Tata Motors after market hours on Wednesday, 1 April 2015 said that the company saw strong growth in certain key segments, as passenger cars (excluding UV's), M&HCV and Exports grew by 33%, 20% and 5%, respectively, in March 2015 over March 2014. The total commercial and passenger vehicles sales (including exports) rose 3% to 52,479 vehicles in March 2015 over March 2014. The company's domestic sales of Tata commercial and passenger vehicles rose 2% to 47,044 units in March 2015 over March 2014.
Tata Motors' passenger vehicles sales rose 19% to 15,039 units in March 2015 over March 2014. The trend of growth in passenger vehicles continued with the strong Zest and Bolt sales, Tata Motors said. Sales of the passenger cars rose 33% to 12,977 units in March 2015 over March 2014. UV sales declined 28% to 2,062 units in March 2015 over March 2014.
The company's sales of commercial vehicles in the domestic market fell 4% to 32,005 units in March 2015 over March 2014. LCV sales fell 18% to 17,127 units in March 2015 over March 2014. M&HCV sales rose 20% to 14,878 units in March 2015 over March 2014.
The company's sales from exports rose 5% to 5,435 units in March 2015 over March 2014.
Meanwhile, shares of Tata Motors turn ex-rights today, 6 April 2015. It may be recalled that the company's board of directors at its meeting held on 25 March 2015 approved rights issue of equity shares in the ratio of 6 shares for every 109 shares held on the book closure date. The rights issue price has been set at Rs 450 per share.
Hero MotoCorp after market hours on Wednesday, 1 April 2015, said that its total two-wheeler sales rose 1.33% to 5.31 lakh units in March 2015 over March 2014.
Sun Pharmaceutical Industries said that the company and certain of the company's subsidiaries have executed a settlement agreement with 'The Medicines Company USA' settling the lawsuit filed against the company and the company's subsidiaries regarding submission of abbreviated new drug application (ANDA) by one of the company's subsidiaries, for a generic version of Angiomax, Bivalirudin injection. This product is a direct thrombin inhibitor indicated for use as an anticoagulant. Under the terms of the settlement agreement, the company's subsidiary is entitled to launch its version of Angiomax in the United States on 30 June 2019, or earlier in certain limited circumstances. The agreement is subject to customary regulatory review, Sun Pharmaceutical Industries said.
Infosys will be focus. With respect to media reports titled Infosys show interest in buying Sierra Cedar that operates in US, Canada & India. HCL & Tech Mahindra also looking for buyouts, Infosys after market hours on Wednesday, 1 April 2015 clarified that the company does not comment on speculation.
Coal India announced on Friday, 3 April 2015, that as per provisional figures, the actual coal production of Coal India and its subsidiaries was 101% of targeted production at 57.27 million tonnes in March 2015. Actual coal offtake of Coal India and its subsidiaries was 95% of targeted offtake at 47.49 million tonnes in March 2015.
Tata Steel announced on Friday, 3 April 2015, that Tata Steel Minerals Canada (TSMC) through its subsidiary Howse Minerals on 2 April 2015, acquired the remaining 49% stake in the Howse iron ore deposit by exercising its rights under the terms of the joint venture agreement entered in September 2013 with Labrador iron mine holdings (LIM) for the exploration and development of the Howse iron ore deposit in the Schefferville region of the Labrador Trough in Canada, Howse Mineral which held 51% interest in the Howse deposit has acquired the remaining 49% participating interest for C$5 million. The Howse Deposit has a historical resource of 28 million tonnes at a grade of 58% Fe (natural basis).
TSMC is 80% owned by Tata Steel and 20% by New Millennium Iron Corp. Both LIM and TSMC own adjacent direct shipping (DSO) iron ore deposits in the province of Newfoundland and Labrador and in the province of Quebec, near Menihek, Labrador and Schefferville, Quebec.
LIM is an iron ore mining, exploration, and development company with direct shipping (DSO) iron ore deposits in the Schefferville/ Menihek region of the Labrador Trough in Canada,
ONGC on Friday, 3 April 2015 said that ONGC, IL&FS Energy Development Company (IEDCL) and Government of Tripura, three promoters of ONGC Tripura Company (OTPC), have entered into definitive agreements with India Infrastructure Fund II by which the latter will be acquiring 23.5% stake in OTPC. The total consideration of the transaction is about Rs 426 crore, ONGC said.
