ECONOMY

Stocks To Watch: Dish TV, Cochin Shipyard, Nuvoco Vistas Corp, Triveni Turbine

  • Dish TV India: YES Bank, which holds a 25.63% stake in Dish TV India, has sought the removal of five directors in the company, including Managing Director Jawahar Lal Goel. YES Bank has given a special notice under Section 169 of the Companies Act, 2013. The bank said the current board of directors of the company had approved a rights issue process despite the bank’s objections solely to dilute its shareholding and to prejudice the interests of the bank.

  • Cochin Shipyard: Has emerged as the lowest bidder in the 6-vessel tender from the Indian Navy for the next generation missile vessels worth about Rs 10,000 crore and the formal contract signing is expected shortly, said Madhu Nair, Chairman & Managing Director.

  • VST Tillers Tractors: The company has entered into an agreement with Export Trading Group, for distribution of its tractors, power tillers, power reapers and diesel engines in the Southern African markets including South Africa, Namibia, Botswana, Zimbabwe, Swaziland, and Zambia.

  • Triveni Turbine: Due to multiple disputes for over two years amongst joint venture partners, Triveni Turbine and DI Netherlands BV and Baker Hughes and its affiliates, General Electric Company and its affiliates, these parties agreed to terminate the joint venture agreement and finally resolved the multiple disputes amongst them. The JV stands terminated, as do all technology and brand licenses executed among the former JV partners. Further, the entire shareholding held by DI Netherlands BV in the equity share capital of GE Triveni has been acquired by the company for Rs 7.99 crore.

  • SVP Global Ventures: Approved the appointment of OP Gulia as CEO of the company.

  • Ashapura Minechem: Operations in Guinea continue to be normal despite certain political developments in Conakry, the capital of Guinea, since September 5, the company said. We continue to monitor the situation closely; all the employees of the Ashapura Group in Guinea remain safe and are in contact with the company, it added.

  • Starteck Finance: The company approved to sell 100% stake in subsidiary Starteck Housing Finance to Paripurna Trust and/or Matrabhav Trust for Rs 11.45 crore.

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