CAPITALSTARS-CORPORATE NEWS

Dr. Reddy's launches gSuboxone

Dr Reddy Lab Dr. Reddy's Laboratories has announced that it is launching generic of Buprenorphine and Naloxone Sublingual Film (Suboxone) following a final USFDA approval in the US market.

The product is being launched with USFDA’s approved Risk Evaluation and Mitigation Strategy (REMS) Program. US Company, Mylan has also launched this drug in the US market. Considering that the patent on this drug is still valid, this is at risk launch.

Buprenorphine and naloxone are used to treat adults with opioid dependence/addiction. The combination of these medications is used as part of a complete treatment program including prescription monitoring, counselling, and psychosocial support. The launch has been very important as per the USFDA’s recent statements indicating increasing opioid addiction in America.

Maruti Suzuki likely to bid adieu to Ignis Diesel variant

India’s largest passenger vehicle (PV) manufacturer Maruti Suzuki India Limited (MSIL) is likely to stop production of diesel variant of its hatchback Ignis, as per media reports. The Ignis was launched in January 2017 with both variants – petrol and diesel. While the petrol variant will be retained, diesel version will be likely discontinued. Several reasons could be responsible for the decision.

Firstly, the steep pricing proved to be a deterrent. While the petrol Ignis is priced between Rs4.66Lakh and Rs6.51Lakh, the diesel variant ranges between Rs6.32Lakh and Rs8.12Lakh (ex-showroom price in New Delhi as per website www.cardekho.com). Secondly, consumers are increasingly sceptical of owning diesel cars given that price difference between diesel and petrol in the retail market (fuel pumps) is narrowing. As per media reports, about 90% of Ignis models sold so far have been petrol variants and only 10% have been diesel variants. Lastly, it makes more sense for MSIL to free up capacity for its best-selling models rather than continuing with laggards.

Avanti Feeds surges after shareholders approve stock split

Avanti Feeds registered gains at the equity market after it announced its decision to sub-divide equity shares from face value of Rs2 each to Rs1 each. Further, it decided to issue bonus equity shares of Rs1 each in the ratio of 1:2, that is, one equity share of Rs1 each for every two and equity shares of Rs1 each (after sub-division of shares). Shareholders approved this recommendation with the requisite majority.This could be good news for the company.

The company is a leading manufacturer and exporter of shrimp feeds and shrimp processor. It also operates wind mill with an installed capacity of ~3.2 megawatt in Karnataka. It derived ~83% revenue from shrimp feeds and ~17% revenue from processed shrimp during FY18. The total feed capacity stands at six lakh tonnes per annum as on March 31, 2018.

Alembic Pharma rises on getting EIR from USFDA for Panelav unit

Alembic Pharmaceuticals Alembic Pharmaceuticals is currently trading at Rs520.35 up by Rs13.8 or 2.72% from its previous closing of Rs506.55 on the BSE. The pharma company said it received establishment inspection report (EIR) from USFDA for the inspection carried out by them at the company’s formulation facility at Panelav during the period from March 1, 2018 to March 20, 2018.

On Thursday, the firm announced during trading hours that day that it has received approval from USFDA for its ANDA for Doxycycline Hyclate capsules USP, 50mg and 100mg. The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD), Vibramycin capsules, 50mg and 100mg, of Pfizer Inc.

NBCC bags contracts worth Rs480.6cr in May

NBCC NBCC (India) is currently trading at Rs85.50 up by Rs0.2 or 0.23% from its previous closing of Rs85.30 on the BSE.

The company has secured the total business of Rs480.65cr (approx) in the month of May, 2018.

NBCC is a Navratna PSU engaged in the business of project management consultancy (PMC), real estate and EPC. PMC and redevelopment comprises 87%, real estate and EPC forms 13% of the company’s order book. Through PMC, the company has been executing many landmark projects.

