Tata Motors' British luxury car unit Jaguar Land Rover (JLR) will spend �450 million to double the size of its engine manufacturing centre (EMC) in the UK. The EMC supplies engines to the three vehicle plants of JLR located in the UK. JLR said that the decision to expand the size of the EMC was driven by global demand for current and future car models of JLR. Tata Motors released the press release on JLR EMC expansion after trading hours on Tuesday, 24 November 2015.
Reliance Industries (RIL) after market hours on Tuesday, 24 November 2015 said that it has on 24 November 2015, repaid the third installment of redemption proceeds on the debentures. After the payment of the third installment of redemption, the face value of the debentures has been reduced from Rs 6.66 lakh to Rs 5 lakh per debenture effective 24 November 2015, RIL said.
It may be recalled that RIL had issued 8,000 secured redeemable non-convertible debentures of Rs 10 lakh each aggregating Rs 800 crore in November 2003. The debentures carry a coupon of 6.25%. As per the terms of issue of the debentures, the debentures shall be redeemed in six equal annual installments starting from the end of the tenth year from the date of allotment i.e. 24 November 2003.
Sun Pharmaceutical Industries (Sun Pharma) after market hours on Tuesday, 24 November 2015 said that some of the company's subsidiaries were contemplating an investment in a wind energy project in the US. Subsequent to a further evaluation, these subsidiaries have decided not to proceed with this potential project, Sun Pharma said.
Axis Bank will be in focus after the private sector bank received in-principle approval from the Reserve Bank of India (RBI) to set up and operate Trade Receivables Discounting System (TReDS) for improving flow of funds to the Micro, Small & Medium Enterprises (MSME) sector. The RBI will grant final approval to operate TReDS after the requisite conditions are met within a time frame of 6 months. TReDs is a scheme for setting up and operating the institutional mechanism to facilitate the financing of trade receivables of MSMEs from corporate and other buyers, including government departments and public sector undertakings (PSUs). TReDS will allow MSMEs to post their receivables on the system and get them financed.
Axis Bank is among the three entities which received in-principle approval from the RBI to set up and operate TReDS. The two other entities are Mynd Solutions Pvt. Ltd., Gurgaon, Haryana and a joint venture between NSE Strategic Investment Corporation (NSICL) and Small Industries Development Bank of India (SIDBI).
Meanwhile, Axis Bank and full service air carrier Vistara have announced that they will launch Axis Bank Vistara co-branded credit card for Vistara's domestic travelers early next year. The personalized benefits from the co-branded credit card offering will be tiered depending on the frequency of travel, starting with the base card for occasional traveller to a the super-premium credit card for the frequent flyers.
Mahindra & Mahindra (M&M), India's leading SUV manufacturer, announced on Wednesday, 25 November 2015, the launch of the automatic transmission variant in its XUV500 sports utility vehicle (SUV). The automatic option will be available on three variants of the New Age XUV500 - W8 FWD and W10 FWD & AWD. The automatic transmission option starts at a price of Rs 15.36 lakh (ex-showroom Navi Mumbai) for the W8 FWD variant and will be available across M&M dealerships 5 December 2015 onwards.
Steel Authority of India (SAIL) will be in focus after the company's equal joint venture (JV) with another state-run firm RITES signed a long term agreement with Indian Railways whereby the Railways will procure wagons manufactured by the JV on an assured basis for a period of 10 years. The total cost of the assured off take of wagons by the Railways is about Rs 2500 crore. Production from the manufacturing plant located at Kulti in West Bengal will start shortly.
Hero MotoCorp may edge lower after media reports suggested that US private equity firm Bain Capital has launched a deal to sell its entire holding of 29.8 lakh shares of Hero MotoCorp at a discount to the stock's ruling market price. Bain launched the deal to sell Hero MotoCorp shares in the indicative price band of between Rs 2,570 and Rs 2,600 per share, according to reports. Shares of Hero MotoCorp rose 0.32% to settle at Rs 2,645.80 on BSE on Tuesday, 24 November 2015. The stock market was closed on Wednesday, 25 November 2015, for a holiday. Bain's holding in Hero MotoCorp is through its unit BC India Private Investors II.
