Videocon Industries will be in focus as Shree Dhoot Trading And Agencies -- a constituent of the promoter group of the company -- has decided to sell 18 lakh equity shares, representing 0.6149% of the equity share capital of the company, via Offer for Sale (OFS) on the separate windows provided by the BSE and NSE for this purpose. The OFS will take place today, 24 September 2013. The floor price for the OFS is Rs 177 per share.
PSU bank stocks may edge lower. Moody's Investors Service has downgraded the senior unsecured debt and local currency deposit ratings of State Bank of India (SBI) to Baa3 from Baa2. Another rating agency Fitch has downgraded the viability rating of Punjab National Bank, Bank of Baroda and Indian Bank from 'bbb-' to 'bb+', citing deteriorating asset quality and higher provisioning for stressed assets portfolios.
Lupin announced after market hours on Monday, 23 September 2013, that it has signed a strategic co-promotion agreement with US-based Onset Dermatologics, LLC (Onset) that grants Lupin exclusive rights to promote Onset's Locoid Lotion (hydrocortisone butyrate 0.1%) to Pediatricians in the US. Locoid is the most highly prescribed mid-potency steroid brand in the US. Locoid Lotion is a corticosteroid indicated for the topical treatment of mild to moderate Atopic Dermatitis in patients 3 months of age and older, Lupin said in a statement.
The addition of Locoid Lotion will enable Lupin to strengthen its US Brand business and expand its product portfolio for the US Pediatrics segment. "We are very pleased with the addition of Locoid Lotion to our brand portfolio and are committed to bring meaningful products to the US Pediatric community," said Vinita Gupta, CEO, Lupin Pharmaceuticals Inc. and Lupin. Bob Moccia, President of Onset Dermatologics said: "This partnership will give pediatricians greater opportunity to utilize Locoid lotion in their patients while Onset maintains its focus on promoting Locoid to the dermatology community. We are confident that Locoid will continue to be the most prescribed mid-potency steroid brand in the US".
Indian Bank announced that All India Bank Employees' Association (AIBEA) and Bank Employees Federation of India (BEFI) have given a call for observance of one day nationwide strike in banks on 25 September 2013 in support of their demands. If the strike materialises, a section of the bank's employees may take part in the proposed strike on the said date, in which case, the normal functioning of the branches / offices of the bank may get affected, the bank said in a statement. The announcement was made after market hours on Monday, 23 September 2013.
Simbhaoli Sugars (SSL) announced the tie up of its subsidiary company, Integrated Casetech Consultants (Casetech), for operation and maintenance of the Powayan sugar plant of UP Cooperative Sugar Mills at district Shahjanpur in Uttar Pradesh. The announcement was made after market hours on Monday, 23 September 2013.
MTNL will be in focus on reports that the company is likely to sign a pact with unlisted BSNL today, 24 September 2013 that would allow the state-run companies to utilise each others network for providing pan-India mobile services.
Mastek after market hours on Monday, 23 September 2013 announced that it has been appraised at level 5 of the CMMI Institute's Capability Model Maturity Integration (CMMI). The appraisal was performed by QAI India. The scope of the appraisal covered product Implementation and full scope projects executed from our development centres at Mumbai, Pune and Chennai.
CMMI is a process improvement approach that provides organizations with the essential elements of effective processes that ultimately improve their performance.
Stone India has scheduled a board meeting on 25 September 2013, to consider, terms, issue price and any other matter incidental thereto in relation to the warrants to be issued on preferential basis to the promoters group entities as per Securities & Exchange Board of India (issue of capital and disclosure requirements) Regulations, 2009, as amended from time to time and in accordance with the approval of the members to be sought at the ensuing annual general meeting scheduled to be held on 25 September 2013.
Gati informed that the Arbitral Tribunal passed its verdict in the long pending arbitration proceedings between Air India and the company.
In May 2007, Gati partnered with Air India for dedicated freighter service. Due to certain dispute the service had to be discontinued from March 2009. The matter was referred to Arbitration for adjudication of disputes between Air India and Gati.
The Arbitral Tribunal has passed its award dated 17 September, 2013 directing Air India to pay a net sum of Rs 26.82 crore towards claims, damages interest and costs. Also, the Arbitral Tribunal has said that in the event of Air India failing to comply with the award within 30 days, Air India shall be liable to pay future interest at 18% per annum thereafter, Gati said in a statement. The announcement was made after market hours on Monday, 23 September 2013.
Credit Analysis and Research (CARE) turns ex-dividend today, 24 September 2013, for final dividend of Rs 8 per share for the year ended March 2013.
Vivimed Labs turns ex-dividend today, 24 September 2013, for dividend of Rs 3 per share for the year ended March 2013.
Aptech turns ex-dividend today, 24 September 2013, for final dividend of Rs 2.50 per share for the year ended March 2013.
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