Reliance Broadcast Network's board of directors at a meeting held on Wednesday, 18 September 2013, considered the proposal made by Reliance Share and Stock Brokers, Reliance Capital and Reliance Land (Promoter Group Entities) to make a voluntary delisting offer (the Proposed Delisting Offer) to all the public shareholders of the company in accordance with Sebi (Delisting of Equity Shares) Regulations, 2009, as amended (the Sebi Delisting Regulations). The board of directors has granted its approval to the proposed delisting offer and intends to seek the approval of shareholders of the company through postal ballot in terms of the Sebi Delisting Regulations.
Maruti Suzuki India after market hours on Wednesday, 18 September 2013, said that a minor fire was reported earlier on Wednesday from one of the heat treatment furnaces at Maruti Suzuki Manesar Powertrain plant. The fire was quickly extinguished, the company said. There was no injury to anyone due to this incident. Also, there was no loss of production. Work in the plant remains normal, Maruti Suzuki said in a statement.
State Bank of India has revised the base rate by 10 basis points (bps) from 9.70% per annum (pa) to 9.80% pa and benchmark prime lending rate by 10 bps from 14.45% pa to 14.55% pa with effect from today, 19 September 2013. The bank has also revised upwards interest rates for retail term deposits.
Shares of companies whose fortunes are linked to orders from Indian Railways will be in focus after a media report suggested that the government is likely to allow foreign direct investment (FDI) in the cash-starved railways sector, particularly for development of rail lines between project sites and existing network.
At present, there is a complete ban on any kind of foreign direct investment (FDI) in the railways sector. To allow FDI in the sector, the government needs to remove it from the list of prohibited sectors under the current policy, the report added.
Videocon Industries will be watched after Shree Dhoot Trading and Agencies, a constituent of the promoter group of the company, announced an offer for sale (OFS) of the company's equity shares for an aggregate of 18 lakh shares of Rs 10 each representing 0.6149% of the equity share capital of the company. The OFS will take place on a separate window of the stock exchanges on 24 September 2013 from 9:15 IST to 15:30 IST.
Suzlon Energy after market hours on Wednesday, 18 September 2013, said it entered into an agreement with China's Poly LongMa Energy (Dalian), a conglomerate focused on conventional and green energy investments to divest 75% stake in its China-based manufacturing subsidiary Suzlon Energy Tianjin (SETL) for $28 million, with the first tranche of payment completed as per the terms of the agreement. Suzlon Group will continue to own 25% share in the company and participate in its operations as joint venture (JV) partner.
Thereafter, Poly LongMa Energy (Dalian) will lead marketing and sales operations in China, with Suzlon acting as technology partner with its existing China portfolio - including the S66-1.25 megawatts (MW), S82-1.5 MW and S88-2.1 MW turbines, and manage manufacturing and quality for the venture.
Speaking on the development, Mr. Tulsi Tanti, Chairman, Suzlon Group said, This is an important step forward for our future business in China. With this joint venture, we monetize an asset we have built up from 2006, and through our partner, Poly LongMa Energy (Dalian), maintain our strong presence in the world's largest market, which remains strategically important for us. With the combined strength of both groups, the new joint venture will be very well positioned in China, and offer the potential to explore exports as well.
Mr. Tanti added, While this deal has taken time and changes to fructify, we believe this achieves the best possible balance for the Group and our stakeholders, including our customers, vendors, lenders and employees.
NMDC after market hours on Wednesday, 18 September 2013, said that the conveyor belt no.31 of Bailadila Iron Ore Mine, Bacheli Complex, Chhattisgarh was attacked by some miscreants in the early hours of 18 September 2013. It is informed that around 150 metres of the conveyor belt has been burnt, NMDC said. The belt restoration work has already been taken up and it is expected that within three days the belt would be repaired. The scheduled dispatches of iron ore are continuing and this incident will not affect the production/dispatches, the company said in a statement.
Polaris Financial Technology's Global Transaction Banking division (iGTB), provider of the world's first complete Global Transaction Banking platform announced the launch of its Payments Hub solutions at Sibos 2013 in Dubai. The announcement was made after market hours on Wednesday, 18 September 2013.
Mr. Manish Maakan, CEO, iGTB, Polaris Financial Technology said, The advanced Payments Hub is a single source of truth for all payment transactions, because it enables users to manage the entire payment lifecycle from end to end. This changes the introduction of new channels and new processes from slow, hard or impossible to easy and fast. Deployment-ready adaptors for major ERP and EDI formats accelerate on-boarding and adoption by new corporate customers. The solution's simple GUI facilitates easy configuration of new formats, customer specific rules and business processes. In addition to this, local clearing formats like NACHA, FEDWIRE, SEPA, FPS, etc., are all supported, dramatically easing entry into new countries. This is why the Payments Hub was awarded 'Best-in-class in Payment Operations' by the Tower Group.
Hind Rectifiers after market hours on Wednesday, 18 September 2013 said it has received two orders worth Rs 26.56 crore from Indian Railways. These orders are milestone orders for the company as each of them mark the placing of complete order by Indian Railways on a single vendor, the company said.
Indo Amines after market hours on Wednesday, 18 September 2013 said that the bonus committee at its meeting held on Wednesday has taken on record in principal approval for issue and allotment of 1.64 crore bonus equity shares (including bonus on 31.75 lakh warrants outstanding as on date) of Rs 10 each in the ratio of 1:1. The committee has also approved the allotment of 1.32 crore bonus equity shares of Rs 10 each to equity shareholders of the company. The committee has approved the issue of authority to any one director for listing of equity shares at BSE.
Aro Granite Industries' board of directors at a meeting held on Wednesday, 18 September 2013, approved the issue of fully paid equity shares as bonus shares in the ratio of 1:2 i.e. one bonus share of Rs 10 each for every two shares held as on the record date to be fixed for the purpose, subject to approval of the shareholders at the forthcoming extra ordinary general meeting scheduled to be held on 21 October 2013.
Sun Pharmaceutical Industries turns ex-dividend today, 19 September 2013, for dividend of Rs 2.50 per share for the year ended 31 March 2013.
NMDC turns ex-dividend today, 19 September 2013, for final dividend of Rs 4 per share for the year ended 31 March 2013.
Tech Mahindra turns ex-dividend today, 19 September 2013, for dividend of Rs 5 per share for the year ended 31 March 2013.
PVR turns ex-dividend today, 19 September 2013, for final dividend of Re 1 per share for the year ended 31 March 2013.
State Trading Corporation of India (STC) turns ex-dividend today, 19 September 2013, for dividend of Rs 2 per share for the year ended 31 March 2013.
Steel Strips Wheels turns ex-dividend today, 19 September 2013, for dividend of Rs 1.50 per share for the year ended 31 March 2013.
Binani Industries turns ex-dividend today, 19 September 2013, for dividend of Rs 3 per share for the year ended 31 March 2013.
Gitanjali Gems turns ex-dividend today, 19 September 2013, for final dividend of Rs 3 per share for the year ended 31 March 2013.
Gujarat State Petronet turns ex-dividend today, 19 September 2013, for dividend of Re 1 per share for the year ended 31 March 2013.
JBF Industries turns ex-dividend today, 19 September 2013, for dividend of Re 1 per share for the year ended 31 March 2013.
Sintex Industries turns ex-dividend today, 19 September 2013, for dividend of 70 paise per share for the year ended 31 March 2013.
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