Steel Industry: An overview

Steel Industry: An overview

 

Global Overview

  • In January-Oct 2019, the world crude steel production reached 1541.77 million tonnes (mt) and showed a growth of 3.2% over January-Oct 2018.
  • China remained world’s largest crude steel producer in same period (829.21 mt) followed by India (93.31 mt), Japan (83.79 mt) and the USA (74.07 mt).
  • World Steel Association has projected Indian steel demand to grow by 5% in 2019 while globally, steel demand has been projected to grow by 3.9% in 2019. Chinese steel use is projected to show 7.8% growth in 2019.
  • Per capita finished steel consumption in 2018 was 224.5 kg for world and 590.1 kg for China (Source: World Steel Association). The same for India was 74.1 kg in 2018 (Source: JPC).

 

Top 10 Countries according to their Steel Making capacity (2019)

Country Crude steel Capacity MT
  China 1023.4
  India 128.1
Japan 128.1
United States 112.6
Korea 87.9
  Russia 84.5
Germany 51.9
  Brazil 50.7
Turkey 48.9
  Ukraine 42.5

 

Top 10 Steel producing countries in the world (2019)

Country Steel produced MT
  China 928.3
  India 106.5
Japan 104.3
United States 86.7
Korea 72.5
  Russia 71.7
Germany 42.4
  Turkey 37.3
Brazil 34.7
 Iran 25

 

Total World Production:

World crude steel production was 1,391.2 Mt in the first nine months of 2019, up by 3.9% compared to the same period in 2018. China’s crude steel production for September 2019 was 82.8 Mt, an increase of 2.2% compared to September 2018. India produced 9.0 Mt of crude steel in September 2019, up 1.6% on September 2018. Japan produced 8.0 Mt of crude steel in September 2019, down 4.5% on September 2018. South Korea’s crude steel production was 5.7 Mt in September 2019, a decrease of 2.7% on September 2018.The US produced 7.1 Mt of crude steel in September 2019, a decrease of 2.5% compared to September 2018.

 

Demand:
In 2018/19, the global steel consumption rose 4% to 1.792 billion tonnes. There was a stable growth in consumption in North America and emerging markets of Asia. The Chinese demand for steel was up 5.5% despite the economic slowdown.After two years of rising steel consumption, the slow economic growth, lending restrictions in China, trade disputes, and the slowdown in the automobile sector slowed down the demand for steel globally. The steel consumption was however forecast to grow at a slower rate in 2019.

Indian Scenario

Industry Analysis:

India was the world’s second-largest steel producer with production standing at 106.5 MT in 2018. The growth in the Indian steel sector has been driven by domestic availability of raw materials such as iron ore and cost-effective labour. Consequently, the steel sector has been a major contributor to India’s manufacturing output.

The Indian steel industry is very modern with state-of-the-art steel mills. It has always strived for continuous modernisation and up-gradation of older plants and higher energy efficiency levels.

The Indian steel industry has entered into a new development stage, post de-regulation, riding high on the resurgent economy and rising demand for steel. Rapid rise in production has resulted in India becoming the 2nd largest producer of crude steel during 2018, from its 3rd largest status in 2017. The country is also the largest producer of Sponge Iron in the world and the 3rd largest finished steel consumer in the world after China & USA.

 

Demand:

ICRA, in their report on the steel sector said that the demand for steel in India could grow at the slowest pace in three years as an economic slowdown in the global industry’s bright spot deepens. Steel consumption in India is likely to increase by less than 6% this fiscal year. That would make it the slowest pace since a 3.1% increase in the year ended March 2017. However, the profitability of steelmakers may recover somewhat in the third quarter of 2019-20, with a sharp fall in prices of coking coal, key steel-making ingredient, in August 2019, and expectation of better demand from the construction sector during that quarter, it said.

“The domestic steel consumption growth is expected to decelerate to around 5 per cent-6 per cent in FY2020 as compared to 7.9 per cent in FY2019, on the back of an unprecedented slowdown in economic activity, as reflected by GDP (Gross Domestic Product) growth tapering down to 5 per cent in Q1 FY2020,” ICRA said in the report.

The decline in steel prices and seasonally weak demand are also likely to keep second quarter financial performance muted for the domestic steelmakers. Given the challenges prevailing at present, it is estimated that  the industry’s operating margin may decline to around 18 per cent in 2019-20, compared with 23 per cent in the previous financial year, and demand worries will continue to keep steel prices under pressure, which are currently trading at a discount to imported offers.

In 2019-20, domestic iron ore prices are expected to remain range-bound and there is a possibility of an ore supply deficit in the next fiscal, if mine auctions are delayed. On the other hand, blast furnace players would benefit in H2 from a steep correction in coking coal prices in recent months.

