Hindalco Industries clarifies reports

The Exchange had sought clarification from Hindalco Industries Ltd with respect to news article appearing in Financial Express on April 24, 2015 titled "Birla's Hindalco said to seek $350 million selling real estate".

The Exchange had sought clarification from Hindalco Industries Ltd with respect to news article appearing in Financial Express on April 24, 2015 titled "Birla's Hindalco said to seek $350 million selling real estate".

Hindalco Industries Ltd clarified "We have already sent the clarification vide our email dated 25th Sept 2014 in response to your query dated 24th Sept 2014, which stated as "In this regard, please be informed that we constantly evaluate various value optimization options with respect to the non-productive assets of the company including the land located at Kalwa, Thane."

Market languishes in red

The CNX Midcap index has plunged 1.3 percent to 12,722, and the Smallcap index has tanked 2.3 percent to 5,581. 

The market continues to languish in negative zone on the back of unabated selling pressure in banking stocks.

The Sensex has now shed 170 points at 27,565, and the Nifty has declined 31 points to 8,398.

The broader market continues to trade with significant losses. The CNX Midcap index has plunged 1.3 percent to 12,722, and the Smallcap index has tanked 2.3 percent to 5,581.

The breadth too remains extremely bearish, with nearly 1,200 declining stocks as against 280 advancing shares.

Infosys nose-dived to a low of Rs. 2,054 after the company reported Q4 earnings slightly below Street expectations. The company reported a net profit of Rs. 3,097 crore, while total revenue stood at Rs. 12,411 crore. The stock, however, has recouped losses and is now down 0.5 percent at Rs. 2,111.

Cipla and Sesa Sterlite remain the major losers, with losses of over 3 percent each. Hindustan Unilever and HDFC too have tanked nearly 3 percent each at Rs. 877 and Rs. 1,241, respectively.

Yes Bank, Hindalco, Zee Entertainment, Larsen & Toubro, IndusInd Bank, Tech Mahindra, Mahindra & Mahindra, Bank of Baroda, Axis Bank and BPCL are the other major losers.

NMDC has extended gains and is now up 3 percent at Rs. 128. Lupin has gained 2.2 percent at Rs. 1,764.

ITC too has advanced nearly 2 percent to Rs. 349. TCS, Maruti, Tata Motors, Cairn India and Sun Pharma are the other major gainers. 

Infosys Q4 net profit at Rs.3097 Crore

Infosys Q4 EBIT at Rs. 3449 crore.

Infosys Ltd has posted results for the fourth quarter ended 31st March, 2015.

The net profit for Q4 stands at 3097 crore.

Infosys Q4 EBIT at Rs. 3449 crore.

Infosys acquires Kallidus for US$120 m

The board approved the definitive agreement for an early-stage investment of USD 2 Million in Airviz, to acquire a minority share. 

Infosys Ltd has announced that the Board of Directors of the Company at its meeting held on April 24, 2015, inter alia, has transacted the following business :

Approved the definitive agreement to acquire Kallidus Inc. (d.b.a Skava) and its affiliate, for a consideration of USD 120 Million including a deferred component and retention bonus.

Approved the definitive agreement for an early-stage investment of USD 2 Million in Airviz, to acquire a minority share.

 

Approved the Transfer of the business of Finacle and EdgeServices to the Company’s subsidiary- EdgeVerve Systems Limited.

Steel Strips Wheels Q4 net profit at Rs. 11.9 crore

The company's Total Income stood at Rs. 294 crore Vs Rs. 302.7 crore (YoY). 

Steel Strips Wheels Ltd has announced the following results for the quarter & year ended March 31, 2015.

The company reported net profit of Rs. 11.9 crore in Q4 FY15 against Rs. 4.3 crore.

During the period under review, the company's Total Income stood at Rs. 294 crore Vs Rs. 302.7 crore (YoY).

The Board of Directors of the Company at its meeting held on April 24, 2015, inter alia, has recommended, subject to the approval of shareholders, dividend of Rs. 2/- per fully paid up equity shares of Rs. 10/- each 

Oil & Gas Newsletter - April 20 to 24, 2015

Moody's points out that revenue fell, due to the slide in crude oil prices. Crude prices have fallen by more than 50% since June 2014. 

