Asian Paints has entered the retail segment
Hindustan Zinc shares touched a new 52-week high of Rs 199.80, up 14 percent intraday Thursday after announcement of special dividend. Board of directors, on March 30, has declared special golden jubilee dividend of Rs 24 per share for financial year 2015-16. Vedanata will be the major beneficiary, getting more than Rs 6,500 crore as it has 64.92 percent shareholding (representing 274.3 crore equity shares) in the company. The Government of India will also get nearly Rs 3,000 crore as it hold 29.54 percent stake (124.79 crore equity shares) in the company. Hindustan Zinc has fixed April 07 as record date for payment of second interim dividend.
Larsen & Toubro (L&T) has sold its entire stake in L&T Infocity Limited, according to a regulatory filing with the BSE. The engineering and construction company sold 89 percent in the special purpose vehicle (SPV) for Rs 191 crore. The SPV was formed in 1997 with Andhra Pradesh Infrastructure Investment Corporation, which holds the remaining 11 percent stake. The company has developed more than 5 million square feet of IT space in Hyderabad, the note added.
CLSA downgraded Maruti Suzuki, the country’s largest car manufacturer, to outperform from buy and slashed target price to Rs 4,150 (from Rs 4,220 earlier), citing likely pressure on operating profit margin in next financial year. The brokerage says outlook on Maruti’s volumes and margins has weakened, with softening passenger vehicle (PV) demand, hike in auto taxes, strengthening Yen and likely rise in auto steel contract prices. CLSA likes Maruti on a 2-3-year view given its strong franchise, product cycle and likelihood of a strong demand revival but expects modest stock returns on a 12-month view.
M & M has acquired 35 percent stake in Finland’s Sampo Rosenlew for up to 18 million euros (about Rs 135 crore), marking its foray into the combine harvester business. The deal is expected to close by June 30, 2016. The acquisition of up to 35 percent stake would be for a consideration of not exceeding 18 million euros.
Public sector lender Oriental Bank of Commerce (OBC) today said it has raised over Rs 178 crore by issuing more then 2.15 crore shares to LIC on preferential basis. “The Bank has allotted 2,15,48,758 equity shares at an issue price (including premium) of Rs 82.79 per equity share …aggregating up to Rs 178.40 crore to Life Insurance Corporation of India (LIC) on preferential basis on March 30, 2016.
Lupin’s Mandideep unit has been flagged by United States Food and Drug Administration (US FDA). In particular, the active pharmaceutical ingredient (API) and formulations units of the plant in Madhya Pradesh have received two observations each.
Sunpharma Industries has teamed up with multinational drug giant Astrazeneca to promote & distribute the latest generation anti-diabetes drug dapagliflozin under the brand name Oxra.
Hinduja Group flagship firm Ashok Leyland has received orders worth Rs 800 crore from the Indian armed forces.
As part of the order, the company will supply 450 units of Field Artillery Tractor (FAT) 6×6 and other similar super stallion vehicles, and 825 units of ambulance 4×4, Ashok Leyland said in a statement.
Anil Ambani-led Reliance Defence has inked a pact with Israel’s Rafael Advanced Defence System to set up a JV in India for specialised areas including air- to-air missiles that will oversee projects worth USD 10 billion (over Rs 65,000 crore) in ten years.