Shares of public sector oil marketing companies (PSU OMCs) and automobile firms will be in focus after PSU OMCs announced a reduction in retail selling price of petrol and diesel after trading hours yesterday, 15 April 2015. Indian Oil Corporation (IOCL) announced a reduction in retail selling price of petrol by 80 paise per litre at Delhi (including state levies) with corresponding price revision in other states. With this change, the price of petrol in Delhi will become Rs 59.20 per litre. IOCL has announced a reduction in retail selling price of diesel by Rs 1.30 per litre at Delhi (including state levies) with corresponding price revision in other states. With this change, the price of diesel in Delhi will become Rs 47.20 litre. The reduction in petrol and diesel prices became effective from the midnight of 15/16 April 2015. Since the last reduction in petrol and diesel prices on 2 April 2015, the trend of international prices of petrol and diesel and the rupee-dollar exchange rate warrant a further downward revision in prices, the impact of which is being passed on to the consumers with this price decrease, IOCL said. The movement of prices in international oil market and the rupee-dollar exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes, IOCL said.
Tata Motors after market hours yesterday, 15 April 2015 said that Tata Motors group global wholesales, including Jaguar Land Rover (JLR) rose 9% to 1.03 lakh units in March 2015 over March 2014. Global wholesales of Tata Motors' passenger vehicles rose 17% to 15,373 units in March 2015 over March 2014. Global wholesales of JLR rose 15.65% to 50,093 units in March 2015 over March 2014.
DLF after market hours yesterday,, 15 April 2015 said that the Securities Appellate Tribunal (SAT) has passed an order taking on record Securities and Exchange Board of India's (Sebi) undertaking that Sebi will not take any action to enforce the payment of penalty amount against the company during the pendency of the appeal and has posted the appeal on 9 July 2015 for hearing. It may be recalled that DLF has filed an appeal before SAT against Sebi's order imposing a penalty of Rs 26 crore against the company.
Hero MotoCorp before market hours today, 16 April 2015 said that it had invested $25 million in Erik Buell Racing, Inc., a Delaware corporation (EBR), through a wholly owned subsidiary in Delaware, USA by the name of HMCL (NA), Inc. EBR has a wholly owned subsidiary, Erik Buell Racing LLC, a limited liability company organized in Wisconsin (Subsidiary). On 16 April 2015, the Board of Directors of EBR has passed a resolution for an assignment for the benefit of creditors under Chapter 128 of the Wisconsin Statutes for itself and the subsidiary (in its capacity as the sole member and manager of the subsidiary) and to direct the proposed assignee or his counsel, to file such assignment in the Court for the County of Walworth, State of Wisconsin, Hero MotoCorp said. EBR and Subsidiary will also be ceasing their operations with effect from 16 April 2015, Hero MotoCorp added.
Among key results, TCS, IndusInd Bank, and MindTree are set to announce their Q4 March 2015 results today, 16 April 2015.
Sun Pharmaceutical Industries and the Technion - Israel institute of technology, after market hours yesterday, 15 April 2015, announced that their respective subsidiaries have entered into an exclusive worldwide research and license agreement. This agreement aims at the development of a joint project, based on new findings by Nobel Prize laureate Distinguished Professor Aaron Ciechanover, Dr. Gila Maor and Professor Ofer Binah, that can potentially lead to the development of novel anti-cancer drugs. The pre-clinical research was funded thus far by Dr. Alfred Mann, Sun Pharma said.
Tech Mahindra and Comverse announced after market hours yesterday, 15 April 2015, that they have reached an agreement in principle on a strategic relationship, whereby Comverse will accelerate its transformation as a global innovator in digital services by leveraging Tech Mahindra's expertise and scale in development and delivery of digital offerings. As part of this initiative, employees from certain functions within Comverse's Digital Services business unit are anticipated to join Tech Mahindra. Tech Mahindra is a specialist in digital transformation, consulting and business re-engineering, particularly in the global technology industry.
The majority of the employees who will come onboard with Tech Mahindra as part of this initiative are based in Israel, the United States and several countries in APAC and EMEA. Comverse will engage with employee representatives on its plans in accordance with country-specific legal obligations. The program is expected to be implemented starting 1 June 2015.
Tech Mahindra will complement Comverse's R&D and engineering operations through innovation in product development techniques and just-in-time capability reinforcement. Tech Mahindra will bring its experience in developing and creating a start-up ecosystem that has helped launch path-breaking solutions for the connected world. The company will also enable global exposure and long-term career opportunities for the employees coming onboard from Comverse.
This relationship gives Comverse access to a flexible operating model to respond more quickly to changes in market demands and brings an influx of skills to expand Comverse's delivery of innovative products for its customers.
Eicher Motors will be in focus after the Reserve Bank of India (RBI) yesterday, 15 April 2015, notified increase in the limit of shareholding by Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) to 49% of the company's paid up capital from 24% earlier. Total holding of FIIs in Eicher Motors stood at 19.47% as on 31 December 2014.
Network 18 Media & Investments reported consolidated net profit of Rs 10.58 crore in Q4 March 2015 compared with consolidated net loss of Rs 4.11 crore in Q4 March 2014. Total income rose 15.38% to Rs 871.39 crore in Q4 March 2015 over Q4 March 2014. The result was announced after market hours yesterday, 15 April 2015. Consolidated operating PBDIT rose 72% to Rs 69.70 crore in Q4 March 2015 over Q4 March 2014.
Subex announced after market hours yesterday, 15 April 2015, that the company has allotted 28.28 lakh equity shares pursuant to the conversion of $1.15 million out of the company's $127.72 million, 5.7% secured convertible bonds due 2017 on 15 April 2015. Post the conversion, foreign currency covetable bonds (FCCBs) aggregating to $77.38 million are outstanding under the said Bonds.
ABG Shipyard will be in focus. With reference to the news item titled "ABG Shipyard to bring equal partner by mid-Aug", ABG Shipyard has clarified after market hours yesterday, 15 April 2015, that the company is exploring the possibility of the investors so as to improve the company's financial and operational strength. However, the level of development is not at a stage requiring the company to inform the stock exchanges about the same, company added.
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