M&M may advance after foraying into sprayers business

Mahindra & Mahindra (M&M) announced its foray into the sprayers business under the aegis of its Farm Equipment Sector through the acquisition of a 26% equity stake in M.I.T.R.A. Agro Equipments, a Maharashtra-based AgTech company (MITRA). The announcement was made after market hours yesterday, 30 January 2018.

Under the transaction, which is expected to close by February 2018, M&M will acquire a 26% equity stake in MITRA through a fresh infusion of capital into the company. The association with Mahindra will help accelerate the growth of MITRA, which designs and manufactures proprietary sprayers for horticulture crops.

ICICI Bank, L&T, NTPC and Vedanta will announce Q3 results today, 31 January 2018.

Dilip Buildcon has been declared lowest (L-1) bidder for a new engineering, procurement and construction (EPC) project valued at Rs 565.02 crore by the National Highways Authority of India in the Maharashtra under NHDP Phase IV-B. The announcement was made before market hours today, 31 January 2018.

Bharat Electronics' net profit fell 18.93% to Rs 302.84 crore on 12.92% rise in total income to Rs 2562 crore in Q3 December 2017 over Q3 December 2016. The announcement was made after market hours yesterday, 30 January 2018.

The board of directors of the company approved the proposal to buyback of not exceeding 2.03 crore shares of the company representing 0.83% of the total number of equity shares in the paid-up share capital of the company, at a price of Rs 182.50 per equity share payable in cash for an aggregate consideration not exceeding Rs 372.25 crore, representing 5% of the aggregate of the fully paid-up equity share capital and free reserves as per the audited standalone financial statements of the company for the financial year ended 31 March 2017.

Syndicate Bank said that the board meeting will be held on 2 February 2018, for approving the revised capital plan of the ban from earlier Rs 3500 crore (of which Rs 1150.80 crore has been raised through qualified institutional placement) to Rs 3990 crore for the financial year ending 31 March 2018). The equity capital may be raised through QIP/rights issue/follow on public offer and or preferential allotment to LIC, Government of India and other financial institutions in one or more tranches depending on the prevailing market conditions. The announcement was made after market hours yesterday, 30 January 2018.

Indiabulls Housing Finance said that the bond issue committee of the company approved the issue and allotment of Rs 315 crore, 7.8% payable annually secured synthetic Rupee notes due February 2021. The announcement was made after market hours yesterday, 30 January 2018.

Welspun Enterprises said that it has acquired 49% stake in the project for four laning of Chikhali - Tarsod (Package-IIA) section of NH-6 from Vishvaraj Group for a consideration of Rs 8.33 crore. The company has an option to acquire the remaining 51% stake as and when the regulator (NHAI) permits at a fixed consideration of Rs 8.67 crore. The announcement was made after market hours yesterday, 30 January 2018.

Bajaj Auto said that pursuant to letter dated 16 January 2018 received by the company from the Workers Union (Vishwa Kalyan Kamgar Sanghatana), an indefinite hunger strike has commenced from 29 January 2018 at Akurdi and Chakan.

The main reasons for the indefinite hunger strike as mentioned in the letter are the pending issue of eight workmen dismissed from the services for various acts of misconduct in 2013 -14 and dismissal of six workmen who did not report at the place of transfer/ deputation in spite of court orders, and delay in conclusion of the wage review process which is due with effect from 1 April 2016. The matter is pending before the Industrial Court, Pune and High Court of Bombay. The announcement was made after market hours yesterday, 30 January 2018.

Powered by Capital Market - Live News