India’s crude steel production grew 3.3% to 106.56 MnT in FY 2018-19, making it the world’s second largest steel producer, behind China. Steel exports fell 26.4% to 8.54 MnT as global demand weakened due to geopolitical uncertainties and additional tariffs on imports by the US. Finished and semifinished steel imports rose by 4.6% to reach 8.79 MnT. The domestic market saw rising imports from China, Japan and Korea.

 

Company Analysis:

 There are 3 major players in the Indian Steel Industry and they are listed on the stock exchange. Here are some insights from the Indian players of the steel industry and their productions and capacities.

 

Tata Steel Ltd

Tata Steel
Year FV Equity Capital Net Worth Total Sales PAT BV EPS % change in Revenue % change in Profit
  Rs Rs Cr. Rs Cr. Rs Cr. Rs Cr. Rs Rs % %
2020 H1 10 1145 72644 70961 4739 634.48 41.39 (0.08) (0.06)
2019 H1 10 1145 66292 77105 5017 579.00 43.82

 

  • World’s second-most geographically diversified steel producer
  • Commercial presence in over 50 countries with employees across five continents
  • Lowest cost producer of steel in Asia
  • Second largest steel producer in Europe with a crude steel production capacity of over 12.1 MTPA
  • Crude steel production of 26.4 million tonnes in Q2 FY19
  • Tata Steel has manufacturing units at Jamshedpur, Jharkhand and Kalinganagar, Odisha with production capacities of 10 MnTPA and 3 MnTPA, respectively.
  • During Financial Year 2018-19, Tata Steel acquired Bhushan Steel Limited. (Renamed as Tata Steel BSL Ltd)
  • Tata Steel group acquired the steel business of Usha Martin Limited through one of its subsidiaries Tata Sponge &Iron Ltd. This move helps the Company to create a globally competitive long products business focussed on value-added and differentiated products while achieving cost competitiveness.
  • During the year, the company commenced the Tata Steel Kalinganagar Phase II expansion project to augment the cumulative capacity of the Kalinganagar plant from 3 MnTPA to 8 MnTPA.
  • T V Narendran is the CEO & MD of the Company.

 

The operations capacity of the company is as follows:

 

Operations FY19 FY18 % Change
Mn Tonnes
Hot Metal 14.24 13.86 3
Crude Steel 13.23 12.48 6
Saleable Steel 12.98 12.24 6
Sales 12.69 12.15 4

 

 

Production & Sales of Tata steel Bhusan Steel Ltd is as follows:

Operations FY19
Crude Steel 3.58
Saleable Steel 3.5
Sales 3.57

 

JSW Steel Ltd

JSW Steel
Year FV Equity Capital Net Worth Total Sales PAT BV EPS % change in Revenue % change in Profit
Rs Rs Cr. Rs Cr. Rs Cr. Rs Cr. Rs Rs % %
2020 H1 1.00 240 33369 33565 4356 139.04 18.15 (0.14) (0.03)
2019 H1 1.00 240 26512 39048 4471 110.47 18.63

 

  • India’s largest steel exporter
  • Production capacity of 18 MTPA
  • Crude steel production of 4.17 million tonnes in Q4 FY19, achieving 16.69 MT in fiscal year 2018-19.
  • During the year, JSW Steel Coated has installed and commissioned a Tin Plate Mill of 0.25 MTPA and related facilities at itsTarapur Work to cater to the increasing demand for the tin plate. The total project cost incurred is Rs 575 crores.
  • Mr Sajjan Jindal is the Chairman & MD of the company.

 

Steel Authority of India Ltd

SAIL
Year FV Equity Capital Net Worth Total Sales PAT BV EPS % change in Revenue % change in Profit
  Rs Rs Cr. Rs Cr. Rs Cr. Rs Cr. Rs Rs % %
2020 H1 10 4131 39232 29280 (183) 94.98 (0.44) (0.11) (1.16)
2019 H1 10 4131 36851 32842 1162 89.22 2.81

 

  • Largest steel producer in India
  • Five integrated steel plants
  • Crude steel production 3.930 MT in Q1 FY20
  • Anil K Choudhary is the Chairman of the company.

 

Production Breakup for SAIL

(Unit : ‘000T)

 

Peer Comparisons :

Particulars Tata Steel Ltd JSW Steel Ltd SAIL
Face Value (Rs) 10 1 10
CMP (Rs) 430 260 40
52 Week H/L (Rs) 560.35/320.3 313.4/201.9 60.1/29.5
Market Cap (Rs Crs) 48918 62666 16851
Promoter Holding % 33.12 42.4 75
Equity Cap (Rs Crs) 1144.94 301 4130.53
Networth (Rs Crs) 66650 34795 39646
Debt (Rs Crs) 91146 35989 41434
Sales (Rs Crs) 159060 84961 67468
PAT (Rs Crs) 9098 7524 2349
EBITDA (Rs Crs) 29770 18952 10283
EBITDA Margin 19% 22% 15%
EPS (Rs) 79.5 25.0 5.7
BV (Rs) 582 116 96
P/E 5.4 10.4 7.0
P/BV 0.7 2.2 0.4
ROE % 14 22 6
Debt/ Equity times 1.4 1.0 1.0

 

Current Scenario:

The US-China trade war, slow global economy and a prolonged subdued demand took away the shine of steel in recent times but brokerages and experts are now seeing a spark of revival in the sector.

