Axis Bank after market hours on Tuesday, 22 July 2014 reported 18.29% rise in net profit to Rs 1666.76 crore on 10.17% growth in total income to Rs 9980.47 crore in Q1 June 2014 over Q1 June 2013.
Axis Bank's gross non-performing assets (NPAs) were at 1.34% of gross advances as on 30 June 2014, higher than 1.22% as on 31 March 2014 and 1.1% as on 30 June 2013. Net NPAs were 0.44% of net advances as on 30 June 2014, higher than 0.4% as on 31 March 2014 and 0.35% as on 30 June 2013.
Tata Power after trading hours on Tuesday, 22 July 2014, said that the Appellate Tribunal for Electricity (APTEL) in its interim order has directed procurer states to make electricity payments raised during and after March 2014 by Mundra ultra mega power project (UMPP) as per the compensatory tariffs directed by the Central Electricity Regulatory Commission (CERC) in February this year. Coastal Gujarat Power (CGPL) which operates the 4,000 megawatts (MW) Mundra project has to keep an account of the amount received from procurers as compensatory tariff until further notice. The next hearing of the matter is scheduled on 19 August 2014. CGPL is a subsidiary of Tata Power.
Tata Power said that CGPL has been delivering the full potential of Mundra across beneficiary states despite incurring losses. The company said that the indicative compensatory tariff of about Rs 2.80 per unit is much lower and very competitive compared to the average purchase price in all five states and is also substantially lower than the current market rate for providing replacement power at a cost upwards of Rs 4.10 per unit, which could leave all five states prone to load shedding. If Mundra UMPP were to be rendered unviable, the cost of purchasing replacement power would mean higher tariffs by at least Rs 1 per unit for all five states, Tata Power said.
Shares of Tata Power Company turn ex-dividend today, 23 July 2014, for dividend of Rs 1.25 per share for the year ended 31 March 2014 (FY 2014).
TCS on Tuesday, 22 July 2014 announced a new partnership with MapR Technologies, Inc., provider of the top-ranked distribution for Apache Hadoop, to help enterprise customers easily and rapidly capture critical big data insights. The partnership's new big data offerings will shift the IT cost curve and allow companies to strategically reimagine their business models, TCS said. The announcement was made after market hours on Tuesday, 22 July 2014.
Bank of Baroda will be in focus after the Reserve Bank of India (RBI) on Tuesday, 22 July 2014, notified that the aggregate share holdings by foreign institutional investors (FIIs)/ registered foreign portfolios investors (RFPIs)/ non resident indian (NRI)/ persons of Indian origin (PIO) under portfolio investment scheme in Bank of Baroda have gone below the prescribed threshold caution limit. Hence, the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect. Equity shares of Bank of Baroda can now be purchased through primary market and stock exchanges.
ING Vysya Bank after market hours on Tuesday, 22 July 2014 reported 18.11% fall in net profit to Rs 143.40 crore on 4.77% rise in total income to Rs 1627.28 crore in Q1 June 2014 over Q1 June 2013.
ING Vysya Bank's board of directors at its meeting held on Tuesday, 22 July 2014, proposed to seek approval of the shareholders of the bank through postal ballot to borrow such amount that the total amount of borrowings of the bank outstanding at any time shall not exceed Rs 20000 crore not withstanding that the money to be borrowed together with the moneys already borrowed by the bank (apart from temporary loans obtained from the bank's bankers in the ordinary course of business), will exceed the aggregate of the paid-up capital of the bank and its free reserves as against the existing authorization to borrow upto four times of the aggregate of the paid-up capital and free reserves. The bank also proposes to augment its capital either through a Tier I and/or Tier II debt issuance (which qualifies under Basel III requirement) or a combination of both in India rupees or equivalent foreign currency not exceeding Rs 700 crore through private placement of securities.
Max India's board of directors at its meeting held on Tuesday, 22 July 2014, accorded approval to achieve parity in shareholding in Max Healthcare Institute between the company and its JV partner, viz., Life Healthcare Group (Proprietary), a company incorporated and existing under the laws of South Africa (Life Healthcare) through a series of actions viz. divestment not exceeding 13.3% of existing equity stake held by the company in Max Healthcare, at Rs 67.50 per equity share, for an aggregate consideration of upto Rs 383 crore in favour of Life Healthcare and issuance of equity shares by Max Healthcare at Rs 67.50 per equity share to Life Healthcare on a preferential basis, for an aggregate consideration upto Rs 397 crore.
This transaction translates to an equity value of Rs 2884 crore for Max Healthcare based on the valuation of shares for the contemplated transaction.
IL&FS Transportation Networks (ITNL)'s board of directors at its meeting held on Tuesday, 22 July 2014, approved the further issue of equity shares of the company for an amount not exceeding Rs 1000 crore by way of qualified institutional placements/convertible bonds, etc. The timing, pricing and exact quantum of equity shares to be issued are to be decided by the Committee of the board of directors, mandated for the purpose, ITNL said.
The above are subject to the approval of the shareholders of the company and all the requisite approvals as may be required from regulatory authorities and in accordance with the provisions of the applicable law, ITNL added.
Tide Water Oil (India) after market hours on Tuesday, 22 July 2014 announced signing an agreement with JX Nippon Oil & Energy Corporoation, Japan, to form a joint venture (JV) company in India - JX Nippon TWO Lubricants India. Both Tider Water Oil and JX Nippon Oil have a 50:50 stake in the new JV entity. The JV will be responsible for selling, marketing, distributing and manufacturing the ENEOS brand of lubricants in India, Nepal, Bangladesh and Bhutan apart from catering to the Genuine Oil requirements of, mainly, the Japanese and Korean original equipment manufacturers in the automotive and industrial segments.
Suzlon Energy after market hours on Tuesday, 22 July 2014 said that the Securities Issue Committee of the board of directors of the company, at its meeting held on 22 July 2014, approved the allotment of 7.16 crore equity shares of Rs 2 each at an issue price of Rs 18.51 per share to the CDR lenders as per CDR package on preferential allotment basis. The said 7.16 crore equity shares of Rs 2 each shall be locked in for a period of one year from the date of allotment in terms of the ICDR Regulations.
City Union Bank before market hours today, 23 July 2014 said that in respect of the QIP, the QIP Management Committee of the board of directors of the bank has, at its meeting held on Tuesday, 22 July 2014, approved the issue and allotment of 4.66 crore equity shares to eligible qualified institutional buyers at the issue price of Rs 75.05 per equity share, aggregating to approximately Rs 350 crore.
Info Edge (India) after market hours on Tuesday, 22 July 2014 in a clarification to the exchange with regard to news item titled "General Atlantic in talks to buy stakes in India's Just Dial, Info Edge" said that the news item is speculative in nature and factually incorrect. No such stake has been acquired through the company, nor it is aware of any information as to General Atlantic having acquired any shares in the open market, Info Edge (India) said.
Shilpi Cable Technologies after market hours on Tuesday, 22 July 2014 said that its board of directors will meet on 2 August 2014, to consider bonus issue of equity shares to the exiting shareholders.
JMT Auto after market hours on Tuesday, 22 July 2014 said that its board has fixed 31 July 2014 as the record date for 5:2 bonus issue.
Abbott India turns ex-dividend today, 23 July 2014, for final dividend of Rs 23 per share for the year ended 31 March 2014 (FY 2014).
Britannia Industries turns ex-dividend today, 23 July 2014, for dividend of Rs 12 per share for the year ended 31 March 2014 (FY 2014).
EIH turns ex-dividend today, 23 July 2014, for dividend of Rs 1.10 per share for the year ended 31 March 2014 (FY 2014).
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