Post this transaction, the shareholding in OTPC will stand as viz. ONGC - 50%, IEDCL - 26%, Government of Tripura - 0.5% and India Infrastructure Fund II - 23.5%. This consummates the equity structure as was envisaged at the time of setting up the project, ONGC said.
This investment by India Infrastructure Fund II brings on board a credible infrastructure partner, further strengthening the core development theme of the project, ONGC said.
Separately, ONGC after makret hours on Wednesday, 1 April 2015 said that the United States Patent and Trademark Office has issued a patent to ONGC Energy Centre (OEC) Trust and Institute of Chemical Technology (ICT), Mumbai for the innovative research work on Hydrogen Producion Method by Multi-Step Copper-Chlorine Thermochemical Cycle.
The ONGC Energy Centre Trust, set up by ONGC, has been pursuing a program to develop innovative methods to generate hydrogen by splitting water thermo chemically, using heat generated from solar or nuclear energy.
Bank stocks will be in focus after the Reserve Bank of India (RBI) on 1 April 2015 announced that the entire amount due to a bank in respect of fraud committed by borrowers shall be provided for over a period not exceeding four quarters commencing with the quarter in which the fraud has been detected. This is irrespective of the quantum of security held against such fraud accounts, the RBI said. The RBI also said that in case of delay by the concerned bank in reporting the fraud to the RBI, the entire provisioning is required to be made at once. In addition, in such cases, the RBI may also initiate appropriate supervisory action where there has been a delay by the bank in reporting the fraud or provisioning there against.
Meanwhile, RBI governor Raghuram Rajan on Thursday, 2 April 2015, said the nation has enormous financing needs in infrastructure and far too many of banks already have too much exposure to the infrastructure sector. The required national push to finance infrastructure should not override financial stability, which is key to national security, Rajan said in his opening remarks at Financial Inclusion Conference held at RBI headquarters in Mumbai on the occasion of 80th anniversary of the RBI. Rajan said that India needs to develop new sources of risk capital to finance infrastructure development.
Wipro on 3 April 2015 announced that it has expanded its Group Executive Council, a forum for the core group of Wipro leaders to deliberate and strategize the long term vision for the corporation, with the induction of four additional members. The additional members are Abid Ali Neemuchwala, Group President & Chief Operating Officer, Wipro Limited, Anand Padmanabhan - Chief Executive & President, Energy & Utilities, Wipro, G K Prasanna - Chief Executive & President, Global Infrastructure Services, Wipro and Bhanumurthy B.M - Chief Executive & President, Business Application Services, Wipro.
The Group Executive Council carries the charter of providing thought leadership across the Wipro Group and is the driving force behind shaping its strategic priorities, Wipro said. Azim Premji, Chairman of Wipro and Non-Executive Chairman of Wipro Enterprises said that these leaders bring with them a rich global experience and we are confident their induction will bring more plurality of ideas and add more heft to the deliberations of the Council.
Apart from Azim Premji, other members of the GEC include TK Kurien, CEO and Member of the Board, Wipro, Pratik Kumar, CEO, Wipro Infrastructure Engineering, Vineet Agrawal, CEO, Wipro Consumer Care and Lighting, Anurag Behar, Chief Sustainability Officer, Wipro and Terri Bresenham, MD, Wipro GE Healthcare.
Shares of cigarette major ITC may edge lower on media reports Prime Minister Narendra Modi asked Health Minister JP Nadda to go ahead with enforcing larger pictorial warnings on cigarette packets after a parliamentary committee said the move should be delayed because there is no local evidence that smoking causes cancer. The government is likely to ask for health warnings that cover 60-65% of a cigarette packet, as per reports.
