Here are stocks that are in news today:
Results Today: Motherson Sumi , Arvind , Bombay Dyeing , Bajaj Electricals , Cummins India , Jaiprakash Power Ventures, Jaypee Infratech, Polaris, Talwalkars Better Value, Tata Global Beverages, Aarti Industries, Banco Products, CEMMCO, Esab India, Hawkin Cookers, JMC Projects, Linde India, Minda Corp, Nelcast, Next Mediaworks, Orient Abrasives, Rupa & Company, Summit Securities, Sundaram Brake, TD Power Systems, TIMEX, Trent, TVERSUS Electronics
Prism Cement Q1
-Net loss at Rs 8 crore versus profit of Rs 13 crore (YoY)
-Total income down 1.4 percent at Rs 1,368.8 crore versus Rs 1,388.5 crore (YoY)
Cognizant Q2
-Net income at USD 420.1 million versus USD 382.9 million (QoQ)
-Revenue at USD 3.09 billion versus USD 2.91 billion (QoQ)
-Non-GAAP operating margin at 20.2 percent
Cognizant raises full year revenue & EPS guidance
Cognizant says
-See CY15 revenue up at least 20.1 percent, to be at least USD 12.33 billion
-See Q3 revenue to be at least USD 3.14 billion
-Q3 non-GAAP diluted EPS expected to be at least USD 0.75
Cognizant (in press conference) says
-Winning larger deals in digital
-Executing digital transformations & innovation-at-scale
-Strategic investments in company are paying off
-Key areas of investment include excellence in core operating business
-Consulting practice outperformed winning large deal in change management
-Excelled in platform-based solutions & industry utilities
-Overall pricing was stable during Q2
-Cash & short-term investments for Q2 at USD 3.57 billion
-Utilisation increased by 300 bps to 73 percent in Q2
-Q2 offshore utilisation at 78 percent, onsite utilisation 93 percent
Cognizant CEO Francisco Dsouza on
-Deal pipeline is strong on the back of digital technology
-Company is winning in digital, clients want digital transformation
-Company is looking at investing in 4 key areas
-Working at enhancing company’s digital & consulting capabilities
-Looking to invest in automation tech & platform-based solutions
-1st scale of investments in increasing capacity in digital in Asia, Europe
-See CY15 revenue up at least 20.1 percent, to be at least USD 12.33 billion
-Have been cautious in giving the guidance for CY15
-May upgrade company’s guidance as we go forward
-Healthcare industry in US is going through some consolidation
-Demand environment is strong
-Expect margins to remain in 19-20 percent range for rest of the year
-Will reinvest excess from margins back into biz if margins croreoss 20 percent
-Built a little bit of conservatism in CY15 guidance due to US healthcare
-Seeing more tailwinds in the deal pipeline than headwinds
-Financial services recovered well & investing in digital
-Europe grew 8 percent sequentially & will continue to grow well
-Broad strategy remains unchanged
-Looking at digital acquisitions in Europe, Asia & potentially Latin Amercia
-Will look at acquiring in core businesses like healthcare & financial services
-Continue to evaluate opportunities for acquisition
Canara Bank says
-Q1 fresh slippages at Rs 2,519 crore versus Rs 2,595 crore (YoY)
-Q1 fresh restructuring stood at Rs 719 crore
-Q1 cash recoveries at Rs 1,056 crore
-Cost of funds at 6.14 percent in June quarter
-Loan book stands at Rs 1.25 lakh crore
-Refinanced one account under 5/25 scheme amounting to Rs 400 crore
-Did not sell any assets to asset reconstruction companies (ARC) in Q3
-No growth on corporate loan book on YoY basis
-Expect corporate loan book to grow 3.5-5 percent this year
-May participate in certain consortiums & corrective action plans for some accounts
Anjani Portland Q1
-Net profit Rs 6.7 crore versus loss of Rs 9.6 crore (YoY)
-Total income up 75.9 percent at Rs 87.7 crore versus Rs 49.9 crore (YoY)
Snowman Logistics Q1
-Net profit down 61.3 percent at Rs 5.5 crore versus Rs 14.2 crore (QoQ)
