Tata Motors after market hours yesterday, 16 July 2015, announced that its global wholesales, including Jaguar Land Rover (JLR), remained flat on year-on-year basis at 76,602 units in June 2015. Global wholesales of all Tata Motors commercial vehicles and Tata Daewoo range remained flat on year-on-year basis at 31,083 units in June 2015. Global wholesales of all passenger vehicles rose 3% to 45,519 units in June 2015 over June 2014. Global wholesales of Tata Motors passenger vehicles rose 29% to 10,611 units in June 2015 over June 2014. Global wholesales for Jaguar Land Rover (JLR) stood at 34,908 vehicles (including CJLR wholesales) in June 2015. Jaguar wholesales were 7,087 vehicles while Land Rover wholesales were 27,821 vehicles in June 2015. CJLR is a joint venture between JLR and Chery Automobiles and is an unconsolidated subsidiary for JLR.
Tata Steel's European unit Tata Steel Europe after market hours in India yesterday, 16 July 2015, announced the next stage in its plans to refocus its speciality and bar business on high-value markets such as aerospace. The proposed changes would result in a reduction in employee numbers, mainly at its Rotherham-based bar business. The company has identified 720 positions which will potentially become redundant. This business has been underperforming in the face of commodity-grade steel being imported to the UK due to the strong pound and high electricity costs which are more than double those of key European competitors, Tata Steel Europe said in a statement.
Asian Paints after market hours yesterday, 16 July 2015, clarified that discussions are continuing with the state government of Karnataka to setup another manufacturing facility for paints and intermediaries at Mysuru district in Karnataka. This is also subject to availability of required land, due diligence and obtaining necessary regulatory and other approvals, Asian Paints said. Asian Paints said that the proposals for setting up manufacturing facilities in the southern states of Andhra Pradesh and Karnataka are towards fulfilling the long term capacity requirements of the company and are subject to the future demand conditions.
Cement major ACC is scheduled to announce its Q2 June 2015 results today, 17 July 2015.
IndusInd Bank launched customer responsive service called QuickPay, allowing the bank customers to send money instantly to their personal contacts and/or business parties through SMS, E-mail and social media platforms, without having beneficiary bank account details. The sender can go to the bank website and transfer money to the recipient instantly, by just filling the E-mail Id or Mobile Number of the receiver. Moreover, customers can choose to send E-Gift Cards through the QuickPay platform to anyone, anywhere, anytime, IndusInd Bank said. The bank will also soon launch its Wallet-based payment app, it added. The announcement was made after market hours yesterday, 16 July 2015.
Avantha Group Company Crompton Greaves (CG) signed a new contract to provide ZIV protections for Saudi Electricity Company (SEC), the largest power utility company in the Middle East serving approximately five million customers in the Kingdom of Saudi Arabia (KSA). With this order, CG reinforces its position as an important supplier of Substation Automation equipment to SEC, providing Feeder Protections, Transformer Differential Protections, Transformer Voltage Regulators and Teleprotection Systems. The announcement was made after market hours yesterday, 16 July 2015.
On a consolidated basis, MindTree reported 7.4% rise in net profit to Rs 138.20 crore on 6.9% rise in revenue to Rs 981.60 crore in Q1 June 2015 over Q4 March 2015. The announcement was made after market hours yesterday, 16 July 2015.
MindTree said that the Board of Directors of the company has approved the acquisition of 100% equity interest in Bluefin Solutions ('Bluefin'), a leading UK based IT solutions provider specializing in SAP HANA solutions, in an all cash transaction for GBP 42.3 million, and the definitive agreements have also been signed on 16 July 2015. The consideration includes an upfront payment of GBP 34 million and earn out of GBP 8.3 million payable over the next three years. MindTree's Board of Directors also approved the acquisition of 100% of the equity interest in Relational Solutions, Inc a US based IT solutions provider specializing in technology services to the consumer goods industry, in an all cash transaction for $10 million, and the definitive agreements have also been signed on 16 July 2015. The consideration includes an upfront payment of $7 million and earn out of $3 million payable over the next two years. This acquisition is subject to customary closing conditions and regulatory approvals, if any, MindTree said.
Kirloskar Brothers said that the company has invested in preference shares of its subsidiary company, The Kolhapur Steel and has been allotted 1 crore 6% Cumulative Non-Convertible Redeemable Preference Shares of Rs 10 each, aggregating to Rs. 10 crore. The announcement was made after market hours yesterday, 16 July 2015.
Shares of Titan Company turn ex-dividend today, 17 July 2015 for dividend of Rs 2.30 per share for the year ended 31 March 2015.
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