Bank of India will be watched. 2.26 crore equity shares of Bank of India issued on preferential allotment basis at an issue price of Rs 283.50 per share gets listed on the stock exchanges today, 6 April 2015. It may be recalled that Bank of India had on 20 March 2015 allotted 2 crore equity shares at Rs 283.50 per share to Life Insurance Corporation of India (LIC) and another 26.45 lakh shares at Rs 283.50 per share to The New India Assurance Assurance Company on preferential allotment basis
IndusInd Bank after market hours on Wednesday, 1 April 2015 said that the bank has allotted 5,000 Rated, Listed, Senior Unsecured Redeemable, Non-Convertible Bonds in the nature of Debentures for face value of Rs 10 lakh each on 31 March 2015 to the identified investor(s) on private placement basis, for an amount of Rs 500 crore.
TVS Motor Company after market hours on Wednesday, 1 April 2015 reported 7% growth in total sales to 2.11 lakh units in March 2015 over March 2014. The company's total exports grew by 42% to 42,637 units in March 2015 over March 2014. Two wheeler exports grew by 41% to 32,810 units in March 2015 over March 2014.
Total two wheeler sales increased by 6% to 2 lakh units in March 2015 over March 2014. Domestic two wheeler sales grew 1.17% to 1.67 lakh units in March 2015 over March 2014. Scooters sales grew by 14% to 54,666 units in March 2015 over March 2014. Motorcycles sales grew by 13% to 76,936 units in March 2015 over March 2014. Three wheeler sales rose 36% to 10,884 units in March 2015 over March 2014.
Steel Authority of India (Sail) will be in focus. Prime Minister Narendra Modi on 1 April 2015, dedicated to the nation, Sail's 4.5 million tonnes per annum (MTPA) Rourkela Steel Plant (RSP) modernised and expanded with an investment of Rs 12000 crore. Speaking on this occasion, Union Minister of Steel & Mines Narendra Singh Tomar said that by September 2015, Sail's production capacity will be enhanced to 23 MTPA, which will be further augmented to 50 MTPA by 2025.
Wockhardt announced on Friday, 3 April 2015, that India Ratings & Research (Fitch Group) has assigned the company long-term issuer rating of IND AA". The outlook is stable. Further, for working capital facilities, rating of IND A1+ has been assigned.
AstraZeneca Pharma India announced on Friday, 3 April 2015, that the company has entered into agreement dated 24 March 2015 with AstraZeneca UK (AZ UK) pursuant to which the company would receive from AZ UK, the reimbursement of certain costs incurred for the marketing and promotion of the new launch products and support for the distribution of other products supplied by AZ UK, in accordance with the arm's length return on revenues.
Raymond announced on Friday, 3 April 2015, that one of the company's unlisted wholly owned subsidiary company, Silver Spark Apparel has entered into a share purchase agreement with Gokaldas Exports, Robot Systems and Mr. Gautam Chakravarti for acquisition of entire shareholding in Robot Systems, a wholly owned subsidiary of Gokaldas Exports.
The said transaction will be subject to the terms and conditions mentioned in the agreement(s) entered into by the parties.
Amara Raja Batteries announced on Friday, 3 April 2015, that the four-wheeler automotive battery plant at Nunegundlapalle village, Bangarupalyam Mandal, Chittoor District (Unit II) with an installed capacity of 2.25 million units per annum (p.a) was commissioned on 26 March 2015.
With this, the total capacity of the four-wheeler automotive battery plant is at 8.25 million units p.a.
Aditya Birla Nuvo announced on Friday, 3 April 2015, that the company has restarted its ammonia/urea plants at Jagdishpur, Uttar Pradesh and expect to produce urea tentatively by late hours of 2 April 2015. On 27 February 2015, the company had intimated about the shutdown of company's ammonia/urea plant at Jagdishpur (UP) from 27 February 2015, due to policy of the Government of India for production beyond 100% quantity as permissible under the pricing mechanism during the financial year 2014-15. During the plant shut down, the company had also under taken various maintenance jobs.
Insilco announced on Friday, 3 April 2015, that the company's plant will remain shut down from 25 April 2015 to 30 April 2015 due to high inventory and low sales volume.
Shares of Adlabs Entertainment will list on the stock exchanges today, 6 April 2015. The company had issued shares at lower end of price band of Rs 180-215 per share in the recently concluded initial public offer (IPO).