-Total income up 10 percent at Rs 59.2 crore versus Rs 53.8 crore (QoQ)
Siemens India Q3
-Net profit at Rs 168.2 crore versus Rs 13 crore (YoY)
-Total income at Rs 2,376 crore versus Rs 2,374.4 crore (YoY)
-EBITDA at Rs 253 crore versus Rs 53 crore (YoY)
-EBITDA margin 10.8 percent versus 2.2 percent (YoY)
-Other income at Rs 55.5 crore versus Rs 26.2 crore (YoY)
-Siemens India says registered new orders of Rs 2,234 crore in Q3 versus Rs 2,732 crore (YoY)
-Siemens India MD & CEO Sunil Mathur says order inflows in energy business have not yet picked up
Sharda Cropchem Q1
-Consolidated net profit down 16.5 percent at Rs 36 crore versus Rs 43.1 crore (YoY)
-Consolidated total income up 3.1 percent at Rs 279.4 crore versus rs 271 crore (YoY)
Ramco Cements Q1
-Consolidated net profit at Rs 94.7 crore versus Rs 35.5 crore (YoY)
-Consolidated total income down 0.9 percent at Rs 952.8 crore versus Rs 961.7 crore (YoY)
Vardhman Textiles Q1
-Net profit up 39.2 percent at Rs 148 crore versus R s106.3 crore (YoY)
-Total income down 3.5 percent at Rs 1,395 crore versus Rs 1,445 crore (YoY)
Vardhman Textiles
-Not expecting sales to go higher next quarter
-Margin to remain at current levels of 18-23 percent range
JB Chemicals Q1
-Net profit up 7.9 percent at Rs 34.3 crore versus Rs 31.8 crore (YoY)
-Total income up 8.2 percent at Rs 284.2 crore versus Rs 262.6 crore (YoY)
Ramco Industries Q1
-Consolidated net profit up 95 percent at Rs 31 crore versus Rs 15.9 crore (YoY)
-Consolidated total income up 1.2 percent at Rs 277.7 crore versus Rs 274.5 crore (YoY)
Pricol Q1
-Net profit down 73.8 percent at Rs 1.6 crore versus Rs 6.1 crore (YoY)
-Total income down 0.5 percent at Rs 230.1 crore versus Rs 231.2 crore (YoY)
Brigade Enterprises Q1
-Consolidated net profit at Rs 24.3 crore versus Rs 6.6 crore (YoY)
-Consolidated total income up 85.7 percent at Rs 353.4 crore versus Rs 190.3 crore (YoY)
NDTV Q1
-Consolidated net loss at Rs 24.3 crore versus loss of Rs 1.5 crore (YoY)
-Consolidated total income down 18.6 percent at Rs 120 crore versus Rs 147.4 crore (YoY)
Mercator Q1
-Consolidated net loss at Rs 35.4 crore versus loss of Rs 12.3 crore (YoY)
-Consolidated total income down 4.9 percent at Rs 718.4 crore versus Rs 755.8 crore (YoY)
Bata India Q1
-Net profit up 55.2 percent at Rs 92.2 crore versus Rs 59.4 crore (YoY)
-Total income up 9.4 percent at Rs 680.5 crore versus Rs 622 crore (YoY)
-EBITDA down 11.3 percent at Rs 86 crore versus Rs 97 crore (YoY)
-EBITDA margin at 12.7 percent versus 15.6 percent (YoY)
Parsvnath Developers Q1
-Consolidated net loss at Rs 8 crore versus profit of Rs 6.1 crore (YoY)
-Consolidated total income up 66.1 percent at Rs 160 crore versus Rs 96.3 crore (YoY)
-Consolidated other income down 36.6 percent at Rs 32.6 crore versus Rs 51.4 crore (YoY)
GSK Consumer Q1
-Net profit up 19.2 percent at Rs 155 crore versus Rs 130 crore (YoY)
-Total income up 8.2 percent at Rs 1,045 crore versus Rs 966 crore (YoY)
Insecticides (India) Q1
-Net profit up 13.8 percent at Rs 19.8 crore versus Rs 17.4 crore (YoY)
-Total income up 13.1 percent at Rs 285.4 crore versus Rs 252.4 crore (YoY)
PTC India Q1
-Net profit up 9.6 percent at Rs 47.9 crore versus Rs 43.7 crore (YoY)
-Total income down 10.7 percent at Rs 3,296.2 crore versus Rs 3,689.5 crore (YoY)
-EBITDA up 3.4 percent at Rs 60 crore versus Rs 58 crore (YoY)
-EBITDA margin at 1.8 percent versus 1.6 percent (YoY)
Accelya Kale Q4
-Consolidated net profit down 24.3 percent at Rs 14 crore versus Rs 18.5 crore (YoY)
-Consolidated total income up 3.2 percent at Rs 75.3 crore versus Rs 73 crore (YoY)
Sonata Software
-Acquires California-based company Halosys
Alert: Halosys provides enterprise mobility enablement technology
-Halosys acquisition done for upfront payment of USD 2 million
