Berger Paints India and Nippon Paints (India) Pvt Ltd have completed the transfer of some of their paints businesses to their joint venture - BNB Coatings India Pvt Ltd - in a cash deal worth ₹90 crore, the former said in an exchange filing today. The turnover of the business transferred to the joint venture, which will make coatings for automobile plastics, is around ₹29 crore. Nippon Paints Automotive Japan holds 51 per cent stake in BNB Coatings India, while Berger Paints holds the rest. In an earlier filing, Berger Paints had said that it will transfer its three- & four-wheeler paints business and Nippon Paints (India) will transfer its four-wheeler paints business to BNB Coatings India. The transferred businesses include electro coat operations as well. Shares of Berger Paints closed flat at ₹276.40 on the NSE.

Sandur Manganese & Iron Ores has informed the exchanges that the government has approved enhancement of the company’s manganese ore production limit. The Central Empowered Committee, constituted by the Supreme Court of India, has approved enhancement of the company’s manganese ore production limit to 0.254 million tonnes per annum (mtpa). Earlier, production was reduced to 0.18 mtpa from 0.55 mtpa after the Supreme Court had in January 2013 directed the Karnataka government to scale down iron ore production to safeguard the environment from further degradation. The stock jumped 4.26 per cent at ₹600.7 on the BSE.

The board of Kesar Terminals & Infrastructure on Friday approved a 2:1 stock split. The face value of the stock will be reduced to ₹5 from the current ₹10. Last week, the company’s board had recommended a bonus issue in the ratio of 1:25 bonus shares (one bonus share for every twenty five shares held). Shares of Kesar Terminals closed at ₹519.1, up 0.6 per cent on the NSE.

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