Tata Motors Group's global wholesales including Jaguar Land Rover declined 17.89% to 95,668 units in March 2014 over March 2013. Global wholesales of Jaguar Land Rover rose 1.47% to 43,311 units in March 2014 over March 2013. Tata Motors Group's global wholesales including Jaguar Land Rover declined 15.59% to 10.09 lakh units in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013). Global wholesales of Jaguar Land Rover rose 15.53% to 4.29 lakh units in FY 2014 over FY 2013.
Infosys announces Q4 results today, 15 April 2014.
Tata Steel said that its total sales rose 6% to 24,07,000 tonnes in Q4 March 2014 over Q4 March 2013. The company's total sales rose 14% to 85,16,000 tonnes in the year ended March 2014 over the year ended March 2013.
On a consolidated basis, CMC's net profit rose 26.78% to Rs 89.43 crore on 11.10% increase in total income from operations to Rs 623.21 in Q4 March 2014 over Q3 December 2013.
Reliance Industries (RIL) commissioned its new polyester filament yarn (PFY) facility at Silvassa. The entire production from this facility has been successfully placed in the domestic and international markets. With the commissioning of this ultra-modern polyester filament yarn Facility, RIL's total PFY capacity, including the Malaysian facilities, is in excess of 1.5 MMTPA. This expansion further strengthens RIL's position as the world's largest producer of polyester fibre and yarn. The new PFY plant at Silvassa is the most automated and one of the most environment-friendly plants globally. It is co-located with RIL's existing texturizing facility at Silvassa eliminating the packaging and logistics costs. This coupled with integration with PTA will make the Silvassa facility amongst the lowest cost Polyester Filament Yarn producing sites globally. The commissioning of this facility marks the beginning of the mega petrochemical expansion of RIL.
Aditya Birla Nuvo before trading hours today, 15 April 2014, said that the company has resumed production at its urea plant at Jagdishpur in Uttar Pradesh with effect from 8 April 2014. The plant was under maintenance shutdown.
Bharti Airtel after market hours on Friday, 11 April 2014 said that the High Court of Judicature at Bombay, on Friday, 11 April 2014, approved the Scheme of the Amalgamation of Airtel Broadband Services (formerly known as Wireless Business Service) a wholly owned subsidiary with the company. The certified copy of this Order is yet to be received, Bharti Airtel said. The amalgamation will be effective upon completion of requisite statutory requirements, it added.
United Spirits (USL) will be watched after Diageo Plc, the world's largest distiller, has launched a second round of open offer to the shareholders of USL. The offer is for acquiring up to 3.77 crore fully paid up equity shares of face value of Rs 10 each, constituting 26% of the total fully diluted voting equity share capital of USL. The tender offer will be at a price of Rs 3,030 per share and the total consideration for the increased stake (assuming take-up in full at the announced price) will be Rs 11448.92 crore. Diageo has launched the tender offer through Relay BV (Relay), a wholly-owned indirect subsidiary of Diageo.
Asian Paints said that Asian Paints (International), Mauritius, (APIL) a wholly-owned subsidiary of the company on 14 April 2014 has signed an agreement with the shareholders of Kadisco Chemical Industry PLC, Ethiopia (Kadisco) to acquire either directly or through its subsidiaries, 51% of the equity share capital of Kadisco. This acquisition is subject to applicable regulatory and other approvals. Kadisco is engaged in the manufacturing and selling of paints, other coatings and adhesives in Ethiopia.
Zee Entertainment Enterprises (Zee) after market hours on Friday, 11 April 2014 said that Zee Turner and Star Den Media Services (Star Den) announced their intention to discontinue the distribution of their channels through the three year old distribution joint venture (JV) Media Pro Enterprises India (MediaPro), pursuant to the change in regulation regarding aggregators. TRAI's Telecommunication (Broadcasting and Cable Services) Interconnection (Digital Addressable Cable Television System) (ThirdAmendment) Regulation, 2014 dated 10 February 2014, does not allow aggregators to bundle channels of multiple broadcasters in one bouquet. In light of this new development, Star Den and Zee Turner have decided to discontinue the distribution of their respective channels through the 50:50 distribution JV, MediaPro.
Going forward, Zee and Star would set up their independent Affiliate Sales team for their respective channels. The latest tariff order dated 31 March 2014, which permitted the inflation-linked hike of 27.5% in Reference Interconnect Offer rates (in two stages), is likely to provide a positive fillip to the subscription revenues, Zee said in a statement.
