NMDC in spotlight after revision in iron ore prices

NMDC revised prices of lump ore at Rs 3,250 per ton and fines ore at Rs 2,860 per month with effect from 13 December 2018. The announcement was made after market hours yesterday, 17 December 2018.

Tata Steel and thyssenkrupp have decided on the members of the future management board for the planned European steel joint venture between the two companies. The announcement was made after market hours yesterday, 17 December 2018.

Andreas Goss, currently chief executive officer (CEO) of thyssenkrupp's steel division, will be the future chief executive officer of the planned joint venture and chair the management board of thyssenkrupp Tata Steel B.V.. Hans Fischer, currently the CEO of Tata Steel Europe, will be the Deputy CEO & chief technology officer of the joint venture. Sandip Biswas, currently the group executive vice president finance of Tata Steel is the designated chief financial officer while Premal Desai currently the chief financial officer of thyssenkrupp Steel Europe will be the chief strategy officer of the joint venture. Apart from the above appointments, it is planned to announce the next management level for the joint venture early in the new year. The management board and the future top leadership team will be responsible for the planning and execution of the post-merger integration and the long-term business strategy once the planned joint venture has received the necessary regulatory approvals and after closing.

Bombay Dyeing & Manufacturing Company announced that its board approved closure of its subsidiary in Indonesia, PT Five Star Textile Indonesia ('PTFS'), on 17 December 2018. PTFS was incurring losses for many years hence; this is in line with the strategic move to close this subsidiary. All the financial risks related to this subsidiary have been provisioned in the past years reported financial. The announcement was made after market hours yesterday, 17 December 2018.

Sadbhav Infrastructure Project announced that ongoing litigation amongst the company, Sadbhav Engineering (collectively referred as Sadbhav) on the one side and Montecarlo on the other have arrived at amicable settlement. Hence, both the National Company Law Tribunal and High Court of Gujarat was pleased to dispose of the matter. Accordingly the said legal matters now stands closed. The announcement was made after market hours yesterday, 17 December 2018.

Jet Airways (India) will be watched. With reference to news items captioned, "SBI orders forensic audit of Jet's accounts from April 2014 to March 2018" and another news item captioned, "SBI orders forensic audit of Jet Airways' books," Jet Airways (India) clarified after market hours yesterday, 17 December 2018, that as per the directions of State Bank of India, a forensic audit of specific transactions of the company for the period 1 April 2014 to 31 March 2018 is in progress. The company is fully cooperating with the auditors and providing them all the information, as is being sought in this connection. The company has been regular in making the required disclosures in accordance with Regulation 30 of the Listing Regulations. The company is, however, unable to comment on the reasons for the decrease in its share price on the stock exchanges.

Graphite India will be watched. Pursuant to the observations made by the Karnataka State Pollution Control Board (KSPCB) during the inspection conducted on 19 September 2018, the company had vide letter dated 16 November 2018 informed KSPCB of the completion of all steps necessary (including the revamping work) in compliance of the observations and requested KSPCB to depute their officials to conduct an inspection of the plant to verify the compliances. Accordingly, the inspection of the plant was conducted on 23 November 2018 by KSPCB officials.

Pursuant to the said inspection, KSPCB renewed the "consent for operations" for a period up to 30 June 2020 only with condition to shift the unit from the existing location. The operations to be carried out in the plant are the same as was being done in recent years (except impregnation) and in line with the application made to KSPCB for the consent. The condition will not have adverse impact on the production capacity of the graphite electrode division as a whole in the medium and long term.

The said consent would be placed before the board of directors of the company for its perusal, discussion and directions on the way forward taking into consideration all factors into account, including the fact that test results conducted for stack emissions are all within the stipulated limits. The announcement was made after market hours yesterday, 17 December 2018.

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