Tata Consultancy Services (TCS) announced after market hours on Tuesday, 16 December 2014, that the company has joined the Industrial Internet Consortium (IIC). The membership provides TCS an opportunity to contribute to the innovation, best practices and transformational opportunities that the Industrial Internet offers. The IIC comprises leading global research universities, organisations and government bodies, and it offers an unparalleled opportunity to coordinate industry-wide efforts around building reference architecture and technology testbeds, TCS said in a statement.
Mahindra & Mahindra announced after market hours on Tuesday, 16 December 2014, that the company, as part of its efforts to align its production with sales requirements, may observe on a need basis, 1 to 7 days in a month as 'No Production Days' at some of its Automotive and/or Tractor plants and /or Chakan plant of its wholly owned subsidiary Mahindra Vehicle Manufacturers during the period upto March, 2015. The management does not envisage any adverse impact on the availability of products in the market due to adequacy of stocks to serve the market requirements.
NMDC will be in focus after the Ministry of Steel after trading hours yesterday, 15 December 2014, said that the Minister of Steel and Mines Narendra Singh Tomar has directed NMDC to enhance production of iron ore incrementally and aim for annual production of 75 million tonnes iron ore by 2018-19 and 100 million tonnes by 2020-21, to increase iron ore availability in the country. The target was assigned in a review meeting with NMDC officials held in New Delhi. In 2013-14, iron ore production by NMDC was 30 million tonnes. After due deliberations, it was decided that NMDC will increase production every year to reach the target of 75-100 million tones, the steel ministry said. It was also decided to incorporate this target in the Memorandum of Understanding (MoU) that the company signs with the government, the steel ministry said. Tomar underscored the fact that raw material availability at reasonable prices is essential for economic development of the country. He directed NMDC to use all resources in its command, to achieve this ambitious target and remarked that this achievement will be the most important criterion while assessing the performance of the company. This is an important decision, which will definitely enhance availability of iron ore in the country and as a result steel industry will have access to iron ore at reasonable prices, the steel ministry said in a statement. Annual production of steel in the country is planned to be increased to a level of 300 million tonnes by 2025. That will necessitate production of 500 million tonnes of iron ore annually. To meet country's requirement of iron ore, it is essential that NMDC enhances its iron ore production substantially through all possible means, the steel ministry said.
The state government has reportedly issued orders to restart operations of four captive iron ore mines of Tata Steel following an interim order of the Odisha High Court (HC).
BASF India signed a Memorandum of Understanding with Wurth India (Wurth) to transfer its Import and distribution business of Glasurit, an automotive refinish paint brand in India, subject to receipt of requisite approvals as may be necessary. The company will sign a definitive agreement for transfer of this business on or before 31 January 2015. The transfer of import and distribution business of Glasurit to Wurth is not considered material as compared to the turnover of the company for the financial year ended 31 March 2014 and hence there is no material impact on the overall growth of the company.
The board of Jagran Prakashan approved the company's foray into the radio industry via acquisition of Music Broadcast (MBPL), which operates India's leading radio network known as "Radio City". It is present in 20 stations across 7 states. The network has a strong national presence, with a presence in the top 14 out of 16 advertisement revenue generating markets with a focus on SEC AB audiences. MBPL's fiscal year ended March 2014 revenues were Rs 161.80 crore and the half year ended September 2014 (H1-FY 2015) (unaudited) revenues exhibit healthy growth of 28% in ad revenues. MPBL's current operating margins are 28% approximately.
The acquisition will be funded from internal accruals and investments. The acquisition will not impair the company's ability to distribute dividends.
The acquisition is subject to regulatory approvals, including from Ministry of Information and Broadcasting, and execution of binding agreements. As part of the acquisition, the company is acquiring MBPL's holding Company and fellow subsidiary that provides activations.
Natco Pharma said that the committee of directors at a meeting held on 16 December 2014 allotted 1.61 lakh equity shares of Rs 10 each at a premium of Rs 1190 per share on preferential basis other than cash to the promoters of Natco Organics.
Ramky Infrastructure will be watched. With respect to news titled "Ramky may sell road assets, land to retire Rs. 1400-cr debt," Ramky Infrastructure clarified that its communication dated 15 January 2014, 12 February 2014 and 14 August 2014 and 17 September 2014 wherein the company has communicated the exchanges that to ease the liquidity concerns of the company, it is in negotiation with various investors for sale of operational road assets of the company.
As part of the corrective action plan submitted for restructuring under JLF, the company intends to monetize the operational road assets and also sell the land (earmarked for multi product industrial park near Hyderabad) owned by a 100% subsidiary company, the company is also exploring for sale of the other assets which will facilitate the reduction of debt in the company. Though the company is in talks for possible stake sale/securitization for the road projects and other assets, the discussions are at preliminary stage and have not reached the definitive agreement stage.
These matters are subject to the approval of the board members. However, the company said it will keep the exchange informed about the developments or near proximity to closing of any sale transaction/stake sales in the assets of the company.
Info-Drive Software has fixed 26 December 2014 as the record date for stock split.
Triveni Turbine said that in order to exploit the potential of the global market for the company's products and services, the board has decided to set up an international structure through wholly owned subsidiary(ies) to be incorporated overseas.
GMM Pfaudler said that Deutsche Beteiligungs AG (DBAG) is acquiring Pfaudler Process Solutions Group from National Oilwell Varco Inc (NOV), USA subject to approval from regulatory authorities. Pfaudler Inc., USA, a member of the Pfaudler Process Solutions Group, owns majority shares in GMM Pfaudler.
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