Indian Oil Corporation (IOCL) after market hours yesterday, 25 August 2015, said that subsequent to signing of a Memorandum of Understanding (MOU) between Government of India (GoI) and Government of Nepal on 24 August 2015, IOCL and Nepal Oil Corporation (NOC) have signed an MOU on 25 August 2015 at Kathmandu for construction of 1.3 MMTPA capacity Raxaul-Amlekhgunj Petroleum product pipeline along with some works at Amlekhganj Petroleum Depot of NOC. The estimated cost of this project is Rs 275 crore and the completion period is 30 months after receipt of statutory clearances. This pipeline will ensure long term supply of petroleum products to Nepal from IOCL as well as stability of supplies from India to Nepal, which will benefit both the countries, IOCL said.
State Bank of India announced after market hours yesterday, 25 August 2015, that the Central Board of the bank has cleared a proposal of preferential allotment of equity shares to Government of India, the principal shareholder of the bank. The size of the preferential issue is Rs 5393 crore.
Indian Overseas Bank said after market hours yesterday, 25 August 2015, that in a meeting of committee of directors held on 25 August 2015 the committee of directors approved that the issue price for allotment of equity shares under preferential issue to Government of India is fixed at Rs 41.37 per share and number of shares to be allotted to Government of India is 48.56 crore shares aggregating to Rs 2008.99 including share premium.
Maruti Suzuki India turns ex-dividend today, 26 August 2015, for final dividend of Rs 25 per share for the year ended 31 March 2015 (FY 2015).
Shares of Dabur India will be in focus. With regard to news item titled "US FDA issues import alert to Dabur's Alwar Unit", Dabur India clarified after market hours yesterday, 25 August 2015 said that USFDA had not put any restriction on import and sale in the US, of products manufactured at Dabur's Alwar unit. The USFDA has, however, sought some additional information and the company is in the process of submitting the same. This is a routine procedural matter and will not impact the company's business in the US, Dabur India said.
Shares of Jindal Steel & Power (JSPL) will be watched. With regard to news item titled "JSPL likely to sell controlling stake in overseas mines", JSPL clarified after market hours yesterday, 25 August 2015, in the process of evaluating various options and when at the time of confirmed decision making, the company will intimate the same.
IOL Chemicals & Pharmaceuticals after market hours yesterday, 25 August 2015 said that the Allotment Committee of the board of directors of the company in its meeting held on 25 August 2015, allotted 6 lakh equity shares of Rs 10 each to Innova Marchantiles, non-promoter on the exercise of option attached with the warrants allotted on 4 July 2014 and the said shares shall be remain locked in for a period of one year from the date of trading approval.
Arnold Holdings after market hours yesterday, 25 August 2015 said that a meeting of the board of directors of the company will be held on 1 September 2015, inter alia, to consider and approve the facility to avail loan by the company.
Power Mech Projects makes its debut on the bourses today, 26 August 2015. The company had priced its initial public offer (IPO) at Rs 640 per share, the top end of the Rs 615 to Rs 640 per share price band for the IPO. The IPO had received strong response from investors. The IPO was subscribed 38.12 times. Power Mech Projects is an integrated power infrastructure services provider. The company intends to utilize the proceeds of the IPO for working capital requirements and for general corporate purpose.
Just Dial announced before market hours that the board of directors of the company at its meeting held on 25 August 2015, inter alia, has approved the draft postal ballot notice for the proposed buy back of the shares of the company after taking note of the letter dated 6 August 2015 received from Reserve Bank of India in respect of no objection for proposed buy-back of the company at a maximum price of Rs 1550 per share.
Edelweiss Financial Services after market hours yesterday, 25 August 2015 said that Edelweiss Tokio Life Insurance, a subsidiary of Edelweiss Financial Services, has been granted approval by the Foreign Investment Promotion Board (FIPB) for increase in foreign equity from 26% to 49% of the paid up capital.
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