Chambal Fertilisers & Chemicals announced on Friday, 3 April 2015, that the ammonia-urea plant at Gadepan, District Kota, Rajasthan (Gadepan - II), has resumed its operations on 1 April 2015 and commenced production of urea. On 9 February 2015, company had informed about planned shut-down of one of its plants at Gadepan, District Kota, Rajasthan (Gadepan - II).
Page Industries said that ratings firm CRISIL reaffirmed its long term rating on the bank facilities of the company to CRISIL AA/stable. CRISIL also reaffirmed its short term rating on the bank facilities of the company to CRISIL A1+, Page Industries said.
Aurobindo Pharma on Saturday, 4 April 2015 said that it has received final approvals from the US Food & Drug Administration (USFDA) to manufacture and market Sildenafil Injection,10mg/12.5ml (0.8mg/ml). Sildenafil Injection 10mg/12.5ml (0.8mg/ml) is bioequivalent and therapeutically equivalent to the reference listed drug product (RLD), Revatio (sildenafil) Injection, 10 mg/12.5 ml (0.8 mg/ml), of Pfizer. Sildenafil Injection is indicated for the treatment of adult patients (= 18 years) with pulmonary arterial hypertension who are temporarily unable to take oral therapy, but are otherwise clinically and haemodynamically stable, Aurobindo Pharma said. This is the 9th ANDA (represented by 7 product classes) to be approved out of Unit IV formulation facility in Hyderabad, India for manufacturing general injectable products and will be marketed and sold by Aurobindo's wholly owned subsidiary AuroMedics Pharma LLC, Aurobindo Pharma said in a statement.
Shares of port operators viz. Adani Ports & Special Economic Zone, Essar Ports and Gujarat Pipavav Port will be in focus after the government after trading hours on Wednesday, 1 April 2015, announced new five year Foreign Trade Policy, 2015-20 aimed at increasing exports of goods and services from the country.
Adani Ports & Special Economic Zone may edge higher after government in its five-year Foreign Trade Policy 2015-20 (FTP 2015-20) announced after trading hours on Wednesday, 1 April 2015, decided to extend benefits of both the reward schemes viz. Merchandise Exports from India Scheme (MEIS) and Service Exports from India Scheme (SEIS) to units located in special economic zones (SEZs).
SJVN after market hours on Wednesday, 1 April 2015 said that during the financial year 2015.16, SJVN plans energy generation of 8,520 million units (under excellent parameters) with an expected sales turnover of Rs 2224 crore and gross operating margin of Rs 1140 crore from its 1,500 megawatts (MW) Nathpa Jhakri Hydro Power Station, 412 MW Rampur Hydro Power Station in Himachal Pradesh and 47.6 MW Khirvire Wind Power Project in Maharashtra. The MoU also includes targets for implementation of 1,320 MW Buxar Thermal Power Plant in Bihar and 80 MW Doimukh Hydro electric project in Arunachal Pradesh, SJVN said in a statement.
SJVN added that the power stations of the company generated 8,130 million units in FY 2014-15 against the target of generating 7,920 million units (under excellent parameters).
GMR Infrastructure said that a consortium led by GMR Infrastructure (GIL) has been issued Letter of Award for construction of 417 Km long Eastern Dedicated Freight Corridor railway project at a cost of Rs 5080 crore on EPC (Engineering, Procurement and Construction) basis. GMR Group is not required to provide significant investment for the project since it is implemented on EPC basis. Earlier in November 2014, GMR led consortium emerged lowest amongst five other bidders for the project through an international competitive bidding process. The project funded by World Bank is divided into 2 packages i.e., from Mughalsarai to Karchana (near Allahabad) for 180 km and from Karchana to Bhaupur (near Kanpur) for 237 km in the state of Uttar Pradesh. The project involves Design and Construction of Civil, Structures and Track Works for Double Line Railway on Design-Build Lump Sum Basis and shall be completed in 45 months. The Eastern and Western rail freight corridor projects are expected to be game changers in the country by creating the much required rail transportation capacity.
Seperately, GMR Infrastructure said that GMR Vemagiri Power Generation (GVPGL) has commenced generation of power by synchronization of APTRANSCO grid from 06:00 IST of 2 April 2015. The plant is expected to generate power at 60% Plant Load Factor (PLF) from the RLNG that is made available by Andhra Pradesh Government and Telangana Government through GAIL (India). This arrangement is available till 30 April 2015 and may be extended further based on the requirement of power for the both the States of Andhra Pradesh and Telangana.
