PSU OMCs and auto stocks will be in focus after PSU OMCs hiked the petrol price on Friday by 41 paise a litre following the government's decision to raise commission paid to petrol pump dealers and firming global oil rates. Simultaneously, diesel rates were increased by 10 paise per litre due to a hike in dealers' commission.
The two increases, which are excluding local sales tax or VAT, will be effective from midnight Friday.
Petrol in Delhi currently costs Rs 71.02 per litre and after the increase it will be priced around Rs 71.50. Diesel rates will go up marginally from Rs 53.67 a litre to about Rs 53.80 in Delhi. Prices would vary depending on the local taxes applicable in different parts of the country.
Infosys after market hours on Friday, 20 December 2013 announced the changes to the board of directors. Mr. V. Balakrishnan has conveyed his intention to resign as a member of the board and from the services of the company. The resignation is effective 31 December 2013. The board places on record deep sense of appreciation of the services rendered by Mr. V. Balakrishnan during his tenure as the member of the board, Chief Financial Officer of the Company and then as the Member of the Board in-charge of Infosys BPO, Lodestone, Finacle, India Business Unit and Global Immigration.
Mr. N. R. Narayana Murthy, Executive Chairman said, "Bala has been an early adopter and a keen anchor-builder of Infosys. It is difficult to imagine Infosys without Bala's passion, commitment, and intellect. The Board and every Infoscion thank Bala for his wonderful contribution and wish him great success in his future endeavors".
Mr. S. D. Shibulal, Chief Executive Officer and Managing Director said, "Bala during his two decades of association with Infosys, has played a pivotal role in building the finance function and has been a key driver behind all of our achievements in areas of investor relations and corporate governance. Over the last few years, he has also provided leadership to BPO, Finacle, India Business Unit, Global Immigration and most recently, to Lodestone. I would like to wish him the very best in all his future endeavors".
Balakrishnan said, "I have enjoyed every moment of my stint at Infosys and it was a great learning experience. While my heart will always be with Infosys my mind wants to do something beyond Infosys. I thank all my colleagues who supported and encouraged me during my career at Infosys. I wish Infosys all the very best in its future endeavors".
The Nominations and Governance Committee of the company recommended the induction of Mr. U. B. Pravin Rao as a Whole-time Director of the Company. Mr. Pravin Rao is currently a Member of the Executive Council, Senior Vice President and Global Head-Retail, Consumer Packaged Goods, Logistics and Life Sciences. Mr. Rao also serves as a Member of the Board of Infosys Lodestone. Mr. Rao is also the Director of the Infosys Leadership Institute (ILI). Mr. Rao holds a degree in electrical engineering from Bangalore University, India.
Welcoming Mr. Pravin Rao, Mr. N. R. Narayana Murthy, Executive Chairman said, "I am very happy that Pravin will be joining the Board. I have worked with Pravin closely and have benefited immensely from his wisdom. My congratulations to him".
The Nominations and Governance Committee of the company recommended the induction of Ms. Kiran Mazumdar-Shaw as an Independent Member of the Board. Ms. Kiran Mazumdar-Shaw is the Chairman & Managing Director of Biocon a biotechnology company based in Bangalore, India.
Welcoming Ms. Shaw, Mr. N. R. Narayana Murthy, Executive Chairman said, "Kiran is a well-recognized and respected corporate leader. She will bring immense value to the board. I am honored to welcome her to our Board".
The Board of Directors will adopt appropriate resolutions on the above recommendations of the Nominations and Governance Committee, at the meeting scheduled for 10 January 2014.
L&T announced after market hours on Friday, 20 December 2013 that L&T Infrastructure Development Projects (L&TIDPL), a subsidiary of the company has submitted an application to the Foreign Investment Promotion Board (FIPB) seeking approval in relation to a proposed foreign direct investment in L&TIDPL. The company is in discussion with a large global institutional investor for a proposed acquisition of stake in L&T IDPL.
Subject to completion of the due diligence processes and necessary agreement on governance and other terms of the transaction with the investor, there is a contemplation of an initial infusion of Rs 1000 crore into L&T IDPL, followed by a second tranche of Rs 1000 crore (or such higher amount as may be agreed between the company and investor) after twelve months from the date of initial investment. The proposed transactions are subject to various factors, and may or may not be completed, and parties have not yet entered into any agreement, company said.
A division bench of the Karnataka High Court on Friday, 20 December 2013, declared the United Breweries Holdings (UBHL)'s stake sale in United Spirits (USL) to UK-based spirits giant Diageo null and void. The court passed the ruling while admitting an appeal against the USL-Diageo deal by creditors of UBHL. The court said the deal is void until a conclusion is reached on the winding up petitions against UBHL.
The court also asked Diageo to return the shares bought from UBHL as the company is mired in a whirlpool of winding-up petitions by creditors, who are seeking recovery of unpaid dues of close to Rs 600 crore from Vijay Mallya's firm.
Diageo had picked up more than 19 lakh shares of USL for over Rs 472 crore in November this year.