Moody's: RIL's credit metrics to improve over next two years Moody's Investors Service says that Reliance Industries Limited's (RIL, LC: Baa2 positive, FC: Baa2 stable) EBITDA increased by 8% during the quarter ended 31 March 2015 (QE3/2015 or Q4), because of the improved performance of its refining segment, and despite revenues falling by 26%.  

 Moody's points out that revenue fell, due to the slide in crude oil prices. Crude prices have fallen by more than 50% since June 2014. "As for RIL's debt leverage, its debt levels rose in the quarter ended 31 March 2015, as the company executed projects and invested in its telecommunications businesses," says Vikas Halan, a Moody's Vice President and Senior Credit Officer. 

  Nonetheless, despite a 15% increase in net debt in F2015 as compared to F2014, RIL's net debt to EBITDA only increased marginally, in line with the improvement in the company's EBITDA. "Looking ahead, low crude prices should continue to support demand growth, which will in turn keep product crack spreads firm. In addition, once RIL completes its petcoke gasification project in the next two years, its refining margins should improve by about $2.0-$2.5/bbl; a result which will support earnings growth," adds Halan. 

  Moody's analysis is contained in its just-released report titled "Reliance Industries Ltd: High Refining Margins Boost RIL's Q4 Results; Credit Metrics to Improve on Completion of Projects over Next Two Years," and is co-authored by Halan, and Sweta Patodia, an Associate Analyst. 

Domestic News

   Videocon establishes oil reserves in Brazil Videocon Industries advised that Petrobras, Operator of the block SEAL-M-426 in BM-SEAL-11 Concession, Brasil, has completed the formation test (assessing the potential of a petroleum deposit) of well 3-BRSA-1286-SES (ANP nomenclature) / 3-SES-186 (Petrobras nomenclature), located in the BM-SEAL-11 concession in the SEAL-M-426 block in ultra-deep waters of the Sergipe-Alagoas Basin.   The results of the formation test confirmed the presence of light oil (37 ° API) and good productivity of the reservoirs.

 This drilling identified two reservoir intervals of light oil and gas - the top with a thickness of 44 meters, and the bottom 11 meters thick, the bottom zone being a new discovery for the area.   The well is located 102.7 kilometers from the city of Aracaju (SE) and 10.3 km from the first discovery well “Farfan”, in a water depth of 2467 meters.

 The well drilling reached a final depth of 6060 meters.This is the third appraisal well in Farfan area, discovered in October 2012, and the initial results of drilling of this well had been communicated to stock exchange on 03.02.2015.This well is part of the Farfan Appraisal Plan in the Sergipe-Alagoas Basin in deep waters, as provided for in the said Plan by the Consortium for the period 2014-2018.

Fitch rates Bharat Petroleum's Proposed USD Notes 'BBB-(EXP)'

 Fitch Ratings has assigned India-based Bharat Petroleum Corporation Limited's (BPCL; BBB-/Stable) proposed notes an expected rating of 'BBB-(EXP)'. 

The notes are to be issued out of its USD2bn medium-term note programme, rated 'BBB-'.   The notes will constitute direct, unconditional, unsubordinated and unsecured obligations of BPCL. The final rating is contingent upon the receipt of final documents conforming to information already received. 

Govt to provide LPG subsidy benefit to state-owned oil & gas companies 

Coming as a big relief to the state-owned oil and gas companies, Oil Secretary Saurabh Chandra has announced that firms like ONGC and Oil India will not have to pay for LPG subsidies in the current fiscal. "Government will fully meet subsidy burden of LPG in 2015-16," he said at FICCI roundtable on Hydrocarbons in New Delhi.

   "Since upstream national oil companies contribution to under-recoveries is reduced, to that extent their resources are freed to invest in exploration and production," he added. The difference between the cost and the retail selling price, called under-recoveries, is borne by the government by way of cash subsidy and producers like ONGC.  

RIL to re-open its diesel pump outlets by FY16

 With diesel being deregulated in October last year, Reliance Industries plans to re-open all its 1,400 petrol pumps during this fiscal. RIL's 320 retail outlets are already working. The company aims to restart its entire diesel network  of 1,400 outlets in FY16. 

  Around March 2008, the company had closed all of its 1,432 petrol pumps due to massive losses it faced while competing with public sector firms. As the public sector firms got government subsidies and sold fuels at rates which were less than the cost. 

