Automobile stocks: Automobile companies such as Maruti Suzuki, Tata Motors, Ashok Leyland, Escorts, M&M, Eicher, Hero MotoCorp, TVS Motor and Bajaj Auto will declare their monthly sales figures for September.
Analysts expect majority of the companies to declare a weak set of numbers, due to chip shortage. However, some expect Ashok Leyland and Tata Motors may announce a better figure. All eyes are on Maruti Suzuki, as some expect the company could announce a sharp drop of over 40 per cent in sales.
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Dhanlaxmi Bank: Shareholders of Dhanlaxmi Bank have rejected the appointment of statutory auditors and branch auditors at the annual general meeting (AGM) held on September 29. Also, the shareholders rejected the resolution to give authorisation to the board of directors to appoint and fix the remuneration of auditors.
Shareholders approved the audited financial results of the company and passed the appointment of Gopinathan C K as director of the bank. Simultaneously, the Kerala High Court on September 29 passed an interim order directing Dhanlaxmi Bank to refrain from concluding the AGM.
Oil & Gas companies: The price of natural gas produced by state-owned firms such as ONGC from fields given to them on nomination basis hiked by 62 per cent to $2.90 per million British thermal unit for the six-month period beginning October 1. Analysts say this will be positive for GAIL and ONGC but negative for gas distributors such as Gujarat Gas, Indraprastha Gas and Mahanagar Gas.
L&T Technology Services Limited has announced that its award-winning healthcare solution Chest rA in collaboration with global technology leader Intel Corporation. Chest rAI, LTTS’ AI-based chest X-Ray analysis system to assist radiologists in improving speed and accuracy of diagnosis, will be fuelled by the Intel OpenVINO Toolkit and AI Analytics Toolkit to run optimised AI inferencing models on 3rd Gen Intel Xeon Scalable processors with built in AI accelerators.
Welspun Corp Ltd had earlier announced that the Capital Market Authority, which is the regulatory authority responsible for capital markets in the Kingdom of Saudi Arabia, has approved the Initial Public Offering of our Saudi Joint Venture, East Pipes Integrated Company for Industry for the offering of 63 lakh shares representing 30 per cent of its share capital.
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The divestment of shares will be done by the joint venture partners in proportion to their shareholding in EPIC. Welspun Corp Ltd currently holds 50.01 per cent in the JV through its overseas subsidiary. Post the proposed listing, its shareholding will not fall below 35 per cent in the JV and would continue to be the largest shareholder. The CMA’s approval on the application shall be valid for 6 months.
Inspirisys Solutions Limited , formerly Accel Frontline, has informed the exchanges that it has received a show cause notice from Securities and Exchange Board of India in the matter of alleged misrepresentation of financials / manipulation of books of accounts of Accel Frontline Limited, in relation to FY2012-13 to FY2015-16. The company is analysing the said notice and will appropriately deal with it in accordance with the law.
Jubilant Foodworks: Pursuant to share subscription and shareholders’ March 2018 between Jubilant Foodworks Ltd, Jubilant Golden Harvest Limited and Golden Harvest QSR Limited, JFL has exercised a call option for acquiring 39 per cent equity stake in JGHL from Golden Harvest. Post-acquisition, JFL will hold 90 per cent of the total shareholding of JGHL and Golden Harvest shall own remaining 10 per cent of the total shareholding of JGHL.
Jubilant Golden Harvest, a subsidiary of Jubilant Foodworks, has a franchise rights to develop and operate Domino’s Pizza restaurants in Bangladesh. Jubilant Foodworks Netherlands B.V., a wholly owned subsidiary of Jubilant Foodworks, proposes to acquire up to 17.18 per cent ordinary shares of DP Eurasia N.V. through a reverse bookbuild process from certain professional investors of DP Eurasia.
GR Infraprojects has received Letter of Award (LoA) for new project – the “construction of four/six lane Greenfield Ludhiana – Rupnagar National Highway” on Hybrid Annuity Mode. The bid project cost is ₹951 crore. The completion period for the project is 730 days from appointed date and operation period is 15 years from commercial operation date.
Ashiana Housing Ltd has acquired a piece of land measuring 15.64 acres on perpetual lease basis from Mahindra Lifespaces within the township of Mahindra World City at Chennai (Tamil Nadu). The company proposes to develop a senior living project on this land.
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Sterling and Wilson Solar has received the first order worth about ₹1,500 crore for its waste-to-energy business from a leading developer of energy assets in the UK and Europe. Last month, the company had announced expansion of its renewable energy offerings to include hybrid energy, energy storage and waste-to-energy solutions.
Rane Holdings Limited has further acquired 83,35,000 equity shares of ₹10 each fully paid up (12.72 per cent) in its subsidiary Rane t4u Private Limited, pursuant to subscription to the rights issue made by RT4U for ₹8.33 crore. The aggregate equity shareholding of RHL in RT4U has increased to 97.46 per cent (99.33 per cent on a fully diluted basis).
RT4U is a subsidiary of the company, which offers customised analytics-rich end-to-end telematics/ connected mobility solutions for various transportation and asset tracking requirements in India and other countries across South Asia, Middle East and Africa.
JMC Projects (India) Limited has secured new orders worth ₹1,849 crore. It bagged B&F Projects in India worth ₹857 crore and social housing project in Maldives for ₹992 crore. With these, order inflows for the company reached ₹7,959 crore.