Goldman Sachs has downgraded Hero Honda to 'sell' from 'neutral' and for Mahindra & Mahindra to 'sell', from 'neutral' ratings given earlier. The sell ratings for both the companies was done because margins could come under further pressure due to moderating growth in the fiscal 2012-13. However, it raised its ratings on Maruti Suzuki to 'neutral' from 'sell'.
Jain Irrigation gets board nod to raise Rs 700 cr
Jain Irrigation Systems on Friday said it has got its board's nod for raising $150 million (Rs 700 crore) to be invested in various business activities, for entering into financial services and the power sector. The company also announced that its board has also decided to issue bonus shares with differential voting rights.The company said its board has given the nod for setting up a new company and intends to apply to RBI for registering as NBFC.
Omkar Chemicals IPO subscribed 4.67 times
The initial public offering of Omkar Speciality Chemicals, which manufactures speciality chemicals, was subscribed 4.67 times on the closing day on Friday. Data from NSE show that the issue received bids for 3.8 crore equity shares as against issue size of 81 lakh shares.
NIIT Tech approves 7,625 shares as Esops
NIIT Technologies has informed the BSE that the company's board in a meeting has approved allotment of 7,625 equity shares of Rs 10 each in accordance to the norms of the company's employees stock option plans.
ABG Infralogistics initiates a buyback
ABG Infralogistics announced a buyback of upto 8,75,000 fully paid up equity shares through a tender offer method at a price of Rs 244.50 per equity share of a total consideration of Rs 21.39 crore. The buyback equity shares constitute 6.83% of the total paid up equity shares of the company as on March 31, 2010.