  RIL and Essar Oil Ltd were the only private refiner in India, which together brought in about 17 percent of domestic retail market for diesel and 10% of petrol by 2006 before state-run firms stamped a heavy toll on private firms' fuel sales. In 2006, RIL had a market share of 14.3 per cent in diesel and 7.2 per cent in petrol. 

Infosys stock down ahead of the results

Infosys Ltd has announced that a meeting of the Board of Directors of the Company will be held on April 24, 2015, to consider the audited financial results of the Company for the quarter and year ending March 31, 2015. 

Infosys stock is down 1% at Rs. 2099 ahead of the results.

The stock has hit a high of Rs. 2150 and a low of Rs. 2081.

Infosys Ltd has announced that a meeting of the Board of Directors of the Company will be held on April 24, 2015, to consider the audited financial results of the Company for the quarter and year ending March 31, 2015.

Market at day's low

The CNX Smallcap index has plunged nearly 2 percent at 5,607, while the CNX Midcap index has dropped nearly 1 percent at 12,779. 

The market has extended losses on the back of intense selling pressure in realty, metal and banking shares.

The BSE Sensex so far has plunged to a low of 27,517 and is now down 205 points at 27,529. Similarly, the NSE Nifty is now trading at day's low of 8,326 - down 72 points.

HDFC, Larsen & Toubro, Axis Bank and Infosys are the major draggers today, which collectively have accounted for a decline of 147 points for the BSE Sensex and 36 points for the NSE Nifty.

The broader market is also trading on a weak note. The CNX Smallcap index has plunged nearly 2 percent at 5,607, while the CNX Midcap index has dropped nearly 1 percent at 12,779. The Nifty Junior has also slipped 1 percent at 19,258.

The Volatility index - India VIX - has jumped 4.9 percent at 19.4075.

Barring CNX FMCG index, all the Sectoral indices are trading on a negative note.

The CNX Realty index is the top loser - down 2.8 percent. The CNX Metal index has plunged 1.7 percent. The Bank Nifty has tumbled 1.4 percent. The CNX Auto and the CNX Infra indices have dropped over 1 percent each.

The market breadth is also negative in the late morning deals. Out of 1,711 stocks have traded on the NSE - 1,164 stocks have declined, while 256 stocks have advanced. 

Gujarat Gas Q4 PAT at Rs. 62.6 crores

Total Income is Rs. 5643.90 mn for the Quarter ended March 31, 2015 where as the same was at Rs. 7,939.70 mn for the Quarter ended March 31, 2014. 

Gujarat Gas Company Ltd has announced the following results for the quarter & year ended March 31, 2015:

The Un-Audited Consolidated results for the Quarter ended March 31, 2015

The Group has posted a net profit after taxes and minority interest of Rs. 626.70 million for the Quarter ended March 31, 2015 where as the same was at Rs. 492.70 million for the Quarter ended March 31, 2014. Total Income is Rs. 5643.90 million for the Quarter ended March 31, 2015 where as the same was at Rs. 7939.70 million for the Quarter ended March 31, 2014.

The Audited Consolidated results for the Year ended March 31, 2015

The Group has posted a net profit after taxes and minority interest of Rs. 3137.80 million for the year ended March 31, 2015 where as the same was at Rs. 4186.10 million for the year ended March 31, 2014. Total Income is Rs. 25928.20 million for the year ended March 31, 2015 where as the same was at Rs. 39930.30 million for the year ended March 31, 2014.

"The previous Financial Year that began on January 01, 2013 had been extended by a period of three months, to close on March 31, 2014, so that the Financial Statements giving effect to such extension had been compiled for a period of 15 months from January 01, 2013 to March 31, 2014. Hence, the current period's results for 12 months ended on March 31, 2015 are not comparable with the previous period's results for 15 months ended on March 31, 2014 

Bharti Airtel stock up 1% on block deal

Around 50 lakh shares were traded in a single block at Rs. 400 on the NSE. 

Shares of Bharti Airtel Ltd were trading higher 1% at Rs. 402 on BSE today. Around 50 lakh shares were traded in a single block at Rs. 400 on the NSE.

The stock opened at Rs. 400 as against the previous close of Rs. 399.85 on NSE. It has hit a high of Rs. 403.20 and a low of Rs. 395 on NSE today.

Total traded quantity on the counter stood at over 64.8 lk shares on NSE.

Meanwhile, the benchmark BSE Sensex is trading at 27,573 down 162 points. 

