Steel Authority of India (Sail) will be in focus after the finance ministry after trading hours on Friday, 5 December 2014, said that the offer for sale (OFS) for divestment of 5% of Government of India equity in Sail was successfully concluded on that day. The issue was oversubscribed more than two times. In addition, retail investors were given 10% allocation and this category was also hugely oversubscribed more than 2.5 times, a record for any retail participation in any OFS, the finance ministry said. The divestment of 5% stake in Sail will fetch about Rs 1715 crore for the government. With this divestment, the Government of India's stake in Sail would come down to 75% and the company has become compliant to the public shareholding norms of 25% for listed companies, the finance ministry said in a statement.
ICICI Bank after market hours on Friday, 5 December 2014, said that the board of directors has approved a proposal for the sale of ICICI Bank's shareholding in ICICI Bank Eurasia Limited Liability Company (IBEL), a non-material wholly-owned banking subsidiary in Russia, to Sovcombank, an unrelated third party Russian bank. At 30 September 2014, IBEL had total assets of RUB 4.5 billion and paid-up equity capital of RUB 1.6 billion. IBEL's profit after tax in the six months ended 30 September 2014 was RUB 28 million. IBEL accounted for less than 0.1% of ICICI Bank's consolidated total assets at that date and consolidated profit after tax for the period.
The transaction is expected to conclude by the end of the financial year, ICICI Bank said.
State Bank of India (SBI) after market hours on Friday, 5 December 2014 said it has decided to issue bond under reverse enquiry up to $300 million for 3 year/5 year/10 year at T+140 bps, T+160 bps, T+185 bps respectively, through issuance of senior unsecured fixed rate notes. According, the bank has finalized the pricing of $100 million 10 year senior unsecured fixed rate note at a fixed pricing of T+175 with a fixed yield of 4.045. The bonds will carry an interest rate of 3.95% per annum, that will be paid semi-annually.
Aurobindo Pharma after trading hours on Friday, 5 December 2014, announced the completion of acquisition of assets of nutritional supplement maker, Natrol Inc. and other affiliate entities (Natrol) through its wholly owned subsidiary Aurobindo Pharma USA Inc. (APUSA). APUSA emerged as the highest and best bidder to acquire assets of Natrol under the auction process by the United States Bankruptcy Court for the District of Delaware was previously announced on 12 November 2014. APUSA expects its profitability to improve by combining the strength of both enterprises in creating a fully integrated nutraceuticals platform in the USA and other international markets.
Shares of cement and metal companies and power generation firms will be in focus as the government plans to introduce the Coal Mines (Special Provisions) Bill, 2014 to replace the Coal Mines (Special Provisions) Ordinance, 2014 in Lok Sabha this week. The Ordinance was promulgated for auction of coal mines that were cancelled by the Supreme Court. It may be recalled that the Supreme Court had in September cancelled allocation of 204 coal blocks, including 42 operational mines and another 32 ready-to-start blocks.
Shares of companies involved in mining of iron ore, manganese, bauxite and limestone and those of steel, aluminium and cement companies which are the end-user industries of these minerals will be in focus after Mines & Steel Minister Narendra Singh Tomar on Friday, 5 December 2014, said that the objective of proposed MMDR Amendment Bill, 2014 is to kick-start the mining sector by removing the bottlenecks that are preventing mining industry from becoming a growth-multiplier in the country. The government is working towards bringing in transparency in the systems, ensuring fair share of value for the government and creating an investor-friendly environment in the mining industry, Tomar said. Tomar stated that the auction route suggested in the proposed bill has been included after active discussions and inputs from the state governments. The government's intention is to bring the bill in the ongoing session of parliament, Tomar said after the conclusion of several rounds of discussion on the bill with representatives of miners, end-user industries and other associated organizations.
Nestle India turns ex-dividend today, 8 December 2014, for third interim dividend of Rs 8 per share for the year ended 31 December 2014 (FY 2014).
Indian Oil Corporation (IOC) after market hours on Friday, 5 December 2014 in a clarification with regard to news item titled "IOC scouts for partners in $ 1bn Guj plant after BP exit" said that IOC was exploring the possibilities of setting up of acetic acid plant in Gujarat for which purpose, an MoU was entered into with British Petroleum. IOC said that it was only a non-binding MoU to evaluate the feasibility of the project. However, BP did not feel it feasible to proceed for the project. IOC is exploring to tie-up with alternate technology providers, the company said. Based on the technical information of such licences, techno-economic feasibility for setting up of acetic acid project based on petcoke gasification will be re-assessed, IOC said. Further progress towards the project will be undertaken subject to establishment of viability including support from the state government, it added.
