Tata Steel on Tuesday, 8 April 2014 said that Steel & Tube Holdings of New Zealand has agreed to acquire Tata Steel International (Australasia) (TSIAL) on 14 April 2014 for a cash consideration of NZ$ 27.5 million. TSIAL, based in New Zealand, is a distribution business supplying stainless steel, engineering steels and composite floor decks to the New Zealand and Pacific Island markets.
JSW Steel after market hours on Monday, 7 April 2014 said it acquired 26% equity stake in Vallabh Tinplate (VTPL) on Monday, 7 April 2014. Earlier on 21 February 2014, the company had informed that it intended to acquire 26% equity stake in VTPL and increase it to 50% in due course.
ING Vysya Bank after market hours on Monday, 7 April 2014, said that pension, gratuity and leave encashment operate as defined benefit schemes for the benefit of a portion of the bank's employees. The calculation of the bank's obligation under these plans is performed by a qualified actuary using the projected unit credit method. One of the assumptions used by the actuary for calculating the bank's obligation under these plans is the estimated salary escalation rate (SER). For ING Vysya Bank, the weighted average increase in pay per annum for IBA employees (to whom the defined benefit pension scheme applies) is only 2.25%, as recruitment under IBA category has significantly slowed down since 2002 and 63.5% of the IBA employees have reached their maximum scales of pay with eligibility for only stagnated increments once in 2 or 3 years depending on their cadre or scale, the bank said in a statement. However, for the purpose of actuarial valuation, from the year ended 31 March 2013, the bank has increased its estimated SER for employees under the IBA category to 3.5%, in line with the Indian Bank's Association's (IBA) guidelines which required the SER to be adjusted further to take into account future wage revisions, the bank said.
The bank has since a communication from the Reserve Bank of India (RBI) dated 24 March 2014, which required the bank to adopt the IBA mentioned SER of 5-5.5%, to be further adjusted upwards to take into account future wage revisions, before finalizing the results for the year ended 31 March 2014. ING Vysya Bank said it has approached RBI to permit the bank to adjust, the impact of increase in estimated SER from 3.5% to 5%, along with adjustments to further take into account future wage revisions, on bank's obligation under the defined benefit retiral plans, against the opening reserves. However, in the eventuality of RBI not acceding to the bank's request, the impact of this adjustment, which is estimated to be around Rs 60 crore pre-tax, will reflect in the bank's earnings for the quarter and year ended 31 March 2014, ING Vysya Bank said.
DLF after market hours on Monday, 7 April 2014 in a clarification to the exchange regarding news item titled "DLF slapped Rs. 2.4 crore penalty by competition watchdog" said that the Competition Commission of India (CCI) had passed order charging a penalty of Rs 2.4 crore against the company in August 2011 based on complaints filed by certain alleged apartment owners association. The Competition Appellate Tribunal (COMPAT) vide its order dated 9 November 2011 granted stay against the orders of CCI imposing penalty and have further ordered that direction of CCI for modification of the terms of agreement shall remain in abeyance.
DLF said that the current order appears to be a sub-set of ongoing cases. The company is perusing the order and seeking counsel's advice including but not limited to appealing against the above, DLF said in its clarification.
Piramal Enterprises on Tuesday, 8 April 2014 in a clarification to the exchange regarding news item titled "Piramal Enterprises seeks to sell diagnostic solution business" said that as a fast growing company, Piramal Enterprises explores various business and strategic initiatives from time to time, keeping in mind its business focus, strategic interests and the economic environment, amongst other factors. Piramal Enterprises said that it may be relevant to note that the diagnostic solutions business (which is known as the Lab Diagnostics & Point of Care (LDPOC) Business) comprises a small portion (about 1%) of the company's consolidated business. The company will keep the stock exchanges informed of any definitive developments in this regard, Piramal Enterprises said.
ALSTOM India (AIL) said it has received a letter from Alstom Finance B.V. dated 4 April 2014 requesting the board of directors to consider the proposal for disposal by the company of its auxiliary components business to an Indian legal entity to be specified by Triton, as a going concern on a slump-sale basis, subject to receipt of all relevant corporate consents and in accordance with applicable laws.
This activity is part of the non-core asset disposal programme, announced by Alstom, France in November 2013. The auxiliary components business proposed to be sold is part of the steam segment within thermal power and is active both in the new equipment market and aftermarket services across three product lines: air preheaters and gas-gas heaters for thermal power plants, heat transfer solutions for a variety of petrochemical and industrial processes, and grinding mills for diversified industrial applications, AIL said in a statement.
Alstom Finance B.V. has requested the company to consider the proposal favourably and commence the requisite process under Indian law including determination of the fair valuation of the auxiliary components business/undertaking and obtaining relevant consents to implement the aforesaid proposal, AIL said.
State Bank of Travancore turns ex-dividend today, 9 April 2014, for an interim dividend of Rs 2.50 per share for the year ended March 2014. Before turning ex-dividend, the stock offered a dividend yield of 0.60% based on the closing price of Rs 414.30 on Monday, 7 April 2014.
IFCI on Tuesday, 8 April 2014 in a clarification to the exchange regarding news item titled "IFCI plans to sell its factoring biz" said that "IFCI Factors is an unlisted non-material subsidiary of IFCI and in this regard, we would like to state that no such news have been officially disseminated from IFCI. Though the Board has been exploring such possibilities, no decision has been taken so far. In future, if IFCI decides to go ahead with divestment of its stake in IFCI Factors, Stock Exchanges would be informed of the matter".
