DLF in focus after selling non-core assets

DLF after market hours on Tuesday, 8 October 2013 said that on 8 October 2013 subsidiaries of the company, namely, DLF Home Developers and DLF Projects have divested 60% stake in Star Alubuild (Star Alubuild), a subsidiary at an enterprise value of Rs 79.80 crore. Star Alubuild specializes in designing, engineering, fabrication and installation of curtain walls for commercial buildings, retail malls and doors & windows for projects throughout India. Accordingly, Star Alubuild ceased to be subsidiary of the company, DLF said. The transaction is a part of DLF's objective of divesting its non core assets.

Tata Motors on Tuesday, 8 October 2013, formally announced the launch of the new Tata Nano CNG emax. The Tata Nano CNG emax is powered by a fuel efficient, state-of-the-art engine, with CNG and Petrol bi-fuel system options. The car has the lowest carbon footprint of 75.6 g/km and is the most fuel efficient car in India with a mileage of 36 km/kg. The Tata Nano CNG emax will now be available across CNG markets like Delhi, Gujarat, parts of Maharashtra and Lucknow.

Greaves Cotton said it divested its entire stake in its step-down subsidiary company, Greaves Farymann Diesel GmbH (GFD) in Germany for strategic purposes. The stake in GFD was held through the company's wholly owned subsidiary, Greaves Cotton Netherlands B.V.

PTC India said it received Rs 778 crore from UP Power Corporation (UPPCL) towards past outstanding dues against sale of power to UPPCL.

Reliance Infrastructures' board will meet today, 9 October 2013, to consider raising long term resources through borrowings in the domestic/international market for the purpose of refinancing of rupee debt, capital expenditure etc.

The board of IL&FS Engineering and Construction Company will meet today, 9 October 2013, to consider a proposal for a rights issue of shares.

The board of Coal India will reportedly meet today, 9 October 2013, to consider a proposal for a share buyback.

GOL Offshore has signed the contract worth approximately Rs 710 crore with Oil & Natural Gas Corporation (ONGC) for the reconstruction of the gas processing platforms of ONGC on the West Coast of India. The role of the company involves engineering survey, detailed design & engineering, procurement, fabrication, transportation of materials (from shore to offshore), installation & hookup and commissioning. The completion period is more than two years.

Bayer CropScience is reportedly in preliminary talks to purchase a minority stake in Hyderabad-based Kaveri Seeds as double-digit growth in hybrid seeds sales make India an attractive and automatic investment choice for global giants. Bayer, which is increasing its investments in India, may buy a stake that is less than 26% in Kaveri, the report added.

Standard Chartered PLC said after market hours on Tuesday, 8 October 2013, that on 27 November 2013 (the redemption date), it will redeem 4,62,500, 8.125% non cumulative redeemable preference shares at $2,000 per preference share, amounting to $925 million, together with $81.25 per preference share in accrued but unpaid dividend payable thereon up to but excluding the redemption date. Dividends in respect of the preference shares will cease to accrue on and after the redemption date. Following the redemption, there will be no preference shares outstanding. Standard Chartered PLC has applied to the Financial Conduct Authority, in its capacity as the United Kingdom Listing Authority, to cancel the listing of the preference shares on the Official List of the United Kingdom Listing Authority, with effect from (and including) 28 November 2013.

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