Reliance Industries (RIL) and Shandong Ruyi Science and Technology Group Co., China (Ruyi) (through its wholly owned subsidiary), have executed definitive agreements for a joint venture in textiles. The announcement was made after market hours yesterday, 9 December 2014.
As per the definitive agreements, RIL will transfer its existing textile business into a newly incorporated company (JV), for which RIL will receive cash consideration. RIL will own a majority 51% in the proposed JV, with the balance 49% owned by Ruyi. The proposed transaction is subject to obtaining requisite approvals. This business operation and activities would get realigned to strengthen the JV. The JV will build on RIL's existing textile business s and wide distribution network in India as well as Ruyi's state-of-the-art technology and its global reach. The JV will benefit from the strength of the 'Vimal' and 'Georgia Gullini' brands and plans to introduce some of the well-known global brands of Ruyi, RIL said.
Nikhil R. Meswani, Executive Director, RIL, said: Our joint venture with Ruyi Group will help Reliance reposition its textile business on a high growth path. Our partner's deep commitment and global reach in textile business will enable this JV to harness the growth potential of the Indian market and emerge as a global textile player.
RIL after market hours yesterday, 9 December 2014 in a clarification with regard to news item titled "RIL in fray to buy SevenHills Healthcare" said that Reliance foundation was promoted by the company in 2009 to address social development imperatives of India, specially quality, formal and vocational education, affordable high-quality health care, meaningful rural development and urban renewal and protection and promotion of India's priceless heritage of arts and culture. As part of its ongoing endeavours, Reliance Foundation does evaluate several opportunities for partnership or alliance. Reliance Foundation will make appropriate announcements, if any such initiatives are finalised, RIL said.
Coal India, ONGC and NHPC will be in focus after Finance Minister Arun Jaitley said in written reply to a question in Rajya Sabha yesterday, 9 December 2014, that the recent fall in share prices of Coal India, ONGC and NHPC is nothing unusual and does not show any diminished appetite for these stocks. Jaitley said that the government has finalized plans to sell a part of its stake in Coal India, ONGC and NHPC under its disinvestment programme for the current fiscal year. As a general phenomenon, other things remaining the same, when the supply of any stock in the market increases, there is a run-down on the stock price. Disinvestment increases the quantity of CPSE stocks in the market. Therefore, the recent fall in share prices of Coal India, ONGC and NHPC is nothing unusual and does not show any diminished appetite for these stocks, Jaitley said.
Coal India after market hours yesterday, 9 December 2014 in a clarification with regard to news item titled "CIL signs pact for 1,000 mw solar power projects" said that a Memorandum of Understanding (MoU) was signed between Coal India (CIL) and Solar Energy Corporation of India (SECI) for setting up of 750 MW solar power plants in a solar park located in Madhya Pradesh (MP). A detailed project report (DPR) will be prepared by Solar Energy Corporation of India (SECI) at a cost of Rs 75 lakh. CIL will bear Rs 50 lakh towards preparation of project report and the balance will be borne by Solar Energy Corporation of India (SECI). Coal India board in its meeting held on 8 November 2014 accorded its approval for engaging Solar Energy Corporation of India (SECI) to prepare detailed project report (DPR) for setting up of 750 MW of solar power plants. CIL board's approval is only for preparation of detailed project report (DPR) for setting up of 750 MW solar ower plants. Only after examination of project report final decision would be taken about setting up of solar power plants, Coal India said.
Tata Motors after market hours yesterday, 9 December 2014 said that rating agency ICRA has downgraded its rating for the second loss facility (SLF) from (ICRA) BBB(SO) to (ICRA)BB+(SO).
Tech Mahindra after market hours yesterday, 9 December 2014 said that its board of directors fixed 17 December 2014 as the record date for determining the shareholders of Mahindra Engineering Services (MESL) who would be entitled to receive shares of the company under the approved Scheme of Amalgamation and Arrangement between MESL and Tech Mahindra. In accordance with the Scheme, the company will issue and allot five equity Shares of Rs 10 each fully paid up of Tech Mahindra for every twelve equity shares of Rs 10 each fully paid up of Mahindra Engineering Services (MESL) to the shareholders of MESL whose names appear in the Register of Members of MESL as on the record date.
ITC after market hours yesterday, 9 December 2014 in a clarification with regard to news item titled "ITC Lines Up Rs.1K-crore Dairy & Juice Biz Foray" said that the company's Foods Division, as part of its business portfolio, launches various value added variants to augment its product range. Entry into the 'Dairy' and 'Juices' category are some of such initiatives, ITC said. ITC said that the news item under reference seems to paraphrase what has been covered in the speech delivered by the Chairman at the Hundred and Third Annual General Meeting of the company held in July 2014 and news reports published in various newspapers. The Chairman's Speech referred to is in the public domain and copy thereof was also submitted to the stock exchanges vide its letter dated 31 July 2014, ITC said.