Sundaram Brake Linings on Tuesday, 8 April 2014 said that ICRA vide its letter dated 31 March 2014, has reaffirmed the [ICRA] A- (pronounced ICRA A minus) rating outstanding on the outstanding Rs 50 crore fund based facilities of the company and has stated that the outlook on the long-term is stable. ICRA has also reaffirmed the short-term rating of [ICRA] A2+ (pronounced ICRA A two plus) for the Rs 35 crore fund based Export Packing Credit facilities and the Rs 3 crore non-fund based facilities of the company.
Gulf Oil Corporation after market hours on Monday, 7 April 2014 said that the company's promoter, Gulf Oil International (Mauritius) Inc. (GOIMI) has recently acquired additional shares to the extent of 4.99%, increasing their shareholding in the company to 54.96%. With this, the company becomes subsidiary of GOIMI, Gulf Oil Corporation said.
Schneider Electric Infrastructure after market hours on Monday, 7 April 2014 said that the company's Board of Directors has approved through a circular resolution the closure of company's unit at Naini and to sell / dispose off or to shift to another manufacturing location/s of the company, the assets belonging to Naini unit on such terms and conditions, at such time(s) and in such form and manner as the Board may think fit.
Ramco Systems will be watched as Schneider Electric, a global specialist in energy management, has entered into a strategic partnership with Ramco Systems, an enterprise software product company. The partnership will see Ramco's Advanced Process Optimization software, OPTIMA, become an important part of Schneider Electrics solutions for the cement industry and strategically help explore business opportunities.
With cement manufacturers focusing their efforts on reducing energy and emissions, improving overall performance and managing consistent product quality grade, plant operators are looking for solutions that stabilize the production process and maintain the optimal operation point for minimal effect on the environment. Schneider Electric's strategic partnership with Ramco will deliver this much required solution, with a specific focus on optimization of kiln and mill operations, to its cement customers. The solution will support increased production volumes, promote the ease and uptake of alternative fuels and support human operators to make the best decisions for changing operating conditions, Ramco Systems said in a statement.
Mr. Diego Areces, Mining, Minerals and Metals Solution President, Schneider Electric said, "Schnelder Electric's solutions for the Cement industry focuses on two key areas of importance to our customers - maximizing production and quality across the supply chain and minimizing their energy consumption and emissions. By integrating Ramco's optimization offering, we can provide our customers with a complete solution which supports their complex operational challenges. The combined offer of process control, expert system and energy management allows the deployment of a unique optimization strategy. This strategy will ensure optimum consumption of resources, best use of assets, maintain quality of product, and stabilize processes while building an environmentally sustainable business."
Mr. Virender Aggarwal, CEO, Ramco Systems, said, "It is a moment of great pride as a global multinational like Schneider Electric has chosen our advanced process control optimization solution, OPTIMA, to integrate with its suite of offerings to address the global market. It is an endorsement of the capabilities that we have built to address the needs of the process manufacturing industry. Schneider Electric through its wide network of operations will help explore business opportunities for Ramco OPTIMA in the Cement industry. We look forward to a mutually successful engagement with Schneider Electric."
OPTIMA is an advanced process optimization solution that has been designed to improve plant productivity and efficiency and leverages technologies like fuzzy logic, regression analysis and artificial intelligence techniques to offer the best in class optimization solutions.
Suzlon Energy will be watched after the company said on Tuesday, 8 April 2014 that its wholly-owned subsidiary, Senvion SE, signed an agreement in late March with a consortium of banks headed by BayernLB, Commerzbank Aktiengesellschaft and Deutsche Bank AG for a syndicated working capital facilities of Euro 850 million for the period of 3 years. This move enables Senvion SE to secure follow-on financing early for the credit facilities of Euro 750 million agreed in May 2012 for the period up to August 2014.
In total, 14 international banks and credit insurance companies are participating in this financing with a term of three years, syndication of which was significantly oversubscribed. Six globally reputed financial institutions and banks with excellent ratings have been added to the banks consortium. The financing structure remains largely unchanged and primarily consists of non-fund based (guarantee) facilities.
Marcus A. Wassenberg, CFO of Senvion said: "This enhanced facility with long tenure is of significant importance for the growth of the company and the oversubscription of the same with new additions to the consortium clearly reflects strong confidence of global banks and credit insurance companies in business fundamentals, company management and strategy of the company."
Sterling Tools after market hours on Monday, 7 April 2014 said that the Board of Directors vide their meeting held on Monday, 7 April 2014 to discuss the proposal of purchase of 100% shareholding of Haryana Ispat, a related entity, has recommended the said proposal for approval of shareholders though Postal Ballot.
IFB Agro Industries after market hours on Monday, 7 April 2014 said that the Board of Directors of the company at its meeting held on Monday, 7 April 2014, has approved purchase of all the business of Nurpur Gases.
Jaihind Projects on Tuesday, 8 April 2014 said that the company has bagged order worth Rs 114.83 crore from Indian Oil Corporation for laying of mainline for Paradip-Haldia-Durgapur LPG Pipeline Project (PHDPL)-Group-A.
DS Kulkarni Developers before market hours today, 9 April 2014 said the Board of Directors of the company at its meeting held on Tuesday, 8 April 2014, approved to offer, issue and allot non-convertible debt instruments in the form of secured, redeemable, non-convertible debentures to the public (Debentures), upto a maximum sum of Rs 250 crore (including any right to retain oversubscription for issuance of additional Debentures) after complying with the relevant requirements and procedures.
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