Deutsche Bank to pay $2.5bn to settle Libor investigation

The New York's Department of Financial Services on Thursday announced that Deutsche Bank must terminate six London employees 

Deutsche Bank AG was ordered to pay $2.5 billion fine and terminate seven employees to settle US and UK investigations into its role in manipulating Libor.

The New York's Department of Financial Services on Thursday announced that Deutsche Bank must terminate six London employees and one in Frankfurt who were engaged in wrongful conduct of manipulating interest rates.

“Deutsche Bank employees engaged in a widespread effort to manipulate benchmark interest rates for financial gain,” DFS Superintendent Benjamin Lawsky said in a statement. “We must remember that markets do not just manipulate themselves: It takes deliberate wrongdoing by individuals.”

The London Interbank Offered Rate ("LIBOR") is a benchmark interest rate used in financial markets around the world. 

Govt is expected to clarify on MAT issue soon

The Budget session of Lok Sabha ends on May 8, while Rajya Sabha will continue till May 13 

The Finance Bill is likely to be taken up for discussion in the Parliament next week, according to a media report.

The Budget session of Lok Sabha ends on May 8, while Rajya Sabha will continue till May 13.

The government is expected to clarify at the time of passage of Finance Bill in Parliament that MAT will not be applicable on foreign portfolio investors belonging to nations with whom India has double tax avoidance pacts, the report further said.

Sensex, Nifty in red; banking, capital goods stocks drag

The BSE Mid-cap Index is trading down 0.39% at 10,565, whereas BSE Small-cap Index is trading down 0.25% at 11,282. 

At 9:29 AM, the S&P BSE Sensex is trading at 27,659 down 76 points, while NSE Nifty is trading at 8,365 down 33 points.

The BSE Mid-cap Index is trading down 0.39% at 10,565, whereas BSE Small-cap Index is trading down 0.25% at 11,282.

Some buying activity is seen in IT sector, while banking, consumer durable goods, metal, oil & gas and auto sectors are showing weakness on BSE.

Infosys, Tata Motors, ITC, Wipro and Sun Pharmaceuticals are among the gainers, whereas Sesa Sterlite, Axis Bank, HDFC, HUL and Hindalco are losing sheen on BSE.

There are many issues at hand the market may be grappling with. MAT is an issue which will continue to keep investors edgy.  Manufacturing data emanating from China and Japan are showing softness but stock markets have a different take on that as they expect more policy stimulus on account of the slowdown.

IT major Infosys will declare its numbers today. With Wipro reporting a weaker than expected 1.2% qoq constant currency dollar revenue growth in its IT services segment and an overall muted revenue performance by the company, the investors would be keenly watching out for Infosys. Cross currency movements would affect growth. Crompton Greaves Says Avantha Holdings has proposed to sell consumer electricals business to Advent for Rs. 2000Cr.

Global cues are mixed. US stocks closed higher with Nasdaq hitting an all-time high of 5073.09. Asian markets are mostly lower. Japan's Nikkei is down while Hong Kong's Hang Seng index is up. China's Shanghai index is also trading lower.

Moody's Investors Service says that the finalization by members of the Association of Southeast Asian Nations (ASEAN) of tariff liberalization by the end of 2015 is credit positive for the region and will boost intra-regional trade and economic growth.

Capgemini is planning to acquire Nasdaq-listed Igate, says a report. If the deal is done, it will be one of the biggest M&As in the IT services space.

Cyient Ltd has posted a net profit after taxes, share in profit of associate and minority interest of Rs. 936.90 million for the Quarter ended March 31, 2015 whereas the same was at Rs. 698.30 million for the Quarter ended March 31, 2014. Total Income is Rs. 7678.50 million for the Quarter ended March 31, 2015 whereas the same was at Rs. 5918.90 million for the Quarter ended March 31, 2014.

The broader market is also trading on a negative note, the CNX Midcap index is down 0.2 percent at 12,858, and the Smallcap index has moved down 0.5 percent at 5,680.

All sectoral indices are trading in red, except, the CNX IT index up 0.2 percent at 11,476.

The Metal, Bank Nifty, Finance and Infra indices have declined over 0.5 per cent each.

Among Nifty-50 shares - Cairn India is the top loser, down 2.3 percent to Rs 208, after the company reported biggest loss of Rs. 241 crore in Q4.

Axis Bank, Sesa Sterlite, Yes Bank, HDFC, Tata Power, Zee Entertainment, IndusInd Bank and Kotak Bank are the other significant losers.