In a report on December 6, Edelweiss Securities said that the US-China trade war had not reduced the steel trade in Asia. Besides, China’s production rate had likely reached it’s peak and the construction demand in the first half of the calendar year 2020 could even surpass the estimates. Also, low raw material prices are helping maintain the margins in China. All these factors augur well for steel manufacturers, as a stable market balance in China is critical for them.

Despite unenthusiastic auto sector growth in CY20, the property construction to drive consumption is expected to grow. The iron-ore prices have stayed robust in 2019 mainly because of the disruptions at Vale, the world’s largest ore miner.

Furthermore, a higher profit margin of steel mills amid pollution concerns has led to the widening of discount between higher grade and lower grade ore. Unless winter cuts are undermined in China, iron ore and coking coal prices are likely to trend lower, resulting in higher margins for steel players.

In India, while prices are off the lows, but demand is still subdued. Imports are also likely to be constrained by protectionist measures. However, exports are imperative given the surplus production, particularly for flat producers. Owing to the weak domestic demand environment and surplus production, Indian players are increasingly tapping exports markets. In the last three months, India exported steel to the extent of 1mt per month, whereas imports gradually halved to 460kt. Subdued demand in the Indian market in the light of weak macroeconomic environment remains a concern for steel. A revival in major consumers such as auto and realty sectors is also important for the revival of the metal manufacturers. Hope of a demand revival is supporting.

Conclusion:

Construction industry is the largest consumer, accounting to approximately 50% of the world’s steel consumption. Following it is the transport, machinery and metal products industry. The wide range of continuing infrastructure projects is likely to support growth in steel demand in India in 2020. This is because the government has allocated, Rs. 4,50,000 Cr. for the infrastructure development of the country which was allocated in the interim budget FY2019/20.

 

References:

 

Daily Bulletin (13th December, 2019)

https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20191213-36

1.Scrip code : 532921
Name : Adani Ports and Special Economic Zone Ltd
Subject : Intimation For Incorporation Of A Wholly Owned Subsidiary Company Namely ‘Adani Pipelines Private Limited’
Intimation for Incorporation of a Wholly Owned Subsidiary Company Namely ‘Adani Pipelines Private Limited’

2.Scrip code : 532482
Name : Granules India Ltd.
Subject : Announcement under Regulation 30 (LODR)-Updates on Joint Venture
Company has entered into an agreement with Hubei Biocause Heilen Pharmaceutical CO., Limited., Joint Venture Partner

3.Scrip code : 539289
Name : MAJESCO LIMITED
Subject : Announcement under Regulation 30 (LODR)-Acquisition
Pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended We hereby intimate you that the Company has entered into a share purchase agreement with Mastek (UK) Limited (the ‘Seller’) on December 12, 2019, for acquisition of 2,000,000 shares of Majesco (USA), a material subsidiary of the Company (‘SPA’). In consideration for purchase of the shares, the Company will pay the Seller USD 15.94 Million, based on closing stock price of Majesco (USA) on the NASDAQ on December 11, 2019. Accordingly, after the completion of the aforesaid purchase, stake of the Company in its material subsidiary i.e. Majesco (USA), will increase to 74.6% from existing 69.9%. You are requested to take the above on your record.

4.Scrip code : 532898
Name : POWER GRID CORPORATION OF INDIA LIMITED
Subject : Announcement under Regulation 30 (LODR)-Acquisition
POWERGRID acquired Rampur Sambhal Transco Limited under TBCB route.

5.Scrip code : 532955
Name : REC LIMITED
Subject : Sale And Transfer Of Rampur Sambhal Transco Limited, Wholly Owned Subsidiary Of RECTPCL And Also Of REC.
In compliance with the provisions of SEBI (LODR) Regulations, 2015, it is informed that the entire shareholding of REC Transmission Projects Company Limited (RECTPCL), a wholly owned subsidiary of REC Limited in Rampur Sambhal Transco Limited, comprising of 50,000 equity shares, have been transferred along with all its assets and liabilities on December 12, 2019, to Power Grid Corporation of India Limited, the successful bidder selected through Tariff Based Competitive Bidding Process for construction of 765/400/220 kV GIS substation, Rampur and 400/220/132 kV GIS substation, Sambhal with associated lines. Hence, with effect from the aforesaid date, the above Project Specific SPV is not subsidiary of RECTPCL & REC.

