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Scrips in news: Hero MotoCorp, Ranbaxy, RIL, DB Realty, Sesa Goa

Source: Capital Market, Thursday, February 23rd, 08:58 AM

India's largest motorcycle maker by sales Hero MotoCorp has entered into a partnership with US-based motorcycle company Erik Buell Racing (EBR). As part of the partnership, Hero MotoCorp will receive support in terms of technology and design to develop future models from EBR - the East Troy, Wisconsin-based firm, which specializes in designing and manufacturing powerful and high-speed motorcycles.

Pawan Munjal, Managing Director & Chief Executive Officer, Hero MotoCorp, said, "It gives me immense pleasure to welcome Erik Buell to the exciting world of Hero MotoCorp. This is in keeping with my objective of quickly scaling up our own in-house R&D capabilities to a global two-wheeler technology power-house by leveraging a network of strategic international alliances. Erik and his team have been working closely with our engineers and designers to develop our next-generation range of products with cutting-edge technology and first-of-its-kind features.

The Indian two-wheeler industry is set to evolve, and it is only natural that as the market leader, we are driving this change. As a part of this plan, Erik is going to play an integral role in giving shape to some of my dream two-wheelers for the discerning youth of today. So my R&D team and Erik's team together have made some definitive progress in this direction, and we will hopefully be putting a few scorchers on the roads soon."

Hero MotoCorp exited a 26-year-long joint venture with Japan's Honda Motor Company in March 2011.

Ranbaxy Laboratories, ABB, Gujarat Gas and SKF India will declare their October-December 2011 quarter results today, 23 February 2012.

South Africa-based Econet Wireless is reportedly seeking at least $3.1 billion in damages from Bharti Airtel in a dispute over ownership of its subsidiary Airtel Nigeria. According to reports, the move follows a Nigerian court ruling on 30 January 2012 that Bharti Airtel's ownership of its subsidiary Airtel Nigeria is "null and void" because co-founder and 5% shareholder Econet was not consulted on the transfer.

Reliance Industries (RIL), as a part of its buyback plan, purchased 1.20 lakh equity shares of the company for an aggregate amount of Rs 9.86 crore on 21 February 2012 on NSE.

Last month, RIL announced that it will buyback up to 12 crore shares at a maximum price of Rs 870 and payable in cash up to an aggregate amount not exceeding Rs 10440 crore from the open market through stock exchanges. The buyback programme began on 1 February 2012 and will close on 19 January 2013. Its controlling shareholders, who own 44.7% of the equity, will not participate in the offer.

DB Realty could witness selling pressure on reports Dubai-based telecom major Etisalat has decided to exit from India and will shut the operation of its Indian arm Etisalat DB, a joint venture with Mumbai-based real estate firm DB Realty, following the Supreme court judgment to cancel 121 licenses.

Referring to media reports that suggested a likely merger between Sesa Goa and Sterlite Industries, Sesa Goa clarified in a statement to stock exchanges that it reviews its strategic options on an ongoing basis and once an option is approved by the company, it would submit a detailed comment in accordance with the listing agreement.

The board of Sundaram Multi Pap will meet on 29 February 2012, to consider issuing bonus shares. The board will also consider the further investment in the wholly-owned subsidiary, E-class Education System, by converting the loan into equity.

 

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