The Competition Commission of India (Commission) in its meeting held on 5 December 2014, approved the proposed merger between Sun Pharmaceutical Industries and Ranbaxy Laboratories, subject to the parties inter alia carrying out the divestiture of their products relating to seven relevant markets for formulations. Further, the Commission also directed that the proposed merger shall not take effect before the parties have carried-out the divestiture of the products so specified as per the order of the Commission.
DLF before market hours today, 9 December 2014 said that DLF Home Developers (a wholly subsidiary of the company) has just been made aware of the Order passed on 8 December 2014 by Single Bench of High Court regarding its "Riverside Project" at Chilavanoor, Vyttila, Cochin. This Order comes as a result of a writ filed by a private individual in 2012 when company's applications for CRZ and MoEF clearance were under consideration by concerned authorities, (which approvals were subsequently granted in December 2013 by State Environment Impact Assessment Authority, a body constituted under the aegis of MoEF, Govt. of India), DLF said. The company awaits the full text of the Order so as to get a detailed understanding of the matter after which it will take appropriate remedial measures in consultation with its legal counsel, DLF said.
Tata Motors after market hours yesterday, 8 December 2014 in a clarification with regard to news item titled "Tata Motors bags big order said that various Government departments including law enforcement agencies have requirement for vehicles. These requirements are made public through department tenders/Government notifications. Based on this, Tata Motors participates in tenders, interactions with department happens and they have various committees through which the products are evaluated for their needs and specifications. For the commercial terms, vehicles are normally purchased through the pre-approved DGS&D rate contract, which is negotiated on a yearly basis. These rates are publicly displayed on the DGS&D website, Tata Motors said.
Tech Mahindra after market hours yesterday, 8 December 2014 said that the further to earlier announcement dated 31 October 2014 whereby the company had informed that High Court of Judicature at Bombay on 31 October 2014, approved the Scheme of Amalgamation and Arrangement of Mahindra Engineering Services (MESL) with Tech Mahindra and their respective shareholders and creditors which, inter alia, envisages amalgamation of MESL and transfer and vesting thereof into the company and other consequential matters, the company has now informed that the said scheme has become effective on 8 December 2014.
With respect to media reports titled ONGC to start KG-D5 block production by mid 2018, ONGC after market hours on Monday, 8 December 2014, said that the company has initiated the process of developments of fields in the KG D5 block. The estimated reserves of Northern Discovery Area (NDA) of the block are 121 MMT of Oil in Place and 78 BCM of initial gas in place and that of Southern Discovery Area of the block are 80.8 BCM of initial gas in place, ONGC said. Considering the vast area for development, it is planned to develop the block in clusters, ONGC said.
With respect to media reports titled Rcom signs deal with Ericsson, Reliance Communications after market hours on Monday, 8 December 2014, said that as a routine ongoing business, the company has realigned some of its outsourced activities between existing vendors and signed managed service contract with Ericsson on a pan-India basis.
Shares of power generation firms and that of Coal India (CIL) will be in focus after Minister of state for Power, Coal & New and Renewable Energy (Independent Charge) Piyush Goyal said in a written reply to a question in the Rajya Sabha yesterday, 8 December 2014, that CIL has been impressed upon to enhance production of domestic coal in the country and power utilities have also been advised to enhance import of coal to meet the shortfall in domestic availability of coal. Goyal further stated that during April 2014 to October 2014, there has been a growth of 15.4% in coal-based generation over the corresponding period of last year. Coal supply from CIL sources to power utilities in the country has improved, Goyal said. With a view to monitor coal supplies to power utility sector, an Inter-Ministerial Sub-Group comprising representatives of Ministry of Power, Ministry of Coal and Ministry of Railways has been constituted. This Sub-Group takes various operational decisions for meeting any contingent situations relating to power sector including critical coal stock position, Goyal said.
In reply to another question on the exercise of coal rationalization, Goyal said in a written reply in the Rajya Sabha that the exercise of coal rationalisation is expected to optimize overall materialisation of coal at thermal power plants and one of the benefits will be increased power generation and reduction in power shortages in the country. KPMG has submitted a draft report on coal rationalisation to the government, Goyal said. However, figures of savings in transportation cost are dynamic and subject to acceptance and implementation of the proposal in part or totality by all the participating stakeholders, Goyal said.
Indian Oil Corporation (IOCL) will be in focus after Minister of State (Independent Charge) for Petroleum & Natural Gas Dharmendra Pradhan informed the Lok Sabha in a written reply yesterday, 8 December 2014, that IOCL has planned to set up Liquefied Natural Gas (LNG) import, storage and regasification terminal with a capacity of 5 MMTPA at Kamrajar Port (formerly Ennore Port) in Tamil Nadu. The terminal is planned to be commissioned by end of 2017-18. IOCL presently does not have any proposal to set up a gas pipeline from Paradip to Vishakhapatnam, Pradhan said.
