Shares of the companies whose business is related to railways, cement stocks and steel stocks will be in focus after the government revised passenger fare and freight rates on Friday, 20 June 2014. According to media reports, fare and freight hike will improve Railway finances. Better finances are expected to increase investments in infrastructure by the railways. It is expected that it could move to increase capacity and take steps towards modernisation of its network and infrastructure. Other issues likely to be in focus include safety and decongestion, added reports.
The board of Essar Oil on Sunday, 22 June 2014, agreed to its promoters' proposal to de-list the company from Indian bourses. After de-listing Essar Energy plc from London Stock Exchange (LSE), the Ruia-brothers controlled Essar Group on 20 June 2014 had announced their intention to de-list Essar Oil from Indian bourses. The board agreed to seek the consent of the shareholders of the company for the de-listing proposal by way of postal ballot and e-voting. In a notice to the Bombay Stock Exchange, Essar Oil said it had received a letter from its promoter, Essar Energy Holdings (EEHL) for voluntarily de-listing of the equity shares of the company from BSE and NSE by purchasing shares held by public. Mumbai-based Essar Group wants to buy all the shares it does not already own in Essar Oil.
Bharti Airtel announced signing the definitive agreement with Loop Mobile (India). In February this year, Bharti Airtel and Loop Mobile announced a strategic agreement for their operations in Mumbai (India) service area. Bharti Airtel, however, did not disclose how much it was paying for acquiring the assets of Loop Mobile (erstwhile BPL Mobile), which currently only operates in Mumbai, with 3 million subscribers.
ONGC Videsh (ONGC Videsh) entered into a Memorandum of Understanding (MOU) with Turkish Petroleum Corporation (TPAO) on the sidelines of World Petroleum Congress (WPC) 2014 at Moscow. The MOU was signed by Mr. SP Garg, Managing Director, ONGC Videsh and Mr. BesimSisman, President and CEO of TPAO on 18th June, 2014 in the presence of Asc. Prof. H. Murat Mercan, Deputy Minister, Ministry of Energy and Natural Resources, Republic of Turkey.
The MOU paves the way for joint cooperation between two National Oil Companies in the hydrocarbon sector. The MOU envisages two companies working together for E&P activities in Turkey, joint participation in bidding for opportunities including exploration bid rounds in third countries and pursuit of hydrocarbon area related research and development activities.
ONGC Videsh and TPAO are consortium partners in the Azeri-Chirag-Guneshli (ACG) project in Azerbaijan and Baku-Tbilisi-Ceyhan (RTC) pipeline from Azerbaijan to Turkey via Georgia, ONGC said in a statement.
Divi's Laboratories said after market hours on Friday, 20 June 2014, that it has had a successful inspection by the USFDA from 16 to 20 June 2014, without any observations, for its Unit-I at vill. Lingojigudem, Choutuppal Mandal near Hyderabad during this month. The purpose of this inspection was for general cGMP (Current Good Manufacturing Practices) for the facility.
Sundram Fasteners announced that its wholly owned subsidiary, Sundaram Fasteners Investment, has acquired 24.53% of equity share capital of TVS Infotech (an existing associate company) consequent to the allotment of rights shares to Sundaram Fasteners Investment. With this acquisition, Sundaram Fasteners Investment has 62.27% equity stake in TVS Infotech. TVS Infotech has thus become a subsidiary of Sundaram Fasteners Investment and consequently a step-down subsidiary of Sundram Fasteners with effect from 18 June 2014.
Motherson Sumi Systems said that Samvardhana Motherson Automotive Systems Group B.V., Netherlands (SMRP, BV), company's subsidiary and joint venture with Samvardhana Motherson International for Samvardhana Motherson Reflectec (SMR) and Samvardhana Motherson Peguform (SMP) has announced an offering of 500,000,000 euros new Senior Secured Notes, proceeds of which shall be utilized for prepayment of existing borrowings as well for general corporate purposes including financing of capital expenditure. The proposed offering does not involve any corporate guarantee from the parent, the company said.
Emami has entered into an agreement with Royal Hygiene Care, Mumbai for acquisition of its Brand "She Comfort," a quality brand of sanitary napkin products.
The board of State Bank of Travancore has approved rights issue of equity shares of the bank subject to receipt of all requisite approvals, to the existing shareholders for an amount aggregating upto Rs 485 crore (including share premium) as against the earlier approved issue size of upto Rs 629 crore (including share premium) on a rights basis. The terms and conditions of the Rights issue including the rights entitlement ratio the issue price, record date, timing of the rights issue and other related matters shall be decided subsequently.
Shareholders of Astrazeneca Pharma India have approved voluntary delisting plan of the company. As on 31 March 2014, promoters held 75% stake in the company.
The board of Gammon Infrastructure Projects has approved a qualified institutional placement Issue of equity shares or equity linked instrument upto Rs 500 crore.
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