Thermax after market hours on Friday, 5 December 2014. Said it has won a repeat order from a leading African industrial major. The new order worth Rs 351 crore is also for supplying a captive power project for one of the conglomerate's cement plants. The scope of work includes system design, manufacture, supply and supervision of erection and commissiong of the plant. As a back-to-back repeat order, it further strengthens Thermax's credentials to provide lump sum turnkey solutions for African customers, the company said in a statement.
SJVN announced after market hours on Friday, 5 December 2014, that the 412 megawatts (MW) Rampur Power Project of the company, located on river Satluj in Himachal Pradesh stands fully commissioned on 4 December 2014 with the commissioning of the last i.e. 6th vertical axis Francis turbine unit of 412 MW Rampur Power Project. The SJVN's 412 MW Rampur Power Project having total six vertical axis Francis turbine Units each having capacity of 68.67MW will generate 1,770 million units of electricity every year. Out of which 30% of power will be supplied to the home state Himachal Pradesh which is SJVN's equity partner, in addition to 12% free power. The balance power will be supplied to the Northern Grid states namely Haryana, Himachal Pradesh, J&K, Punjab, Rajasthan, Uttar Pradesh, Uttarakhand, Chandigarh & Delhi.
3i Infotech announced after market hours on Friday, 5 December 2014, that the company has allotted 6.15 lakh shares on 5 December 2014 against conversion of the foreign currency convertible bonds (FCCBs) of principal amount of $200000.
Jindal Saw announced after market hours on Friday, 5 December 2014, that the board of directors of the company at its meeting held on 5 December 2014, has allotted 4.35 crore Compulsorily Convertible Debentures (CCDs) at Rs 81.10 per CCD to Four Seasons Investments, a Promoter Group company.
AIA Engineering said before market hours that the workmen in Welcast Steels (WSL), Bangalore, a subsidiary of the company have chosen to go for tool down strike without giving any prior notice to the management of WSL. The management of WSL is hopeful to restore normalcy at the earliest.
Mangalore Refinery and Petrochemicals said before market hours that the company has obtained a bulk supply order of petcoke from Ramco Cements to supply 6000 metric tonnes of petcoke by barge from NMPT, Mangalore. This is the first major bulk supply of petcoke by barge.
Central Bank of India said before market hours that the Capital Raising Committee of the Board of Directors of the bank considered and approved raising of additional equity capital by issuance and allotment of, upto 8.28 crore shares of the face value of Rs 10 each at the issue price of Rs 75.55 per share determined as per SEBI (ICDR) Regulations aggregating to Rs. 626.23 crore to Life Insurance Corporation of India on preferential basis, subject to approval of Government of India, Reserve Bank of India, shareholders and other statutory authorities (if any). Capital Raising Committee of the Board of Directors also decided to hold an Extra-Ordinary General Meeting (EGM) of shareholders on 30 December 2014 to consider and pass the necessary Special Resolution and fixed 28 November 2014 as the relevant date for the purpose of determining the issue price as per SEBI (ICDR) Regulations, 2009.
Stampede Capital announced after market hours on Friday, 5 December 2014, that the tick by tick data Algo platform of the Stampede Technologies, a Singapore based step down wholly owned subsidiary of the company has handled around Rs 4000 crore worth of trading transactions with Singapore Exchange (SGX) for the month of November 2014.
Stampede Technologies, Singapore is a step down wholly owned subsidiary of the company which offers technology solution / value added services to electronic market marking, risk management and wealth management platforins used by lnstitutional and hedge funds clients who trade the Global Markets.
Polyplex Corporation announced after market hours on Friday, 5 December 2014, that Credit Analysis & Research (CARE) has on review of recent developments including operational and financial performance of the company for the financial year ended 31 March 2014 (FY 2014) (audited) and Q1 June 2014 (unaudited) reaffirmed the rating of 'CARE A' assigned to the long term facilities of the company aggregating to Rs 200 crore (enhanced from Rs 150 crore). Instruments with this rating are considered to have adequate degree of safety regarding timely servicing of financial obligations. Further CARE has reaffirmed the 'CARE A1' rating assigned to the short-term bank facilities of the company aggregating to Rs 60 crore. Instruments with this rating are considered to have very strong degree of safety regarding timely payment of financial obligations.
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