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Corporate News 06-Oct-15

·         HDFC raises Rs10000 crore via warrants

HDFC raises Rs10000 crore via warrants (3.65 cr warrants at an issue price of Rs14, exercise price of Rs1,475) and NCDs – positive read thru. HDFC Ltd’s Board has approved the allotment of 3.65 crore warrants at an issue price of Rs14 per warrant, with a right to exchange each warrant for one equity share of the HDFC, any time before the expiry of a period of 36 months from the date of its allotment (i.e., October 05, 2015) at an exercise price of Rs1,475 per equity share as against the SEBI floor price of Rs1189.66 per share.

·         Jet Airways cuts fares by up to 30% on overseas routes

 Jet Airways cuts business and economy class fares by up to 30% on overseas routes and those sold by its strategic partner Etihad Airways – positive read through for the stock.

·         Bajaj Housing Finance receives certificate of registration

Bajaj Finance Ltd has informed that Bajaj Housing Finance Limited, the wholly owned subsidiary of the Company, has received certificate of registration on October 02, 2015 from National Housing Bank to commence housing finance business.

                                                                                                                                                                                         ·         Cox & Kings owned Meininger Hotels to open in Budapest

Cox & Kings owned Meininger Hotels will open a hotel in Budapest, Hungary by spring of 2018. The hotel which will be newly constructed will be operated by Meininger Hotels under a 20—year lease.

The construction of the 184 rooms and 751 bed hotel will begin before the end of 2015. Meininger currently operates 16 hotels with a total of 7,025 beds in 10 European cities.

·         BEL receives Rs7910 crore order from Indian Air Force

Bharat Electronics has received an order worth Rs7910 crore to supply air command control systems for the Indian Air Force – Positive

                                                                                         

·         Alstom bags Rs1,102 crore contract from Lucknow Metro project

Alstom bagged contract around Rs1,102 crore(150 million euro) to supply train coaches and signalling solutions for the Lucknow Metro project. The company also has contracts from other metro projects including those for the cities of Chennai, Delhi and Kochi. – Positive for Alstom India.  

                                                                                                                                                                   

·         Bank of Baroda investigating Rs350-crore bill discounting fraud

Bank of Baroda investigating Rs350-crore bill discounting fraud – negative read thru for BOB .As per media reports, Bank of Baroda is investigating a bill discounting fraud running into Rs350 crore (probably by textile firm) and has also suspended a senior official after it discovered the irregularities in its Ahmedabad operations. The Banks will soon have to decide whether to provide the amount in the September-end earnings number.

Corporate News For Today

·         Ahluwalia Contracts bags new order worth Rs220.47 cr

Ahluwalia Contracts has secured new orders aggregating to Rs220.47 crore for construction of Institutional/ commercial buildings. The company is currently L1 in projects valued at Rs412 crores and projects bidded under pipeline are Rs1800 crores. The company’s current order book stands at Rs4300 crores. The development is positive for Ahluwalia Contracts.

                                                                                                                                                                                          ·         Asian Paints to invest Rs2,300-crore on new plant in Karnataka

Asian Paints plans to invest up to Rs2,300 crore to set up a (6 lakh KL per annum) manufacturing plant at Mysuru in Karnataka. The proposal for setting up the manufacturing facility in Karnataka is towards fulfilling the long term capacity requirements of the company and is subject to the future demand conditions.

·         Maruti Suzuki board approves pact with parent for Gujarat plant

Maruti Suzuki board approves pact with parent for Gujarat plant; paves way for minority shareholder approval.The Maruti Suzuki board has approved the contract manufacturing agreement with parent, Suzuki Motor Japan for its upcoming Gujarat facility. The contract manufacturing agreement is for 15 years and will be automatically extended for another 15 years.

                                                                                                                                                                                         ·         AAI asks SpiceJet to pay additional Rs70 lakh per day

Airports Authority of India ( AAI) has asked SpiceJet  to pay an additional Rs70 lakh per day over and above the daily payment of Rs1.3crore (towards landing, parking and other support services) to clear its dues, totaling around Rs150 crore –sentimentally negative for the stock.

