NMDC may gain as board to consider share buyback proposal

NMDC said that its board will meet on 7 June 2016 to consider a proposal for buyback of equity shares. The announcement was made after market hours yesterday, 2 June 2016.

Shares of State Bank of India turn ex-dividend today, 3 June 2016 for dividend of Rs 2.60 per share for the year ended 31 March 2016.

Shares of FMCG companies, tractor makers, fertilizer producers and other agri input makers may edge higher after the India Meteorological Department (IMD) retained its previous forecast of good rains for the 2016 southwest monsoon season (June to September). Higher rural income may boost demand for consumer goods. FMCG firms derive substantial revenue from rural India. Good rains may also boost demand for tractors, fertilizers and other agri inputs. In its second stage forecast issued after trading hours yesterday, 2 June 2016, the IMD said that rainfall over the country as a whole for the 2016 southwest monsoon season is most likely to be above normal. Quantitatively, monsoon season rainfall for the country as a whole is likely to be 106% of the long period average (LPA) with a model error of plus/minus 4%. In its first stage forecast issued on 12 April 2016, the IMD had forecast rainfall to be 106% of the LPA with a model error of plus/minus 5%.

Mahindra & Mahindra (M&M) after market hours yesterday, 2 June 2016, announced the launch of new electric sedan eVerito. The eVerito would be available in key cities like New Delhi, Mumbai, Bangalore, Pune, Kolkata, Chandigarh, Hyderabad, Jaipur and Nagpur with immediate effect. It will be priced at Rs 9.50 lakh (ex showroom Delhi, for D2 variant, post state subsidy and FAME incentive). The direct drive single speed transmission eVerito can be charged at home. It can be charged in 1 hour and 45 minutes through fast charging technology. On a full charge, the Mahindra eVerito can travel for up to 110 kms (based on vehicle loading) and can achieve a top speed of 86 kmph. Its running cost is Rs 1.15/km assuming cost of electricity at Rs 7 per unit.

The eVerito also features Boost Mode and Telematics which include real time and immediate assistance wherever the vehicle may be.

Wipro announced that it has open sourced its big data product, Big Data Ready Enterprise (BDRE), which makes big data technology adoption simpler and faster by optimizing big data workloads under an integrated unified framework. The product addresses the complete lifecycle of managing data across enterprise data lakes, making it possible to ingest, organize, enrich, process, analyze, govern and extract data at a fast pace, significantly accelerating the big data implementation in a cost effective manner. BDRE is in production with multiple clients and has over 100+ opportunities across numerous verticals. BDRE is released under the Apache Public License v2.0 and hosted on GitHub. The announcement was made after market hours yesterday, 2 June 2016.

Dabur India said that it incorporated a new step-down subsidiary, DABUR PARS, in Iran. It is a limited liability company. The subsidiary will manufacture cosmetic products including toothpaste, hair oils, shampoo and skin care products. The announcement was made after market hours yesterday, 2 June 2016.

Shriram Transport Finance Company said it is considering raising of funds through various options of borrowings including by way of issue of secured redeemable non-convertible debentures (NCDs) on private placement basis. Based on the market conditions the meeting of Banking and Finance Committee will be held during the current month ending 30 June 2016 to consider and approve the terms of such borrowings. The announcement was made after market hours yesterday, 2 June 2016.

Power Finance Corporation (PFC) said it raised its stake in Shree Maheshwar Hydel Power Corporation (SMHPCL) to 23.32% by invoking pedged shares of SMHPCL. The announcement was made after market hours yesterday, 2 June 2016. PFC is one of the lenders of SMHPCL and has given loan of Rs 700 crore to SMHPCL alongwith guaranteeing Rs 400 crore to the bond holders of SMHPCL. SMHPCL has defaulted in repaying the loan to PFC and now PFC is enforcing its legal rights by invoking the shares pledged by the promoters of SMHPCL in favor of PFC and by partial converting sub debt loan into equity shares. PFC had served pledge invocation notice on SMHPCL. Accordingly, SMHPCL's board of directors has approved transfer of 6.57 crore equity shares of Rs 10 each in favor of PFC pursuant to invocation of shares pledged by its promoters in favor of PFC in terms of pledge agreement. Further, the board of SMHPCL has also approved allotment of 6.61 crore equity shares of Rs 10 each to PFC consequent upon partial conversion of sub debt loan to SMHPCL to the extent of Rs 66.10 crore in terms of subordinate loan agreement dated 29 September 2006. Upon invocation of pledged shares and partial conversion of sub debt, the total shareholding of PFC in SMHPCL stands 13.18 crore equity shares of Rs 10 each, representing 23.32% of paid up equity share capital of SMHPCL.

Entertainment Network (India) said it commenced broadcast from its radio station at Hyderabad on 2 June 2016 (2nd channel - 95 FM - acquired under Phase 3 auctions held last financial year). The announcement was made after market hours yesterday, 2 June 2016.

TVS Motor Company after market hours yesterday, 2 June 2016, announced the launch of its new four stroke moped TVS XL 100 in Himachal Pradesh, Chandigarh, Punjab, New Delhi and Haryana markets. TVS XL is priced at Rs 29,988 ex-showroom in Himachal Pradesh, Rs 30,281 ex-showroom in Chandigarh, Rs 29,808 ex-showroom in Punjab, Rs 30,174 ex-showroom in New Delhi and Rs 29,953 ex-showroom in Haryana.

Navkar Corporation said its wholly-owned subsidiary, Navkar Terminals, received contract for operation and management of Kribhco Infrastructure's Container Freight Station (CFS)/ICD and Handling of Container Trains at Hazira Terminal, Gujarat. The announcement was made after market hours yesterday, 2 June 2016.

Spice Mobility said that Spice Online Retail, a step down subsidiary of the company, has incorporated 'Hotspot Sales & Solutions', a 100% subsidiary company to engage in the business of telecom devices. Consequently, Hotspot Sales & Solutions has also become a step down subsidiary of the company. The announcement was made before market hours today, 3 June 2016.

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