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Tata Communications will be watched after collaboration with UROS Group
06-Dec-18   08:14 Hrs IST

Tata Communications will be watched. UROS Group, a global innovator in turnkey Internet of Things (IoT) solutions and smart connectivity, is collaborating with Tata Communications, a leading digital infrastructure provider, to support the deployment of IoT and smart city solutions across large commercial and public sector organisations globally. This collaboration will leverage the latest technologies and industry resources of both companies. The announcement was made after market hours yesterday, 5 December 2018.

Power Grid Corporation of India has been declared as the successful bidder under tariff based competitive bidding to establish transmission system for evacuation of power from 2 x 660 MW Jawaharpur Thermal Power Project and construction of 400 kV substation at Firozabad along with associated transmission lines' on build, own operate and maintain (BOOM) basis. The project is an intra-state transmission system of Uttar Pradesh and comprises 765kV, 400kV, 220kV and 132kV lines apart from establishing a new 400/220/132 kV Substation at Firozabad, Uttar Pradesh. The Letter of Intent (LoI) has been received on 5 December 2018. This is the first intra state transmission system project won by Power Grid Corporation of India under tariff based competitive bidding. The announcement was made after market hours yesterday, 5 December 2018.

Sagar Cements said its board approved a proposal to invest a sum of Rs 150 crore in Satguru Cement (SCPL), Indore, Madhya Pradesh, to set-up a green field cement manufacturing plant of 1 million ton capacity along with waste heat recovery power plant at a total cost of Rs 426 crore. SCL will be holding 65% in the equity share capital of SCPL on completion of the above projects.

Further, the board also approved a proposal to invest a sum of Rs 108 crore in Jajpur Cements (JCPL), Jajpur, Odisha in a phased manner to acquire 100% shareholding in it and to set-up through it a green field grinding unit of 1.5 million ton capacity in Jajpur at a total cost of Rs 308.10 crore. This investment is subject to approval from the Government of Odisha and other regulatory authorities as may be required. Barring unforeseen circumstances, both the above projects are being planned to be completed by 31 March 2021.

The company added that the setting-up of a cement manufacturing facility in Dhar district in Madhya Pradesh and a grinding unit in Jajpur, Odisha as proposed above would enable the company to extend its market presence in the newer areas of central and eastern parts of the country, with attractive margins and mitigate its current regions specific risks.

To fund the above investments and to meet its other general corporate purposes, the board has also approved of a proposal to issue 31,00,000 convertible warrants at a price not below Rs 725 each on a preferential basis to the entities belonging to promoter and non-promoter groups. The announcement was made after market hours yesterday, 5 December 2018.

Kirloskar Industries will be watched. With respect to news titled Srikrishna finds Kirloskar promoter group guilty of insider trading, Kirloskar Industries clarified to the bourses after market hours yesterday, 5 December 2018, that the article refers to purchase of shares of KBL by the company in 2010. The company purchased shares of KBL after seeking necessary pre-clearances and making necessary disclosures in accordance with the then applicable laws. The firm does not believe that Sebi is conducting any investigation in the matter against the company. Perusal of Sebi website does not suggest that Sebi has initiated any inquiry or investigation nor are any orders passed against the company in this matter.

Lemon Tree Hotels announced the opening of hotel under brand name 'Lemon Tree Premier' on Connaught Road, Pune. This is its second owned hotel in the city. The hotel has 201 rooms with a multi cuisine coffee shop, bar, spa, pool, fitness center, banquet spaces including a conference room. With opening of this hotel, the company presently operate 52 hotels including managed properties across 31 cities in India. The announcement was made after market hours yesterday, 5 December 2018.

Elecon Engineering Co announced that its board will meet on 10 December 2018 to consider issuing non-convertible debentures upto Rs 150 crore on private placement basis. The announcement was made after market hours yesterday, 5 December 2018.

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