Mr. Punit Goenka, MD & CEO, Zee Entertainment Enterprises said, We had created this joint venture to address various anomalies in the analog market, curb piracy and introduce transparency for the benefit of all stakeholders. I must say that we have been very satisfied with the outcome of the partnership. In the last three years, with DAS getting implemented, India is truly on the path to digitization. First two phases of DAS have already been implemented. Given the new regulation, Uday and I have taken a call to continue the business at an independent level. I wish our JV partners all the very best in their future endeavors.
Mr. Uday Shankar, CEO, Star India said, MediaPro has been a truly delightful and path breaking partnership. Punit and I created MediaPro with the objective of accelerating digitization, promoting transparency and introducing best practices in distribution. Thanks to the commitment of both parties the JV has delivered exceptionally well on each of these. I am proud to say that MediaPro also led the industry consensus for the most efficient way of moving to a digital domain. This in turn allowed us to offer better content to our viewers. In the light of new regulation, both partners have decided to build independent affiliate sales. I take this opportunity to compliment the entire MediaPro team lead by Arun Kapoor for creating a best-in-class organization that helped pioneer digital transformation of cable.
State Bank of India (SBI) said after market hours on Friday, 11 April 2014, that it has priced on 10 April 2014 and will issue $1.25 billion unsecured fixed rate notes in two tranches of $750 million having a maturity of 5 years at a coupon of 3.622% payable semi-annually and $500 million having a maturity of 10 years at a coupon of 4.875% payable semi-annually, pursuant to a standalone issue under Rule 144A / Regulation S of the US Securities Act of 1933. The notes will be issued through the London branch of SBI and shall be listed on Singapore Stock Exchange Securities Trading, SBI said.
Sun Pharmaceutical Industries (Sun Pharma) after market hours on Friday, 11 April 2014 announced a mandatory open offer to the equity shareholders of Zenotech Laboratories (Zenotech). The open offer is for acquisition of up to 96.93 lakh fully paid-up equity shares of face value of Rs 10 each of Zenotech, constituting 28.1% of the fully diluted voting share capital of Zenotech as of the tenth working day from the date of closure of the tendering period, at an offer price of Rs 19 per share aggregating to Rs 18.41 crore, subject to the terms and conditions mentioned in the open offer document.
The open offer is part of the scheme of arrangement (Scheme) entered into between Sun Pharma and Ranbaxy Laboratories (Ranbaxy) pursuant to their April 6, 2014 announcement of acquisition of Ranbaxy by Sun Pharma in an all-stock transaction.
As on 31 March 2014, Ranbaxy holds 1.61 crore equity shares, representing 46.79% of the fully diluted equity and voting capital of Zenotech. The primary acquisition and the consequential implementation of the Scheme are subject to customary closing conditions including the approval of the shareholders of Ranbaxy and Sun Pharma, High Court approvals, and other regulatory approvals, the offer document stated.
AstraZeneca Pharma India said it has on Friday, 11 April 2014, received intimation from AstraZeneca Pharmaceuticals AB, Sweden (AZP AB), the promoter of the company that the floor price for delisting of equity shares of AstraZeneca Pharma India has been fixed at Rs 854.10 per share. Public shareholders of AstraZeneca Pharma India are free to tender their shares in the reverse book building process at a price they elect, at or above the floor price, the statement said.
Financial Technologies (India) (FTIL) on Saturday, 12 April 2014, said that the company has received non-binding bids from 9 prospective investors, which includes marquee Indian and global conglomerates for the proposed sale of its 24% equity stake in commodity futures exchange -- the Multi Commodity Exchange of India (MCX). The company said that the Restructuring Committee constituted by the board of directors of the company has completed the process of shortlisting of the parties with whom FTIL's appointed banker JM Financial will take the discussion forward. The Restructuring Committee also noted that every shortlisted bidders has requested for management interaction with MCX and customary due diligence of MCX as a pre-condition.
The Restructuring Committee has decided that it will finalize the bidder(s) by 25 April 2014 and will recommend the same to the board of FTIL, subject to the above mentioned management meeting and customary due diligence request of bidders being completed by MCX. FTIL said that the company is making all efforts with a view to complete the proposed sale of its 24% equity stake in MCX by 25 April 2014 and has now called for a meeting of its board of directors on 25 April 2014 for selecting the final bidder(s).
