Telecom stocks will be watched after the sector regulator on Monday, 9 September 2013, reportedly recommended sharp cuts in reserve prices for the next round of spectrum auctions. The Telecom Regulatory Authority of India (TRAI) also said no spectrum would be reserved for existing players when their licences expire and suggested that airwaves can be traded, reports suggested.
According to reports, TRAI slashed the combined spectrum auction reserve price in the premium 900 MHz band in the circles of Delhi, Mumbai and Kolkata by about 79% to Rs 650 crore per MHz against Rs 3074.18 crore per MHz earlier.
It reportedly recommended an about 60% cut in the pan-India reserve price for the 2G spectrum (1800 MHz) auctions compared to its previous suggestions.
Bharat Heavy Electricals (Bhel) said after market hours on Friday, 6 September 2013, that consequent upon the merger of Bharat Heavy Plate & Vessels (BHPV) with the company the BHPV plant is renamed as Heavy Plates & Vessels Plant (HPVP) and designated as the 17th manufacturing unit of Bhel located at Vishakhapatnam, Andhra Pradesh.
Jindal Steel & Power (JSPL) announced buyback of its shares worth Rs 1000 crore at the maximum price of Rs 261 a share. The buyback process will be through open market transaction and will open on 16 September 2013.
The company said in a statement to the stock exchanges that at the maximum price the shares that can be bought back would be 3.83 crore equity shares.
If the equity shares are bought back at a price below the maximum buyback price, the number of equity shares bought back could exceed the maximum buyback shares, but will always be subject to the maximum buy-back size, the company added.
The company's board had approved the resolution for buy back on 30 August 2013.
The minimum buyback size is Rs 500 crore - half of the maximum buyback size. At the maximum buy-back price of Rs 261 per equity share and for the minimum buyback size of Rs 500 crore, the indicative maximum number of equity shares that can be bought back would be 1.91 crore equity shares, JSPL said.
Jyoti Structures said after market hours on Friday, 6 September 2013, that the board of directors of the company at its meeting held on 6 September 2013, has approved issue of fully redeemable non-convertible debentures upto Rs 40 crore, on private placement basis.
Jet Airways India will be watched after media reports suggested that the aviation ministry has allowed Jet Airways India to go for code-sharing with five airlines American Airlines, Malaysian, Garuda of Indonesia, Vietnam Airlines and Kenya Airways. A code-share allows two or more airlines share the same flight. Passengers will buy ticket from one airline and take a flight operated by another airline, allowing partners to expand their global connectivity, the report added.
Hero MotoCorp has reportedly commenced construction of a research and development centre that will create a pool of global talent and play a key role in the company's future product development. According to the media report, the company will initially spend Rs 450 crore on the construction of the centre at Kukas, near Jaipur in Rajasthan, and that it will be ready by the first quarter of 2015.
State-owned hydro power producer, NHPC, has reportedly slashed its capital expenditure plan for the current Five-Year Plan by 31%, as clearances and law-and-order-related issues have affected its projects' progress. According to the report, the company has lowered the spending target for the Plan period ending in March 2017 from Rs 29000 crore to Rs 20000 crore. While the power ministry, NHPC's parent ministry, had finalised a target of 3,130 megawatts (MW) of fresh capacity addition, the company expects only 1,702 MW - 54% of the target - to be commissioned, report added.
Reliance Power has reportedly pulled out from the proposed LNG terminal with Shell on the east coast, but the global major has a bullish long-term view on India and has decided to complete the project on its own in the market that has also lured BP.
Roger Bounds, global head of Shell's LNG business, was quoted by the media as saying that the project was originally envisaged as a 50:50 partnership between Shell and Reliance Power, but this year the two sides agreed that the best way forward to ensure a speedy implementation of the project was for Shell to take full control. The project is currently a 100% Shell project.
According to the report, Shell finds the Indian market attractive and is not deterred by the economic downturn. Shell normally takes a long-term view of the markets it is looking to invest in and the fundamentals of the Indian energy demand and supply situation remain unchanged, Roger Bounds said.
Max India turns ex-dividend today, 10 September 2013, for final dividend of Rs 2.20 per share for the year ended 31 March 2013.
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