Metal and power generation stocks will be in focus as the next Supreme Court hearing on coal blocks case is scheduled today, 1 September 2014. The Supreme Court on 25 August 2014 deemed all coal block allocations made since 1993 as illegal. The allocations had no objective criteria and no fair and transparent procedure was followed, the court had said.
Shares of automobile companies will be in focus as auto companies start unveiling sales volume data for August 2014 from today, 1 September 2014.
Mahindra & Mahindra (M&M) after market hours on Thursday, 28 August 2014 said it would make an additional investment at its Chakan plant in Maharashtra. As part of its expansion plans, the company will invest additional Rs 4000 crore over a 7-year period taking the total investment in Chakan to Rs 8000 crore.
Speaking on the occasion, Dr. Pawan Goenka, Executive Director, M&M said, We are delighted to announce the next phase of our expansion plans at Chakan and would like to thank the Govt. of Maharashtra for their continuous and unstinted support. I am sure that with this expansion, Mahindra will continue to play an integral part in the development of not only the region of Chakan but the state of Maharashtra, as well as the Indian auto industry in times to come.
A total of Rs 4000 crore will be utilized towards infrastructure development, product development and capacity expansion for vehicles to be rolled out from the Chakan plant. The Government of Maharashtra has conferred the status of 'Ultra Mega Project' to this proposed expansion. In addition there will be further investment by suppliers to cater M&M's increased requirement, the company said in a statement.
ONGC after market hours on Thursday, 28 August 2014 said that it will be investing Rs 5219 crore towards Daman Development project to enhance production of natural gas and condensate in its Tapti Daman Block in Arabian sea. The investment decision has been approved by the ONGC board in its meeting on 28 August 2014. The project is located about 90-100 km from Daman coast and includes additional development of C-24 field and monetization of B-12 marginal fields (B-12-11, B-12-13 and B-12-15), ONGC said in a statement.
ONGC said that the production is expected by July 2016 with peak production rate of 8.35 MMSCMD of gas and 9,286 barrels of condensate per day. The cumulative production till 2034-35 is pegged at 27.67 billion cubic meters (BCM) of gas and 5.01 million cubic meters (MMm3) of condensate, ONGC said. The gas and condensate will be evacuated to Hazira through Tapti Process facilities of Tapti-JV.
ONGC said that the project envisages installation of seven well head platforms, one riser platform with associated pipelines and drilling of 28 wells. The project is scheduled for completion by pre-monsoon 2019, ONGC said in a statement.
Shares of public sector oil marketing companies (PSU OMCs) will be watched after prices of petrol and non-subsidised LPG were reduced while diesel price was hiked. Indian Oil Corporation said that petrol price will be cut Rs 1.82 a litre and diesel rates were hiked by 57 paise per litre in Delhi with effect from 1 September 2014.
In case of LPG, selling price of domestic non-subsidised LPG cylinder was reduced by Rs 19 for a 14.2 kg cylinder and that of LPG commercial cylinder by Rs 32.50 for a 19 kg cylinder (including VAT) at Delhi with corresponding decrease in other states with effect from 1 September 2014.
Bharti Airtel said that consequent upon approval from the Communication Authority (CA) of Kenya, Airtel Networks Kenya (Airtel Kenya); a wholly owned subsidiary of Bharti Airtel International Netherlands BV has signed a definitive agreement with Essar Telecommunications Kenya, which operates under the brand name 'yuMobile', to acquire its over 2.7 million subscribers. This transaction is subject to approval from Competition Authority of Kenya (CAK) and is likely to be concluded by fourth quarter of 2014.
Piramal Enterprises after market hours on Thursday, 28 August 2014 in a clarification with regard to a news item titled "Piramal to exit drug discovery business" said that the company has only decided to scale back its investments in NCE R&D activity in Mumbai. Piramal Enterprises said that New Chemical Entity Research (NCE R&D) is only a part of the company s R&D activity, which also encompasses research in Radiopharmaceuticals, Anesthesia and Pharma Solutions, which have a relatively higher likelihood of success, as against the NCE R&D where the pipeline of projects are at early stages. The company continues to focus on the other components of its R&D activity and the funds are proposed to be reallocated to these activities and other businesses of the company. Further, as part of this expenditure curtailment and reallocation of funds initiative, employees connected with NCE R&D are being offered a voluntary early separation scheme in a fair and transparent manner, which is still in process, Piramal Enterprises said.
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