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STOCK ALERT ( 26 / 03 / 2014 ) ( HEMANT )

Hemant Parikh at 09:04 AM - Mar 26, 2014 ( ) Views: 687

Tata Steel in spotlight after selling Borivali land to Oberoi Realty


Tata Steel said it had launched the bid-cum-auction process for the sale of its land parcel in Borivali on 18 December 2013 by public advertisements in national dailies. The company said it completed the e-auction process on Monday, 24 March 2014, for the sale of the land with the participation of several well-known developers.

The committee of independent directors appointed for the oversight and governance of the sale process by the Tata Steel Board on Tuesday, 25 March 2014, declared Oberoi Realty as the highest bidder of the auction on the basis of their final bid of Rs 1155 crore, after several rounds of bidding. As per the laid down process, the sale will be concluded after all requisite permissions are obtained, the company said in a statement.

The site measuring roughly 25 acres is located at the junction of Western Express Highway and Dattapada road in Borivali (East), Mumbai and is abutting both these roads. The neighborhood predominantly comprises medium to high-end residential developments, the company said in a statement.

Meanwhile, Oberoi Realty announced that it was declared as the highest bidder at the auction of about 25 acres of land parcel owned by Tata Steel in Borivali (East), Mumbai.

Following the Board Meeting held on Tuesday, 25 March 2014, Britannia Industries after market hours on Tuesday, 25 March 2014, announced that as planned, Vinita Bali, Managing Director will retire at the end of this fiscal year to pursue a variety of roles in the corporate and development sectors. She will be succeeded by Varun Berry as Managing Director, consistent with the succession plan put in place last year. Varun joined Britannia in January 2013 from Pepsico, as Chief Operating Officer and was made Executive Director in November 2013. He has been handling domestic operations since June 2013. Vinita will continue to serve on the Boards of the other Wadia Group Companies like Bombay Dyeing, Bombay Burmah Trading Corporation and Go Airlines (India), as also continue to be associated with the Britannia Nutrition Foundation. Vinita joined Britannia in January 2005 and during the last 9 years has steered the business of the company, and pursued significant social initiatives like the creation of the Britannia Nutrition Foundation to address malnutrition. Her tenure also saw the setting up of several greenfield units and the induction of new talent into the company, Britannia Industries said.

Tech Mahindra announced after market hours on Tuesday, 25 March 2014 the launch of Managed Data Service (MDS), a fully managed end-to-end reference data management Business Process as a Service (BPaaS) solution for the financial services industry in North America. This solution has already witnessed a significant traction in European markets.

The Managed Data Service (MDS) solution is designed around a utility model and comprises 3 integrated components - technology infrastructure, operational outsourcing and specialized software IP. The key benefits include assured data quality, operating cost reduction, CAPEX to OPEX transformation and improved operational efficiency.

Ram Chatty, Head – BFSI (North America), Tech Mahindra said: “The process of managing securities data and pricing has evolved towards platform-based offerings. Financial institutions in the North America are increasingly looking to acquire these services from best-in-class service providers. By leveraging the Tech Mahindra's MDS solution, we can provide substantial cost savings and process efficiencies while maintaining our focus on delivering high quality services to our financial services clients.”

In Europe, the MDS platform is the first of its kind to be live at a major Tier 1 bank and offers a true utility-based solution for instrument reference, pricing, corporate actions and tax data. Tech Mahindra MDS offers a proven offshore facility with established connections to all the major data vendors.

Neyveli Lignite Corporation turns ex-dividend today, 26 March 2014, for interim dividend of Rs 1 per share for the year ending 31 March 2014.

Oil India turns ex-dividend today, 26 March 2014, for second interim dividend of Rs 10 per share for the year ending 31 March 2014.

Fortis Healthcare announced after market hours on Tuesday, 25 March 2014 that the board of directors of the company at its meeting held on 25 March 2014, inter-alia, considered and approved purchase of operations of Fortis Hospital, Shalimar Bagh by the company from its subsidiary, Fortis Hospitals on slump sale basis, as a going concern.

Unity Infraprojects announced after market hours on Tuesday, 25 March 2014 that the board of directors of the company at its special meeting held on 25 March 2014, inter alia, has considered and approved to make a reference to Corporate Debt Restructuring (CDR) Cell of Reserve Bank of India under CDR System.

JBM Auto announced after market hours on Tuesday, 25 March 2014 that the commercial production / commercial operation of the company's new project (Bus Project) is likely to start from October, 2014. As and when the commercial production / commercial operation of the unit starts the same will be intimated to the exchange, company said.

Trident announced after market hours on Tuesday, 25 March 2014 that the Scheme of amalgamation of Trident Corporation with Trident has been sanctioned by Punjab and Haryana High Court at Chandigarh vide its Order dated 14 March 2014. The certified copy of the aforesaid Order has been received on 25 March 2014. The Appointed Date of the Scheme of amalgamation is 1 April 2014.

Siti Cable Network announced after market hours on Tuesday, 25 March 2014 that as per the terms of 16.2 crore warrants issued by the company on 19 March 2013 on preferential basis, the Allotment Committee of the board of directors of the company at the meeting held on 25 March 2014 has upon receipt of balance of 75% consideration aggregating to Rs 102.75 crore approved allotment of 6.85 crore shares upon conversion of equivalent number of warrants at an issue price of Rs 20 per share to the allottees. A total of 4.22 crore shares at a consideration of Rs 84.56 crore was allotted to Essel Media Ventures and 2.62 crore shares at a total consideration of Rs 52.43 crore was allotted to Essel International.

Redington (India) said that it has transferred its balance 14% shareholding in Easyaccess Financial Services (Easyaccess) to Harrow Investment Holding Limited, Mauritius. With this, the company has completed the sale of 100% shareholding in Easyaccess.

Jindal Stainless clarified that its board had constituted a reorganization committee to explore and evaluate various options of reorganizing the company's assets in an optimal way. The said committee was also empowered to work upon and decide upon the relevant suitable structure. The company had already disclosed this information to the stock exchanges in its outcome of the board meeting on 10 February, 2014. As part of the above process, the committee is exploring various options with the concerned stakeholders as per above mandate given by the board and as and when any option is finalized and approved by the board, the company will immediately intimate the stock exchanges, the company said.

Zicom Electronic Security Systems said that its board earlier decided to sell-off the entire shareholding (100%) held in its wholly-owned subsidiary, 2020 Imaging India (formerly known as Zicom CNA Automation), Accordingly, the company has sold off its entire shareholding in the said subsidiary at a lumpsum price of $60,000 (approximately Rs 36.75 lakh). The proposed sale is subject to necessary approvals from relevant authorities and provisions of applicable legislations.

Max India said that it approved the transition in the role of Mr. Analjit Singh as the Non-Executive Chairman of the Company effective 1 April 2014. Mr. Analjit Singh, the promoter of Max group, is currently the Executive Chairman of the company. In this endeavour, for a planned transition, the company brought Mr. Rahul Khosla, as the Managing Director on 18 August 2011 and Mr. Mohit Talwar, Dy. Managing Director on 14 February 2012.

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