Power Finance Corporation announced after market hours on Tuesday, 24 November 2015, that its wholly-owned subsidiary, PFC Consulting, has transferred on 23 November 2015, its following three wholly-owned subsidiary companies namely, Sipat Transmission, Chhattisgarh-WR Transmission and Raipur-Rajnandgaon-Warora Transmission, to Adani Transmission, the investing affiliate of Adani Power, the successful bidder selected through tariff based competitive bidding guidelines for transmission services issued by Ministry of Power, Government of India.
Maruti Suzuki India announced after market hours on Tuesday, 24 November 2015, that it will offer dual airbags and anti-lock braking system (ABS) as an option in all variants of Swift and DZire, including the base variant. In the fiscal year ended March 2015, Swift and DZire maintained an average sale of over 17,000 units each per month.
The price of Swift petrol variant ranges from Rs 4.90 lakh to Rs 5.60 lakh and Swift diesel variant ranges from Rs 6.04 lakh and Rs 6.43 lakh (ex-showroom Delhi). The price of DZire petrol variant ranges from Rs 5.40 lakh to 6.14 lakh and DZire diesel variant ranges from Rs 6.19 lakh to 7.06 lakh (ex-showroom Delhi). DZire automatic variant costs Rs 6.93 lakh (ex-showroom Delhi), the company said in a statement.
National Aluminium Company announced after market hours on Tuesday, 24 November 2015, that it received $8.05 million towards an out-of-court settlement from a US firm in connection with a case pending in the US court.
Idea Cellular and Videocon Industries will be in focus after Idea Cellular signed a pact with Videocon Industries' subsidiary, Videocon Telecommunications (VTL), to buy spectrum in the Uttar Pradesh (West) and Gujarat circles for Rs 3310 crore. Idea Cellular and Videocon Industries made the announcement after market hours on Tuesday, 24 November 2015.
As per the agreement, Idea Cellular has bagged rights to use 2x5 MHz spectrum in the 1800 MHz band allotted to VTL by the Government of India, Ministry of Communication & IT, Department of Telecommunication (DoT) on 2 April 2013 for Gujarat Service Area and UP (West) Service Area.
VTL was on 4 March 2013, awarded the Unified License (Access Services) for select circles, namely, Bihar, Gujarat, Haryana, Madhya Pradesh and Chhattisgarh, Uttar Pradesh (East) and Uttar Pradesh (West), effective from 16 February 2013, which is valid for a period of 20 years. VTL was also allotted 2X5 MHz spectrum in 1,800 MHz category by DoT in each of these circles. Presently VTL is providing GSM mobile services in these circles.
Idea said it intends to use this acquired spectrum for launching 4G (LTE) mobile broadband services in the service areas of Gujarat and Uttar Pradesh (West). With this spectrum trading arrangement, Idea's 4G (LTE) spectrum footprint will expand to 12 service areas covering over 75% of Idea's current revenue and over 72% of existing 170 million quality subscribers on visitor location register (VLR). These 12 circles currently contributes 60% of the Indian telecom industry mobility revenues. After completion of this transaction, Idea would have full range of mobility services across 2G (GSM), 3G (HSPA) and 4G (LTE) technologies in all of its 8 leadership markets of Maharashtra & Goa, Kerala, Andhra Pradesh & Telengana, Madhya Pradesh & Chhattisgarh, Haryana, Punjab, Gujarat and Uttar Pradesh (West).
Just Dial announced after market hours on Tuesday, 24 November 2015, that it will spend up to Rs 164.50 crore in buying back shares from shareholders. Just Dial said it will buyback upto 10.61 lakh fully paid-up equity shares of face value of Rs 10 each at Rs 1,550 per equity share. It added that the buyback will be undertaken on a proportionate basis from the shareholders as of 4 December 2015 through a tender offer. The buyback is being undertaken by the company to return surplus funds to its shareholders, which are over and above its ordinary capital requirements and in excess of any current investment plans, the company said in a statement. The company added that the buyback would result in improving earnings per share, mitigating the effects of short-term market volatility and enhancing shareholders' confidence among other things.
In a separate announcement after market hours on Tuesday, 24 November 2015, Just Dial said its shareholders have approved 4 December 2015 as the record date for the buyback of equity shares.
Powered by Capital Market - Live News