·         Government to take up on SEB debt recast issue

Union Cabinet is likely to consider to recast Rs 4.3 lakh crore loan of 9 discoms. The proposal is that for these 9 discoms the interest on loans could be brought down to 9% compared to 14% currently which could bring a lot of relief for these nine discoms (UP, Tamil Nadu, Telengana, MP, Rajasthan, Jharkhand etc). These discoms are facing interest burden with poor tariff structure.

·         Biocon acquires Vishakhapatnam-based company's mfg plant

Biocon acquires Vishakhapatnam-based company's manufacturing plant – Positive for the company Biocon has acquired a manufacturing unit of Vishakhapatnam- based Acacia Life sciences for an undisclosed amount. The company has acquired business assets of the pharmaceutical manufacturing unit of Acacia Life sciences with effect from October 1 2015.  

                                                                                                                                                                   

·         Godrej Consumers to target urban consumers with new launches

Godrej Consumer Products to launch new products targeting urban consumers; impact of deficient monsoon on rural demand will be lesser for the company – positive read through for the stock .Godrej Consumer Products Ltd (GCPL) is banking on new products, mainly targeted at urban consumers, to offset impact of decline in rural demand due to deficient monsoon. The company is set to launch new products in personal care and home care segments in the next two weeks which is expected to boost its urban sales in the coming quarters.

Corporate News For Today 28-Sep-15

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·          RBI revises norms for Borrowing Entities outside SDR

RBI has decided to allow banks to upgrade the credit facilities extended to borrowing entities whose ownership has been changed outside SDR (strategic debt restructuring), to ‘Standard’ category upon such change in ownership, subject to certain conditions (eg the change in ownership is by way of sale by lenders to new promoters, the new promoters must have 51% stake and should not have any relation with exiting company etc).

                                                                                                                                                                                                                                                        

·         Dr Reddy's surges on launch of Esomeprazole Magnesium

Shares of Dr Reddy’s Laboratories rallied 6% to Rs4222 on the NSE in an otherwise subdued market after the drug maker announced the launch of Esomeprazole Magnesium Delayed-release capsules, which is the generic version of AstraZeneca's Nexium®, in the US market.

·         Government’s holding in IDBI Bank to be reduced to 49%

Government’s holding in IDBI Bank to be reduced to 49% -- sentimentally positive for IDBI bank. As per media reports, the government has firmed up plans to bring down its holding in IDBI Bank 49%, marking a big bang start to its commitment to reform state-run banks.

·         IndusInd Bank grants options to new Joinees

IndusInd Bank Ltd has informed BSE that the Bank has, on September 21, 2015, granted 193,000 Options to 8 new joinees, as a part of pre-hiring negotiations. The  Grant of Options is on the basis of receipt of necessary approvals, in accordance with the Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 and the ESOP Scheme 2007 of the Bank.

                                                                                                                                                                                                                                                    

·         SPARC, Sun Pharma drop as USFDA cancels Seizure drug over compliance issues

FDA cancels  Sun Pharma Advance Research Company Ltd’s (SPARC)  Seizure drug over compliance issues – Negative for  Sun Pharma and SPARC. Shares of  Sun Pharmaceutical Industries and  Sun Pharma Advanced Research Company (SPARC) fell 3% each after the US Food and Drugs Administration ( USFDA) withdrew an approval granted in March to SPARC’s anti-epileptic drug due to regulatory compliance issues at  Sun Pharma's Halol plant.

                                           

·         Col-Pal increases paid-up capital to Rs27,19,85,634

Colgate Palmolive (India) Outcome of  Stakeholders’ Relationship Committee Meeting - Increase in the paid-up Capital of the Company on account of Bonus Issue. Colgate Palmolive (India) Ltd has informed BSE that on July 30, 2015, the Board of Directors of the Company approved the Issue of Bonus Equity Shares. On September 11, 2015, the shareholders, through the Postal Ballot approved the resolution of issue of bonus shares in the ratio of 1:1 to the eligible shareholders of the Company.

