Here are stocks that are in news today:
Cooper Tire terminates merger agreement with Apollo Tyres Cooper Tire says -Have been notified financing for deal no longer available-Will continue to pursue legal steps necessary for company-Will continue to pursue legal steps to protect shareholders-Clear that agreement signed on June 12 not to be consummated by Apollo Tyres-Right thing for company is to focus on continuing to build our business-Cooper Chengshan Tire (CCT) in China top priority in near-term-Working independently to restore normal operations at CCT -Apollo will not be relieved from liability for damages as result of termination-Agmt is void and of no effect, except certain miscellaneous provisions will survive-Terminate merger agreement with Apollo Tyres-Apollo will not be relieved from liability for damages-Apollo never adjusted price without unreasonable risk-Did not receive any revised offer from Apollo Tyres-Never got proposal from Apollo Tyres to reduce share price-Open for negotiations with Apollo or any other tyre company in future-Pursuing all legal obligations and damages from Apollo Tyres-Wanted to move forward & hence terminated contract with Apollo-The first task is to focus on Cooper Chengshan Tire-Do not believe company is liable to pay USD 50 million to Apollo Tyres-Final decision on breakup fee to be decided by Court
Apollo Tyres says-Disappointed with Cooper Tire's decision-Disappointed that Cooper Tire prematurely terminated agreement-Company made exhaustive efforts to find a sensible way forward-Cooper's lack of control over its arm complicated situation-Cooper been unwilling to work constructively to complete deal-Deal would have created value for both companies and shareholders-Left with no choice but to pursue legal remedies-To pursue legal remedies for Cooper's detrimental conduct-Company has many other compelling growth opportunities-'Remain focused on executing our standalone strategic plan'
Foreign Investment Promotion Board (FIPB):-Approves Tesco-Trent JV in multi-brand retailAlert: Tesco to invest USD 110 million in JV with Trent-Approves Vodafone's FDI proposal worth Rs 10,141 crore-Okays Vodafone proposal to up stake in Indian holding to 100 percentAlert: Vodafone UK currently holds 64.38 percent stake in Indian unitAlert: FIPB nod will help Vodafone buying out minority shareholdersAlert: Minority shareholders include Piramal Enterprises and Analjit Singh-Defers HDFC Bank's proposal to hike FII limit
Tesco to CNBC-TV18 -Pleased with FIPB approval to Tesco-Trent JV-FIPB nod to allow company to work on practicalities of JV
Future Group revives talks to acquire majority stake in Spykar Lifestyle: SourcesAlert: Future group made preliminary offer in January-Future Lifestyle Fashion (FLF) in negotiation with Avigo Cap to acquire its 60 percent stake in SpykarAlert: Avigo Cap invested about Rs 55 crore in Spykar beginning 2007-Term-sheet has been signed, due diligence process underway-Spykar valued at Rs 200 crore, deal structure being worked outAlert: Future group did not respond to CNBC-TV18 query
Coal Ministry-Issues show cause notices to allottees of 5 blocks-Asks Coal India about delay in Vijay Central block work-Asks Essar Power, Hindalco about slow work in Mahan coal block-Asks Reliance Power Sasan SPV to explain Chhatrasal block delay-Seeks explanation from Tata Steel for slow development of 2 coal blocksAlert: Tata Steel’s 2 blocks including Kotre-Basantpur and Pachmo coal blocks
Ministry of Environment and Forests (MoEF) may delink forest and environment nod for Orissa UMPP: Govt sources-Delinking of clearances to expedite coal block and projectAlert: Coal ministry sought explanation from PFC on delays-Decision on Orissa UMPP bid likely by February-end
Canara Bank-Ups base rate by 25 bps to 10.20 percent effective January 1-Ups BPLR by 25 bps to 14.45 percent effective January 1
Taro Pharma (subsidiary of Sun Pharma)-Announces final results of modified ‘Dutch Auction’ tender offer-1.96 million ordinary shares tendered at purchase price of USD 97.50/share-To spend USD 191 million (versus earlier estimated USD 200 million) to purchase stake-To acquire 1.9 million ordinary shares, representing 4.4 percent of company’s outstanding ordinary shares
Bharti Airtel's former CEO Sanjay Kapoor on CNBC-TV18-'Telecom sector shifting to data'-Investors need more clarity on policies like M&A norms-Operators are investing a lot in networks globally-'One company cannot transform the ecosystem'-All telecom companies must become data centric to transform ecosystem-Higher spectrum availability will lead to increase in data usage-Once policy decisions taken there will be more investments-Coming spectrum auction not to see much interest in 1800 MHz-Will see investor interest in 900 MHz band auction Mercator-Seeks shareholder approval to raise up to Rs 100 crore-Seeks shareholder approval to up borrowing limit to Rs 5,000 crore Other stocks and sectors that are in news today:-BHEL Chairman gets extension for 2 years-Government likely to raise subsidized LPG cap to 12 from 9 to gain political mileage: ET-BHEL completes renovation of 200 MW Obra thermal power station-Jain Irrigation gets Micro Irrigation project worth Rs 386 crore in Karnataka-SKS Microfinance completes Rs 55 crore securitisation-RBI okays bullet repayment of loans against gold for non-agri uses
RBI to auction Rs 1.43 lakh crre of treasury bills in January-March-RBI to auction Rs 80,000 crore of 91-day T-bills January-March-RBI to auction Rs 30,000 crore of 364-day T-bills January-March-RBI to auction Rs 33,000 crore of 182-day T-bills January-March RBI says-Government extends CPI inflation indexed certificate issue till March 31-May close inflation indexed certificate issue before March 31
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