Asian Paints yesterday, 10 March 2015 said that the company has entered into and signed a Memorandum of Understanding (MoU) with the Government of Andhra Pradesh to set up a manufacturing facility for paints and intermediates at Pudi Village, Rambilli Mandal, Vishakhapatnam District, Andhra Pradesh.
An amount of approximately Rs 1750 crore would be invested by the company in phases over a period of 12 years from the date of commencement of construction, including the cost of land admeasuring approximately 110 acres, subject to due diligence and obtaining necessary regulatory and other approvals, Asian Paints said. The maximum capacity of the said manufacturing facility would be 4,00,000 kiloliters per annum, which would be achieved in phases, the company said.
Asian Paints said that the Andhra Pradesh Government has offered package of incentives to the company for setting up of the paints manufacturing plant by reimbursement of 100% gross VAT/State Goods and Service Tax (SGST) or similar levy of taxes in the state of Andhra Pradesh for a period of twelve years starting from the date of commercial production, subject to an overall cap of 100% of eligible investments and that the company achieves 70% of the proposed investment of Rs 1750 crore within a period of five years. Total reimbursement would be scaled down to the extent of concessions (other than accelerated depreciation), if any, offered by the Central Government of India. All other incentives as per the Andhra Pradesh Industrial Investment Promotion Policy 2010-2015 would also be provided, the company said.
Maruti Suzuki India announced that it will proactively inspect and replace the 'right hand door latch assembly' of 33,098 vehicles (comprising 19,780 units of Alto 800 and 13,318 units of Alto K10) manufactured between 8 December 2014 and 18 February 2015.
Maruti Suzuki dealers in the domestic market will contact owners of all the affected vehicles. The dealer workshop technicians will inspect the condition and carry out the necessary replacement, free of cost. The problem was noticed on the basis of internal quality checks undertaken by the company. Accordingly, proactive action has been initiated in the interest of customers.
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From customer perspective, there is no concern if the right hand side door (front and rear) is completely latched. If however, the door is half-latched then the door may open if pressure is applied from inside. Although it is a rare condition, but in view of customer safety, the company is undertaking replacement of the door latch assembly, proactively.
Hero MotoCorp announced that it further strengthened its leadership team with the induction of Ashok Bhasin as the Head of Sales, Marketing & Customer Care function for the key India market. Bhasin will report directly to Pawan Munjal, Vice Chairman, Managing Director & Chief Executive Officer, and will be part of the leadership team, the apex decision making body at Hero MotoCorp, the company said in a statement. All the vertical Heads in the National Sales, Marketing & Customer Care function, such as Head - National Marketing, Head - National Sales, Head - Learning & Dealer Development and Head - National Service & CRM - will report into Bhasin.
HCL Technologies and Aegon, a multinational life insurance, pensions and asset management company, announced after market hours yesterday, 10 March 2015, the opening of their joint cXstudio, aimed at delivering customer experience excellence through the adoption of the latest digital technologies. Established close to Aegon's headquarters in The Hague, the 35-seat cXstudio will foster co-innovation between both companies. The aim is to pioneer new and inventive ways for Aegon's customers and potential customers to manage their financial future through digital channels, with a key focus on mobility.
HCL's experienced design, creative and technology specialists will work closely with key business-level stakeholders at Aegon, to support the development of new, more agile, customer-centric approaches to service delivery across existing and emerging digital channels. Today, digital channels drive how customer experience is delivered by organizations and as such, businesses must adopt more agile, integrated and cost-effective approaches to ensure that they can manage, optimize and grow digital channels at quality and speed. The cXstudio allows Aegon to meet this challenge by bringing together relevant capabilities to ensure that digital solutions are continuously developed and improved.
Telecom stocks may be in focus. The Auction of Spectrum in 2100 MHz, 1800 MHz, 900 MHz and 800 MHz Bands re- commenced yesterday, 10 March 2015 and six rounds of bidding were completed. Till now, 37 rounds of bidding has taken place. The bidding is taking place in all bands. Brisk bidding was seen on sixth day of bidding, with activity requirement set at 100%. There was activity in two new service areas in 1800 MHz band. There is a shift in activity from 2100 MHz and 900 MHz bands to 1800 MHz and 800 MHz bands. At present, over 83% of the spectrum has been provisionally allocated to bidders at a value of approximately Rs. 92200 crore. Majority of service areas are going at a premium over reserve price. With 100% activity requirement and activity in new service areas, competitive bidding is expected to continue. There is still spectrum, which is yet to be sold. Bidding would recommence today, 11 March 2015.
The board of Oil India will meet on 19 March 2015 to consider the declaration of interim dividend for the year ending March 2015, if any. The company has fixed 25 March 2015 as the record date for the purpose of payment of interim dividend.
Shares of Eicher Motors turn ex-dividend today, 11 March 2015 for dividend of Rs 50 per share for the year ended 31 December 2014.
Gujarat Fluorochemicals said that the Red Herring Prospectus filed by the company's subsidiary, Inox Wind (Issue), for the proposed public issue of equity shares on 8 March 2015 with the Registrar of Companies, Himachal Pradesh, at Chandigarh, has been approved on 8 March 2015. The issue shall open for subscription to public on 18 March 2015 and shall close on 20 March 2015. The price band has been fixed between Rs 315 to Rs 325 per share. Further, discount of Rs 15 per share to the issue price is being offered to retail investors, Gujarat Fluorochemicals said.
Mphasis will be in focus. With reference to the news titled, "Mphasis to Hive Off Domestic BPO Biz Into A Separate Arm", Mphasis clarified that such information is not based on any disclosure made by the company and is based on market rumours. As mentioned in our earlier responses, we would not like to respond on market rumours. Further the company informed that there has been no negotiations taking place on sale of domestic BPO business.
ABG Shipyard will be watched. With reference to the news titled, "L&T in race to buy ABG Shipyard stake," ABG Shipyard clarified that no such negotiations were taking place and the company is not aware of any information that has to be announced to the exchanges.
Gayatri Projects (GPL) said that ratings agency, Brickwork Ratings India, has downgraded rating of the company's Secured Redeemable Non-Convertible Debentures (NCDs) of Rs 31.40 crore Non-Convertible Debentures (NCDs) issue, from BWR A (Pronounced BWR Single A) to BWR BB- (Pronounced BWR Double B Minus) with Negative Outlook. The original rated amount of the issue was Rs 100 crore, out of which the company raised only Rs 52 crore.
The rating revision has factored the company's reduced revenue as compared to previous periods, working capital intensive nature of the business, strained cash flows and stretched liquidity with uncertainty in timely collection of huge receivables. The rating continues to draw strength from GPL's experienced promoters and long track record.
Shoppers Stop has closed its Shoppers Stop store, one shop in shop 'Mothercare' store and one 'MAC' store at Ramee Mall, Chennai. With the closure of these stores, the company now has 72 "Shoppers Stop" (including three airport stores), 42 'Mothercare' and 35 'MAC' stores under its operations.
The board of Oudh Sugar Mills will meet on 13 March 2015, to consider and approve the composite scheme of arrangement for the proposed restructuring of its business of manufacture and sale of sugar and its by-products and the business of Food Processing and investments.
The board of Upper Ganges Sugar & Industries will meet on 13 March 2015, to consider and approve the composite scheme of arrangement for the proposed restructuring of its business of manufacture and sale of sugar and its by-products and the business of Tea and investments.
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