Astral Poly Technik after market hours yesterday, 8 December 2014 said that the Securities Committee of the company (the Committee) has approved the issuance of 59.84 lakh shares at Rs 402.52 per share aggregating up to Rs 240.88 crore, to Qualified Institutional Buyers. Further the company has informed that, pursuant to shareholders approval received on 25 August 2014 permitting a discount to the floor price, the issue price shall he fixed at a price of Rs 402.52 per share. Further the company has informed that, the Committee has passed necessary resolutions fixing the issue closing date of the QP issue being 8 December 2014 and approving the Placement Document in this regard.
Oil Country Tubular after market hours yesterday, 8 December 2014 said that a meeting of the Board of Directors of the company will be held on 11 December 2014, to discuss the urgent matter of ongoing situation and operations, and to decide on the future course of action.
Hindustan Tin Works after market hours yesterday, 8 December 2014 said that pursuant to the approval of its Board of Directors, the company, Rexam Beverage Can (India Holdings) (Rexam) and Rexam HTW Beverage Can (India), the Joint Venture Company have entered into an addendum No. 4 to the Joint Venture Agreement pursuant to which the revised shareholding of the Company and Rexam in the Joint Venture Company are 0.61% and 99.39% of the total equity share capital of the Joint Venture Company respectively.
Star Ferro and Cement after market hours yesterday, 8 December 2014 said that a company's subsidiary company has entered into production arrangement with grinding units in West Bengal.
MBL Infrastructures after market hours yesterday, 8 December 2014 said that the QIP Committee of the company at its meeting held on 8 December 2014, has approved the closure of the QIP on 8 December 2014. The QIP Committee also approved at issue price of Rs 365.18 per share, which is at a discount of Rs 19.22 per share, to the floor price of Rs 384.40 per share, for the equity shares to be allotted to eligible qualified institutional buyers in the QIP; and approved and adopted the Placement Document (PD) dated 8 December 2014, in connection with the QIP.
Oriental Bank of Commerce after market hours yesterday, 8 December 2014, said it has reduced the interest rate on domestic term deposits (including NRO deposits) below Rs 1 crore with effect from 9 December 2014. Accordingly, the bank reduced interest rate on term deposits for maturity between one year and less than two years to 8.9% from 9%.
Enkei Wheels (India) after market hours yesterday, 8 December 2014 said that a meeting of the Board of Directors of the company will be held on 11 December 2014, to allot 6.71 shares to its promoter i.e. Enkei Corporation, Japan at Rs 50 each on preferential basis.
Colgate Palmolive (India) after market hours yesterday, 8 December 2014 said that the Board of Directors of the company at its meeting held on 8 December 2014, declared a second interim dividend of Rs 8 per share of Re 1 for the financial year ending 31 March 2015.
Financial Technologies (India) announced after market hours yesterday, 8 December 2014, that FTIL had exited completely from MCX-SX was erroneously stated on 8 December 2014 in its update on sale of stake in MCX Stock Exchange (MCX-SX) as nominal 1.65 lakh shares were missed out due to decimal calculation which was subsequently sold to Dr Rakesh Jhunjhunwala by entering into an amendment agreement completing the sale of total share of 2.71 crore shares on the basis of the present capital of MCX-SX. Hence, after the sale of nominal 1.65 lakh shares shares, subject to certain conditions precedent, the company has completely exited from MCX-SX.
Arihant Superstructures announced after market hours yesterday, 8 December 2014, that a meeting of the board of directors of the company will be held on 15 December 2014, inter alia, to consider the restructuring of investment/ disinvestment of equity shares in the subsidiary company, Arihant Technoinfra - manufacturing unit.
Rico Auto Industries announced after market hours yesterday, 8 December 2014, that the board of directors of the company at its meeting held on 8 December 2014 has decided to incorporate a subsidiary as Core Investment Company as part of its financial structuring for the purpose of holding investments in the group companies and carrying out other non banking finance company business.
Sabero Organics Gujarat announced after market hours yesterday, 8 December 2014, that the High Court of Gujarat at Ahmedabad has sanctioned the Scheme of Amalgamation of Sabero Organics Gujarat with Coromandel International vide its Order dated 15 November 2014 and a copy of the Order of the High Court in this regard is received by the company on 8 December 2014.
OnMobile Global announced after market hours yesterday, 8 December 2014, that a meeting of the board of directors of the company will be held on 11 December 2014, inter alia, to consider and approve, a proposal for buy back of securities of the company.
Dr. Datsons Labs announced after market hours yesterday, 8 December 2014, that a meeting of the board of directors of the company will be held on 15 December 2014, inter alia, to discuss on letter of interest received from Leaders Group Asia for acquiring majority stake in the company and to discuss on demerger of Business of API and Formulation of the company.
Powered by Capital Market - Live News
