Tata Power Company after market hours today, 21 April 2014, said its rights issue has been oversubscribed 1.96 times, wherein the company collected an amount of Rs 3916.41 crore on application. The company had offered up to 33.22 crore shares of face value of Rs 1 each at a price of Rs 60 per share for an amount aggregating Rs 1993.38 crore on a rights basis to the existing shareholders.
HDFC Bank, Mahindra Lifespace Developers, MRF, Rallis India, RSWM, Tata Elxsi, Tata Metaliks and VST Industries, among others, will announce their January-March 2014 earnings today, 22 April 2014.
Larsen & Toubro (L&T) had on 26 March 2013 announced that their general insurance subsidiary L&T General Insurance (LTGI) was in talks with Future Generali Insurance (FGI) for the formation of a joint venture (JV) that would combine and continue the business of general insurance in India. L&TGI and FGI had entered into a non-binding agreement to jointly examine the terms of a potential transaction. The parties have now decided mutually to call off the discussions around the proposed joint venture. LTGI will continue its focus on expanding its business footprint in the areas of both general and health insurance, L&T said in a statement.
L&T General Insurance Company commenced business operations in 2010-11. The company operates out of 17 branches spread over India and earned gross written premium of Rs 253 crore during the financial year ending 31 March 2014 indicating a growth of 39% over the previous financial year as against an industry growth of 12% for the same period. The said premium includes around Rs 207 crore from property and casualty insurance and Rs 46 crore from health insurance, the company said.
Pharma major Lupin announced after market hours on Monday, 21 April 2014, the appointment of Theresa Stevens as Chief Corporate Development Officer for its global operations. Theresa will assume full responsibility for global merger and acquisitions and specialty business strategy. Prior to joining Lupin, Theresa was with Aptalis pharma as the Chief Corporate Development Officer responsible for Mergers & Acquisitions (M&A), Strategy and Global Business Development. Before Aptalis, Theresa was in Novartis for 9+ years and held positions of increasing responsibility including Head, Global BD&L for General Medicines, Executive Director and Head, Global BD&L for Respiratory and Dermatology Business Units and Head US Business Development & Licensing, Life cycle management and generic brand strategies.
Theresa has a Masters Degree in Biochemistry from University of Maryland and is a Juris Doctor (J.D) from the Widener University School of Law, Wilmington, Delaware. She started her career as a research scientist at Dupont and has practiced Corporate Law at Pennie & Edmonds (Jones Day). Having worked with Aptalis and Novartis, Theresa has over 27 years of experience in the Pharmaceutical and Biotech sector with significant experience in managing strategy, corporate development, M&A and licensing.
Commenting on the appointment, Nilesh Gupta, Managing Director, Lupin Limited said, I am very pleased to welcome Theresa to the Lupin family. I am sure her rich experience in the areas of M&A and Specialty Strategy within the Pharmaceutical and Biotech industry sector will help Lupin's growth plans.
Glenmark Pharmaceuticals announced that it has lost its appeal to invalidate Abbott Laboratories' TARKA (trandolapril/verapamil hydrochloride) patent when the Court of Appeals for the Federal Circuit, USA affirmed the district court's decision on 22 April 2014 regarding Glenmark's marketing of a generic equivalent of TARKA. Glenmark said it is disappointed with the decision and is considering its options.
The South Indian Bank will be in focus after the Reserve Bank of India (RBI) on Monday, 21 April 2014, notified that the aggregate share holding by Foreign Institutional Investors (FIIs)/Non-Resident Indians (NRIs)/Persons of Indian Origin (PIOs)/Foreign Direct Investment (FDI)/American Depository Receipt (ADR)/Global Depository Receipts (GDRs) under the Portfolio Investment Scheme (PIS) in The South Indian Bank have gone below the prescribed threshold caution limit stipulated under the extant FDI policy. Hence the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect. It may also be noted that all the approvals received against the said scrip are duly cancelled. Equity shares of The South Indian Bank can now be purchased through primary market and stock exchanges, RBI said.
NMDC said after market hours that the Government of India has appointed Shri Narendra Kothari, CEO, SAIL as Chairman-cum-Managing Director (CMD) on the board of NMDC for a period of five years with effect from the date of assumption of charge of the post or till the date of his superannuation or until further orders, whichever is earlier. In terms of the above Government Order, Shri Narendra Kothari has assumed charge of the post of CMD of NMDC on 21 April 2014.
IL&FS Engineering and Construction Company announced after market hours on Monday, 21 April 2014 that Maytas Infra Saudi Arabia Co. (MISA), a subsidiary of IL&FS Engineering and Construction Company has received a Letter of Award (LoA) from Saudi Binladin Group for Road Drainage Works for King Abdul-Aziz International Airport Development Project-Phase1, Jeddah in Kingdom of Saudi Arabia (KSA). The total value of the contract is Saudi Riyals 166.89 million (equivalent to Rs 268 crore approx). The scope of work involves construction of Road Drainage Works including excavation, steel reinforcement, concrete works, erection, and backfilling.
Hotel Leelaventure will be in spotlight. With reference to the news item appearing in the news channel captioned "Hotel Leela plans to sell its Delhi & Chennai properties", Hotel Leelaventure has clarified that the company is in discussion with various investors and lenders, for raising funds to meet debt servicing obligations. The company is not aware of any information, that has not been announced to the Exchanges, which could explain price movement in the shares of the company, it added. The company has informed exchanges earlier also about discussions with investors and lenders for raising funds to meet debt servicing obligations. The company and its senior management continue to evaluate proposals and will make announcement to the Stock Exchanges at an appropriate time, the company said.
With reference to increase in price, PVP Ventures has clarified that PVP Ventures bid for the Indian Super League (ISL) being promoted by IMG Reliance and Star India (Organizers), under the aegis of All India Football Federation. The organizers have completed the bidding and evaluation process and announced the names of the successful bidders and PVP Ventures was one among them, representing the Kochi team.
However, in accordance with the requirements of the ISL Terms & Conditions, both the Organizers and the bid winner have to enter into a detailed definitive Agreement and the execution of such agreement would be completed during this week. As soon as the requisite agreement is duly executed by the both parties incorporating the terms of understanding, the company will give an official communication to all the concerned. Other than the above, the company does not have any information and announcement (including pending announcement) which may have a potential impact on the price of the scrip of the company, company said.
HCL Technologies turns ex-dividend today, 22 April 2014 for interim dividend of Rs 4 per share for the financial year ending 30 June 2014.
Ramco Systems turns ex-rights issue today, 22 April 2014 for right issue of 1 share for every 2 shares held in the company.
Paper Products turns ex-dividend today, 22 April 2014 for dividend of Rs 2.80 per share for the financial year ended 31 December 2013.
Powered by Capital Market - Live News
