Wipro announced that its board will consider bonus issue of shares in its meeting on 17-18 January 2019. The decision of the board of directors will be informed to the stock exchanges on the evening of 18 January 2019. The company is also slated to announce its third-quarter earnings on 18 January 2019. The announcement was made after market hours yesterday, 14 January 2019. ICICI Bank announced that its board appointed B. Sriram and Rama Bijapurkar as additional (independent) directors of the bank with effect from 14 January 2019 for a period of 5 years, subject to the approval of shareholders. The announcement was made after market hours yesterday, 14 January 2019. Tata Power announced that the shareholding of Resurgent Power Ventures, Singapore has undergone a change with Power Platform (a wholly owned subsidiary of State General Reserve Fund, Oman) and Kuwait Investment Authority together buying out the shares of CDP Groupe Infrastructures Inc. (a wholly-owned subsidiary of Caisse de dépôt et placement du Québec). Resurgent Power is a joint venture based out of Singapore and is held 26% by Tata Power through its wholly-owned Singapore based subsidiary. The balance 74% of Resurgent Power is held by ICICI Bank, Power Platform and Kuwait Investment Authority. Resurgent Power has recently signed a share purchase agreement for acquiring 75.01% shares in Prayagraj Power Generation Corporation (PPGCL), a 3X660 MW coal-based power project in Uttar Pradesh. The transaction has received approval from the Competition Commission of India and the transaction closure is currently in progress. The announcement was made after market hours yesterday, 14 January 2019. Bharti Airtel will be watched. With reference to news item captioned, Bharti Airtel releases payment to Aircel to meet staff salaries, maintain assets, Bharti Airtel clarified after market hours yesterday, 14 January 2019, that it had, on behalf of Aircel and Dishnet Wireless (Aircel Entities), procured and submitted certain bank guarantees amounting to approximately Rs 453 crore to the Department of Telecommunications (DoT). The amount of the bank guarantees were deducted from the consideration to be paid to the Aircel entities for the spectrum being traded with Aircel entities in the year 2016. These were business transactions, the information of which was provided to the stock exchange on 8 April 2016. The bank guarantees were procured by Airtel against its credit lines with Axis Bank and Airtel was exposed to the extent of the bank guarantees' amounts towards Axis Bank, until the bank guarantees were to be returned in original or were to be irrevocably cancelled. The said bank guarantees were to be returned by the DoT as per the order of the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) dated 9 January 2018 in a matter between the Aircel entities and the DoT, which was not being done by the DoT. Based on an appeal by the Aircel entities, the Supreme Court on 8 January 2019, passed orders to the effect that the said bank guarantees shall stand cancelled and shall no longer be used for any purpose whatsoever. Basis the cancellation of the bank guarantees and the consequent release of the credit lines of Bharti Airtel by Axis Bank, Airtel paid the amounts owed by it to the Aircel entities on 10 January 2019. These are routine transactions and Airtel has acted in accordance with the orders of the Supreme Court and the TDSAT, Bharti Airtel said. On a consolidated basis, ICICI Securities' net profit fell 34.28% to Rs 101.17 crore on 18.04% decline in total income to Rs 404.75 crore in Q3 December 2018 over Q3 December 2017. The result was announced after market hours yesterday, 14 January 2019. Tata Metaliks' net profit fell 1.8% to Rs 39.63 crore on 11.5% rise in net sales to Rs 546.37 crore in Q3 December 2018 over Q3 December 2017. The result was announced after market hours yesterday, 14 January 2019. Punj Lloyd announced that Pengeramg Refining Company Sdn. Bhd. (Formerly PRPC Refinery and Cracker Sdn. Bhd.) (hereinafter referred to as 'PRC') has invoked the performance bond of $58,100,000 given in respect of the project for engineering, procurement, construction and commissioning of rapid tank farm for refinery and petrochemicals integrated project awarded by PRC to the unincorporated joint venture of the company and Punj Lloyd Sdn. Bhd., the wholly owned subsidiary of the company in Malaysia. Punj Lloyd has achieved more than 99% of the mechanical and financial completion of the project. The company has accordingly taken up the matter with PRC at the highest management level for refund of the bond amount. The announcement was made after market hours yesterday, 14 January 2019. Powered by Capital Market - Live News |