On the other hand, NMDC has jumped almost 2 percent at Rs. 127. HCL Technologies, ITC, Dr.Reddy's Reliance and Tata Motors are the other prominent gainers. 

TCS Positioned in "Winner’s Circle" in HfS' Blueprint Report on Enterprise Mobility Services

The report highlights TCS’ strength in its ability to meet an extremely broad set of enterprise mobility needs from one-off development to complex transformation. 

Tata Consultancy Services (TCS), a leading IT services, consulting and business solutions organization, today announced it has been named to the ‘Winner’s Circle’ by analyst firm HfS Research in its “2015 Enterprise Mobility Services Blueprint Report,”  authored by Ned May, Senior Vice President Research, Digital Transformation Services & Solutions, HfS Research.

HfS gathered nearly 1,000 data points covering 23 enterprise mobility service providers, evaluating criteria across six parameters in Execution and Innovation. The ‘Winner’s Circle’ had the scale to drive innovation across their respective target markets via their deep industry expertise coupled with refined technical execution, and went above and beyond in areas such as: building strong relationships with clients, execution of services beyond the scope, high flexibility in meeting clients’ needs, a strong vision, concrete plans to invest in future capabilities, a healthy cross-section of vertical capabilities, and demonstrating a strong ability of leveraging external drivers to increase value for their clients.

The report highlights TCS’ strength in its ability to meet an extremely broad set of enterprise mobility needs from one-off development to complex transformation. TCS was among the top providers bringing the most flexibility in mobility services pricing - matching pricing models to mobility development’s new demands. In addition, the report cites TCS’ unified Digital Vision, transformation capabilities, innovative pricing for app factories and mobile engagements, robust portfolio of IP across horizontal and vertical segments, very good execution and on-time delivery, and the ability to engage directly with business stakeholders and help drive momentum as a real partner to in-house IT.

“Across the board, enterprise buyers rated TCS at the highest levels for both execution and innovation. They are clearly a top provider in Enterprise Mobility Services today,” said Ned May, Senior Vice President Research, Digital Transformation Services & Solutions at HfS.

                         

“Mobility is emerging as the pivotal force among the Digital Five Forces (Mobility, Big Data, Social, Cloud, and AI-Robotics)  fuelling the Digital ReimaginationTM of our customers across every industry. In many ways, Mobility is the face of the enterprise to its customers as well as its own employees,” said Dr. Satya Ramaswamy, Global Head of TCS Digital Enterprise. “We believe that HfS Research’s positioning of TCS in the ‘Winner's Circle’ of Enterprise Mobility Services, is a result of TCS’ industry-leading and differentiated vision, innovative pricing models, intellectual property portfolio, ability to engage with business stakeholders, execution strength, and true thought leadership that can help transform businesses.”

PE funds concern about levy of MAT

Private equity entities are concerned that the Income-tax Department would impose MAT on their profits when they exit companies 

Private equity funds have turned to tax advisors for clarifications of minimum alternate tax (MAT), according to a media report.

Private equity entities are concerned that the Income-tax Department would impose MAT on their profits when they exit companies, the report added.

The PE companies have not received any notice from the income-tax department but are concerned about the levy on MAT on their profits made from selling PE business, the report further said.

The PE entities expect the government to clarify whether PE funds would be taxed under MAT and whether the Singapore and Mauritius exemptions will apply to them.  

Indigo overtakes Jet Airways in terms of market share

While Jet Airways and subsidiary JetLite retained second spot, with 25.4% share. 

Domestic air traffic grew 18.8% in March, according to reports.

IndiGo is leading all airlines with a 36.4 per cent market share.

While Jet Airways and subsidiary JetLite retained second spot, with 25.4% share. 

Air India was third, with 16.9% share in February.

Indices to open flat

There are many issues at hand the market may be grappling with. MAT is an issue which will continue to keep investors edgy. 

There are many issues at hand the market may be grappling with. MAT is an issue which will continue to keep investors edgy. 

 Manufacturing data emanating from China and Japan are showing softness but stock markets have a different take on that as they expect more policy stimulus on account of the slowdown.

The outlook is a flat start. IT major Infosys will declare its numbers today. With Wipro reporting a weaker than expected 1.2% qoq constant currency dollar revenue growth in its IT services segment and an overall muted revenue performance by the company, the investors would be keenly watching out for Infosys. Cross currency movements would affect growth. Crompton Greaves Says Avantha Holdings has proposed to sell consumer electricals business to Advent for Rs. 2000Cr.

