Idea Cellular in focus on buzz of PE investor mulling stake reduction

US-based private equity (PE) investor Providence Equity Partners is reportedly planning to sell 2.4% stake in Idea Cellular through block deal in a price band of roughly Rs 166 to Rs 172 a share. The stock had settled at Rs 172.35 on Wednesday, 3 September 2014. As of end of 30 June 2014, Providence held 9.31% stake in Idea Cellular.

L&T in a clarification after market hours on Wednesday, 3 September 2014 with regard to news item titled "L&T faces cost overrun of Rs 3000 crore" said that the Hyderabad metro rail project is being implemented by a special purpose vehicle ( SPV)---L&T Metro rail (Hyderabad) (L&TMRHL). This SPV is a 99% subsidiary of L&TIDPL. L&TIDPL is a 97.5% subsidiary of L&T. L&T holds directly 1% in the SPV. The debt financing for L&TMRHL is non recourse to L&TIDPL & consequently to L&T, the company said. Commissioning of stage 1 is on schedule, it added. The anticipated amount of cost over runs mentioned in the article is an approximate amount over the entire period of the project of 3 to 5 years, after considering several issues including delay in progress of acquisition of right of way, full impact of inflation, possible impact of re-organisation of AP State, possible non completion of project in time, etc, L&T said. Several of these issues may be addressed favourably during the execution of the project, the company added. The Government is seized of the matter & is actively looking into the issues & a positive solution can emerge, L&T said.

Tata Consultancy Services (TCS) has reappointed N. Chandrasekaran as chief executive and managing director for a period of five years, effective 6 October 2014.

United Spirits declared net loss of Rs 5380.10 crore on total income of Rs 1915.79 crore in Q4 March 2014. On a consolidated basis, the company posted a net loss of Rs 4489.08 crore on total income of Rs 11301.33 crore in the year ended 31 March 2014.

Shares of DLF may be under pressure on reports the Punjab and Haryana High Court on Wednesday, 3 September 2014 set aside the Haryana government's decision to allot 350 acres of land in Wazirabad, Gurgaon, to the realty major in 2010.

The Reserve Bank of India on Wednesday, 3 September 2014 increased foreign institutional investor's investment limit in Marico Kaya Enterprises to 40% of the paid up capital of the company.

Kirloskar Brothers has reportedly signed a memorandum of understanding (MoU) with Peru's National Water Authority (ANA) help the water authority in the management of water resources in Peru.

Dalmia Bharat Sugar and Industries has acquired a sugar plant situated at Sangli, Maharashtra having a cane crushing capacity of 1750 TCD (Tonnes Crushed per day) at Rs 24.30 crore from Maharashtra State Cooperative Bank under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security interest Act, 2012 (SARFASI Act). The plant is not operational for the last 7 years, the starting of operations of the plant would be determined after examining the condition of the plant on taking possession. The company currently has total cane crushing capacity of 27300 TCD at its existing plants in Uttar Pradesh and Kohlapur, Maharashtra.

Aksh Optifibre said that its board allotted 11.15 lakh equity shares of Rs 5 each, pursuant to the conversion of foreign currency convertible bonds (FCCBs) aggregating $0.3 million.

SML Isuzu said it sold 642 vehicles in August 2014, down 19.35% compared with 796 vehicles sold in August 2013.

Power Grid Corporation of India turns ex-dividend today, 4 September 2014, for final dividend of Rs 1.31 per share for the year ending March 2014.

Escorts turns ex-dividend today, 4 September 2014, for final dividend of Rs 0.60 per share for the eighteen months period ended 31 March 2014.

National Buildings Construction Corporation (NBCC) turns ex-dividend today, 4 September 2014, for dividend of Rs 5 per share for the year ended March 2014.

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