FTIL will write to the board of MCX seeking their co-operation for management interaction with the shortlisted bidders and the customary due diligence to enable the proposed sale within the defined timelines, FTIL said. FTIL will also write separately to the Forward Markets Commission (FMC) to seek their support and co-operation in the matter and will update them periodically on the progress of customary due diligence and interaction with management of MCX.
FTIL said that the company is confident that with the full support of the FMC and MCX it will be able to select the final investor(s) within the defined timeline of 25 April 2014, FTIL said in a statement.
FTIL currently holds 26% stake in MCX. After the Rs 5600-crore crisis at the National Spot Exchange last year, a former exchange of FTIL group, the FMC has said that FTIL cannot hold more 2% in any commodity bourse in India.
Multi Commodity Exchange of India (MCX) after trading hours on Friday, 11 April 2014, said that foreign institutional investors (FIIs) and Qualified Foreign Investor-Corporate hold a combined 19.86% stake in MCX on 4 April 2014, which is within the cap of 23% for this category. Foreign corporate bodies hold 7.54% stake in MCX as on 4 April 2014, which is within the cap of 26% for this category, MCX said.
Patel Engineering after market hours on Friday, 11 April 2014 said that the meeting of Allotment Committee will be held on Tuesday, 15 April 2014, to consider the letter received from the Patel Corporation LLP holding zero coupon optionally convertible preference shares (OCPS) exercising his option to convert the balance 5,61,957 OCPS allotted on 21 March 2014 into 5,61,957 equity shares of Re 1 each at premium of Rs 56.50 per share as per the terms and conditions of OCPS.
Gujarat Gas Company (Gujarat Gas) after market hours Friday, 11 April 2014 said that its board of directors will meet on 21 April 2014, to consider and approve the proposed consolidation of the company with GSPC Distribution Networks (GDNL), GSPC Gas, Gujarat Gas Financial Services (GFSL) and Gujarat Gas Trading Company (GTCL), viz., the companies involved in city gas distribution business by way of proposed amalgamation. Further the company said its Board had already granted its inprinciple approval to the aforesaid proposal at its meeting held on 24 February 2014.
Indiabulls Securities said that on Friday, 11 April 2014, the company has issued and allotted 1.41 crore equity shares of face value Rs 2 each, upon conversion of equivalent number of warrants.
Balasore Alloys after market hours on Friday, 11 April 2014 said that a meeting of the Committee for preferential issue of warrants of the board of directors will be held on Wednesday, 16 April 2014, for allotment of 66 lakh equity shares of Rs 5 each at price of Rs 16 including premium of Rs 11 per equity shares in lieu of 66 lakh convertible warrants to the promoters on preferential basis, pursuant to the authority given by the shareholders in the Annual General Meeting (AGM) held on 26 September 2012.
Shilpa Medicare after market hours on Friday, 11 April 2014 said that its board of directors at a meeting held on Friday, 11 April 2014, in accordance with Regulations of Chapter VII of the SEBI (ICDR) Regulations, 2009 and section 42 of the Companies Act, 2013 and Rule 14 of the Companies (Prospectus and Allotment of Securities) Rules, 2014, and subject to the approval of shareholders, stock exchanges, central government and other regulatory authorities if necessary, to raise funds upto Rs 75 crore by issuing equity shares on preferential basis to FIIs/FCBs/any other investor at the price calculated as per the regulation 76 of Chapter VII of the SEBI (ICDR) Regulations, 2009.
The Board also proposed to increase the Limit for FIIs' holding up to 30% from the existing general limit of 24% as prescribed under the FDI Policy subject to the approval of shareholders and prior intimation to Reserve Bank of India.
In this regard the Board authorized the Managing Director to issue notice to the shareholders of the company as required under the Companies Act and the applicable Regulations of SEBI and Listing Agreement and also to obtain necessary approvals from shareholders and various statutory bodies as required and to do all the needful thereto, Shilpa Medicare said.
Jaiprakash Power Ventures on Saturday, 12 April 2014, said that the company's 400 megawatts (MW) Vishnuprayag hydro power plant, which was shut down due to unprecedented floods of very high intensity in the Alaknanda river on 16 June 2013, has resumed power generation with effect from 12 April 2014.
