Steel Authority of India (Sail) will be in focus. The Union Minister of Steel & Mines Narendra Singh Tomar took stock of the yearly performance of three PSUs under the Ministry of Steel for FY 2014-15, namely Sail, MSTC and Ferro Scrap Nigam (FSNL) yesterday, 15 June 2015. While reviewing the performance of steel major Sail, Tomar expressed concern regarding the integrated operationalisation of upstream and downstream production facilities in a time-bound and synchronised manner. Asserting that capacity without production is meaningless, Tomar emphasised that pending issues in Sail's modernisation and expansion plan should be resolved at the earliest. The Minister urged Directors and CEOs of Sail to start production of finished goods from its modernised mills at the earliest. Tomar said that for profits to be higher, it is pertinent that techno-economics of production are internationally benchmarked, and the latter can't happen till the capitalisation of all of the Sail's production units are balanced. Director (Technical) Sail, SS Mohanty assured the Minister that the company will put in its best to complete commissioning at the earliest. Mohanty informed that Sail achieved record production of hot metal of 15.4 MT of hot metal, as against 14.45 MT in corresponding period last year. Apprised of the pressure put on net sales realisation (NSR) on account of depressed steel prices, the Minister advised Sail management to increase their share of value added steels, such as production of auto-grade steel. Tomar also expressed concern over the rising borrowing of the company to fund its expansion plan, and appreciated company's effort in launching a cost awareness initiative across all its plants and units.
Noting that capacity augmentation will lead to enhanced use of raw materials, Tomar directed Sail management to pay adequate attention to commensurate expansion of its mines, so that the company doesn't resort to procuring ores from outside market to feed growing production. Tomar consented to take up environmental and forest clearance issues with relevant ministries to help de-bottleneck the raw material security plan for Sail's current and future plans. Comparing Sail's performance with its peers, with respect to its decreasing sales turnover, Tomar asked the company to spruce up its competitiveness. Citing the falling market share of Sail, from 18.8% in 2009-10 to about 14% in 2014-15, Tomar advised the functional directors and CEOs to ensure better marketing of its enhanced production.
HDFC Bank will be in focus. With regard to news item titled CSB Promoters in Talks with Banks to Sell Stake, HDFC Bank after market hours yesterday, 15 June 2015 in a clarification said that it is not in talks with the entities mentioned in the said news item for purchasing promoters' stakes. The bank continues its practices of fair and prompt disclosure of information in pursuance of the Listing Agreement with the stock exchanges, HDFC Bank said.
Nestle India after market hours yesterday, 15 June 2015, announced that the company is in the process of withdrawing MAGGI Noodles stock from the market and destroying it. The estimated sales value of the stock in the market, including those with the company's trade partners is around Rs 210 crore. In addition, there were MAGGI Noodles and related materials lying at factories and distribution centres when the withdrawal was announced and the estimated value of these is around Rs 110 crore. These are broad estimates because it is impossible to calculate the final figure while the withdrawal is taking place, Nestle India said. There will be additional costs to take into account, for example bringing stock from the market, transporting the stock to the destruction points, destruction cost etc, the company said. The final figure will have to be confirmed at a later date, Nestle India said. These costs and other unforeseen costs associated with the withdrawal of MAGGI Noodles stock from the market will be dealt with in line with the applicable accounting standards at the time of announcing the financial results on the due dates, Nestle India said.
On 5 June 2015, the Food Safety and Standards Authority of India (FSSAI) directed Nestle India to withdraw and recall all the nine approved variants of its MAGGI Instant Noodles from the market, having been found unsafe and hazardous for human consumption.
Reliance Communications (RCom) after market hours yesterday, 15 June 2015, announced that the company and AFK Sistema have entered into exclusive discussions on a potential merger between the Indian telecom business of Sistema Shyam TeleServices (SSTL) and RCom through a stock swap. The discussions are indicative and non-binding in nature and remain subject to due diligence, definitive documentation and approvals, as may be necessary, RCom said. There is no certainty that any transaction will result, it added.
Wipro said after market hours yesterday, 15 June 2015 that the company has won a contract from T-Mobile Poland to provide integrated applications and infrastructure services. Wipro has committed to T-Mobile a significant improvement of its legacy application consolidation & rationalization, transforming its operating model from application-focus to domain-focus leading to better customer service. Over the next five years, Wipro will help T-Mobile systemize and standardize the IT architecture and operations of Polish entity. A significant portion of the services will be provided from Wipro's Delivery Center in Warsaw as a part of their development strategy for Poland.
Separately Wipro announced after market hours yesterday, 15 June 2015, that Wipro Digital, the digital business unit of Wipro has been appointed by the Lawn Tennis Association (LTA) as its official digital technology services partner for three years. LTA, the governing body for Tennis in Great Britain, is looking to develop an IT and digital roadmap to drive its strategy, which focuses on increasing participation in the sport of Tennis. Wipro Digital will assist LTA in achieving its strategy and high performance vision - to build the future of British Tennis - by enabling its digital transformation. Both parties will work together to identify areas where they can collaborate. Wipro's digital expertise is centered on driving customer experience through the intersection of strategy, design and technology to deliver end-to-end solutions for its customers, starting from conceptualization, service design to implementation.
PSU OMCs will be in focus after oil marketing companies hiked the price of petrol by 64 paise a litre, but that of diesel was cut by Rs 1.35 per litre in line with the trend in global oil rates.
Aurobindo Pharma said after market hours yesterday, 15 June 2015 that the company has received the final approval from the US Food & Drug Administration (USFDA) to manufacture and market Extended Phenytoin Sodium Capsules USP, 100mg (ANDA 204309). The approved ANDA is bioequivalent and therapeutically equivalent to the reference listed drug product (RLD) Dilantin of Parke-Davis Division of Pfizer Inc. Phenytoin Sodium Extended Capsules is an anti-epileptic product and indicated for the control of seizures and prevention and treatment of seizures occurring during or following neurosurgery. The product has an estimated market size of $125 million in the United States for the twelve months ending April 2015 according to IMS.
Adani Enterprises said after market hours yesterday, 15 June 2015 that the Adani group has set a target of 10,000 megawatts (MW) of solar power by 2022 and has signed a joint venture agreement with the government of Rajasthan to set up a 10,000 MW solar park, which will emerge as the largest such integrated facility in India. The JV will be known as Adani Renewable Energy Park Rajasthan, will have a 50-50 equity partnership between the Rajasthan government and Adani Renewable Energy Park, a subsidiary of Adani Enterprises.
National Buildings Construction Corporation said after market hours yesterday, 15 June 2015 that the company has procured 7612.86 sqm plot in Jaipur for real estate project.
Shares of Bank of Baroda turn ex-dividend today, 16 June 2015, for dividend of Rs 3.20 per share for the year ended 31 March 2015.
Shares of Gruh Finance turn ex-dividend today, 16 June 2015, for dividend of Rs 2 per share for the year ended 31 March 2015.
Powered by Capital Market - Live News