JSW Steel after market hours on Tuesday, 9 December 2014, clarified that there was no accident at the steel plant at Vijayanagar works of the company on Tuesday, 9 December 2014. JSW Steel said that a sudden release of pressure resulted in a huge sound at the plant. The company added that the plant is working normally. JSW issued the clarification after media reports suggested that there was an accident at the steel plant at Vijayanagar works of JSW Steel on Tuesday, 9 December 2014.
Canara Bank after market hours on Tuesday, 9 December 2014, said that the bank has cut interest rates on term deposits with effect from 10 December 2014. The bank has reduced the interest rate on term deposits below Rs 1 crore for maturity between 270 days to less than one year to 8.25% from 8.5%. The bank has reduced the interest rate for maturity of one year and above to less than three years to 9% from 9.05%. The bank has reduced the interest rate for maturity of three years and above to less than eight years to 8.75% from 9%.
For term deposits above Rs 1 crore, the bank has also reduced the interest rate on deposits for maturity between 46 days to 90 days to 7.75% from 8%. For deposits above Rs 1 crore for maturity between 91 days to 179 days, the rate has been cut to 8.25% from 8.5%. For deposits above Rs 1 crore for maturity of 180 days to not less than two year, the rate has been cut to 8.5% from 8.75%. For deposits above Rs 1 crore for maturity of two years and above to less than three years, the rate has been cut to 8% from 8.75%. For deposits above Rs 1 crore for maturity of three years and above to ten years, the rate has been cut to 8% from 8.5%.
Shares of steel manufacturers will be in focus after India's Ministry of Commerce & Industry yesterday, 9 December 2014, said that India has achieved a significant victory at the WTO, as the WTO Appellate Body (AB) in its ruling dated 8 December 2014 held that the Countervailing Duty (CVD) measures imposed by the United States against certain hot rolled carbon steel flat products from India are inconsistent with various provisions of the Agreement on Subsidies and Countervailing Measures (ASCM). The AB ruling will definitely help the domestic manufacturers, who had been suffering on account of inconsistent practices by the United States Department of Commerce, India's Ministry of Commerce & Industry said.
Great Eastern Shipping Company (G E Shipping) after market hours yesterday, 9 December 2014 that the company has taken delivery of a 2004-built Medium Range Product Tanker Jag Pranam of about 48,700 dwt. The company had contracted to buy the ship in November 2014.
With the inclusion of the vessel, the company's current fleet stands at 31 vessels, comprising 22 tankers (8 crude carriers, 12 product tankers, 2 LPG carriers) and 9 dry bulk carriers (1 Capesize, 3 Kamsarmax, 5 Supramax) with an average age of 9.8 years aggregating 2.5 mn dwt, G E Shipping said. One of the two LPG carriers included in the fleet has been contracted for sale in July 2014.
Panacea Biotec after market hours yesterday, 9 December 2014 said that the Board of Directors of the company at its meeting held on 9 December 2014, decided, subject to the approval of shareholders, for issue of 0.5% Non-convertible Cumulative Redeemable Preference Shares of Rs 10 each at par to the promoters and their relatives by way of conversion of existing unsecured loans / public deposits from them and/or fresh contribution in cash, aggregating to Rs 34.30 crore towards promoter's contribution, subject to CDR Lenders agreeing to consider such preference shares as the promoters' contribution.
Accel Frontline announced after market hours yesterday, 9 December 2014, with reference to the promoter's decision to divest their excess shareholding so as to achieve Minimum Public Shareholding (MPS) norms in terms of Rule 19A of the Securities Contracts (Regulation) Rules, 1957 and comply with clause 40A of the Listing Agreement that the SEBI has acceded to the request made by the company allowing the promoter group to offer for sale 41.72 lakh shares, representing 14.02% of the company's share capital, by way of an Institutional Placement Programme under Chapter VIII-A of the SEBI (ICDR) Regulations, 2009. The Promoters are in the process of finalising, in discussion with the company, the mode and methodology of divestment of shares for achieving the MPS requirement.
The promoter group had requested Accel Frontline to seek relaxation from SEBI in respect of the applicability of sub regulation (1) of regulation 91-I of the ICDR Regulations and permit the promoter group to offer for sale, 14.02% of the company's equity share capital, through the institutional placement programme route to meet the MPS requirement.
Cigniti Technologies announced aftermarket hours yesterday, 9 December 2014, that the Board of Directors of the company at its meeting held on 9 December 2014, approved allotment of 17.89 lakh shares to promoters and others on preferential basis at an issue price of Rs 356 per share. The meeting of Board of Directors has been adjourned to 10 December 2014 to consider the allotment of balance equity shares i.e. 25.35 lakh shares.
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