Shares of Tata Power Company (TPC) will be watched after global credit rating agency Moody's Investors Service downgraded the outlook on TPC to negative from stable. At the same time, Moody's has affirmed TPC's B1 corporate family rating, B2 senior unsecured bond rating and senior unsecured MTN program (foreign currency) rating of (P)B2.
Tata Motors said after market hours on Monday, 1 July 2013, that that total sales (including exports) of Tata commercial and passenger vehicles in June 2013 were 52,708 vehicles. The company's domestic sales of Tata commercial and passenger vehicles for June 2013 were 48,712 units. The company's sales from exports were 3,996 units in June 2013.
Hero MotoCorp reported a 5.95% decline in total sales at 5.02 lakh units in June 2013 over June 2012.
Ashok Leyland reported a 31.3% decline in total sales at 6,967 lakh units in June 2013 over June 2012. Sales of small commercial vehicles (SCV), excluding 'DOST' brand, fell 36.5% to 4,714 units, while sales of DOST SCV declined 17.3% to 2,253 units in June 2013 over June 2012.
Shares of public sector oil marketing companies (PSU OMCs) will be watched after these companies hiked retail selling price of diesel by Rs 0.50, excluding local tax or VAT, with effect from Monday, 1 July 2013, midnight. This is part of the phase-wise decontrol of diesel prices introduced by the government on 17 January 2013. The diesel prices in Delhi has increased to Rs 50.80 a litre. This is part of the phase-wise decontrol of diesel prices introduced by the Centre on January 17.
The Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas on Monday, 1 July 2013, said that the under-recovery on High Speed Diesel (HSD) applicable for 1st fortnight of July effective 1 July.2013 went up by Rs 2.29 per litre to Rs 8.60 per litre from Rs 6.31 per litre during 2nd fortnight of June 2013. In the case of PDS Kerosene, the under-recovery has increased to Rs 30.68 per litre for July 2013 from Rs 27.75 per litre for June 2013. For domestic LPG, the under-recovery has increased to Rs 368.58 per cylinder from Rs 335.14 per cylinder in June 2013. PSU OMCs are currently incurring combined daily under-recovery of about Rs 358 crore on the sale of Diesel, PDS Kerosene and Domestic LPG at government controlled prices.
Elder Pharmaceuticals said that its UK-based arm, NutraHealth, has acquired Max Healthcare to re-enter the over-the-counter (OTC) pharmaceutical category and extend and enhance its product range. Max Healthcare is an OTC business which owns a range of marketing authorisations and provides own label and branded OTC medicines and products to a broad range of customers. Max Healthcare will be a subsidiary of NutraHealth and will be managed in parallel with its subsidiary Brunel Healthcare Manufacturing. Max Healthcare is predominantly an outsourced operation with most of its manufacturing taking place in India. Opportunities for Elder Pharma to collaborate in the supply chain will be explored and vertical integration will be exploited wherever possible, Elder Pharma said in a statement. The company did not disclose the deal size.
The board of Sadbhav Engineering will meet on 4 July 2013 to consider raising funds by issuing equity shares/convertible warrants through preferential allotments to promoter and promoter group and through rights issue of shares to the shareholders of the company.
Godrej Properties turns ex-dividend today, 2 July 2013, for dividend of Rs 4 per share for the year ended 31 March 2013 (FY 2013).
Sundaram Finance turns ex-dividend today, 2 July 2013, for final dividend of Rs 4.50 per share for the year ended 31 March 2013 (FY 2013).
Tata Sponge Iron turns ex-dividend today, 2 July 2013, for dividend of Rs 8 per share for the year ended 31 March 2013 (FY 2013).
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