Corporate News 24-Sep-15

·         Government de-licenses use of very low frequency bands

Government de-licenses use of very low frequency bands for the automotive sector; positive for Maruti Suzuki. The government has de-licensed some very low frequency bands for use to the automotive sector. These bands are used for next generation safety systems like blind spot monitoring, adaptive cruise control and lane departure warnings.The move will immediately benefit automakers in exports to developed markets wherein these systems are currently used and could not be tested in India due to the restrictions.

                                                               

·         Bharti Airtel partners with Liquid Telecom to provide faster internet

Bharti Airtel partners with Liquid Telecom to provide faster internet speeds using the Liquid Telecom’s 20,000 long terrestrial fibre networks.

                                                                                

·         HCL Tech launches a Digital Service Exchange platform

HCL Technologies announced the launch of a new Digital Service Exchange platform enabled by Service Now software. This platform provides Service Integration and Management ( SIAM) capabilities to enterprises allowing them to request and receive business services efficiently across their organizations. This offering combines Service Now's industry-leading service management platform with HCL's expertise in enterprise service management process design, process and technology integration and organizational change enabling a united service experience.

·         MindTree Ltd allots 3,124 equity shares under ESOPs

MindTree Ltd has informed regarding 'Allotment of 3,124 Equity Shares of Rs.10/- each, under Employee Stock Option Plan 2001 (Program 2) and 1,771 Equity Shares of Rs.10/- each under Mindtree Employee Restricted Stock Purchase Plan 2012 (Program 8) on September 24, 2015'

·         Suzlon bags contracts to supply 105 MW wind turbines

Suzlon has bagged contracts to supply 105 MW (50 turbines of 2.1 MW each) wind turbines in projects located across Andhra Pradesh, Gujarat, Karnataka, Madhya Pradesh and Tamil Nadu.                                                                                                   

·         Balmer Lawrie plans capex of Rs400 crore

Balmer Lawrie in Its AGM announced a capex plan of Rs400 crore for the next three years. The mini-ratna company will also infuse another Rs100 crore for further expansion and modernisation of its ongoing activities. All these will go to help the company double its turnover to Rs 3,000 crore over the next five years.   

                                           

·         RECL inks MoU with for extending financial assistance

Rural Electrification Corporation Ltd (RECL) has announced that the company has on September 23, 2015 signed Memorandum of Understanding ( MoU) with Andhra Pradesh Power Generation Corporation and Transmission Corporation of Andhra Pradesh, for extending financial assistance to: 1. Andhra Pradesh Power Generation Corporation (APGENCO) of Rs3,000 crore for the proposed 500 MW Solar Power Generation Project in Anantapur District of Andhra Pradesh; and 2. Transmission Corporation of Andhra Pradesh (APTRANSCO) of Rs6,000 crore for various Transmission & System improvement projects coming up in the Capital region of Andhra Pradesh.

Corporate News 23-Sep-15

·         Tech Mahindra signs agreement to provide full end-to-end services

 The North American divisions of AAA Group, and Tech Mahindra, an Indian multinational specialized in digital transformation, have signed an agreement to provide full end-to-end solution services to their aerospace and defence customers, positive read-thru.

                                                                                                                                                                                          ·         ADB lowers growth forecasts for India, China

The Asian Development Bank ( ADB) lowered growth projections for India for the current fiscal to 7.4%, from the 7.8% earlier, citing weak monsoon, poor external demand and inability of the government to push economic reforms. The ADB report further said because of slowing growth in India and also China, the growth forecasts for GDP in the region has been revised down to 5.8% in 2015 and 6% in 2016 from the March estimate of 6.3% for both years.

