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Stocks in news: Nalco, Rel Power, Axis Bank, Tata Motors
Nitin Fire Protection | Biocon | IPCA Labs | Nalco | GMR | UltraTech Cement | Reliance Power | Axis Bank and Tata Motors are stocks, which are in the news today.
Tata Motors CEO Carl Peter Forster resigns (ADR was down 9% to USD 15.35 on Friday) -Forster resigned citing unavoidable personal circumstances. -Forsters resignation termed a setback as company struggles to boost sales in Europe & India -Forster to remain non-executive member of board
RBI clears Axis-Enam all stock deal: CNBC TV18 exclusive -Deal only 1-2% dilutive -Axis board to meet next week to approve deal -Axis declined to comment
RIL on CAG Report -KG-D6 project completed in 'timely manner' -Project completed despite hostile weather conditions -Project completed despite supply chain constraints -Confident to unlock KG-D6 full potential with BP partnership -E&Y found no evidence of costs being overstated in purchases -RIL asked E&Y to perform procurement audit -RIL asked E&Y to confirm costs correctly allocated to KG-D6 -E&Y confirmed vendors' receipt of payments -E&Y confirmed vendors didn't make payments to RIL -E&Y confirmed vendors' bidding was market competitive -Only 1% of total project cost incurred via related parties
Osamu Suzuki on Manesar says -No compromise on discipline -Workers will have to sign good conduct bond
Reliance Power: Sources -Not to pursue Shahapur project in Maharashtra -Writes to district collector, Raigad withdrawing from project -Asks for refund of Rs 45 crore deposit -Reliance Power says investing Rs 5,000 crore in power sector in Maharashtra
UltraTech says -Rise in coal prices by 30% (YoY) have hurt company's margins -Plans to hike capacity from 52 mtpa to 75 mtpa -Will look at organic, inorganic growth in the future
IPO Corner PG Electroplast IPO close today (Price band Rs 190-210/sh) QIB: 0.98x, NII: 0.67x, RII: 0.06x, Overall: 0.61x
Other stocks and sectors that are in news today: -Steel Ministry plans to increase iron ore export duty by 10% -GMR submits EOI for Madrid and Barcelona Airport - BS -Nalco shuts 60 of its 960 smelting pots at its Orissa plant due to power shortage, will result in production loss of about Rs 6 crore/day - BS -Tonira Pharma to merge with IPCA Labs, IPCA currently holds more than 32% on Tonira - BS -Karnataka imposes Rs 140 crore in penalties on 13 iron ore mining companies -Biocon to invest USD 161 million in Malaysia -Kingfisher Airlines in plans to ramp up international operations -Axis IT &T to consider & decide upon restructuring options -Nitin Fire Protection Industries to consider bonus issue of shares -Ex Dividend: Amrutanjan Healthcare Rs 10/sh, Gujarat Apollo Industries Rs 5/sh, Ruby Mills Rs 5/sh -F&O ban: ABG Shipyard, Gitanjali Gems
