IOCL may gain after govt announces 10% stake sale in the firm

Indian Oil Corporation announced after market hours on Friday, 21 August 2015, that the promoter of the company namely, the government of India (GoI) has fixed floor price of Rs 387 per share for the offer for sale of 24.27 crore shares aggregating to 10% of the total paid up equity share capital of the company held by GoI in the company. The offer shall take place during trading hours on a separate window of the stock exchanges for this purpose and shall commence today, 24 August 2015 at 9:15 IST and shall close at 15:30 IST today itself. As per the shareholding pattern, the GoI holds 68.57% stake in the company as at 30 June 2015. The floor price of Rs 387 per share for the OFS was at a discount of 1.88% to the closing price of Rs 394.45 on Friday, 21 August 2015.

L&T will be in focus. L&T clarified after market hours on Friday, 21 August 2015, that L&TIDPL, a subsidiary of L&T, had incorporated a wholly-owned subsidiary called L&T Port Sutrapada to implement the project awarded by Gujarat Maritime Board (GMB) in February 2008 on a competitive bidding basis for setting up a greenfield sea port at Sutrapada on BOOT (build, own, operate, transfer) basis. While the company had geared itself for undertaking the project, GMB faced severe difficulties in allocating the required land for the project. In July 2010, GMB approved shifting of the location of the project site to Kachchigarh in Dwaraka district for development of the sea port. Hence, the subsidiary was re-christened as L&T Port Kachchigarh. However, pursuant to marine surveys carried out at Kachchigarh and detection of the presence of growing coral reefs in the vicinity, it was communicated to GMB that the company did not seek further extension to the Letter of Intent for carrying out the project. The Letter of Intent for the project expired in August 2013.

Shares of Hinduja Global Solutions turn ex-dividend today, 24 August 2015, for interim dividend of Rs 5 per share for the year ending 31 March 2016.

Shares of Kanoria Chemicals & Industries turn ex-dividend today, 24 August 2015, for dividend of Rs 1.50 per share for the year ended 31 March 2015.

Shares of Kaveri Seed Company turn ex-dividend today, 24 August 2015, for interim dividend of Rs 2.50 per share for the year ending 31 March 2016.

Steel Authority of India (Sail) will be in focus after the Minister for Steel & Mines Narendra Singh Tomar on Friday, 21 August 2015, announced that the Government of India intends to revive Visvesvaraya Iron & Steel (VISL) by modernization and expansion of its facilities with an investment of Rs 1000 crore. However, this investment will be subject to recommendations of the consultant and approval by the board of directors of Sail. VISL's steel plant is located in Karnataka. VISL is a unit of Sail. Sail is a state-run steel giant. Tomar said after visiting the VISL steel plant that he has held two meetings with the Chief Minister of Karnataka and raised the issue of allotment of mines, including 240 Ha of iron ore mines in the Ramanadurga area to VISL for iron ore security. The Chief Minister has assured to actively consider the matter on priority basis.

Punjab National Bank (PNB) on Saturday, 22 August 2015 said that the bank's board of directors at its meeting held on Friday, 21 August 2015, approved holding of Extraordinary General Meeting (EGM) of shareholders of the bank on 28 September 2015, for the purpose of seeking approval for issuance of equity shares of face value of Rs 2 each aggregating upto an amount of Rs 1732 crore on preferential allotment basis to the Government of India (GoI), subject to necessary approvals.

Shares of FM radio operators will be in focus as aggressive bidding continues for the first batch of private FM radio Phase III Channels. At the close of the 20th day of bidding on Friday, 21 August 2015, 94 channels in 56 cities became provisional winning channels with cumulative provisional winning price of about Rs 1130.51 crore against their aggregate reserve price of about Rs 459 crore. The bidding will re-commence on Monday, 24 August 2015. The auction for the first batch comprising 135 FM channels in 69 existing cities of Phase III began on 27 July 2015.

Kennametal India announced after market hours on Friday, 21 August 2015, that on 19 August 2015, the company has received compensation amount of Rs 5.91 crore which includes Rs 4.99 crore towards land acquisition compensation after TDS and Rs 92.05 lakh towards interest vide cheque from City Civil Court, Bangalore against the acquisition of company's land measuring 3435.26 square meters (sq. mts) for Bangalore Metro Rail Corporation by Karnataka Industrial Areas Development Board. The dispute on the land compensation amount was pending before the Court since year 2012. The company has submitted Indemnity and bank guarantee in favour of II Additional City Civil & Sessions Judge at Bangalore for the aforesaid amount for valid upto 3 August 2016.

Tata Sponge Iron announced after market hours on Friday, 21 August 2015, that one of the Kilns having an annual rated capacity of 1,20,000 metric tonne (MT), which was under shut-down for replacement of the kiln/cooler shell from 11 May 2015, has been lit up on 21 August 2015 and the production is expected to commence in about a week's time from now.

Suzlon Energy announced after market hours on Friday, 21 August 2015, that the Securities Issue Committee of the board of directors of the company has, at its meeting held on 21 August 2015, approved allotment of 4.72 crore equity shares of Rs 2 each on conversion of 12,136 $546.91 million Step-up Convertible Bonds due July 2019 of $1,000 each at a conversion price of Rs 15.46 per equity share with a fixed rate of exchange on conversion of Rs 60.225 to $1. in terms of the Information Memorandum dated 17 June 2014, pursuant to the conversion notices received from certain bondholders of the $546.91 million Step-up Convertible Bonds due July 2019,

Goa Carbon announced on Saturday, 22 August 2015, that the operations at the company's Bilaspur plant located at 34-40, Sector B, Sirgitti Industrial Area, Bilaspur (Chattisgarh) has been temporarily shut down from 21 August 2015 on account of the inventory of finished material. There would not be any financial impact due to the temporary shutdown of the company's Bilaspur unit.

Deccan Gold Mines announced on Saturday, 22 August 2015, that the board of directors of the company at its meeting held on 22 August 2015, have revised upwards the proposed rights issue price to Rs 17 per share. It may be noted that the company had earlier announced a 1:2 rights issue at an issue price of Rs 15 per share.

Due to the revision in issue price, the issue size will get revised from Rs 44.41 crore (2.96 crore shares at Rs 15) to Rs 50.33 crore (2.96 crore shares at Rs 17) an increase of Rs 5.92 crore. The additional funds are sought to be utilized by the company for general corporate purpose and investment in subsidiary to establish a presence in Australia to facilitate the recruitment of technical personnel and access to other mining resources for development of our gold projects.

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