Hero MotoCorp after market hours yesterday, 2 March 2015, reported 3.85% fall in sales to 4.84 lakh shares in February 2015 over February 2014. Hero MotoCorp is set to launch a slew of new models in the coming months, including a range of scooters, the company said.
Mahindra & Mahindra (M&M) after market hours yesterday, 2 March 2015, said that the company's auto sales declined 10% to 38,033 units in February 2015 over February 2014. Domestic sales fell 11% to 34,918 units in February 2015 over February 2014. Exports rose 10% to 3,115 units in February 2015 over February 2014.
Speaking on the monthly performance; Pravin Shah, Chief Executive, Automotive Division, Mahindra & Mahindra said that looking at the overall Union Budget 2015-16 proposals including planned spend on infrastructure and social reforms, the company expects positive sentiments going forward. Further, with an expected revision in lending rates in the RBI policy in early April, the industry should see better times ahead, Pravin Shah said.
Commenting on the monthly performance, Rajesh Jejurikar, Chief Executive, Farm Equipment and Two Wheeler Division, Mahindra & Mahindra said that the industry continues to witness de-growth with negative sentiments and low crop output during February 2015.
TVS Motor Company reported 15% rise in total sales to 2.04 lakh units in February 2015 over February 2014.
Coal India will be watched. With respect to media reports titled CIL Board Approves East corridor Railway Project, Coal India after market hours yesterday, 2 March 2015, clarified that at the company's board meeting held on 27 February'2015, the board considered project report on East Rail Corridor Railways Project for construction of rail line at Chhattisgarh state and accorded its approval to first year expenditure. The minutes of the meeting is under preparation and it will take some time to finalize. The company is waiting for the final minutes to disseminate the information to stock exchanges, Coal India said.
Meanwhile, Coal India shares turn ex-dividend today, 3 March 2015 for an interim dividend of Rs 20.70 per share for the year ending 31 March 2015.
Sun Pharmaceutical Industries said that its wholly owned unit will buy GlaxoSmithKline's (GSK) Opiates business in Australia. The current GSK Opiates business including related manufacturing sites in Latrobe (Tasmania) and Port Fairy (Victoria) and its portfolio of opiates products along with inventory, will transfer to a subsidiary of Sun Pharma. The product portfolio consists of poppy-derived opiate raw materials that are primarily used in the manufacture of analgesics for the treatment of moderate to severe pain. All employees from both sites will also be offered employment by Sun with the Opiates business, the company said in a statement.
The financial terms of the transaction are confidential. The transaction closure is subject to customary closing conditions and requisite regulatory and other approvals, and is expected to close by August 2015, Sun Pharmaceutical Industries added.
GMR Infrastructure (GMR Infra) announced that it has fixed 12 March 2015 as the record date for the purpose of rights issue in the ratio of 3 equity shares for every 14 equity shares. GMR Infra's board at a meeting held on Saturday, 28 February 2015, finalised the terms and conditions of the issue of equity shares having face value of Re 1 each by the company on a rights basis to its existing shareholders (as on the record date). As per the terms, the issue size is Rs 1401.83 crore consisting of 93.45 crore fully paid up equity shares of face value of Re 1 each. The equity shares are being offered on a rights basis to the eligible equity shareholders in the ratio of 3 equity shares for every 14 equity shares held on the record date. The issue price is Rs 15 per equity share (including a premium of Rs 14 per equity share).
Godrej Consumer Products said that the company has completed the acquisition of 100% of the business of Frika Hair (Pty) in South Africa.
Monnet Ispat & Energy said that the company participated in e-auction of coal blocks conducted by the Nominated Authority of the Ministry of Coal, Government of India. The Nominated Authority has declared that Monnet Ispat & Energy, the successful bidder of Gare Palma IV/7 Coal Block with auction price of Rs 2619 per MT.
Aviation stocks will be watched. Minister of State for Civil Aviation, Dr. Mahesh Sharma in a written reply in Lok Sabha yesterday, 2 March 2015 said that presently, there is no proposal to privatize airports in the country. However, based on the recommendations of Task Force on Financing Plan for Airports during 12th Five Year Plan period, set up by erstwhile Planning Commission, Government of India has initiated the process for undertaking operation, management and development of Chennai, Kolkata, Ahmedabad and Jaipur airports through Public Private Partnership (PPP), Sharma said. Airports Authority of India (AAI) has issued Request for Qualification documents on 30 December, last year. The Government has asked AAI management to evolve a mechanism for protection of the interests of the employees deployed at the above four airports, Dr. Sharma said.
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