Ashok Leyland will be watched after winning order

Ashok Leyland said after market hours on Friday, 5 July 2013, that it secured an order from the Institute of Road Transport (IRT), Tamil Nadu, for supplying 2,610 buses. IRT is a nodal organization that procures buses for all transport corporations in Tamil Nadu.

Reliance Communications (RCom) said on Sunday, 7 July 2013 that its board of directors has in-principle decided on a demerger of the real estate held by RCom into a separate unit, Reliance Properties, to unlock substantial value for the benefit of its approx. 20 lakh institutional and retail shareholders.

The proposed separation of real estate into a separate unit is part of RCom's strategic plan to divest non-core assets, and focus on its core wireless and enterprise business. Reliance Properties will be a separate listed company. All shareholders of RCom will receive fully tradeable pro-rata shareholding in Reliance Properties, free of cost, based on their existing shareholding in RCom.

The preliminary and indicative monetisable value of RCom's real estate on development is estimated by independent valuers at over Rs 12000 crore ($ 2 billion), which is equal to Rs 60 ($1) per RCom share.

Reliance Properties will work with leading global partners to develop the real estate, and unlock this value for the benefit of its shareholders. The properties proposed to be developed by Reliance Properties include prime land at Dhirubhai Ambani Knowledge City, Navi Mumbai measuring nearly 135 acres, with saleable area of over 15 million square feet and prime property near Connaught Place, New Delhi measuring nearly 4 acres.

The board has constituted a committee to consider the matter in detail, and prepare the necessary Demerger Scheme, etc. in consultation with legal and other advisors. The demerger will be subject to approvals from shareholders, lenders, Courts, etc, RCom said in a statement.

FMCG and agri-sector stocks will be in focus after the latest data showed a further pick-up in sowing of kharif crops. The Centre on Friday, 5 July 2013, said that as per reports received from state governments, the total sown area in the country stands at 401.69 lakh hectare (lh) as on 5 July 2013, compared with 215.07 lh at this time last year.

DLF has completed the Rs 325 crore deal to sell 150 megawatts (MW) wind turbine project in Gujarat to Bharat Light and Power. The company transferred the wind mills at Kutch in Gujarat to Bharat Light and Power's subsidiary BLP Vayu (Project 1) on 5 July 2013, DLF said in a regulatory filing. The transaction is in line with the DLF's objective of divesting its non core assets, the company said in a statement.

Yes Bank may reportedly sell shares to two private equity investors to raise about $300 million as it attempts to raise its professional standards amid likely competition from new entrants. The bank is negotiating with potential investors to sell up to 4.99% stake. Yes Bank may in future bring these investors on its board to benefit from their professional expertise, report added.

Fresenius Kabi Oncology after market hours on Friday, 5 July 2013, said that the company has received a warning letter from the United States Food and Drug Administration (USFDA), inter-alia, asking for certain information and implementation of more corrective and preventive measures so as to avoid recurrence of deviations at the company's API plant located at Nadia district in West Bengal. Earlier, on 26 February 2013, Fresenius Kabi said that the USFDA as part of its routine inspection made certain observations relating to GMP non-conformities in respect of manufacturing, documentation practices and product testing at the company's API plant at Nadia subsequent to which the company at that time has voluntarily put the production at its plant on hold.

IDBI Bank after market hours on Friday, 5 July 2013 said that the Government of India (GoI), Ministry of Finance, Department of Financial Services have, vide their letter dated 5 July 2013, appointed M. S. Raghavan as Chairman & Managing Director of IDBI Bank from 5 July 2013, for a period upto 30 June 2015, i.e., the date of his attaining the age of superannuation or until further orders, whichever is earlier.

Century Textiles & Industries turns ex-dividend today, 8 July 2013, for dividend of Rs 5.50 per share for the year ended 31 March 2013 (FY 2013).

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