Last year, Diageo had announced that it would pick up 53.4% stake in USL in a multi-structured deal for a total of Rs 11,166.50 crore. As part of that deal, 26% shareholding was to be acquired through an open offer.
After Kingfisher Airlines defaulted on its loans, several creditors such as BNP Paribas had dragged UBHL, the corporate guarantor for the liabilities, to court and had filed a winding-up petition.
USL and Diageo said they would take steps to protect their interests after the Karnataka High Court declared as "null and void" the sale of shares of the Indian firm by its holding company to the UK-based giant.
"We will take all necessary steps to protect Diageo's interests as well as our own", UB Group Chairman Vijay Mallya was quoted as saying in a media statement.
Zee Entertainment Enterprises after market hours on Friday, 20 December 2013 said that the Bombay High Court has, at the hearing held on Friday, 20 December 2013, approved the Scheme of Arrangement between the company and its equity shareholders for issuance of bonus preference shares to the company's equity shareholders.
GMR Infrastructure (GMR) on Friday, 20 December 2013 said that GMR Energy on Friday, 20 December 2013 signed a joint development agreement (JDA) with the International Finance Corporation (IFC), the private sector lending arm of the World Bank, to jointly develop the prestigious Upper Marsyangdi-2 hydropower project (600 MW) in Nepal.
The 600 MW Upper Marsyangdi-2 Project is located on the Marsyangdi River, in the Manang and Lamjung districts of Nepal, which is in an advanced stage of development. The project is currently being undertaken by Mis Himtal Hydro Power Company, a subsidiary of GMR Energy, which in turn is a subsidiary of GMR Infrastructure.
The Government of Nepal has identified the proposed Upper Marsyangdi-II as one of the National Priority Projects and it is being facilitated by the Investment Board of Nepal (IBN). The project has completed all survey and investigation works, finalized the feasibility studies and has already received a majority of clearances from the Government of Nepal. The Project Development Agreement is expected to be signed early next year, GMR said in a statement.
The project aims at a total investment of around $1 billion and is targeted for commissioning by FY 2021.
IL&FS Engineering and Construction Company at the fag end of trading hours on Friday, 20 December 2013 said that the company in joint venture (JV) with GPT Infraprojects has received a Letter of Award (LoA) from Dedicated Freight Corridor Corporation of India (DFCCIL) for the work of design and construction of rail flyover near Ganjkhwaja in Uttar Pradesh and formation in embankments/cuttings including blanketing, bridges (major, minor & RUBs), supply and spreading of ballast and other related infrastructural works for double track electrified railway line in different stretches between Dehri-on-Sone & Mughalsarai section of Eastern Dedicated Freight Corridor in Bihar and Uttar Pradesh on Design Build Lump Sum basis.
The total value of this project is Rs 144.65 crore, which is to be completed in 30 months, the statement said.
Andhra Bank before market hours today, 23 December 2013 said that the Government of India (GoI) has infused the capital of about Rs 200 crore on Friday, 20 December 2013 towards issuance and allotment of 3 crore equity shares at Rs 66.59 per share on preferential basis.
Info Edge (India) said after market hours on Friday, 20 December 2013 that the company has invested an amount of about Rs 4.5 crore through optionally convertible cumulative redeemable preference shares in Canvera Digital Technologies, which is engaged in the business of providing solutions to professional photographers. Canvera owns and operates the site www.canvera.com.
The aggregate investment, including the above, is Rs 42 crore in Canvera Digital Technologies which translates to about 26% stake in the company on a fully converted and diluted basis.
Shoppers Stop said after market hours on Friday, 20 December 2013 that one 'Crossword' franchisee store at Cochin has been opened by the company's wholly owned subsidiary, Crossword Bookstores. With the opening of this store, the company has now 85 'Crossword' stores.
Godawari Power and Ispat before market hours today, 23 December 2013 said that the company's iron ore pellatization plant, situated at siltara Industrial Complex, Raipur, Chhattisgarh with a capacity of 0.60 million tons per annum shall be shut down tentatively for a period of 60 days for maintenance and for replacement of refractories lining and change of machining parts of travel grate. As soon as the plant re-starts, the company will intimate the same, it said.
D-Link (India) said that its board of directors at a meeting held on Saturday, 21 December 2013, approved the acquisition of Team FI Networks through issue of 55 lakh equity shares by the company on preferential basis for "consideration other than cash" to the promoters and other shareholders of Team FI Networks, in accordance with the provisions of Chapter VII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 and other applicable laws. The board also approved raising of funds by way of issue of equity shares for cash for a sum not exceeding Rs 60 crore on rights basis. Further, the board or committee thereof formed for the said purpose shall be free to determine the terms of the rights issue.
An Extra-ordinary general meeting of the members of the company will be held on 20 January 2014 for obtaining the authority/ approval of the members of the company for approval of the matters specified above.
Ventura Textiles' board of directors at a meeting held on Friday, 20 December 2013, approved the preferential allotment of 1.39 crore equity shares of face value of Rs 10 each as per the Order issued by the Board for Industrial & Financial Reconstruction (BIFR).
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