CMC after market hours on Wednesday, 26 March 2014, said it has won a legal case against Kuwait Stock Exchange (KSE). KSE had terminated the contract with CMC in September 2006, against which CMC filed a legal case in the courts of Kuwait. The Cassation Court of Kuwait, which is the highest judicial authority in Kuwait, delivered the judgment in favor of CMC and has ordered KSE to pay CMC a sum of KD 2.17 million (equivalent to approximately Rs 46.37 crore at current exchange rate) along with interest at 7% per annum from the original date of order from the lower court. CMC is a subsidiary of IT major TCS.
Reliance Industries (RIL) said it has taken a planned maintenance shutdown of one of its three Para Xylene units at Jamnagar. The scheduled shut down period is approximately for a period of six weeks. This shut down will also be utilized to improve reliability and performance of the unit. The other two Para Xylene units-will continue to operate normally. RIL has a total capacity of 1.8 million MT per annum of Para Xylene at Jamnagar, the company said.
In a separate announcement, RIL said that the Ministry of Energy (MOE) of the Republic of the Union of Myanmar selected RIL for two offshore blocks (M17 and M18) in Myanmar Offshore Block Bidding Round 2013. Both the blocks are located offshore in the Moattama basin of Myanmar in water depths upto 3000 ft and together encompass an area of 27,600 sq. kms. The 2013 Offshore Blocks Bidding Round saw participation from global E&P players. In all 36 companies submitted 64 proposals for the 30 offshore blocks on offer. RIL had submitted proposals for three (3) offshore blocks.
As per the process, RIL or its affiliates will enter into Production Sharing Contracts (PSC) for the aforementioned offshore blocks. The PSC allows for an initial preparation and study periods before committing into Phase 1 of Exploration period. RILs participation is in line with its strategy of portfolio rationalization by expanding its international asset base by investing in regimes having attractive internationally competitive terms on offer. The company thus hopes to leverage its organizational capabilities and expertise to create value for the E&P segment, the company said.
Meanwhile, RIL separately clarified that one allegation that is making rounds is that Gujarat government bought cheap land from farmers and gave it to RIL at concessional rates, however, the facts are completely opposite. "We would like to make it absolutely clear that more than 90% of land that we acquired for our plants in Gujarat have been bought directly from farmers. The price that we paid to the farmers was more than the market rates. We have not violated any rules in the process of acquiring land and all rules have been followed," RIL said in a statement.
Thousands of farmers of Gujarat are the company's partners in the process of industrialisation. RIL said that thousands of families in Gujarat have benefitted from the process of industrialisation and they are not only part of Team Reliance but also Team India. Some politicians have been making unsubstantiated statements against RIL for grabbing attention and instant mileage. They tend to make sweeping statements for instant gratification without corroborative evidence. "We would, however like to it clear that all these allegations are baseless and without any substance," RIL said.
Container Corporation of India (CONCOR) announced that according to the decision of Cabinet Committee on Economic Affairs and Empowered Group of Ministers of Government of India to disinvest the Government Shareholding with CONCOR for CPSE ETF, 28.44 lakh equity shares, or 1.46% equity, of CONCOR has been transferred to the Demat Account of Department of Disinvestment (DoD), Ministry of Finance which will be in-turn transferred to CPSE - ETF. These 28.44 lakh shares include buffer shares to complete the transaction as required for CPSE - ETF basket. The remaining shares after creation of CPSE - ETF will be returned by DoD, after completion of transaction, the company said.
Bajaj Electricals said that a committee of board has allotted 1000 rated, listed, secured redeemable non-convertible debentures of Rs 10 lakh each aggregating to Rs 100 crore on private placement basis to select investors.
Wheels India will be in focus as the shares allotted by the company in its recently concluded rights issue will be admitted for trading on the bourses today, 27 March 2014. A total of 21.62 lakh shares will be admitted for trading on the bourses today, 27 March 2014. Wheels India raised Rs 86.51 crore from the rights issue this month which was priced at Rs 400 per share. The rights issue was in the ratio 51:20. The main purpose of the rights issue was to enable the company to comply with the minimum public shareholding requirements. Therefore, the company's promoters did not participate in the rights issue.
