Cement and steel stocks will be in focus after the Railways on Friday, 4 October 2013, announced an increase in freight rates by 1.7% effective from the midnight of 9th October and 10th October 2013.
Tata Motors will be in focus after Jaguar Land Rover (JLR) UK announced on 4 October 2013 record sales in September with retail figures rising 13% year-to-date over the same period last year. Land Rover had its best ever September month of sales, registering an 11% rise in sales to 10,769 vehicles. The bookends of the brand drove the impressive figures with a record September for the Land Rover Defender, with its sales rising 30% compared to the same period last year and continued strong sales of Land Rover's flagship vehicle -- the all new Range Rover, with its sales rising 24% compared to the same period last year.
Jeremy Hicks, Jaguar Land Rover UK Managing Director, said: "The September sales figures tangibly demonstrate that both Jaguar and Land Rover continue to focus on relevant and highly-desirable product line-ups. With the recent introduction of the all-new Range Rover Sport and F-TYPE coupled with the continued success of our well established models, we have seen more new customers than ever purchasing Jaguar Land Rover award-winning products. Indeed, our new 2014 model year offerings across both brands will be hitting showrooms shortly and will see us build on the successes of the 2013 range."
Reliance Infrastructure (RInfra) has announced that a meeting of the board of directors of the company will be held on Wednesday, 9 October 2013, to consider raising long term resources through borrowings in the domestic/international market for the purpose of refinancing of rupee debt, capital expenditure etc. RInfra also announced that Brickwork Ratings India has assigned AA rating for the proposed Non-convertible Debenture issue of Rs 300 crore of the company. Meanwhile, CRISIL has revised credit rating on the company's long term debts to A+.
IRB Infrastructure Developers after market hours on Friday, 4 October 2013, said that Jaipur Deoli BOT project implemented by wholly-owned special purpose vehicle (SPV) of the company viz. IRB Jaipur Deoli Tollways, has been issued a provisional certificate by the Competent Authority effective 27 September 2013. The project has been commissioned in stipulated time, IRB Infra said. Consequently, the SPV has started partial toll collection on this project effective from 27 September 2013. The concession period for this project is 25 years. The estimated cost of the project is Rs 1733 crore. The company had bagged this project on viability gap funding (VGF) basis and sought VGF of Rs 306 crore from the National Highways Authority of India (NHAI).
Jubilant Life Sciences (JLL) after market hours on Friday, 4 October 2013 said that its board has approved to transfer the API, Dosage Form businesses of the company by way of a slump sale on a going concern basis and to transfer the shares held by JLL in Jubilant Pharma Holding Inc, USA and Jubilant Pharnma N. V., Belgium to a wholly owned subsidiary of Jubilant Pharma, Singapore (which is a wholly owned subsidiary of the company) for a total consideration of Rs 1145.10 crore subject to the approval of the shareholders of the company and such other approvals and permissions as may be deemed necessary. In this regard, Jubilant Pharma, Singapore has received approval from the Foreign Investment Promotion Board (FIPB), JLL said in a statement.
JLL said that this will enable the company to consolidate its API, Solid Dosage Form, Radiopharma, Allergenic extracts, Sterile Injectibles and Ointment, Cream and Liquid businesses (Pharma Business) under Jublilant Pharma, Singapore and to explore, identify and implement the options and opportunities of raising money including by way of listing the pharma business for its growth and reduction of overall consolidated debt of the company, JLL said.
Four Soft after market hours on Friday, 4 October 2013 said that it has closed the transaction of slump sale of the company's business of providing new technology based software solutions for supply chain and logistics operational processes for a rupee equivalent of $22.50 million and the company's entire shareholding in its wholly owned foreign subsidiaries for a rupee equivalent of $20.90 million.
Consequent to the closing of the transfers, the software solutions business of the company together with all the related contracts, employees, assets including intellectual property rights and goodwill, and liabilities and the investments, together with the associated rights, title, interest and benefits, held by the company in the share capital of its foreign subsidiaries, stand transferred to Transport I. T. Solutions, a Kewill Group Company.
HMT after market hours on Friday, 4 October 2013 said that based on the approval of supplementary demands for grants by the Parliament, the Ministry has issued Presidential sanction for release of funds to an extent of Rs 217 crore into the 2 years 8% redeemable preference share capital issue of the company for an aggregate face value of Rs 425 crore, vide Government of India (GoI), Ministry of Heavy Industries & Public Enterprises letter dated 17 September 2013. These preference shares shall be redeemed out of sale proceeds of identified surplus assets of the company. The funds under this preference share issue are to be utilized, inter alia, for technology upgradation, working capital, discharge of overdue liabilities and repayment of short term loan from bank, HMT said.
Further action for allotment of the above 2 year 8% redeemable preference shares of Rs 100 each at par, subscribed by the GoI to the extent of Rs 217 crore will be made subsequently after approval by the board of directors of the company, HMT said.
HMT had on 23 May 2013 said that the revival and restructuring plans of the company have been approved by the Government based on the recommendations of the Board for Restructuring of Public Sector Enterprises (BRPSE).
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