-Earn out of USD 3 million payable over next 3 years for Halosys acquisition
Tech Mahindra says
-Vineet Nayyar to become non-executive director
-Vineet Nayyar designated as vice-chairman w.e.f August 10
Dr Reddy’s Labs , Satish Reddy,
-Brand change is not a dramatic shift, its evolution
-Wanted to bring all elements of business under one umbrella
-Earlier target of USD 3 billion by 2012 was set with certain goals
-Have target dates for US FDA approvals
-Will look at first launch in 12-18 months
-Expect one proprietary product launch every year post 2017
-Proprietary product business focussed on dermatology & neurology
-Will also expand our specialty products business in emerging markets
-Expect proprietary products biz to be multi-million USD opportunity in 5-7 years
-Increased scrutiny posed challenges in US apart from consolidation
-M&A part of growth strategy but not dependent on only adding revenue
-Open to M&A in US as part of strategy but should add to capabilities
-Keen to assess allergan’s generic portfolio when it comes up on block
-Already in touch with bankers to start assessment
-US FDA approval timelines improving
-Invested heavily in upgrading quality management systems & new metrics
-Will take 1-2 years for changes to entrench in company
-Don't have an update on Srikakulam US FDA resolution
-Significantly impacted because of delayed approval on Srikakulam
-Nexium & other key drug approvals have not yet come, impacting business
-Remain committed on Russia market despite continued currency volatility
-Russia volumes have come down in last 1-2 years but company has still grown
-No strategic shift, some changes in pricing & pushing institutional business
-M&A will not be key driver in Russia market, other opportunities available
-Not very happy with company’s rankings in India market
-Open to inorganic options for growth in India
-Sun-Ranbaxy is a unique combination, not assessing acquisitions of that scale
-Progressing on Merck Serono biosimilar tie-up, looking at first launch by 2019
-Have called off the relationship with GSK on generics
-R&D investments will largely remain in the current range of 10-11 percent
-Investing adequately in complex generics
-Looking at acquisitions on proprietary products in US as well
Fund firm Aviva adds to the list to oppose Vedanta ’s bid for Cairn
-Aviva holds 4.3 percent equity in Cairn Energy
Food Safety and Standards Authority of India says
-Have not given any clean chit regarding safety of Maggi noodles
-Requested Nestle India to share details test reports of UK & Singapore
-Test results of Goa samples had no bearing on the order dated June 5
-Goa FDA had sent 5 samples of noodles for testing post FSSAI direction
-Results from Central Food Technological Research Institute (CFTRI) show that samples not tested for MSG
Cabinet clears hiving off BSNL towers to a new company
-Cabinet approves financial assistance to BSNL, MTNL for surrendering 800 MHz spectrum
-Cabinet clears direct benefit transfer for NREGA wages
Government says
-In principle nod to hive off mobile tower assets of BSNL
-Department of Telecommunications (DoT) to authorise inter ministerial group (IMG) for working out capital structure of new company
-IMG to evaluate market valuation of tower assets, capital structure
-BSNL yet to realise full potential of its market share in tower business
-BSNL has 64,000 towers, 50000 BSNL towers have OFC connectivity
-BSNL & MTNL to get Rs 627 crore for surrendering 800 Mhz CDMA spectrum
-BSNL gets Rs 169 crore & MTNL to get Rs 458 crore
Himachal Pradesh government allots 960 MW Jhangi-Thopan-Powari hydro project to
Reliance Infrastructure
Alert: Jhangi-Thopan-Powari project was earlier awarded to Brakel Corp Of Netherlands
Alert: HP HC cancelled allotment to Brakel in 2009 due to misinterpretation of facts