6.Scrip code : 500325
Name : Reliance Industries Ltd
Subject : Announcement under Regulation 30 (LODR)-Acquisition
Reliance Strategic Business Ventures Limited (“RSBVL”), a wholly-owned subsidiary of Reliance Industries Limited (“RIL” or the “Company”) has acquired equity shares of Asteria Aerospace Private Limited (“Asteria”) for a cash consideration of INR 23,12,49,584/- (Indian Rupees twenty three crore twelve lakh forty nine thousand five hundred eighty four only). The said investment represents 51.78% holding in the equity share capital of Asteria.

7.Scrip code : 508494
Name : Warren Tea Ltd.
Subject : In Principle Decision Of The Board Of Directors To Monetise Some Assets Of The Company
The Board of Directors at its Meeting held today has decided in principle, to monetise certain Tea Estate(s) and /or other assets and for this purpose has authorized the Executive Chairman, the Managing Director and the President-Legal & Company Secretary to identify the Tea Estate(s) and/or other assets and to carry out the process of disposal. The Directors are of the view that it may be prudent for the Company to dispose of one or more of its Estates and/or other assets which have varying contributions and use the proceeds thereof to consolidate and strengthen its financial position including containment and optimization of liabilities including borrowings, as a concrete step towards improvement of the overall performance of the Company. For the purposes of such disposal of tea estates and/or other assets, consent of the shareholders of the Company pursuant to the provisions of the Companies Act, 2013 would be sought by postal ballot.

Daily Bulletin (12th December, 2019)

https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20191212-38

1.Scrip code : 540078 
Name : Mitsu Chem Plast Limited
Subject : Corporate Action-Board recommends Bonus Issue
Increase in Authorised Share Capital of the Company from existing 4,02,50,000/- (Rupees Four Crores Two Lakhs and Fifty Thousand Only) divided into 40,25,000 (Forty Lakhs Twenty Five Thousand) Equity Shares of ? 10/- (Rupees Ten Only) each to ? 12,08,00,000 /- (Rupees Twelve Crores and Eight Lakhs Only) divided into 1,20,80,000 (One Crore Twenty Lakhs and Eighty Thousand) Equity Shares of ? 10/- (Rupees Ten Only) each. 2.Issue of bonus shares in the ratio of 2 (Two) equity shares for every 1 (One) existing equity share held by the shareholders of the Company as on the record date to be fixed for the purpose. The details pertaining to Issue of Bonus Shares as required under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 are provided in Annexure attached herewith. 3.Migration of the Company from SME segment of BSE Limited to Main Board of BSE Limited. 4.Draft Notice of Postal Ballot.

2.Scrip code : 532189
Name : India Tourism Development Corporati
Subject : Announcement under Regulation 30 (LODR)-Scheme of Arrangement
In terms of Regulation 30(1) of SEBI (LODR) Regulations, 2015, this is to disclose that ITDC Board in its meeting held today on lih December. 2019 has accorded inprincipal approval regarding merger with ITDC of M/s Kumarakruppa Frontier Hotels Private Limited, a Government Company under the Ministry of Tourism, Govt. Of India in which the Govt. Of India holds 90.09 % shareholding with the Company. The approval of the Board will be conveyed to the Ministry of Tourism for its consideration and onwards approval from DIPAM, Ministry of Finance/CCEA etc.

3.Scrip code : 540975
Name : Aster DM Healthcare Limited
Subject : Announcement under Regulation 30 (LODR)-Acquisition
Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, pursuant to increase in the shareholding in subsidiary Company, Prerana Hospital Limited. The Company held 84.93% equity shares of Prerana Hospital Limited. Pursuant to the exercise of put option by the promoters of Prerana Hospital Limited, the shareholding of the Company in Prerana Hospital Limited has increased by 2.06%, thereby making the aggregate shareholding of the Company to 86.99%. In this regard, as per Circular Number CIR/CFD/CMD/4/2015 dated September 09, 2015 pertaining to continuous disclosure requirements for Listed Entities under Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed Annexure I for your records. We request you to kindly take the above information on record.

4.Scrip code : 958437
Name : Reliance Industries Ltd
Subject : Announcement under Regulation 30 (LODR)-Acquisition
Reliance Strategic Business Ventures Limited (‘RSBVL’), a wholly-owned subsidiary of Reliance Industries Limited (‘RIL’ or the ‘Company’) has acquired equity shares of NowFloats Technologies Pvt. Ltd. (‘Nowfloats’) for a cash consideration of INR 141,63,78,822 (Indian Rupees one hundred forty one crore sixty three lakh seventy eight thousand eight hundred twenty two only). The said investment represents 85% holding in the equity share capital of Nowfloats. RSBVL proposes to make a further investment of up to INR 75 crore (Indian Rupees seventy five crore only), subject to achieving agreed milestones. The further investment is expected to be completed by December 2020. Post the further investment, the shareholding of RSBVL will increase to 89.66% of the equity share capital of Nowfloats.

Tata Motors Share V/S DVR

What is a DVR?
DVRs or differential voting rights are shares that carry different voting rights than ordinary shares. In this case, voting right for one DVR was equal to 10% of the voting right of an ordinary share and a 5% higher dividend. Therefore, 10 Tata Motors DVRs carry 1 vote.

