Sabha on Wednesday, 13 March 2013, that the government has taken several measures to revive the aviation industry and ensure long term viability of the sector. The Director General of Foreign Trade has allowed direct import of ATF by airlines on actual user basis. Foreign direct investment (FDI) by foreign airlines in the domestic scheduled and non scheduled carrier has been permitted up to 49% of their paid up capital. Among other measures, ECB up to $1 billion has been permitted for the airlines to meet their working capital requirement, the minister said. Among other measures, operation in domestic sector has been deregulated. As such airlines are free to operate anywhere in the country subject to compliance of Route Dispersal Guidelines.
Shares of defence equipment makers will be in focus after the Ministry of Defence on Wednesday, 13 March 2013, said that the government is in the final stage of amending the Defence Procurement Procedure. With a view to achieve greater self-reliance in defence production, the defence industry was opened up for private sector participation in May 2001 with FDI permissible upto 26%, subject to licensing. The 'Make' Procedure was promulgated in 2006 to encourage indigenous development. The government included a categorisation 'BUY & MAKE (Indian)' in the Defence Procurement Procedure in November 2009 to encourage indigenous production. There is also provision for 30% offset obligation in all Capital Acquisitions categorized as Buy (Global) or Buy & Make with Transfer of Technology (ToT) where the estimated cost of the acquisition proposal is Rs 300 crore or more. Further, the government has announced the Defence Production Policy in January 2011 and Joint Venture Policy for DPSUs in February 2012. This information was given by Defence Minister Mr. AK Antony in a written reply to a question in Rajya Sabha on Wednesday, 13 March 2013.
The President of India, acting through and represented by the Ministry of Mines, Government of India is the promoter of National Aluminium Company and it proposes to sell 12.88 crore shares with an option to sell an additional 12.88 crore shares of the company, collectively aggregating to approximately 10% of the total paid up equity share capital of the company on 15 March 2013. The sale shall take place on a separate window of the Stock Exchanges and shall commence tomorrow, 15 March 2013 at 9:15 IST and shall close on the same date at 15:30 IST.
Hexaware Technologies on 13 March 2013 announced the inauguration of its third Global Delivery Center (GDC) in Saltillo, Mexico. This expansion in the facilities will allow Hexaware to hire 85 IT engineers in the coming months to add to the current employee strength of 300 at the existing Software Development centers.
The new Development center will focus on providing IT services for clients in business segments such as Quality Assurance & Testing (QATS), Business Intelligence and Analytics (BI/BA), Remote Infrastructure Management Services (IMS) and domain-based offerings in Banking & Financial Services Vertical. Currently, the Global Delivery centers at Mexico serve over 30 customers and deliver over 100 active projects.
The opening of the new development center is in response to the growth we are experiencing in the IT market and this will help us to further strengthen Hexaware's presence and add value to more customers from this region, said P R Chandrasekar, CEO & Vice Chairman, Hexaware Technologies Limited. Hexaware's rich human capital and coupled with its expertise in these focus business segments promises to deliver innovative solutions that benefit both new and existing customers.
The new addition to its global delivery centers addresses the needs of its U.S.-based customers from the same time-zone location and at the same time helps to make further inroads into the rapidly growing Latin American IT market. Besides the centers in Mexico, Hexaware also has a presence in Brazil and Global Delivery Centers in Mumbai, Chennai, Pune, Nagpur and Bengaluru in India and in the United States of America.
Kennametal India has set Rs 435 per share as floor price for the offer for sale (OFS) by its promoter Kennametal Inc. The OFS for foreign promoter's sale of 28.92 lakh shares or approximately 13.16% stake in Kennametal India will open at 9.15 IST and shall close on at 15:30 IST today, 14 March 2013. Foreign promoter Kennametal Inc. owned 88.16% stake in Kennametal India as at 31 December 2012.
United Bank of India has completed the allotment of 1.37 crore equity shares of the Bank to "President of India" on 13 March 2013. The said shares shall be locked-in up to 12 March 2016 as per the provision of the aforesaid Regulation.
Manappuram Finance Board of Directors in their meeting held on 13 March 2013 declared an interim dividend of Rs. 1.50 per share for the year ending 31 March 2013.
Sintex Industries announced redemption of $291 million FCCBs on due date. The company had issued FCCBs aggregating $225 million on 12 March 2008, each bond having face value $ 1 lakh. The zero coupon bonds were to be redeemed at a premium of 29.28% on 13 March 2013.
Bharti Airtel has reportedly started a process to sell up to 25% stake in its DTH arm for $1 billion. Bharti Airtel had launched Airtel Digital TV service in October 2008 as the fifth operator providing Direct-to-Home (DTH) services in India.
US private equity firm Apollo Global Management LLC is reportedly in talks to sell its 11% stake in Dish TV.
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