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Inox Wind in focus on debut

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Shares of Inox Wind will debut on the secondary equity market today, 9 April 2015. The company had priced its recently concluded initial public offer (IPO) at upper end of Rs 315-325 per share. Promoted by Fluorochemicals (GFL) and part of the Inox Group, Inox Wind is India's 4th largest wind turbine generator (WTG) manufacturer.

Tata Motors will be in focus. With regard to news item titled Focus Shifts To Core Areas - Tatas Look to Put Auto Design Co on the Block", Tata Motors after market hours yesterday, 8 April 2015 clarified that Tata Motors along with its subsidiary currently holds 72.32% stake in Tata Technologies (TTL) and 15.47% stake is held by rest of the Tata Group. Tata Motors said it continually explores opportunities for optimising its capital deployment through various measures, such as improving operating cash flows, better working capital management, encashment of non-core assets, value realisation from some part of its investments including in TTL, as well as capital raising initiatives like the current rights offering. Tata Motors further said that it considers TTL as strategically important for its business. There is no intention of Tata Motors to sell majority/strategic stake in TTL and reports of divestment of the 90% stake are incorrect, Tata Motors said.

Cipla said before market hours today, 9 April 2015 that Cipla (EU), U.K., a wholly owned subsidiary of the company, has entered into a definitive agreement for acquisition of 100% stake in Duomed Produtos Farmaceuticos Ltda. (Duomed), a limited liability company in Brazil for a cash consideration of Brazilian Real (R$) 1,293,600 (approx. Rs 2.6 crore). Duomed was incorporated on 10 June 2013. It has in place approval of ANVISA (Brazilian health authority) and other regulatory authorities to import and distribute pharmaceutical products in Brazil. The acquisition is part of company's front-end strategy and will expedite its product registrations in Brazil.

None of the persons belonging to promoter/promoter group(s) of the company has any interest in the transaction and it is not a related party transaction for the company. The transaction is expected to be completed by end of May 2015, subject to certain closing deliverables, Cipla said.

Sesa Sterlite said that the High Court of Madras had approved the Scheme of Amalgamation of the Sterlite Infra with the company on 25 March 2015. Subsequent to filling the necessary forms, the Merger Scheme is effective from 8 April 2015, the date certified copy of Madras High Court was filed and necessary filing of the Forms was done with the Registrar of Companies (ROC), Ministry of Corporate Affairs. Since Sterlite Infra was a wholly owned subsidiary of the company, no new shares are issued pursuant to the Scheme.

Rural Electrification Corporation (REC) will be in focus. The government's disinvestment of 5% stake in the company through the offer for sale (OFS) was oversubscribed by 5.53 times. The government had put on offer 4.93 crore shares at the floor price of Rs 315 per share. Retail investors will get a 5% discount on price bid. After the disinvestment, the government's stake in REC will come down to 60.64%.

Fitch Ratings revised the outlook on Steel Authority of (Sail)'s long-term foreign-currency issuer default rating (IDR) to negative from stable. The IDR is affirmed at 'BBB-'. The outlook revision reflects Sail's higher leverage and subdued operating performance following weak economic growth in Delays in execution of debt-funded expansion and modernisation programme, low profitability and muted demand have led to deterioration in the company's credit profile, Fitch Ratings said.

Astra Microwave Products after market hours yesterday, 8 April 2015 said that it has incorporated a wholly owned subsidiary company in the name of Aelius Semiconductors Pte., Singapore with effect from 8 April 2015 to carry on the business in the areas of high end microwave integrated chip business and related areas.

NRE Coke said that the Management Committee of the Board of Directors of the company at its meeting held yesterday, 8 April 2015, has considered and approved the allotment of 11.77 lakh equity shares at Rs 11.01 consequent upon the option exercised by ICICI Bank to convert its Funded Interest term loan (FITL) into equity shares of the Company under CDR package in accordance with the resolution passed by the shareholders through postal ballot.

Stone after market hours yesterday, 8 April 2015 said that a meeting of the allotment committee of the board of directors of the company is scheduled to be held on 13 April 2015, inter alia, to consider issue & allotment of 7.75 lakh equity shares to ISG Traders, a promoter group company upon exercising of their entitlement attached to the warrant as per Securities and Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations 2009, as amended, from time to time.

CMI after market hours yesterday, 8 April 2015 said that a meeting of the board of directors of the company will be held on 16 April 2015, to consider issue of equity shares/warrants/convertible securities on preferential basis to promoter group, associates and non promoters and to decide the relevant date for the purpose of preferential issue.

Biocon turns ex-dividend today, 9 April 2015, for interim dividend of Rs 5 per share for the year ended 31 March 2015.

State Bank of Mysore turns ex-dividend today, 9 April 2015, for interim dividend of Rs 5 per share for the year ended 31 March 2015.

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First Published: Thu, April 09 2015. 08:44 IST