Tata Motors was the first company to issue a DVR in India. It received a very underwhelming response where the underwriter JM Financial had to renegotiate terms with the company and the Tata Group had to pick up most of the stake which was up for sale.

DVRs also take a haircut in terms of price due to their lower voting rights, lower liquidity and the reluctance of shareholders which may need greater incentives to invest. This Haircut is the difference between the equity share price and the price of the DVR. In developed countries this haircut is lower. Higher liquidity and trading volumes also reduce this haircut.

Tata Motors DVR Dividends:
The DVR Holders receive a higher dividend on Face Value making the Dividend yield higher for DVR Holders.

Dividend
Date Tata Motors DVR Tata Motors Equity
03-Aug-09 6.5 6
10-Aug-10 15.5 15
19-Jul-11 20.5 20
18-Jul-12 4.1 4
30-Jul-13 2.1 2
09-Jul-14 2.1 2
18-Jul-16 0.3 0.2

 

Equity Share Price V/S DVR Price

A few things become evident by looking at the above chart:

  1. The % difference between the DVR and Equity share tends to move inversely with the equity share price. I.e. As the equity share price of Tata Motors falls, the % difference between the price of the DVR and equity share increases.This means that the price of the DVR has fallen at a greater rate in comparison to the equity share.
  2. The % difference between the price of the DVR and Equity Share is at a record high at 59.5%
  3. The average % difference between the DVR and share price since 2015 is 41.4%. . The range for the % difference is shown below:
Date Tata Motors DVR Price Tata Motors Equity Share Price % Difference
Lowest 28-Jan-16 267.5 334.2 20.0
Highest 11-Dec-19 64.15 158.45 59.5

 

  1. As the % difference increases, the return provided by the DVR in comparison to the equity share decreases.Since the % difference between the equity share price and the DVR is at a record high, now is a good time to consider investing in the DVR in place of the Equity share if one is looking to invest in Tata motors as Historical data suggests that the Equity Share Price and DVR % difference should converge to its average or at least decrease once the company starts doing better which will mean a higher % return for DVR holders in comparison to equity share holders and a much higher dividend yield.

 

If the company’s performance improves in the future, the DVR will provide greater capital appreciation to its holders.

 

Daily Bulletin (11th December, 2019)

https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20191211-39

1.Scrip code : 540725
Name : Share India Securities Limited
Subject : Board Meeting Intimation for Allotment Of Equity Shares
Share India Securities Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 16/12/2019 ,inter alia, to consider and approve the Allotment of Equity Shares of M/s. Share India Securities Limited to the Shareholders of erstwhile M/s. Total Securities Limited, pursuant to the Scheme of Amalgamation.

2.Scrip code : 532705
Name : Jagran Prakashan Limited
Subject : Announcement under Regulation 30 (LODR)-Public Announcement-Buyback of Shares
Submission of Public Announcement dated December 10, 2019 (“Public Announcement”) for the Buyback of Equity Shares of INR 2/- each (“Equity Shares”) for a maximum amount of INR 1,01,25,00,000 from the open market through stock exchange mechanism pursuant to the provisions of the SEBI (Buy-Back of Securities) Regulations, 2018 and the Companies Act, 2013, as amended.

3.Scrip code : 500350
Name : RSWM Limited
Subject : Intimation Of The Outcome Of The Meeting Of The Board Of Directors (‘Board’) Of RSWM Limited (‘Company’)
We wish to inform you that the Board, in its meeting today, i.e., 11th December, 2019 has considered and approved, among others, the issuance of fully paid up equity shares of the Company for up to an aggregate amount not exceeding Rs. 1500 Million by way of rights issue (the ‘Issue’) to eligible equity shareholders of the Company as on the record date and on such other terms (to be decided by the Board or a duly constituted Committee of the Board at a later date) in accordance with applicable law, including Companies Act, 2013 and the rules made thereunder and the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, each as amended. The meeting started at 12:30 P.M and concluded at 03:30 P.M. We request you to take the above on record and that the same be treated as compliance under the applicable regulation(s) under the SEBI Listing Regulations.

Daily Bulletin (10th December, 2019)

https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20191210-27

1.Scrip code : 532281
Name : HCL Technologies Ltd
Subject : Announcement under Regulation 30 (LODR)-Allotment
Sub: Allotment of Bonus shares on December 10, 2019 Dear Sirs, We would like to inform you that the Company has on December 10, 2019 allotted 135,68,32,548 new equity shares of the Company of Rs. 2 each, bearing Distinctive No(s). from 1,428,196,185 to 2,785,028,732, as fully paid-up Bonus Shares, to the members of the Company, in the ratio of one new equity share for every one existing equity share held by them, as on as on December 7, 2019, being the Record Date fixed for this purpose. Consequent to the said allotment the paid-up share capital of the Company has gone up to 271,36,65,096 equity shares of Rs.2/- each aggregating to Rs. 542,73,30,192/-. This is for your information and records.