Balaji Telefilms bulk deal on MSEI
-Radhakishan Damani acquires 5.3 percent via investment arm derive investments
-Ekta & Shobha Kapoor acquire 4.36 percent stake
-Balaji Tele Group CEO Sameer Nair acquires 0.64 percent stake
-Multiplier Share & Stock Advisors acquire 3.15 percent
-Other investors include Risi Finstock with 1.3 percent, Aadi Financials Advisors with 4.6 percent
Alert: Star Middle East sold 26 percent stake in Balaji Tele via bulk deal on MSEI
Tata Steel Europe says
-Discontinued talks with Klesch Group for sale of long products business
-Demerged long products business as separate unit
-Will continue to look for buyers for long products business
Alert: Tata Steel signed agreement to sell long products biz earlier this year to Klesch
Klesch Group to
-Have pulled out of buying Tata Steel’s long products business
-Pulled out of buying long products business due to regulatory uncertainty
-EU & India need to address Chinese steel dumping
Tata Steel : Sources
-Company to continue eyeing prospective buyers for long products business
-Likely to begin informal bidding process soon to sell long products business
-Sale of long products business key to Europe deleveraging plans
-Sale of long products business crucial in larger plans to consolidate Europe asset
Alert: Klesch had signed MoU to buy long products business in October 2014
Alert: Tata Steel’s long product business has capacity at 5.5 million tonnes
Other stocks and sectors that are in news today:
- ICICI Bank raises Rs 3200 crore through offshore bond issue
- PFC to buy back infra bonds to cut interest costs:
-Bennett Coleman & Co ties up with Shoppers Stop to push Femina in consolidatedumer products space
-SEBI asks companies to make more disclosures about pledged shares: PTI
-Government shortlists SBICAP, ICICI Securities, YES Bank for divestment of Oil India , CONCOR , NMDC , MMTC & ITDC
Results Today: Motherson Sumi , Arvind , Bombay Dyeing , Bajaj Electricals , Cummins India , Jaiprakash Power Ventures, Jaypee Infratech, Polaris, Talwalkars Better Value, Tata Global Beverages, Aarti Industries, Banco Products, CEMMCO, Esab India, Hawkin Cookers, JMC Projects, Linde India, Minda Corp, Nelcast, Next Mediaworks, Orient Abrasives, Rupa & Company, Summit Securities, Sundaram Brake, TD Power Systems, TIMEX, Trent, TVERSUS Electronics
Prism Cement Q1
-Net loss at Rs 8 crore versus profit of Rs 13 crore (YoY)
-Total income down 1.4 percent at Rs 1,368.8 crore versus Rs 1,388.5 crore (YoY)
Cognizant Q2
-Net income at USD 420.1 million versus USD 382.9 million (QoQ)
-Revenue at USD 3.09 billion versus USD 2.91 billion (QoQ)
-Non-GAAP operating margin at 20.2 percent
Cognizant raises full year revenue & EPS guidance
Cognizant says
-See CY15 revenue up at least 20.1 percent, to be at least USD 12.33 billion
-See Q3 revenue to be at least USD 3.14 billion
-Q3 non-GAAP diluted EPS expected to be at least USD 0.75
Cognizant (in press conference) says
-Winning larger deals in digital
-Executing digital transformations & innovation-at-scale
-Strategic investments in company are paying off
-Key areas of investment include excellence in core operating business
-Consulting practice outperformed winning large deal in change management
-Excelled in platform-based solutions & industry utilities
-Overall pricing was stable during Q2
-Cash & short-term investments for Q2 at USD 3.57 billion
-Utilisation increased by 300 bps to 73 percent in Q2
-Q2 offshore utilisation at 78 percent, onsite utilisation 93 percent
Cognizant CEO Francisco Dsouza on
-Deal pipeline is strong on the back of digital technology
-Company is winning in digital, clients want digital transformation
-Company is looking at investing in 4 key areas
-Working at enhancing company’s digital & consulting capabilities
