HCL Tech in spotlight after board clears buyback plan

HCL Technologies said its board approved buyback of up to 3.64 crore shares (2.61% stake) worth Rs 4000 crore at Rs 1,100 each. The announcement was made after market hours yesterday, 12 July 2018.

Tata Communications will be watched. National Company Law Tribunal (NCLT) approved the proposed scheme of arrangement and reconstruction between Tata Communications and Hemisphere Properties India (HPIL) and their respective shareholders and creditors under Sections 230 to 232 of the Companies Act, 2013. The scheme provides for a demerger by way of reconstruction or splitting up of the company by way of transfer of the surplus land to HPIL and the consequent issue of equity shares by HPIL to the shareholders of Tata Communications, which will be followed by a transfer of equity shares of HPIL allotted to Panatone Group Companies (collectively, Panatone, Tata Sons and Tata Power Company) to the erstwhile shareholders of transferor company who had tendered shares in the open offer by Panatone and to the Government of India, in the manner set out in the scheme and various other matters consequential to or otherwise integrally connected with the above. The announcement was made after market hours yesterday, 12 July 2018.

Vakrangee said it has entered an alliance with Reliance Nippon Life Asset Management for distribution of mutual fund products to the citizens on PAN India basis. As per the arrangement with Reliance Mutual Fund, Vakrangee through its Nextgen Vakrangee Kendras, will offer mutual fund distribution and help Reliance Mutual Fund to extend their reach to un-served and under-served areas. This tie-up further expands the company's bouquet of services available to citizens through Vakrangee Kendras. The announcement was made after market hours yesterday, 12 July 2018.

Allahabad Bank said it proposes to sell its non-core assets including divestments of its stake in joint ventures, associates, selling some of the immovable properties owned by the bank. The announcement was made after market hours yesterday, 12 July 2018.

Hindustan Oil Exploration Company (HOEC) announced the successful completion of a two well re-entry and side track drilling campaign of Mercury and Earth wells which commenced in April 2018. Based on the test results of these wells there is an increase in gas production by about 10 mmscfd from the current level of 2 mmscfd. PY-1 Block is 100% HOEC owned Offshore field with the facilities to handle this production without any additional operating costs. The announcement was made after market hours yesterday, 12 July 2018.

Successful completion of the two wells opens up opportunities for further exploitation with simple, shallower and cost-effective vertical wells. HOEC is keen to pursue this new lead in future drilling campaigns after geo-technical studies based on the production performance PY-1 Block has a fully developed infrastructure with a long-term gas sales contract with GAIL which ensures full offtake of the quantity produced, HOEC said in a statement.

Varroc Engineering said that the board of its whollyownedstep-downsubsidiary, VarrocLightingSystemsINC.USA, approved the proposed setting up of new facilities at Chennai (India) and Poland formanufacturingexteriorlightingcomponents.The announcement was made after market hours yesterday, 12 July 2018.

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