2.Scrip code : 505693
Name : La Tim Metal & Industries Limited
Subject : Outcome Of The Board Meeting
Adopted and approved the Draft Notice of Meeting of the Equity Shareholders and Compulsory Convertible Preference Shareholders pursuant to the Order dated 16th November, 2019 of the Hon’ble NCLT, Mumbai Bench in the matter of Scheme of Merger by Absorption of La Tim Sourcing (India) Private Limited (Transferor Company) by La Tim Metal & Industries Limited (Transferee Company) 2.Approved the Draft Notice to be issued to all its Secured/Unsecured Creditors under Section 230 (3) of the Companies Act 2013 with a direction to submit their representations, if any, in connection with Scheme of Merger by Absorption under Sections 230 to 233 of the Companies Act, 2013 and other applicable provisions of the Companies Act 2013 to the NCLT, Mumbai Bench. 3.Cut-off date shall be Friday 13th Dec, 2019 for the purpose of taking record of the shareholders entitled to cast their vote by E-voting and through Postal Ballot. Enclosed herewith the Calendar of events for conducting Postal Ballot process

3.Scrip code : 532960
Name : Indiabulls Ventures Limited
Subject : Buyback Offer
D & A Financial Services (P) Ltd (“Manager to the Buyback”) has submitted to BSE a copy of Public Announcement for the attention of Equity Shareholders / Beneficial Owners of Fully paid up Equity Shares of Indiabulls Ventures Ltd (“Target Company”) for the Buy-back of fully paid up Equity Shares through Tender Offer under the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018, as amended.

Daily Bulletin (9th December, 2019)

https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20191209-23

1.Scrip code : 539026
Name : SSPN Finance Limited
Subject : NOTICE OF EXTRAORDINARY GENERAL MEETING OF THE MEMBERS OF SSPN
To consider and approve Issue of Fully Paid Bonus Equity Shares in the ratio of 1:1 To consider and if thought fit, to pass, with or without modification(s)

2.Scrip code : 531633
Name : Lincoln Pharmaceuticals ltd.
Subject : Announcement under Regulation 30 (LODR)-Scheme of Arrangement
In compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, we wish to inform that the meeting of Board of Directors of Lincoln Pharmaceuticals Limited (the “Company”) held on today, i.e. December 7, 2019 and considered and decided following business; 1. It is decided to withdraw the Scheme of amalgamation between Lincoln Parenteral Limited (“Transferor Company”) and Lincoln Pharmaceuticals Limited (“Transferee Company”) as approved by the Board of Directors in its meeting held on September 19, 2019 and 2. Approved the Scheme of Amalgamation between Lincoln Parenteral Limited (“Transferor Company”) and Lincoln Pharmaceuticals Limited (“Transferee Company”) (“Scheme”), subject to all requisite approval. The Appointed Date for the Scheme is April 01, 2019.

3.Scrip code : 540725
Name : Share India Securities Limited
Subject : Announcement under Regulation 30 (LODR)-Scheme of Arrangement
This is with reference to the Petition No. CP(CAA) No. 184/ALD of 2019 filed by Share India Securities Limited and Total Securities Limited jointly before the NCLT, Allahabad for approving the Scheme of Amalgamation of Total Securities Limited with Share India Securities Limited. We have received the Formal Order from NCLT and the same has been filed with Registrar of Companies on 09.12.2019, the receipt whereof is attached herewith for your kind reference. Therefore, the Scheme shall stand effective from 09.12.2019.

4.Scrip code : 540975
Name : Aster DM Healthcare Limited
Subject : Announcement under Regulation 30 (LODR)-Acquisition
Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 pursuant to acquisition of a step-down subsidiary, Premium Healthcare Limited, UAE. In furtherance to the announcement made by the Company on October 31, 2019 on the Captioned subject the Company through its Subsidiary, Aster DM Healthcare FZC, Completed acquisition of 80% stake in Premium Healthcare Limited, UAE on December 5, 2019 and confirmation received by the Company from Dubai International Financial Centre Authority (DIFCA) on December 08, 2019. In this regard, as per Circular Number CIR/CFD/CMD/4/2015 dated September 09, 2015 pertaining to continuous disclosure requirements for Listed Entities under Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed Annexure I for your records. We request you to kindly take the above information on record.

5.Scrip code : 532805
Name : Redington (India) ltd.
Subject : Announcement under Regulation 30 (LODR)-Updates on Acquisition
This has reference to our earlier announcements dated 28th July 2016, 22nd December 2016 and 13th September 2018 regarding investments of M/s. ProConnect Supply Chain Solutions Limited (ProConnect), a wholly owned subsidiary of the Company in M/s. Rajprotim Supply Chain Solutions Limited (RCS). We wish to inform you that we have been informed by ProConnect that it had acquired additional 12% stake in RCS. With this acquisition, the total holding of ProConnect in RCS is increased from 88% to 100% and hence pursuant to this acquisition, RCS becomes a wholly owned subsidiary of ProConnect.