SEAMEC on Monday, 14 April 2014, said that company's existing contract for the charter hire of its vessel "ALLIANCE" with Sea Horse General Contracting Establishment, UAE, Dubai for working in Offshore Egyptian Mediterranean waters has been extended until 30 April 2014. This vessel is under bareboat charter with SEAMEC, the company said. The company in the meanwhile has also entered into a Charter Period with Technip France, Abu Dhabi for her deployment in Dubai Offshore for a firm period of 75 days. The charter is likely to commence around middle of June 2014, SEAMEC said. The value of Charter with Technip would be around $3.5 million, SEAMEC said.
Rishi Laser on Monday, 14 April 2014, said that the board of directors of the company at its meeting held on 14 April 2014 has decided not to consider preferential issue of shares at present.
Everest Kanto Cylinder on Monday, 14 April 2014, said that workers have called off their illegal strike at the Gandhidham plant and that the operations at the plant have fully resumed.
MindTree on Monday, 14 April 2014, said that the company's board of directors will consider a proposal for declaration of bonus shares on 16 April 2014 along with the audited financial results for the quarter and year ended 31 March 2014.
Roto Pumps on Saturday, 12 April 2014, said that the board of directors of the company at its meeting held on 11 April 2014 has approved setting-up of a joint venture company in Singapore. The joint venture company would further make strategic investments in the related field including business development of company's products in African continent. The board has also approved setting-up of a wholly owned subsidiary company in United States to establish and grow significantly the sales and marketing of the company's products in North America, Roto Pumps said.
Swelect Energy Systems on Monday, 14 April 2014, said that the company has successfully completed design, installation and commissioning of its 15 megawatts (MW) SPV Solar Park on 11 April 2014 at Monjanur Village, Aravakurichi Taluk, Karur District, Tamil Nadu. The park is generating power to its near full capacity and evacuation of power made through a 33 KV dedicated feeder to TANGEDCO sub-station and further stepped - up to 110 KV in to the grid. The final overall cost of the SPV park with all the other remaining civil works will cost about Rs 110 crore, Swelect Energy Systems said.
Cimmco, a railway wagons manufacturer, on Saturday, 12 April 2014, said its board of directors has approved issue of 8% non cumulative redeemable preference shares aggregating to the extent of Rs 50 crore to its promoter group entity viz. Titagarh Wagons on private placement basis. Cimmco said that the funds raised from the issue would be utilized for general corporate purposes including derisking the business by diversification into related areas of operations for which the plant at Bharatpur is fully equipped. Cimmco's board has also decided to extend the financial year ended 31 March 2014 to end on 30 June 2014.
Gruh Finance's net profit rose 16.71% to Rs 73.60 crore on 31% growth in total income to Rs 254.42 crore in Q4 March 2014 over Q4 March 2013. The result was announced after market hours on Friday, 11 April 2014.
Gruh Finance's net profit surged 21.3% to Rs 176.96 crore on 30.08% growth in total income to Rs 846.16 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013).
Revenue from operations for Q4 March 2014 includes write back of excess provision of Rs 19.22 crore made in the earlier quarters of the year as against Rs 14.94 crore written back in the corresponding quarter in the previous year, Gruh Finance said.
The Gross non-performing assets (NPAs) of the company are at Rs 18.87 crore (0.27% of the loan assets) as on 31 March 2014, as against Rs 17.64 crore (0.32% of the loan assets) as on 31 March 2013. Net NPAs of the company are Nil as on 31 March 2014, as against Rs 2.70 crore (0.05% of the loan assets) as on 31 March 2013, Gruh Finance said.
Disbursements during FY 2014 amounted to Rs 2577.47 crore as compared to Rs 2174.39 crore during FY 2013, representing a growth of 19%. Loan assets have increased from Rs 5437.80 crore as on 31 March 2013 to Rs 7009.04 crore as on 31 March 2014, registering a growth of 29%, Gruh Finance said.
Gruh Finance's board of directors at its meeting held on Friday, 11 April 2014, approved bonus issue in the ratio of 1:1 i.e. one equity share of Rs 2 each for every equity share held as on the record date to be fixed for the purpose to the shareholders of the company. The issue of bonus shares is subject to the approval of the shareholders of the company. The Board also recommended dividend of Rs 3 per share for FY 2014.
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