Corporate News 07-Sep-2015

·         CG to energize 35 million households in France

Crompton Greaves, part of Avantha Group, has won a 3-year contract from the French distribution network operator Electricity Réseau Distribution France (ERDF) to provide maintenance and repair services to 4,500 high power transformers.These transformers of ERDF, which manages 95% of the electricity distribution network in France, are credited with supplying energy to 35 million households in France

                                                                                                                                                                                                                                                        

·         Bombay HC allows Nestle to send fewer samples of Maggie

Nestle can send fewer samples of Maggie as per Bombay HC instructions – sentimentally positive for the stock. The Bombay high court clarified that five samples each from among the available nine Maggi variants can be sent for lead testing to three laboratories. So the company need not have to send five samples each from 750 stored cases of these variants as mentioned in an order last month. Hence the samples to be sent for testing now would be 30 each to three laboratories.

                                                                                

·         Reliance tests presence of natural gas in KG-D6 block

Reliance Industries has successfully tested presence of natural gas in one of the two KG-D6 block natural gas discoveries which the sector regulator DGH had previously refused to recognize as DST test was not done. RIL last week completed Drill Stem Test (DST) on the Dhirubhai-29 (D-29) gas discovery that established presence of hydrocarbon. Further, the DST will be done in D-30 in the Bay of Bengal for conducting similar test soon.

·         Coal India faces difficulty in finding buyers for e-auction

Coal India is facing difficulty in finding sufficient buyers on its e-auction platform. In July, only 68% of the coal offered in e-auction found takers, which was around 90% earlier.

This is primarily on account of weak demand scenario for the user industries like steel and cement. – Sentimentally Negative.

·         HDFC Bank aims to add 100 branches in east by FY16

The country’s second biggest private sector lender by assets HDFC Bank is stepping up expansion in India’s eastern region, and is planning to add 100 new branches before the end of the ongoing fiscal.

The bank which currently has around 500 branches in eastern India, is aiming to take its total count to 600 branches by the end of FY 2015-16, as per reports. Out of the 600 branches, the state of West Bengal is likely to host 195-200 branches of HDFC Bank.

                                                                                                                                                                                                                                                    

·         ICICI Bank allots 218,005 equity shares under ESOS

ICICI Bank Ltd has informed BSE that the Bank has allotted 218,005 equity shares of face value of Rs. 2/- each on September 03, 2015 under the Employees Stock Option Scheme, 2000 ( ESOS).

                                                    

·         Allahabad Bank to allot shares to government at Rs96.98 per share

Allahabad Bank to allot shares to government at Rs96.98 per share – sentimentally positive .Allahabad Bank has called for EGM to allot 2.91 crore shares to government at  Rs96.98 (25% premium to CMP) and hence positive.