-Looking to invest in automation tech & platform-based solutions
-1st scale of investments in increasing capacity in digital in Asia, Europe
-See CY15 revenue up at least 20.1 percent, to be at least USD 12.33 billion
-Have been cautious in giving the guidance for CY15
-May upgrade company’s guidance as we go forward
-Healthcare industry in US is going through some consolidation
-Demand environment is strong
-Expect margins to remain in 19-20 percent range for rest of the year
-Will reinvest excess from margins back into biz if margins croreoss 20 percent
-Built a little bit of conservatism in CY15 guidance due to US healthcare
-Seeing more tailwinds in the deal pipeline than headwinds
-Financial services recovered well & investing in digital
-Europe grew 8 percent sequentially & will continue to grow well
-Broad strategy remains unchanged
-Looking at digital acquisitions in Europe, Asia & potentially Latin Amercia
-Will look at acquiring in core businesses like healthcare & financial services
-Continue to evaluate opportunities for acquisition
Canara Bank says
-Q1 fresh slippages at Rs 2,519 crore versus Rs 2,595 crore (YoY)
-Q1 fresh restructuring stood at Rs 719 crore
-Q1 cash recoveries at Rs 1,056 crore
-Cost of funds at 6.14 percent in June quarter
-Loan book stands at Rs 1.25 lakh crore
-Refinanced one account under 5/25 scheme amounting to Rs 400 crore
-Did not sell any assets to asset reconstruction companies (ARC) in Q3
-No growth on corporate loan book on YoY basis
-Expect corporate loan book to grow 3.5-5 percent this year
-May participate in certain consortiums & corrective action plans for some accounts
Anjani Portland Q1
-Net profit Rs 6.7 crore versus loss of Rs 9.6 crore (YoY)
-Total income up 75.9 percent at Rs 87.7 crore versus Rs 49.9 crore (YoY)
Snowman Logistics Q1
-Net profit down 61.3 percent at Rs 5.5 crore versus Rs 14.2 crore (QoQ)
-Total income up 10 percent at Rs 59.2 crore versus Rs 53.8 crore (QoQ)
Siemens India Q3
-Net profit at Rs 168.2 crore versus Rs 13 crore (YoY)
-Total income at Rs 2,376 crore versus Rs 2,374.4 crore (YoY)
-EBITDA at Rs 253 crore versus Rs 53 crore (YoY)
-EBITDA margin 10.8 percent versus 2.2 percent (YoY)
-Other income at Rs 55.5 crore versus Rs 26.2 crore (YoY)
-Siemens India says registered new orders of Rs 2,234 crore in Q3 versus Rs 2,732 crore (YoY)
-Siemens India MD & CEO Sunil Mathur says order inflows in energy business have not yet picked up
Sharda Cropchem Q1
-Consolidated net profit down 16.5 percent at Rs 36 crore versus Rs 43.1 crore (YoY)
-Consolidated total income up 3.1 percent at Rs 279.4 crore versus rs 271 crore (YoY)
Ramco Cements Q1
-Consolidated net profit at Rs 94.7 crore versus Rs 35.5 crore (YoY)
-Consolidated total income down 0.9 percent at Rs 952.8 crore versus Rs 961.7 crore (YoY)
Vardhman Textiles Q1
-Net profit up 39.2 percent at Rs 148 crore versus R s106.3 crore (YoY)
-Total income down 3.5 percent at Rs 1,395 crore versus Rs 1,445 crore (YoY)
Vardhman Textiles
-Not expecting sales to go higher next quarter
-Margin to remain at current levels of 18-23 percent range
JB Chemicals Q1
-Net profit up 7.9 percent at Rs 34.3 crore versus Rs 31.8 crore (YoY)
-Total income up 8.2 percent at Rs 284.2 crore versus Rs 262.6 crore (YoY)
Ramco Industries Q1
-Consolidated net profit up 95 percent at Rs 31 crore versus Rs 15.9 crore (YoY)
-Consolidated total income up 1.2 percent at Rs 277.7 crore versus Rs 274.5 crore (YoY)
Pricol Q1
-Net profit down 73.8 percent at Rs 1.6 crore versus Rs 6.1 crore (YoY)
-Total income down 0.5 percent at Rs 230.1 crore versus Rs 231.2 crore (YoY)
Brigade Enterprises Q1
-Consolidated net profit at Rs 24.3 crore versus Rs 6.6 crore (YoY)
-Consolidated total income up 85.7 percent at Rs 353.4 crore versus Rs 190.3 crore (YoY)
NDTV Q1
