L&T in focus ahead of Q2 results

Engineering and construction giant L&T unveils its Q2 results today, 18 October 2013.

Marico after market hours on Thursday, 17 October 2013, said that the Scheme of Arrangement entailing demerger of the Kaya skin clinics business sanctioned by the High Court of Judicature at Bombay has been filed with the Registrar of Companies on 17 October 2013. Accordingly, 17 October 2013 will be considered as the effective date of the Scheme of Arrangement.

SpiceJet will be watched on a media report that Qatar Airways is in talks with SpiceJet for the possible acquisition of 24% stake in the Indian airline.

Wockhardt announced that with reference to the earlier announcement dated October 12, 2013 about the communication received from Medicine and Healthcare Products Regulatory Agency, United Kingdom (Agency) in respect of the company's manufacturing facility situated at L1, MIDC Chikalthana, Aurangabad, the company has now informed that it has received another communication from the said agency whereby they have allowed the company to manufacture and supply certain products assessed to be critical to public health. The approximate revenue from these products is 3 million pounds from the UK and European Union markets to the consolidated revenues of the company.

The agency has also issued a drug Alert for recall of certain products, one time impact of which is expected to be approximately 1 million pound. The drug alert specifically mentions that there is no evidence of risk to patient safety from product currently in UK market, however it is considered that the products have not been manufactured in line with GMP requirements, Wockhardt said in a statement.

Shareholders of Gujarat NRE Coking Coal, the Australian unit of Gujarat NRE Coke, have given their approval to hand majority control of the mining firm to Jindal Steel and Power (JSPL).

Gujarat NRE Coke announced in a regulatory filing on Thursday that in the annual general meeting of its Australian subsidiary held this week, its shareholders unanimously agreed to a sale of 32.85 crore shares to JSPL, which will immediately raise its stake to 44.68%.

This will be followed by JSPL subscribing to an additional 32.85 crore unlisted transferable options, which can be converted into equity within five years. This will result in JSPL's stake in the Australian miner increasing from 31.49% now to 53.62%.

Raymond reportedly plans to offload a minority stake in its engineering subsidiary, JK Files, one of the largest producers of files in the world, with a 30% global market share in cutting and precision tools business. According to a report, Raymond is trying to attract private equity or strategic investors to raise Rs 250-300 crore. Raymond will use proceeds from the stake sale to fund global buyouts, as well as expanding its manufacturing facilities.

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