Tech Mahindra in focus after inking JV with Midad Holding

Tech Mahindra said it has formed a joint venture with Midad Holding to provide IT and ITeS solutions in Saudi Arabia. The joint venture will be called Tech Mahindra Arabia. In a notification to the BSE, Tech Mahindra said it will hold 51% stake in the new joint venture, while Midad will have the balance 49%.

Hero MotoCorp total sales rose 8% to 5.41 lakh units in June 2014 over June 2013. The company sold 17.15 lakh two-wheelers in Q1 June 2014, compared with 15.59 lakh in Q1 June 2013, clocking 10% growth.

Hero MotoCorp turns ex-dividend today, 3 July 2014, for the dividend of Rs 65 per share for the year ended 31 March 2014 (FY 2014).

Bajaj Auto turns ex-dividend today, 3 July 2014, for the dividend of Rs 50 per share for the year ended 31 March 2014 (FY 2014).

Bajaj Finserv turns ex-dividend today, 3 July 2014, for the dividend of Rs 1.75 per share for the year ended 31 March 2014 (FY 2014).

Bajaj Holdings & Investment turns ex-dividend today, 3 July 2014, for the dividend of Rs 30 per share for the year ended 31 March 2014 (FY 2014).

Bajaj Finance turns ex-dividend today, 3 July 2014, for the dividend of Rs 16 per share for the year ended 31 March 2014 (FY 2014).

Canara Bank turns ex-dividend today, 3 July 2014, for the dividend of Rs 4.50 per share for the year ended 31 March 2014 (FY 2014).

Reliance Capital said after market hours on Wednesday, 2 July 2014, that it will unlock value from investments other than financial services and to align its non core investments with successful entrepreneurs and support their future growth. The company will singularly focus on and accelerate growth in its core businesses in financial services. Additionally, Reliance Mediaworks and Prime Focus will combine their global film & media services business and create the world's largest media services powerhouse.

Jaiprakash Associates said after market hours on Wednesday, 2 July 2014, that the Finance Committee of the Board of Directors of the company has at its meeting held on 2 July 2014 decided to open the Qualified Institutions Placement issue of shares to qualified institutional buyers (QIBs) of up to $ 250 million or approximately Rs1550 crores from 2 July 2014.

The board of GMR Infrastructure approved opening of QIP on Wednesday, 2 July 2014. The floor price for QIP is fixed at Rs 33.14 per share. The board would consider offering a discount of not more than 5% to the floor price.

The board also approved a proposal to issue and allot upto 18 crore warrants entitling to 18 crore equity shares of Re 1 each under preferential allotment to promoter group entities. Further the company inform that the price of warrants shall not be less than the QIP price.

The proceeds of the QIP Offering and the preferential allotment will be used primarily for the purpose of strengthening the company's financial position and net worth by way of, inter alia, repayment of borrowings, capital expenditure, working capital and general corporate purposes and meeting exigencies or any other purposes as approved by the board, GMR Infrastructure said in a statement.

Ashok Leyland said after market hours on Wednesday, 2 July 2014, the Fund Raising Committee of the company at its meeting held on 2 July 2014, has approved the closure of the qualified institutional placement (QIP) on 2 July 2014 and approved the issue price of Rs 36 per, which is at a premium of Rs 1.70 per share, to the floor price of Rs 34.30 per share, for the shares to be allotted to eligible qualified institutional buyers in the QIP.

In clarification to the media reports, Castrol India after market hours on Wednesday, 2 July 2014, said that the company is not aware of any current plans to delist its equity shares from the stock exchanges.

United Spirits (USL) will be watched after the world's largest spirits maker Diageo plc after market hours on Wednesday, 2 July 2014, said that the company through its wholly-owned subsidiary, Relay B.V., has accepted the tender of 3.77 crore shares in USL, representing 26% stake in USL at a price of Rs 3,030 per share under the tender offer announced on 15 April 2014. The aggregate consideration for these shares is Rs 11448.91 crore. Diageo's prior interest in USL was 28.78%, acquired for Rs 6574.21 crore. Diageo, therefore, will have a total interest of 54.78% in USL acquired for a total consideration of Rs 18023.13 crore.

The board of Sharon Bio-Medicine approved pricing of warrants to be issued to promoter group on preferential basis.

The relevant date for the issue of warrants convertible within 18 months date of issue (One warrant convertible into one equity share of the face value of Rs. 2/- each) was 14 June 2014. The minimum price at which warrants can be issued works out to Rs 45.58 per warrant.

The board has decided to issue warrants, subject to approval of members to be obtained by way of Postal Ballot at price of Rs 50 each. At the time of conversion of warrants to equity shares, Rs 2 will be appropriated towards face value and balance Rs 48 to security premium, Sharon Bio-Medicine said in a statement.

Powered by Capital Market - Live News