-Consolidated net loss at Rs 24.3 crore versus loss of Rs 1.5 crore (YoY)
-Consolidated total income down 18.6 percent at Rs 120 crore versus Rs 147.4 crore (YoY)
Mercator Q1
-Consolidated net loss at Rs 35.4 crore versus loss of Rs 12.3 crore (YoY)
-Consolidated total income down 4.9 percent at Rs 718.4 crore versus Rs 755.8 crore (YoY)
Bata India Q1
-Net profit up 55.2 percent at Rs 92.2 crore versus Rs 59.4 crore (YoY)
-Total income up 9.4 percent at Rs 680.5 crore versus Rs 622 crore (YoY)
-EBITDA down 11.3 percent at Rs 86 crore versus Rs 97 crore (YoY)
-EBITDA margin at 12.7 percent versus 15.6 percent (YoY)
Parsvnath Developers Q1
-Consolidated net loss at Rs 8 crore versus profit of Rs 6.1 crore (YoY)
-Consolidated total income up 66.1 percent at Rs 160 crore versus Rs 96.3 crore (YoY)
-Consolidated other income down 36.6 percent at Rs 32.6 crore versus Rs 51.4 crore (YoY)
GSK Consumer Q1
-Net profit up 19.2 percent at Rs 155 crore versus Rs 130 crore (YoY)
-Total income up 8.2 percent at Rs 1,045 crore versus Rs 966 crore (YoY)
Insecticides (India) Q1
-Net profit up 13.8 percent at Rs 19.8 crore versus Rs 17.4 crore (YoY)
-Total income up 13.1 percent at Rs 285.4 crore versus Rs 252.4 crore (YoY)
PTC India Q1
-Net profit up 9.6 percent at Rs 47.9 crore versus Rs 43.7 crore (YoY)
-Total income down 10.7 percent at Rs 3,296.2 crore versus Rs 3,689.5 crore (YoY)
-EBITDA up 3.4 percent at Rs 60 crore versus Rs 58 crore (YoY)
-EBITDA margin at 1.8 percent versus 1.6 percent (YoY)
Accelya Kale Q4
-Consolidated net profit down 24.3 percent at Rs 14 crore versus Rs 18.5 crore (YoY)
-Consolidated total income up 3.2 percent at Rs 75.3 crore versus Rs 73 crore (YoY)
Sonata Software
-Acquires California-based company Halosys
Alert: Halosys provides enterprise mobility enablement technology
-Halosys acquisition done for upfront payment of USD 2 million
-Earn out of USD 3 million payable over next 3 years for Halosys acquisition
Tech Mahindra says
-Vineet Nayyar to become non-executive director
-Vineet Nayyar designated as vice-chairman w.e.f August 10
Dr Reddy’s Labs , Satish Reddy,
-Brand change is not a dramatic shift, its evolution
-Wanted to bring all elements of business under one umbrella
-Earlier target of USD 3 billion by 2012 was set with certain goals
-Have target dates for US FDA approvals
-Will look at first launch in 12-18 months
-Expect one proprietary product launch every year post 2017
-Proprietary product business focussed on dermatology & neurology
-Will also expand our specialty products business in emerging markets
-Expect proprietary products biz to be multi-million USD opportunity in 5-7 years
-Increased scrutiny posed challenges in US apart from consolidation
-M&A part of growth strategy but not dependent on only adding revenue
-Open to M&A in US as part of strategy but should add to capabilities
-Keen to assess allergan’s generic portfolio when it comes up on block
-Already in touch with bankers to start assessment
-US FDA approval timelines improving
-Invested heavily in upgrading quality management systems & new metrics
-Will take 1-2 years for changes to entrench in company
-Don't have an update on Srikakulam US FDA resolution
-Significantly impacted because of delayed approval on Srikakulam
-Nexium & other key drug approvals have not yet come, impacting business
-Remain committed on Russia market despite continued currency volatility
-Russia volumes have come down in last 1-2 years but company has still grown
-No strategic shift, some changes in pricing & pushing institutional business
-M&A will not be key driver in Russia market, other opportunities available
-Not very happy with company’s rankings in India market
-Open to inorganic options for growth in India
-Sun-Ranbaxy is a unique combination, not assessing acquisitions of that scale
