Tech Mahindra will be in spotlight after the Reserve Bank of India (RBI) enhanced the limit for foreign institutional investors (FIIs) to invest up to 45% of the paid-up capital of the company. This limit has been revised from the earlier limit of 35% of the paid-up capital of the company under the Portfolio Investment Scheme. FIIs, at the end of September 2013, controlled 32.59% stake in the company, while promoters holding stood at 36.46%.
Reliance Industries and IndusInd Bank will announce their Q2 September 2013 results today, 14 October 2013.
Drug maker Wockhardt on Saturday, 12 October 2013, said the UK drug regulator has withdrawn its quality certification to the pharma company's Chikalthana factory in Aurangabad.
Wockhardt can, however, continue exporting some critical drugs to the UK as the Medicines and Healthcare Products Regulatory Agency (MHRA) will issue a restricted good manufacturing practice (GMP) certificate to the plant to avoid a shortage of medically essential products supplied by Wockhardt.
The restricted GMP certificate will be conditioned to permit continued manufacturing and quality-control testing of 'critical' products in situations where it has been agreed by the national competent authority or EMA (as appropriate) that there is no feasible alternative in the market concerned. The scope of the statement of non-compliance is, therefore, limited to medicinal products considered non-critical to public health, Wockhardt said in a statement to the stock exchanges.
Accordingly, Wockhardt's Chikalthana factory will be able to manufacture and supply medicinal products critical to public health, the company said, adding that the impact on the existing business will be known once the company receives further communication from the MHRA. The said facility contributes approximately 12 million pounds from the UK and the European Union (EU) markets to the consolidated annual revenues of the company, Wockhardt said in a statement.
Bosch after trading hours on Friday, 11 October 2013, said that the management has decided to suspend production for a few days at the company's manufacturing units at Jaipur and Bangalore so as to avoid unnecessary buildup of inventory. Production at the Jaipur plant will be suspended on 12th and 19th of October 2013 and from 28th October till 2nd November 2013. Production at Bangalore plant will be suspended on 15th and 31st of October 2013.
Telecom stocks will be watched on reports that the government is expected to give a go-ahead to trading and sharing of spectrum between telecom operators, while also recommending a uniform Spectrum Usage Charge (SUC) for various telecom services. According to reports, the idea is to create a conducive environment before the start of fresh spectrum auctions and signal an industry-friendly approach adopted by the Department of Telecom (DoT). The moves, it is felt, are crucial to ensure healthy participation by telecom operators in the auction as well as to encourage an aggressive bidding, reports added.
Idea Cellular will be watched after media reports suggested that the department of telecommunications (DoT) has awarded unified licence to Idea Cellular for seven circles. The company has been awarded licences for Assam, West Bengal, Kolkata, North East, Tamil Nadu, Jammu and Kashmir and Odisha. The company had applied for licences in seven circles after it emerged as the second biggest winner in the November 2012 spectrum auction. The company won spectrum for all the seven circles where its licences were cancelled, reports added.
Aviation shares will be in focus on media reports that the Indian government is set to scrap by November a rule requiring airlines to fly on domestic routes for five years and to possess a fleet of at least 20 planes before launching overseas operations. Even new airlines will be allowed to fly abroad after the so-called 5/20 rule is done away with. The proposal comes at a time when Tata Sons and Singapore Airlines have proposed to start a premium Indian airline, and Tata Sons teamed up with AirAsia Bhd to start a low-cost carrier, media reports added.
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