Tata Steel will be in focus. Tata Steel UK announced the signing of a letter of intent with Liberty House Group to enter into exclusive negotiations for the potential sale of its Speciality Steels business for an enterprise value of 100 million subject to due diligence and corporate approvals. The letter of intent covers several South Yorkshire-based assets including the Rotherham electric arc steelworks, the steel purifying facility in Stocksbridge and a mill in Brinsworth as well as service centres in Bolton and Wednesbury, UK, and in Suzhou and Xi'an, China. Speciality Steels employs about 1,700 people making steels for the aerospace, automotive and the oil & gas industries. The announcement was made after market hours yesterday, 28 November 2016.
Tata Steel UK has invested 1.5 billion of capital over the last nine years. The company's boards consider the technical feasibility and economic returns of investments when taking decisions, as well as their affordability. The company is pursuing a transformation plan to create a sustainable future for its UK strip products business. The success of this plan is likely to influence decisions on future investments.
In the current year, the company is pursuing 85m worth of capital investments covering a range of sustenance and improvement schemes. Tata Steel has recently approved schemes focused on improving manufacturing capability to enable the production of premium steels in Shotton, Llanwern, Trostre, Orb in Newport, and other downstream operations as well as environmental schemes for Port Talbot's power plant. Investments in packaging steels, electrical steels, an automotive finishing line, laser welding and next-generation coated products are in line with company's strategy to enhance premium product focus for UK strip products supply chain.
Sun Pharmaceutical Industries (Sun Pharma) announced the launch of BromSite (bromfenac ophthalmic solution) 0.075% in the US market. A nonsteroidal anti-inflammatory drug (NSAID) indicated for the treatment of postoperative inflammation and prevention of ocular pain in patients undergoing cataract surgery, BromSite will be marketed by Sun Ophthalmics, the company's branded ophthalmic business solution. BromSite is the first branded product launched by the company in the US, following its focus on Specialty business. The announcement was made after market hours yesterday, 28 November 2016.
Tata Power Company will be in spotlight. With regard to news article in media titled "Fire breaks out at Tata Power Delhi Distribution's Badli power house", the company after market hours yesterday, 28 November 2016, issued a clarification to the exchanges. Tata Power said that on 27 November 2016, there was a fire incident in the area next to the boundary wall of the Tata Power Delhi Distribution (TPDDL) Badli grid. There were nearly 76 drums of 66 KV cables which were stored by a vendor/contractor for project work. 46 cable drums were damaged while 30 cable drums were quickly shifted and saved. The cable belonged to the vendor who had stored/kept it in the grid till it was installed. The cables are insured by the vendor and there is no impact on TPDDL. TPDDL senior officials were there at the site. There was no impact on the grid and grid is safe and supply to TPDDL's consumers was not impacted. The reason for the fire is being investigated and suitable corrective action will be taken based on the fact finding report, Tata Power said.
Timken India's net profit rose 41.11% to Rs 29.86 crore on 7.26% rise in net total income from operations to Rs 296.75 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 28 November 2016.
Triveni Engineering & Industries' consolidated net profit jumped 205.53% to Rs 67.92 crore on 49.69% rise in total income from operations to Rs 675.51 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 28 November 2016.
Mahanagar Gas' net profit rose 40.88% to Rs 102.24 crore on 3.11% decline in total income from operations to Rs 574.18 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 28 November 2016.
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