Tata Steel will be watched after a labour dispute at Tata Steel UK ended yesterday, 15 July 2015, after unions members voted to accept changes to their pension scheme, averting what threatened to be the biggest industrial action in Britain's steel sector in 35 years. The vote by members of British unions Community, Unite, GMB and UCATT means the Tata Steel workers' final salary pension scheme will stay open, following agreed changes. Details of the changes in the scheme were not disclosed immediately.
On 13 March 2015, Tata Steel had announced its intention to close the British Steel Pension Scheme, following which the four unions, representing 17,000 Tata Steel employees in the UK, voted in favour of a strike action. The strike earlier scheduled for 22 June 2015 was later called off following discussions with the management over a revised pension proposal.
Shares of Reliance Industries (RIL) will be in focus after a delegation led by CEO of BP, Mr. Bob Dudley met the Minister of State (I/C) Petroleum and Natural Dharmendra Pradhan yesterday, 15 July 2015. Mr. Dudley apprised the minister of various activities of BP in India and the future plans to expand business in oil and gas sector, according to a statement issued by the Ministry of Petroleum & Natural Gas. Pradhan appreciated the role played by BP in Indian hydrocarbon sector and welcomed it to increase its presence in upstream and downstream sectors in India. In a historic partnership with RIL in 2011, BP took a 30% stake in a number of oil and gas production sharing contracts in India, including the producing KG- D6 block and the formation of a 50/50 joint venture to source and market gas in India.
Shares of M&M turn ex-dividend today, 16 July 2015 for dividend of Rs 12 per share for the year ended 31 March 2015.
Biocon announced after trading hours yesterday, 15 July 2015, that the red herring prospectus filed by its subsidiary, Syngene International, with the registrar of companies, Bangalore, was approved yesterday, 15 July 2015. Accordingly, the initial public offer (IPO) of Syngene International shall open for subscription to public on Monday, 27 July 2015 and shall close on 29 July 2015. The price band has been fixed between Rs 240 to Rs 250 per equity share.
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PSU OMCs will be in focus as they cut the price of petrol and diesel by Rs 2 per litre a excluding local levies, reflecting changes in the global price of the two fuels since the last revision. The prices will take effect from today, 16 July 2015. The retail price of gasoline will however rise in New Delhi as the state government yesterday, 15 July 2015, increased local taxes on petrol by 5% to 25%. Local levies on diesel have also been raised to 16.6% from 12.5%. Because of changes in taxes, prices of diesel will decline by Rs 0.50 in the national capital and that of petrol will rise by Rs 0.28 per litre.
Kotak Mahindra Bank will be in focus. The government yesterday, 15 July 2015, has deferred approval for the proposal sought by Kotak Mahindra Bank for increasing the aggregate foreign investment in Kotak Mahindra Bank to 55% pursuant to a merger between ING Vyasa Bank and Kotak Mahindra Bank.
Thermax announced yesterday, 15 July 2015 that it has signed an agreement to acquire 33% stake in First Energy, an alternative energy solutions company. The agreement envisages stage-wise acquisition of First Energy by Thermax over the next four to six years. First Energy focuses on consumers in the commercial and home cooking segments. Its brand, Oorja, a combination of a 'micro-gasification' stove and biomass-based pellet fuel, is adopted by several customers as a substitute to fossil fuels such as LPG and diesel. First Energy has recorded revenues of Rs 42 crore in 2014-15. The announcement was made after market hours yesterday, 15 July 2015. M. S. Unnikrishnan, MD & CEO, Thermax said that the partnership offers Thermax synergy and new opportunities in the commercial space to serve customers with altemative and cost saving solutions. Meanwhile, shares of Thermax turn ex-dividend today, 16 July 2015 for dividend of Rs 7 per share for the year ended 31 March 2015.
Va Tech Wabag has won orders worth Rs 1000 crore during Q1 June 2015. The company has guided an order intake in range of Rs 3500 to Rs 3700 crore for the year ending 31 March 2016.
Urja Global said that the Board of Directors of the company at its meeting held on 13 July 2015, considered and approved 10-for-1 stock split. The announcement was made after market hours yesterday, 15 July 2015.
DCW scheduled a meeting of the Board of Directors of the company on 24 July 2015, inter alia, to consider issue of equity shares and convertible warrants of the company on preferential basis to Promoters and Business Associates. The announcement was made after market hours yesterday, 15 July 2015.
Everest Industries said that the Board of Directors of the company at its meeting held on 15 July 2015 has decided to make Everest Building Solutions as its wholly owned subsidiary company. Presently, the company is holding 19% of the paid up share capital of Everest Building Solutions. The announcement was made after market hours yesterday, 15 July 2015.
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