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Wednesday, November 20, 2013

Sugar stocks in focus after crisis in UP

Shares of sugar manufacturers based in Uttar Pradesh (UP) will be watched after private mills, including Bajaj Hindusthan, Triveni Engineering & Industries, Oudh Sugar Mills, and Upper Ganges Sugar & Industries, among others, announced suspension of operations, following an impasse over announcement of state sugarcane price. Sugar mills officially declared that the sugar industry of the state would stand non-operative till the Rangarajan formula is adopted to fix the cane price.

Ashok Leyland said after market hours on Tuesday, 19 November 2013, that its board approved the scheme of amalgamation of Ashley Services (100% subsidiary - transferor company) with Ashok Leyland (transferee company), subject to approval of regulatory authorities as required and the High Court of Judicature, Madras.

Tata Motors is reportedly planning to launch a new hatchback and a sub-4 metre sedan powered by an all-new 1.2 litre turbocharged petrol engine in 2014 to cash in on the popularity of petrol cars. These two new products will be the first few major product offerings from Tata Motors in the last 3-4 years since the launch of the Aria crossover in 2010-11, the media report added.

Shriram EPC said it bagged multiple orders aggregating to Rs 214 crore. The company won an order worth Rs 157 crore from Bharat Petroleum Corporation (BPCL) for undertaking civil works at its Kochi refinery. Further, it bagged two orders aggregating to Rs 57 crore from Municipal Corporation of Brihanmumbai for rehabilitation of underground sewers.

HIL said that the contract labour at the company's Golan unit have not been reporting to duty since 15 November 2013 onwards without specifying any valid reasons, which has hampered operations at the said unit. The discussions with the contractor and the contract labour are in progress and the company is making all efforts to amicably resolve this issue as soon as possible.

Rohit Ferro-Tech said that the Pt Bara Prima Mandiri (BPM) having a Coking Coal mine located in Central Kalimantan Province of Indonesia owned by the company through its wholly owned subsidiary SKP Overseas, Singapore has started commercial sales on 19 November 2013 by shipping its first cargo to China.

The company said it is in the process of finalising one of the largest mining contractors in Indonesia for expanding the production to reach at the optimum production capacity by March 2014.

Rohit Ferro-Tech said it has targeted to produce around 500000 MT of Coking Coal per year from the open cast reserves. Considering the huge potential in underground mining the company is also doing a further techno-commercial study to enhance the capacity in coming years, it added.