UltraTech Cement in focus as board approves greenfield expansion

The board of directors of UltraTech Cement at its meeting held on 9 December 2017 have approved the setting up of a 3.5 mtpa integrated cement plant at Pali, Rajasthan, at an investment of around Rs 1850 crore. The commercial production from the plant is expected to commence by June 2020. The announcement was made on Saturday, 9 December 2017.

This plant is being set up in one of the fastest growing markets in the country and the highest cement consuming State in the North Zone. It will cater to the markets in Western Rajasthan where UltraTech does not have a significant presence. With this expansion, UltraTech will have a foot print across the country with 50 plant locations, alongwith 103 readymix concrete plants, committed to supporting the growth of the nation.

Separately, the board of directors of UltraTech Cement at its meeting held on 9 December 2017 have approved the proposal for an increase in the investment limits by Registered Foreign Portfolio Investors (RFPIs) including Foreign Institutional Investors (FIIs) from the existing limit of 30% of the paid-up equity share capital upto 40% of the paid-up equity share capital of the company. The increase will make available more space for the RFPIs to invest in the equity share capital of the company, UltraTech Cement said.

Shares of NBCC will be in focus after the President of India, acting through the Ministry of Housing and Urban Affairs, Government of India (GOI), has offered upto 67.50 lakh equity shares to eligible employees of NBCC (India) at a discounted price of Rs 156.12 per share (i.e. after discount to the cut-off price discovered in the OFS and bonus issue adjustments). Action has been initiated by the company for sale of equity shares to the eligible employees by the GOI. The offer for sale shall remain open from 28 December 2017 to 5 January 2018. The announcement was made after market hours on Friday, 8 December 2017.

Axis Bank said its shareholders have given an approval to a proposal to raise equity and equity-linked capital of Rs 11626 crore from a set of marquee investors including entities affiliated with Bain Capital Private Equity, other investors advised by Capital Research and the bank's promoter, Life Insurance Corporation of India (LIC). The announcement was made after market hours on Friday, 8 December 2017.

Indiabulls Housing Finance said that the company has sold its 100% shareholding in Indiabulls Life Insurance Company, presently a non-operational company with no business or license, to SORIL Holdings and Ventures (SHVL), at face value for an aggregate cash consideration of Rs 5 lakh. This transaction between the company and SHVL, being related parties, is at arms' length. The announcement was made on Saturday, 9 December 2017.

Ashapura Intimates Fashion's net profit dropped 16.91% to Rs 3.44 crore on 16.02% fall in total income to Rs 51.44 crore in Q2 September 2017 over Q2 September 2016. The result was announced on Saturday, 9 December 2017.

Ucal Fuel Systems' net profit surged 99% to Rs 15.98 crore on 5.49% rise in total income to Rs 159.64 crore in Q2 September 2017 over Q2 September 2016. The result was announced on Saturday, 9 December 2017.

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