Market Commentary

Hide News  Tata Steel in focus after Tata Steel UK sees deficit fall to £90 million over pension scheme
Oct 08, 2015  08:49

Tata Steel after market hours yesterday, 7 October 2015, announced that as a result of measures agreed between the trustee of the British Steel Pension Scheme (the Scheme) and Tata Steel UK (TSUK) and benefit changes implemented following consultation between TSUK, its employees and their representatives, the on-going residual deficit at TSUK has been reduced sharply from around 550 million pounds as at 31 March 2011 to 90 million pounds as at 31 March 2014. Accounting impacts arising from the changes to the pension plan will be recorded in the company's accounts in due course, Tata Steel said. TSUK is an indirect subsidiary of Tata Steel.

Tech Mahindra yesterday, 7 October 2015 agreed to collaborate with Transport Systems Catapult (TSC), to develop intelligent Mobility solutions that address the growing capacity, operational efficiency and interoperability challenges faced by the UK supply chain and freight and logistics industries. TSC is one of nine elite technology and innovation centres established by Innovate UK. The exclusive Memorandum of Understanding brings the two organisations together for three years to collaborate on innovative solutions and business models in the areas of Supply Chain; Freight and Logistics; and Big Data and Data Analytics for the UK Intelligent Mobility market, Tech Mahindra and Catapult said in a joint press release issued after close of Indian market hours yesterday, 7 October 2015. As a part of the agreement, Tech Mahindra and TSC will hold workshops and conduct research into the core areas of the freight and logistics industries. The organisations will also form a consortium with SME and research organisations to develop proof of concepts that will initially aid the UK but which can then be commercialised globally through the TSC Catapult.

MAN Industries (India) received orders worth approximately Rs 700 crore from international and domestic customers for supply of pipes for oil, gas and water sector projects. The announcement was made after market hours yesterday, 7 October 2015. With these new orders the outstanding order book as on date stands at approximately Rs 1300 crore to be executed over a period of 6 to 8 months, resulting in significant improvement in the coming quarters, MAN Industries (India) said.

The company has upgraded its Pithampur plant with the enhanced capabilities to become pioneer to produce Pipes up to 3600 mm dia meter with coating facilities, MAN Industries (India) said. Meanwhile, the company has outstanding bids approximately $1.5 billion at various stages of evaluation for several oil, gas and water projects in India and abroad. The company therefore expects good order inflow in near future from the outstanding bids which are at various levels of evaluation by the clients, it added.

Aban Offshore said that Deep Drilling 1 Pte. (DD1PL), a wholly owned step down subsidiary of the company, on 7 October 2015 announces that DD1PL is considering certain amendments to the bond agreement dated 20 December 2011. Such amendments will include, but is not limited to the extension of the tenor of the bonds. The announcement was made after market hours yesterday, 7 October 2015.

Ind-Swift Laboratories said that a meeting of the board of directors of the company will be held on 9 October 2015, to consider preferential issue of shares to promoters in terms of CDR package of the company. The announcement was made after market hours yesterday, 7 October 2015.

Corporation Bank said that the bank has revised the base rate from 9.90% to 9.65% with effect from 8 October 2015. The announcement was made after market hours yesterday, 7 October 2015.

Powered by Capital Market - Live News

Show News Siemens in focus after signing MoU with IL&FS, GIFTCL Oct 07, 2015  08:51
Show News Tech Mahindra in spotlight after bagging contract from Bombardier Oct 06, 2015  07:58
Show News Tata Motors in focus after monthly sales numbers Oct 05, 2015  08:56
Show News HCL Tech may decline after issuing revenue growth warning for Q1 Oct 01, 2015  08:50

Market News:Economy | Market

Market Commentary:Stock Alert | Pre-Session | Mid-Session | End-Session | Future Market

Corporate:News | Result

Commodity News:Pre-Session | Mid-Session | End-Session | Bullion | Others

Other News:Foreign Market | Forex | Call Money