GMR Infrastructure announced after market hours on Wednesday, 26 March 2014 that the Management Committee of the board of directors of the company at its meeting held on 26 March 2014 has allotted of 1.13 crore Compulsorily Convertible Preference Shares of face value Rs 1000 each comprising of 56.83 lakh Compulsorily Convertible Preference Shares of face value Rs 1000 each carrying a coupon of 0.001% per annum and having a term of 17 months from the date of allotment ("Series A CCPS"), each fully paid up, and 56.83 lakh Compulsorily Convertible Preference Shares of face value Rs 1000 each carrying a coupon of 0.001% per annum and having a term of 18 months from the date of allotment ("Series B CCPS"), each fully paid up by way of preferential allotment. Dunearn Investments (Mauritius) Pte Ltd was allotted 39.44 lakh Series A CCPS and 39.44 lakh Series B CCPS, IDFC was allotted 2.09 lakh Series A CCPS and 2.09 lakh Series B CCPS, GKFF Ventures was allotted 2.72 lakh Series A CCPS and 2.72 lakh Series B CCPS, Premier Edu-Infra Solutions Private Limited was allotted 2.09 lakh Series A CCPS and 2.09 lakh Series B CCPS while Skyron Eco Ventures Private Limited was allotted 10.47 lakh Series A CCPS and 10.47 lakh Series B CCPS.
Marico turns ex-dividend today, 27 March 2014, for third interim dividend of Rs 1.75 per share for the year ending 31 March 2014.
ONGC turns ex-dividend today, 27 March 2014, for second interim dividend of Rs 4.25 per share for the year ending 31 March 2014.
State Bank of Bikaner & Jaipur turns ex-dividend today, 27 March 2014, for interim dividend of Rs 14.30 per share for the year ending 31 March 2014.
VIP Industries with reference to Increase in Volume clarified after market hours on Wednesday, 26 March 2014, that during the recent past, no extra ordinary event has taken place in the operation / performance of the company having a bearing on price /volume behavior in the scrip of our company. However, since majority of its supplies are imported, appreciation of Indian Rupee compared to US Dollar directly impacts the financial performance of the company in a positive manner. In the recent past, the Indian Rupee has appreciated compared to the US Dollar from Rs 62.28 per USD on 20 February 2014 to Rs 60.49 per USD as on 25 March 2014. Also, the S&P BSE Sensex is currently at its life time high. While several other peer companies similar to the company are quoting at its last 52 weeks' high, and the company's price is still quoting at 50% below its life time high. The company feels that these could be the reasons for increased interest of investors in the scrip of the company.
Fiem Industries announced after market hours on Wednesday, 26 March 2014 that the company has purchased land measuring 7.65 acre for setting-up a new factory in Distt. Ahemadabad, Gujarat. The land is at strategic location near upcoming factory of the company's esteemed customer Honda Motorcycle & Scooter India (HMSI). In this new plant the company will be manufacturing and supplying Automotive Lighting & Signaling Equipments, Rear View Mirrors as well as Plastic Molded Parts to upcoming factory of the company's esteemed customer HMSI in Gujarat. Further the company has said that, 'Business Sphere Magazine Group' has conferred 2012-13 Award to the company's Chairman & Managing Director, Dr. J. K. Jain for 'Bellwether in Auto lighting for 40 years.
State Bank of Travancore announced after market hours on Wednesday, 26 March 2014 that the board of directors of the bank at its meeting held on 26 March 2014, has declared an interim dividend of Rs 2.50 per share to its shareholders for the year ending 31 March 2014. The date of payment of interim dividend is fixed as 22 April 2014.
The board of directors has also approved to undertake preferential allotment not exceeding Rs 385 crore to State Bank of India for equity shares of face value of Rs 10 each along with share premium subject to receiving the shareholders' approval and any other required statutory approvals. The board has also approved in principle for increasing the equity capital of the bank by way of issue of new shares on rights basis including share premium not exceeding Rs 629 crore.
Gulf Oil Corporation announced after market hours on Wednesday, 26 March 2014 that the board of directors of the company at its meeting held on 26 March 2014, has decided to pay an interim dividend of Rs 2.50 per share, equivalent to 125% (consisting of Rs 2.20 per share interim dividend equivalent to 110% in addition to special interim dividend of Rs 0.30 equivalent to 15% in view of the demerger in progress), for the year ending 31 March 2014. The interim dividend as aforesaid would be paid to such shareholders whose names shall appear in tile Register of Members as on 14 April 2014.
DIC India said that its board approved the closure of the manufacturing unit of the company located at Chandivali Farm, off Saki Vihar Road, Mumbai, effective from 1 April 2014. The closure of the Mumbai unit would not affect the overall production capacity of the company as relocation of the manufacturing process will take place, the company said.