Reliance Industries (RIL) announced after market hours yesterday, 6 July 2015, that it is proposing to sell 3.25 crore shares of Network18 Media & Investments (NW18), (representing 3.10% of the equity capital of NW18) to bring down the aggregate shareholding of the promoter and promoter group to 75% and increase the public shareholding to 25% as mandated by Clause 40A of the listing agreement pursuant to Securities. Contract (Regulation) Rules, 1957.
In this regard, Shinano Retail (effectively 100% owned by Reliance Industrial Investments and Holdings, a wholly owned subsidiary of RIL), a promoter group company of NW18, has issued a notice of Offer for Sale (OFS) of 3.25 crore shares of NW18 through the stock exchange mechanism.
The OFS will take place on Wednesday, 8 July 2015, exclusively through Shinano Retail's broker through a sale on the separate window provided by the BSE and NSE for this purpose. The OFS will open on 9:15 IST on on Wednesday, 8 July 2015, and close on 15:30 on the same day. Shinano Retail will declare floor price at 17:00 IST on Tuesday, 7 July 2015.
Power Grid Corporation of India said that its board has accorded the investment approval for 'Green Energy Corridors: Inter-State Transmission Scheme (ISTS) - Part - C' at an estimated cost of Rs 2247.37 crore, with commissioning schedule of 36 months from the date of investment approval. The announcement was made after market hours yesterday, 6 July 2015.
PSU OMCs, oil exploration firms and airline stocks will be in focus after crude oil prices slumped yesterday, 6 July 2015.
Shares of capital goods companies will be in focus after the Minister for Heavy Industries and Public Enterprises Anant Geete yesterday, 6 July 2015, said that his ministry is committed to bring Achche Din (good days) for the capital goods sector. Speaking at the inauguration of a workshop in Mumbai, Geete said that the Department of Heavy Industries will set up a Technology Adoption Fund to promote Research and Development in the industrial sector. He further said that the government has asked the industry to avail of the benefits of the recently launched Capital Goods Scheme which would help in acquiring or developing new technology.
Geete said that the technological capabilities of large number of players, especially in the SME sector, are limited in India and as a result India has become one of the largest importers of capital goods in the world. This has adversely affected the indigenous capital goods industry and the government wants to change this now. The Capital Goods Scheme launched under the Make in India initiative of Government of India provides support to the industry to acquire technology, set-up technology development centres in collaboration with institutes and create common infrastructure for the capital goods industry. A unique component of the scheme is technology acquisition fund where government is giving support upto 25% of the cost of technology subject to the limit of Rs 10 crore. The Capital Goods Scheme is expected to be particularly helpful for the industry in Maharashtra as a large number of engineering and capital goods clusters covering textiles machinery, machine tools, plastic machinery and engineering products are located in the state.
Real estate developer Sobha issued an update on its real estate operations in the quarter ended 30 June 2015. In Q1 June 2015, the company achieved new sales of 841399 square feet valued at Rs 5039 million with an average realisation of Rs 5988 per square feet. The new sales is higher by 11.5% and 4.5% in volume and value terms respectively as compared to Q1 June 2014. The average price realisation has dipped on account of the product portfolio of the company comprising the compact luxury segment 'Sobha Dream Acres' at Balagere, Bangalore. The announcement was made after market hours yesterday, 6 July 2015.
Honeywell Automation India turns ex-dividend today, 7 July 2015, for dividend of Rs 12.50 per share for the 15-months ended 31 March 2015.
South Indian Bank turns ex-dividend today, 7 July 2015, for dividend of Rs 0.60 per share for the year ended 31 March 2015.
Sundaram Finance turns ex-dividend today, 7 July 2015, for a final dividend of Rs 6 per share for the year ended 31 March 2015.
Sanghvi Movers announced that credit ratings firm, ICRA, has reaffirmed credit rating of the company for long term loans [ICRA]A+ (pronounced as ICRA A plus) and [ICRA]A1 (pronounced ICRA A one) for short term loans. The outlook on the long term rating is stable. The announcement was made after market hours yesterday, 6 July 2015.
Kesoram Industries will be watched. With reference to the news titled, "JK Tyre Frontrunner to Buy Birla Tyres from Kesoram", Kesoram Industries clarified after market hours yesterday, 6 July 2015, that the company has no intentions of selling/disposing of Birla Tyres, its tyre business. The company is not in negotiations with JK Tyres to sell/dispose of Birla Tyres, our tyre business. The company will continue to be in the tyre business. Any reports to the contrary appearing in the media are speculative and misleading, it added.
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