Bosch announced on Friday, 3 April 2105, that it has proposed to suspend manufacturing activities of diesel products (except common rail pump), industrial equipment and power tools division of the company's Bangalore plant on 4 April 2015, with a view to minimize overhead and operating cost due to lower customer demand. The other manufacturing operations related to common rail pump, engineering testing, automotive workshop equipment & manufacturing of calibration test benches and machine building shops will work normally. There is no financial impact on account of this suspension for a day, company said.
Piramal Enterprises (PEL) after market hours on Wednesday, 1 April 2015 said that it has signed a definitive agreement to sell its clinical research division known as 'Piramal Clinical Research (PCR)' (formerly known as Wellquest), to Indoco Remedies (Indoco) on a going concern basis for cash. Hyderabad based PCR specializes in conducting bioanalytical and bioequivalence studies for generic products and holds approvals from various regulatory agencies including USFDA, UK MHRA etc, PEL said in a statement.
PCR was not considered strategic in nature and formed a relatively small portion of the PEL's consolidated business, PEL said. The transaction does not have a material impact on PEL's balance sheet or P&L, it added. Fixed assets of this division along with the employees will be transferred to Indoco on a slump sale basis as a part of the transaction, PEL said. The sale transaction is expected to be completed upon receipt of purchase consideration by 6 April 2015, PEL said in a statement.
The acquirer, Indoco, does not belong to PEL's promoter/promter group/group companies and is not a related party. Indoco, listed on NSE & BSE, is engaged in manufacturing and global marketing of formulations and APIs, PEL said in a statement.
ADC India Communications turns ex-dividend today, 6 April 2015, for special one time interim dividend of Rs 29 per share for the year ended 31 March 2015.
Usha Martin after market hours on Wednesday, 1 April 2015 said that subsequent to the approval of the shareholders at the Extra Ordinary General Meeting held on 16 March 2015, the company has allotted 3.42 crore convertible equity warrants to promoters and promoters group on receipt of in principle approvals from stock exchanges and the application money equivalent to 25% of the total consideration for the above warrants.
Star Ferro and Cement after market hours on Wednesday, 1 April 2015 said that the High Court of Meghalaya at Shillong, vide its order dated 31 March 2015 has approved the Scheme of Arrangement for demerger between Star Ferro and Cement, Shyam Century Ferrous and their respective shareholders with effect from Appointed Date i.e. 1 April 2014. The Scheme will become effective upon filing of certified copy of the Order with the Registrar of Companies, Star Ferro and Cement said.
Indian Metals & Ferro Alloys after market hours on Wednesday, 1 April 2015 said mining activities at the company's Sukinda Chromite Mines has been suspended with effect from 1 April 2015 due to nonreceipt of consent to operate from State Pollution Control Board which has expired on 31 March 2015 and is expected shortly.
Sathavahana Ispat after market hours on Wednesday, 1 April 2015 said that the company has commenced commercial operations of Ductile Iron Pipe making plant, Sinter plant and captive Thermal Power plant forming part of Integrated Project at Haresamudram Village, Bommanahal Mandalam, Ananthapuram District, Andhra Pradesh effective from 1 April 2015.
KPR Mill after market hours on Wednesday, 1 April 2015, said that the Greenfield Garment expansion at its new Thekkalur unit has been successfully completed as per schedule. It has commenced commercial production from March 2015 onwards. This enhances the company's overall garment production capacity to 59 million pieces per annum, KPR Mill said in a statement. The increased capacity is fully backed up by confirmed orders, KPR Mill said. The new financial year 2015-16 shall witness its full-fledged operations, KPR Mill said in a statement.
Balasore Alloys (BAL) after market hours on Wednesday, 1 April 2015, said that BAL stands exited from CDR system on payment of recompense amount. The decision of CDR EG are subject to confirmation of minutes at the ensuing CDR EG meeting and any modification taken place at the time of confirmation of minutes would be advised separately, BAL said.
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