Global cues are mixed. US stocks closed higher with Nasdaq hitting an all-time high of 5073.09. Asian markets are mostly lower. Japan's Nikkei is down while Hong Kong's Hang Seng index is up. China's Shanghai index is also trading lower.

Moody's Investors Service says that the finalization by members of the Association of Southeast Asian Nations (ASEAN) of tariff liberalization by the end of 2015 is credit positive for the region and will boost intra-regional trade and economic growth.

Capgemini is planning to acquire Nasdaq-listed Igate, says a report. If the deal is done, it will be one of the biggest M&As in the IT services space. 

Cyient Ltd has posted a net profit after taxes, share in profit of associate and minority interest of Rs. 936.90 million for the Quarter ended March 31, 2015 whereas the same was at Rs. 698.30 million for the Quarter ended March 31, 2014. Total Income is Rs. 7678.50 million for the Quarter ended March 31, 2015 whereas the same was at Rs. 5918.90 million for the Quarter ended March 31, 2014.

In a move to further strengthen its senior management team, Snapdeal, India’s largest online marketplace today announced that it has appointed Vivek Patankar as Senior Vice President –Finance.

Shares of HDFC Bank were closed lower at Rs. 1,013.50 on BSE today. The bank announced 20.6 percent growth in Q4 net profit at Rs. 2,807 crore towards the end of the trading session.

MRF Ltd has posted a net profit of Rs. 3326.20 million for the quarter ended March 31, 2015 as compared to Rs. 1708.70 million for the quarter ended March 31, 2014.Total Income has increased from Rs. 33096.60 million for the quarter ended March 31, 2014 to Rs. 33327.70 million for the quarter ended March 31, 2015.The stock ended 3% higher at Rs. 40077.

Yes Bank Ltd stock ended 7% higher at Rs. 851.the Board of Directors of the Company at its meeting held on April 22, 2015, inter alia, have approved the proposal to seek final approval of Shareholders for increase in the limit for the FII / FPI of up to 74% of the paid up share capital of the Bank from the existing limit of 49% of the paid up share capital.

Clariant Chemicals tumbled 8% to Rs. 901 after the company's Q4 net profit plunged by nearly 30 percent to Rs. 10.65 crore on year-on-year basis.

 

Jet Airways soared to a high of Rs. 427 on plans to reduce its debt. According to media reports, the airline plans to sell 16 aircrafts including Boeing 777 and Airbus A330 due to slack demand. The stock pared gains and ended mere 0.5% higher at Rs. 412.

Biocon surged over 3% to a high of Rs. 470 after the company's subsidiary - Syngene International filed a Draft Red Herring Prospectus with the Securities and Exchange Board of India for an IPO. The stock, however, ended down nearly a percent at Rs. 452.

Tata Power added 0.5% to Rs. 79 as global ratings agency S&P revised upwardly its outlook on the company to 'stable' and reaffirmed its B+ rating citing the progress on tariff revision and stake sale.

Welspun Enterprises scaled a fresh 52-week high at Rs. 434 on receiving Gujarat High Court approval for the scheme of Amalgamation between the company and its subsidiaries - Welspun Infratech, Welspun Plastics Private, Welspun Infra Projects and Welspun Projects. The stock finally ended with a solid gain of 8.3 percent at Rs. 410.

Everest Industries was locked at the 20% upper circuit at Rs. 354 on reporting a three-fold jump in net profit at Rs. 10.07 crore for Q4FY15.

Supreme Petrochem ended 5% higher to Rs. 71.20 after the company's net profit more-than-doubled to Rs. 20.47 crore for Q3FY15.

Ashoka Buildcon closed 5% lower to Rs. 181 after the company announced a 7.5 percent discount to the QIP issue price. The company announced its plans to raise up to Rs. 500 crore by way of issue of 2.84 crore equity shares to eligible Qualified Institutional Buyers (QIB) at Rs. 175.80 each.

Results: Infosys, Siemens, Supreme Industries, Steel Strips Wheels, Cholamandalam Investment and Finance, Fag Bearings India, Amal Ltd, Indiabulls Ventures, Indiabulls Housing Finance, Foseco India, Hinduja Ventures, Parrys Sugar Industries, Sequent Scientific Ltd.