6.Scrip code : 532705
Name : Jagran Prakashan Limited
Subject : Corporate Action-Intimation of Buy back
The Board of Directors of the Company, at its meeting held on Monday, December 09, 2019 at 01:30 P.M. which concluded at 02:30 P.M., approved the buyback of the Company”s fully paid-up equity shares. For further details kindly refer the attachment.

Daily Bulletin ( December 6, 2019)

https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20191206-44

  1. Scrip code : 532407
    Name : MOSCHIP TECHNOLOGIES LIMITED
    Subject : Announcement under Regulation 30 (LODR)-Scheme of Arrangement The Hon”ble NCLT, Hyderabad bench, vide its order dated 04/12/2019 has been approved the Scheme of Amalgamation of First Pass Semiconductors Private Limited with MosChip Technologies Limited from the appointed date of Scheme. i.e. with effect from 01st April, 2018
  2. Scrip code : 531212
    Name : Nalin Lease Finance Ltd.
    Subject : Intimation Under Regulation 30 Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015
    With regards to the captioned matter and in continuance of our letter dated 28th November, 2019, we would like to inform you that the Scheme of Arrangement involving Amalgamation of Amee Finance Limited, Gandhi Shroff Services Private Limited, Nalin Services Limited and Nalin Consultancy Services Limited with Nalin Lease Finance Limited (‘Scheme’) has become effective upon filing of certified copy of order of the Hon’ble National Company Law Tribunal, Ahmedabad Bench (‘NCLT’) sanctioning the scheme with the Registrar of Companies, Gujarat on 05th December, 2019. The Scheme has become effective from the Appointed Date, i.e., April 1, 2018.
  3. Scrip code : 540078
    Name : Mitsu Chem Plast Limited
    Subject : Board to consider Bonus Issue Mitsu Chem Plast Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on December 12, 2019, inter alia, to: 1. To consider and approve increase in Authorised Share Capital of the Company. 2. To consider and approve the Issue of Bonus. 3. To migrate the Company from SME segment of BSE Limited to Main Board of BSE Limited.
  4. Scrip code : 539026
    Name : SSPN Finance Limited
    Subject : Board approves Bonus Issue SSPN Finance Ltd has informed BSE that the Board of Directors of the Company at its meeting held on December 06, 2019, inter alia, has transacted the following Business : – Approved and recommended issuance of fully paid up Bonus Shares in the ratio of 1:1 i.e. 1 (One) fully paid up equity share for every 1 (One) equity share held, subject to shareholders’ approval.
  5. Scrip code :526235
    Name : Mercator Limited
    Strategic Sale of Participating Interest (PI) in the Oil Block CB-ONN-205/9 (CB-9) of Mercator Petroleum Limited, a material subsidiary of the Company. The above sale is subject to approval of specified lenders, shareholders of the Company and further regulatory approval(s) as may be applicable.

 

Daily Bulletin (5th December, 2019)

https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20191205-36

1.Scrip code : 533217
Name : Hindustan Media Ventures Limited
Subject : Announcement under Regulation 30 (LODR)-Scheme of Arrangement
Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 – Allotment of equity shares by the Company pursuant to the Scheme of Arrangement u/s 230 to 232 of the Companies Act, 2013 between Hindustan Media Ventures Limited (“Resulting Company/Company”) and India Education Services Private Limited (“Demerged Company/IESPL”) and their respective shareholders [Scheme]

2.Scrip code : 541770
Name : CreditAccess Grameen Ltd.
Subject : Announcement under Regulation 30 (LODR)-Updates on Acquisition
We refer to the captioned disclosure where CreditAccess Grameen Limited (the ‘Company’) informed you that its Board of Directors (‘Board’) had approved: (i) the acquisition of up to 76.2% of the share capital of Madura Micro Finance Limited (‘MMFL’) by the Company from its existing shareholders; and (ii) a scheme of arrangement amongst the Company, MMFL and their respective shareholders and creditors, providing for the amalgamation of MMFL into the Company. The Company now wishes to inform you that on December 4, 2019, the Board approved the acquisition of an additional 13,350 equity shares of MMFL constituting 0.19% of the fully paid up equity share capital of MMFL. Pursuant thereto, the aggregate number of equity shares of MMFL that the Company proposes to acquire would be 54,92,616 equity shares constituting 76.34% of MMFL’s fully diluted paid-up equity share capital. The aforementioned acquisition is also subject to obtaining necessary regulatory and corporate approvals.

3.Scrip code : 532407
Name : MOSCHIP TECHNOLOGIES LIMITED
Subject : Announcement under Regulation 30 (LODR)-Scheme of Arrangement
The Hon’ble NCLT, Amaravathi bench, vide its order dated 03rd December, 2019 has been approved the Scheme of Amalgamation of GigaCom Semiconductor Private Limited with MosChip Technologies Limited from the appointed date of Scheme. i.e. with effect from 01st April, 2018.