                                                                                

·         Suzlon bags 105 MW Turnkey orders

Suzlon Energy Ltd has informed regarding a Press Release dated September 23, 2015, titled 'New order wins continue; Suzlon bags 105 MW Turnkey orders'.

·         Sterlite Tech acquires global telecom software product company; stk up

Sterlite Technologies has entered into a definitive agreement for the acquisition of Elite core Technologies, a global telecom software product company.Elitecore is a leading provider of Operations Support Services /Business Support Services and is majority owned by First Carlyle Ventures Mauritius, whose affiliate is advised by The Carlyle Group. Elite core was established in 1999 by highly experienced software technocrats with over 20 years of experience.

·         Court directs Britannia to pay pensioners their dues

BIL pensioners have won a decade-long battle, after a Bengaluru court directed the biscuits major to pay pensions to its former employees who retired after March 2003 and also the triennial rise for them stopped in April 2004. Britannia had converted the defined benefit pension scheme to defined contribution type with retrospective effect, to deny the pensioners dues since 2003, going against the existing fund rules. About 200 members of Pensioners Welfare Association (approx 220+), who retired from BIL, have been fighting a protracted legal battle with BIL against this retrospective change, contrary to their terms of service and promises made.

·         Ujaas Energy gains on receiving LoA worth Rs65.88 cr

 Shares of Ujaas Energy surged nearly 4%, touching to Rs16.14, after receiving a letter of intent (LoI) for 10 megawatts of Teesta Canal Fall Hydroelectric Power Plant, Haptiagachh, Uttar Dinajpur, West Bengal.   

                                           

·         Lupin allotted 102129 equity shares under ESOPs

Lupin Ltd has informed that the Allotment Committee of Directors at its meeting held on September 23, 2015 has allotted 102129 fully paid up equity shares of Rs2 each. These shares have been allotted upon exercising of options granted to the employees under Stock option plans of the Company. In view of the above, the issued and paid up capital of the Company has been increased to Rs90,03,68,172 consisting 45,01,84,086 equity shares of Rs2 each.

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Corporate News 21-Sep

·         Government examining demand to lower cess on oil output

Government examining demand by oil companies to lower cess on output – Positive for Oil Companies. The government is examining a demand by oil companies to lower cess on output by switching from a fixed amount of Rs4500 per metric tonne to ad valorem as the 60% crash in crude prices has disproportionately increased the contribution of cess to their overall cost. If the government were to concede to the demand of oil producers, it would mainly benefit producers like ONGC and Oil India, Cairn India.

                                                                                                                                                                                         ·         Asian Paints to invest Rs2,300 crore on new plant

Asian Paints to invest Rs2,300 crore on new plant (of 6 lakh kilo litre p.a.) in Karnataka – long term positive for the stock .Asian Paints plans to invest up to Rs2,300 crore to set up a manufacturing plant (of 6 lakh kilo litre p.a.) at Mysore in Karnataka. The proposal for setting up the manufacturing facility in Karnataka is towards fulfilling the long term capacity requirements of the company and is subject to the future demand conditions.

                                                                                

·         PowerGrid to link solar parks with Inter-State Transmission System

PowerGrid to set up lines to link solar parks with Inter-State Transmission System – Positive for PGCIL

·         Tech Mahindra – British Telecom to shut call centres in India

British Telecom has announced plans to shut down its call centres in India to bring them back to Britain following complaints of poor customer service. The firm will continue to outsource back-office work and functions that do not involve frontline work of taking customers’ calls offshore and those jobs will most likely stay in India. The development is sentimentally negative for Tech Mahindra but no material impact on earnings.

·         Orient to invest Rs50 crore to increase fans, LEDs production

Orient Electric plans to invest around Rs50 crore over the next two years to raise its fans and lighting manufacturing capacity. With the government announcing the list of smart cities, the company expect (more) demand for energy saving electric products like fans and LED lightings.