-Progressing on Merck Serono biosimilar tie-up, looking at first launch by 2019
-Have called off the relationship with GSK on generics
-R&D investments will largely remain in the current range of 10-11 percent
-Investing adequately in complex generics
-Looking at acquisitions on proprietary products in US as well
Fund firm Aviva adds to the list to oppose Vedanta ’s bid for Cairn
-Aviva holds 4.3 percent equity in Cairn Energy
Food Safety and Standards Authority of India says
-Have not given any clean chit regarding safety of Maggi noodles
-Requested Nestle India to share details test reports of UK & Singapore
-Test results of Goa samples had no bearing on the order dated June 5
-Goa FDA had sent 5 samples of noodles for testing post FSSAI direction
-Results from Central Food Technological Research Institute (CFTRI) show that samples not tested for MSG
Cabinet clears hiving off BSNL towers to a new company
-Cabinet approves financial assistance to BSNL, MTNL for surrendering 800 MHz spectrum
-Cabinet clears direct benefit transfer for NREGA wages
Government says
-In principle nod to hive off mobile tower assets of BSNL
-Department of Telecommunications (DoT) to authorise inter ministerial group (IMG) for working out capital structure of new company
-IMG to evaluate market valuation of tower assets, capital structure
-BSNL yet to realise full potential of its market share in tower business
-BSNL has 64,000 towers, 50000 BSNL towers have OFC connectivity
-BSNL & MTNL to get Rs 627 crore for surrendering 800 Mhz CDMA spectrum
-BSNL gets Rs 169 crore & MTNL to get Rs 458 crore
Himachal Pradesh government allots 960 MW Jhangi-Thopan-Powari hydro project to
Reliance Infrastructure
Alert: Jhangi-Thopan-Powari project was earlier awarded to Brakel Corp Of Netherlands
Alert: HP HC cancelled allotment to Brakel in 2009 due to misinterpretation of facts
Balaji Telefilms bulk deal on MSEI
-Radhakishan Damani acquires 5.3 percent via investment arm derive investments
-Ekta & Shobha Kapoor acquire 4.36 percent stake
-Balaji Tele Group CEO Sameer Nair acquires 0.64 percent stake
-Multiplier Share & Stock Advisors acquire 3.15 percent
-Other investors include Risi Finstock with 1.3 percent, Aadi Financials Advisors with 4.6 percent
Alert: Star Middle East sold 26 percent stake in Balaji Tele via bulk deal on MSEI
Tata Steel Europe says
-Discontinued talks with Klesch Group for sale of long products business
-Demerged long products business as separate unit
-Will continue to look for buyers for long products business
Alert: Tata Steel signed agreement to sell long products biz earlier this year to Klesch
Klesch Group to
-Have pulled out of buying Tata Steel’s long products business
-Pulled out of buying long products business due to regulatory uncertainty
-EU & India need to address Chinese steel dumping
Tata Steel : Sources
-Company to continue eyeing prospective buyers for long products business
-Likely to begin informal bidding process soon to sell long products business
-Sale of long products business key to Europe deleveraging plans
-Sale of long products business crucial in larger plans to consolidate Europe asset
Alert: Klesch had signed MoU to buy long products business in October 2014
Alert: Tata Steel’s long product business has capacity at 5.5 million tonnes
Other stocks and sectors that are in news today:
- ICICI Bank raises Rs 3200 crore through offshore bond issue
- PFC to buy back infra bonds to cut interest costs:
-Bennett Coleman & Co ties up with Shoppers Stop to push Femina in consolidatedumer products space
-SEBI asks companies to make more disclosures about pledged shares: PTI
-Government shortlists SBICAP, ICICI Securities, YES Bank for divestment of Oil India , CONCOR , NMDC , MMTC & ITDC
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