UltraTech Cement will be in focus after the company won the Bicharpur coal block in Madhya Pradesh for Rs 3,003 per tonne, according to the results of e-Auction for Schedule II coal mines announced by the Ministry of Coal yesterday, 19 February 2015. The coal ministry has started auctioning coal blocks after the Supreme Court in September last year cancelled the allocation of more than 200 coal mines allotted between 1993 and 2010 after ruling that they were arbitrary and illegal.
Sugar stocks will be in focus. The Cabinet Committee on Economic Affairs (CCEA), chaired by the Prime Minister Narendra Modi, yesterday, 19 February 2015, approved the continuation of the incentive scheme for marketing and promotion services of raw sugar production during current sugar season 2014-15 (October-September) for a quantity of 14 lakh MT. As the quantity is fixed, settlement of claims will be prioritized on the basis of the date of export/deemed export as certified by concerned Customs and Excise authorities, a government statement said. The CCEA further approved fixed uniform rate of Rs 4,000 per MT for 2014-15 sugar season. Other conditions will remain the same, as were last year except that in case of mills having alcohol production capacities, the incentive would be available if they offer to supply ethanol to OMCs under the EBP upto 25% of their annual production level of alcohol. This will help sugar mills to clear the cane price dues of the farmers, the statement said.
Crompton Greaves (CG) said after market hours yesterday, 19 February 2015 that the Board of Directors of the company at its meeting held on 19 February 2015, reconsidered and approved the contours of the proposed demerger and decided to implement a 100% demerger of the consumer products business, such that the shareholding pattern of the resulting consumer company shall mirror the shareholding pattern of CG. The company said that board evaluated the salient aspects of the proposed demerger of the consumer products business of the company based on comments received from the Securities & Exchange Board of India, the stock exchanges and investors' feedback. A scheme of arrangement incorporating the above principles will soon be considered by the company's board, CG said.
Graphite India announced after market hours yesterday, 19 February 2015, that Indian credit rating agency, ICRA has reaffirmed the rating of the Rs 720 crore Fund Based and Non Fund Based limits availed by the company at "(ICRA)AA+" (pronounced ICRA double A plus) for the long term and at "(ICRA)A1+" (pronounced ICRA A one plus) for the short term. The outlook on the long term rating is Stable.
Balasore Alloys and Rohit Ferro-Tech, separately, announced after market hours yesterday, 19 February 2015, that they have executed a business transfer agreement wherein Balasore Alloys will acquire Rohit Ferro-Tech's ferro alloys plant at Kalinganagar Industrial Complex, Duburi - 755 026, Dist- Jajpur, Odisha as a going concern on a slump sale basis.
Future Consumer Enterprise announced after market hours yesterday, 19 February 2015, that the company has made investment by way of subscription to the shares of Sublime Foods Private (Sublime), in terms whereof shares aggregating to 51% of the paid-up share capital of Sublime, have been allotted to the company. Pursuant to the same, Sublime is a subsidiary of the company. Sublime is engaged in the business of dealing predominantly into food and food based products including manufacture and distribution of processed food items like speciality sauces, salad dressings, cooking pastes, spreads and dips. The company considers that the processed and packaged food industry holds immense potential, and is poised towards growth.
Sunil Hitech Engineers (SHEL), a leading EPC company focused on infrastructure projects and renewable energy, announced after market hours yesterday, 19 February 2015, that the company has on-boarded a new client i.e. Kanpur Development Authority. The company has bagged a Rs 90 crore order from Kanpur Development Authority (KDA) for the construction and development work of houses in two different development areas of Kanpur. The company is expected to complete the execution of the work in around 18 months. This order further showcases the steps the company is taking to step up business in other Infrastructure verticals such as building construction, roads, renewable energy etc apart from power related work on the way to become an Infrastructure conglomerate.
Mindteck (India) announced after market hours yesterday, 19 February 2015, that in step with the Smart Cities India Initiative, the company announced the official launch of IGNITE, its versatile Internet of Things (IoT) platform which can be used to build city scale IoT solutions, such as intelligent street lighting, smart parking, EV charging, automated energy/water meter reading, solar power generation monitoring, building energy management and many other smart city use cases. IGNITE can be easily integrated with devices to form specific smart city solutions.
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