                                                                                                                                          

·         Government mulls Axis Bank-like makeover of IDBI Bank

In an interview Finance Minister talked about reforms in PSU Banks and cited the example of Axis Bank (promoted by government-run companies and but virtually acts as a private sector bank for all purposes) in relation to IDBI Bank (the bank is governed by IDBI repeal Act 2003 which has no mention of the need for the government to maintain a minimum 51%).   

                                           

·         Jubilant Life gets USFDA nod for anti-migraine tablets

 Jubilant Life gets USFDA nod for anti-migraine tablets – positive read through for the stock .Jubilant Life Sciences has received nod from the US Food and Drug Administration ( USFDA) for its abbreviated new drug application (ANDA) for zolmitriptan orally disintegrating tablets in strengths of 2.5 mg and 5 mg. As on June 30, Jubilant Life Sciences had a total of 815 filings for formulations of which 389 have been approved in various regions globally. This includes 72 ANDAs filed in the US, of which 38 have been approved and 46 dossier filings in Europe.

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Corporate News 17-Sep

·         RBI to conduct reverse repo and MSF operations on Sept 17

'The Reserve Bank of India has decided to keep LAF Reverse Repo and MSF windows open on September 17, 2015 (Thursday),' it said in a notification. The operations will be conducted between 7.00 PM and 7.30 PM, it added. Further, the reversal will take place on September 18, 2015 (Friday).

                                                               

·         RBI to conduct repo auction for Rs200 bn on Sept 16

The Reserve Bank of India ( RBI) will conduct 2 day variable rate repo auction for a notified amount of Rs200 billion on September 16, 2015. The auction will be conducted between 3.00 p.m. and 3.30 p.m. as per the revised guidelines on Term Repo Auctions issued on February 13, 2014, RBI said in a notification. Successful bidders will get the allotment at their respective bid rates. Bids at or below the repo rate will be rejected. The reversal of the 2 day variable rate repo will take place on September 18, 2015 (Friday).

                                                                                

·         JMC Projects spurts on orders worth Rs702 crores

Shares of JMC Projects spurted over 16% to Rs230.50 on NSE as the company secured new orders worth Rs702 crores. The stock opened at Rs202.45 marking day’s low at Rs193.10 and hit an intraday high of Rs237.90 on NSE so far.

·         Pennar Engineered receives orders worth Rs165 crores

Pennar Industries Ltd has informed BSE regarding a Press Release dated September 16, 2015 titled ' Pennar Engineered Building Systems Limited (PEBS Pennar) a subsidiary of Pennar Industries Limited receives orders worth Rs165 crores'.

·         Natco Pharma raises Rs341 crore, at 5% discount to CMP

Natco Pharma has raised Rs340.88 crore by issuing shares to qualified institutional buyers. The company issued 16 lakh shares at a price of Rs2,130.55 a piece.

The issue price was at a 5% discount to the floor price of Rs2,242.68 per share. The discount translates to Rs112.13 apiece.

                                                                                                   

·         L&T gets order worth around Rs1700 cr

Larsen & Toubro ( L&T) has received an order valued at around Rs1700 crore from Marubeni Corporation, Japan, for setting up the Bibiyana III 400 MW Combined Cycle Power Plant Project of Bangladesh Power Development Board (BPDB).BPDB awarded the EPC contract for setting up the 400 MW gas based power plant project to Marubeni Corporation, which in turn awarded the EPC sub- contract to L&T on turnkey basis.  

                                             

·         Suven Life rallies on securing product patents

Suven Life Sciences  surged nearly 6%, touching to Rs245, after the company said it secured three product patents in Canada and China. Suven announced today that grant of two product patents from Canada and one product patent from China corresponding to its new chemical entities for treatment of disorders associated with neurodegenerative diseases. These patents are valid through 2029 and 2030, it adds. With these new patents, Suven has a total of 20 granted patents from Canada and 18 granted patents from China.

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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.