4.Scrip code : 501455
Name : Greaves Cotton Ltd.
Subject : Announcement under Regulation 30 (LODR)-Updates on Acquisition
This is in furtherance to our intimation dated November 5, 2019 and November 13, 2019 (copy attached), we hereby inform you that the Greaves Cotton Limited (“Company”) has acquired balance equity shares of Ampere Vehicles Private Limited (“Ampere Vehicles”),through secondary purchase. Pursuant to the completion of the acquistion of aforesaid shares, Ampere Vehicles became the wholly owned subsidiary of the Company w.e.f. December 5, 2019. This is for your information and record.

5.Scrip code : 500520
Name : Mahindra & Mahindra Ltd.
Subject : Announcement under Regulation 30 (LODR)-Updates on Acquisition
Sub:Intimation of Acquisition – under Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 This is in furtherance to our letter dated 31st August, 2019, wherein it was intimated that Mahindra & Mahindra Limited (“the Company”) signed a Share Subscription Agreement (“the Agreement”) for subscribing upto 55% of the Equity Share Capital of Meru Travel Solutions Private Limited (“Meru”) in tranches and that after investment of the first tranche in Meru, the Company will have the right to appoint majority of the Directors on the Board of Meru and as such will control the composition of the Board of Directors of Meru. We wish to inform you that the Company has today acquired 36.63% of the Equity Share Capital of Meru in the first tranche of investment, and also the Right to appoint majority of the Directors on the Board of Meru.

6.Scrip code : 957189
Name : South Indian Bank Ltd.
Subject : Announcement under Regulation 30 (LODR)-Acquisition
Pursuant to Regulation 30,other applicable regulations of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 and further to our letter SEC/ST EX.STT/ 140 /2019-20 dated 3rd December,2019 kindly find the additional disclosures with regard to acquisition of shares of Kerala Infrastructure Fund Management Limited (KIFML). The aforesaid information is also being hosted on the website of the Bank www.southindianbank.com.

7.Scrip code : 500400
Name : Tata Power Co. Ltd
Subject : Announcement under Regulation 30 (LODR)-Press Release / Media Release
Renascent Power acquires 75.01% stake in Prayagraj Power Generation Company Ltd.

Daily Bulletin (4th December, 2019)

https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20191204-32

1.Scrip code : 502937
Name : Kesoram Industries Ltd
Subject : Announcement under Regulation 30 (LODR)-Scheme of Arrangement
In compliance with the provisions of the regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) 2015, please find enclosed a certified true copy of the Order bearing no. CP (CAA) No. 1349/KB/2019 CA (CAA) No. 655/KB/2019 dated December 3rd, 2019, issued by the National Company Law Tribunal, Kolkata bench in the matter of Scheme of Arrangement between Birla Tyres Limited and the Company.

2.Scrip code : 532749
Name : Allcargo Logistics Ltd
Subject : Clarifies on News item
With reference to news appeared in economictimes.indiatimes.com dated December 4, 2019 quoting “Allcargo plans to acquire up to 50% stake in Gati”, Allcargo Logistics Ltd has submitted to BSE a copy of Clarification is enclosed.

3.Scrip code : 500400 
Name : Tata Power Co. Ltd 
Subject : Announcement Under Regulation 30 (LODR) – Updates
Acquisition of equity and preference shares of Prayagraj Power Generation Company Limited by Resurgent Power Ventures Pte. Limited through its 100% subsidiary Renascent Power Ventures Private Limited

4.Scrip code : 524156
Name : TCM Ltd.
Subject : Board Meeting Intimation for Consideration Of Proposal To Acquire/ Invest In The Equity Shares Of Kakatiya Energy Systems Pvt Ltd Subject To Due Diligence And Valuation
TCM LTD.has informed BSE that the meeting of the Board of Directors of the Company is scheduled on 11/12/2019 ,inter alia, to consider and approve We would like to inform you that a meeting of the Board of Directors of the Company has been scheduled to be held on Wednesday, the 11th December, 2019 at 03:00 P.M. at the registered office of the Company to transact following business:- 1. To discuss and decide upon the proposal to acquire/ invest in the equity shares of Kakatiya Energy Systems Pvt Ltd [CIN:- U52334TG1999PTC031844] by TCM Ltd subject to through Due-Diligence and proper valuation of shares of the Company, and subject to the approval of the shareholders of TCM Ltd and all regulatory approvals as required. 2. To identify and appoint suitable agencies/ professional firm to carry on the task of Due-Diligence and Valuation of shares of Kakatiya Energy Systems Pvt Ltd in a time bound manner for the proposed acquisition/ investment. 3. To sign a broad Memorandum of Understanding between TCM Ltd and Kakatiya Energy Systems Pvt Ltd, subject to the approval of the proposal by the Board of Directors.