TCS said in its update regarding its operations in Chennai that recent severe flooding in the city led to major disruptions in its ability to function. The normal business functioning of company's facilities had to be halted in the city all week since 1 December 2015 due to flooding. This is expected to have a material impact on the company's revenue in the seasonally weak Q3 December 2015, it added. The company made the announcement after market hours on Friday, 11 December 2015. Chennai is one of the company's largest delivery function with over 65,000 employees. The majority of facilities in Chennai opened for normal business functioning on 7 December 2015, but attendance rates were lower than normal as employees were still recovering from the flood's aftermath.
NTPC announced that it raised Rs 500 crore through private placement of secured non-convertible debentures at a coupon of 8.19% with a 10 year door to door maturity on 10 December 2015. The proceeds will be mainly utilized to finance capital expenditure of the company. The company made the announcement after market hours on Friday, 11 December 2015.
GHCL announced that winding up petition filed by the Rectella Ltd of UK, against the company before the High Court of Gujarat has been withdrawn by the petitioner with the permission of the Court. Hence, the petition is disposed off as withdrawn vide order dated 9 December 2015. The company made the announcement after market hours on Friday, 11 December 2015. The winding up petition pertained to the claim of Rs 3.74 crore made by the Rectella Ltd towards the corporate guarantee executed by the company on behalf of its subsidiary.
Cement stocks will be watched after the Competition Appellate Tribunal (COMPAT) on Friday, 11 December 2015, quashed the penalty of Rs 6316 crore imposed on 11 cement firms by the Competition Commission of India (CCI) on charges of cartelisation and other unfair trade practices. COMPAT also directed the CCI to refund the 10% of the penalty amount the companies had to deposit with the fair trade regulator. The judgement follows appeals filed by the cement firms and the industry body Cement Manufacturers Association.
The companies included ACC, Ambuja Cements, Binani Cements, Century Textiles, India Cements, JK Cements, Lafarge India, Madras Cements, UltraTech Cement and Jaiprakash Associates. The commission had passed the order after an investigation into complaints from the Builders Association of India against alleged price cartelisation among cement firms.
As per the penalty imposed earlier, ACC will be refunded Rs 114.75 crore, Ambuja Cements Rs 116.39 crore and UltraTech Cement will be refunded Rs 117.54 crore. Meanwhile, the tribunal has directed CCI to hear the case again and pass a fresh order within three months.
Auto stocks may edge lower after the National Green Tribunal said in an order issued on Friday, 11 December 2015, that new diesel vehicles will not be registered in NCT, Delhi and that there will be no renewal of registration of diesel vehicles that are more than 10 year old in the capital city. The tribunal's order is an interim measure to curb alarming pollution levels in Delhi. It also directed all the public authorities in NCT, Delhi to prepare an action plan for phasing out of diesel vehicles, particularly the trucks, being used by them.
Shares of public sector banks (PSU banks) will be in focus after the Minister of State for Finance Jayant Sinha, in a written reply in Lok Sabha on Friday, 11 December 2015 said that the Bank Board Bureau (BBB) is proposed to start functioning from 1 April 2016.
It may be recalled that the government had earlier decided to set up an autonomous Bank Board Bureau (BBB) with a view to improve the performance of PSU banks. The Bureau will search and select heads of PSU banks and help them in developing differentiated strategies and capital raising plans through innovative financial methods and instruments.
L&T Finance Holdings will be in focus. The government has approved on 11 December 2015, proposal of foreign direct investment (FDI) sought by BC Investments VI and BC Asia Growth Investments in L&T Finance Holdings (LTFH). It approved investment by BC Investments VI subscribing to 3.18 crore equity shares, constituting 1.75% of the post issue equity share capital of LTFH on a fully diluted basis and BC Asia Growth Investments subscribing to 6.38 crore warrants, with each convertible into one equity share within a period of 18 months from the date of allotment of warrants, constituting 3.51% of the post issue equity share capital of LTFH on a fully diluted basis.
Indian Overseas Bank said on Saturday, 12 December 2015 that the bank's board, at its meeting held on 12 December 2015, had approved that it may proceed, based on the approval of shareholders at the AGM held on 30 June 2015, to raise capital by issue of equity shares to the public not exceeding 51.79 crore shares of face value of Rs 10 each at appropriate premium.
Global Offshore Services announced that that it has sold its old Anchor Handling Tug cum Supply vessel. The company made the announcement after market hours on Friday, 11 December 2015.
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