Tata Sons and other promoter firms have brought down their holding in Tata Motors DVR to 0.72 per cent from 84.27 per cent at the time of its issuance in late 2008. While the move signifies acceptance of company's differential voting rights (DVR) shares by investors, the current discount of about 49 per cent over the ordinary shares has given shareholders hope for an upside.
The Food and Drugs Administration, the US regulator, is likely to visit Wockhardt's factory in Shendra (Aurangabad district of Maharashtra) for an inspection this month, it is learnt. If the company manages to get a go-ahead from the regulator for this plant, it might result in resumption of supplies of several of their products, barred from the US last year.
SAIL, the country's largest steel maker, has hiked the prices of both flat and long steel products by Rs 500-700 a tonne last week.
Air-conditioner major Blue Star Ltd plans to invest nearly Rs 150 crore in the next fiscal for setting up a manufacturing facility in South India. According to B. Thiagarajan, Executive Director & President, AC & R Products Business, Blue Star, the company felt the need for a manufacturing unit since 40 per cent of its total business comes from the region.
Larsen & Toubro Construction has bagged orders worth Rs 29 bn across its business segments. The buildings and factories business has got orders worth Rs 15 bn.
Vinita Bali, the long-serving managing director of Britannia Industries, is set to leave the company in March, two years before her contract expires, and will be succeeded by Varun Berry, the biscuit maker's current chief operating officer. Berry, who joined Britannia last year, will take over the top job as the company prepares to script a new growth strategy focusing on high-margin products and innovations amid stiff competition from ITC Ltd, Parle and Danone.
By Dipen Shah, Head- Private Client Group Research, Kotak Securities
Note: The views expressed are those of the author.