TOP CORPORATE NEWS- 30 Mar 2016

PSU banks to get Rs2,375-cr capital infusion

As many as three public sector lenders including Bank of India and Central Bank of India received the approval from government for capital infusion of up to Rs2,375 crore. The government of India has conveyed their approval to infuse capital funds to the tune of Rs1, 150 crore in the banks by way of preferential allotment of equity shares in favour of government of India.

This is part of the government's plans to infuse Rs5, 050 crore in the public sector banks. Besides, Allahabad Bank will get Rs690 crore while another public sector lender Central Bank of India will get fund infusion of Rs535 crore by way of preferential allotment of equity in favour of the government of India.

ZEEL to reorganize channel distribution, advertisement sales functions

Zee Entertainment Enterprise Ltd (ZEEL) will reorganize its channel distribution and advertisement sales functions.

The board of the company has in-principle approved the proposal of reorganization of channel distribution function, which is presently handled by its wholly-owned subsidiary Taj Television.

Tata Steel puts entire UK biz for sale; stk gains

Shares of Tata Steel rose nearly 7%, touching to Rs325, after the company said it was exploring options to restructure its portfolio, including the potential divestment of Tata Steel UK, in whole or in parts.

The company said it had incurred heavy losses on the UK business in the past 12 months and the recent transformation plan prepared by the European subsidiary, Strip Products UK, was unaffordable as it demanded 'material funding' support in the next two years.

Cadila Healthcare gets USFDA nod for dextroamphetamine sulfate

Cadila Healthcare’s US subsidiary Nesher Pharma gets USFDA nod for dextroamphetamine sulfate used to treat hyperactivity disorders and narcolepsy – Positive for Cadila.

TVS Motor gains on launching new product in 4 states

TVS Motor surged over 3%, touching to Rs326.1, after company had launched its new four strokes TVS XL 100 in Madhya Pradesh, Andhra Pradesh, Telangana and Maharashtra during the current month.

On March 16, the company announced that it has made an arrangement with e-commerce major Snap deal to sell its two-wheelers online.

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Lupin drops as Mandideep unit receives USFDA observations

Lupin drops as Mandideep unit receives USFDA observations

Lupin slipped over 13% to Rs1294.05, after reports suggested that it has received a Form 483 (observation letter) from US drug regulator, USFDA for its Mandideep manufacturing facility.

Lupin's active pharmaceutical ingredient ( API) and formulations units of Mandideep manufacturing facility in Madhya Pradesh have reportedly received two observations each after the facility was inspected by United States Food & Drug Administration ( USFDA) between February 08, to February 19, 2016.

Ashok Leyland sells 0.55% stake in Indusind Bank

Ashok Leyland has sold 0.55% stake in Indusind Bank for Rs300 crore. The proceeds are likely to be utilized to reduce debt.

The stock opened at Rs105.40 marking days low at Rs105.05 with an intraday high of Rs106.50 and is currently trading at Rs105.45 up by 0.67% on NSE so far.

LIC ups stake in IDBI Bank to 14.3%

IDBI Bank has allotted 15.8 crore equity shares, equivalent to 7.16% stake for Rs850 crore, on preferential basis to Life Insurance Corporation of India (LIC), which now holds over 14.3% stake in IDBI Bank.

The allotment of shares is part of IDBI Bank's plan to offload government shareholding as part of its privatization move.

Cadila receives USFDA nod to market Acyclovir tablets

Cadila receives nod from USFDA to market Acyclovir tablets (manufacturing at Ahmedabad SEZ), used in treatment of AIDS – Sentimentally positive.

Torrent Power signs contract with WTG group

Torrent Power has entered into a contract with a leading WTG manufacturing group for development of the 197.40 MW Wind Power Project across three sites in Kutch and Bhavnagar, Gujarat.

This Project is expected to be commissioned progressively by March 2017 and shall have off take arrangements for fulfilment of Renewable Power Purchase Obligations (RPO).

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TOP CORPORATE NEWS- 23 Mar 2016

Kotak Bank gets RBI approval to raise FII limit

Reserve Bank of India has allowed the Bank to raise foreign institutional investment (FII) limit to 55%.

The Reserve Bank of India, vide its letter dated March 22, 2016 has intimated that pursuant to the approval from the Foreign Investment Promotion Board, they are taking the foreign investment limit in Kotak Mahindra Bank to 55 per cent on their record, the Bank said in a filing to the Bombay Stock Exchange.

Indiabulls Housing to raise Rs250 crore via NCDs

Indiabulls Housing Finance said that it will raise Rs250 crore through private placement of non-convertible debentures (NCDs).

The issue of secured non-convertible redeemable debentures will open on March 29, which has also been fixed as the allotment date.The NCDs would be of four-year tenor and would have an annual coupon rate of 9.25%.

M&M to launch compact sports vehicle NuvoSport on April 4

Mahindra & Mahindra to launch compact sports vehicle NuvoSport on April 4,M&M plans to broaden its compact utility vehicle portfolio with the launch of the “ NuvoSport” that will come as a replacement to the Quanto. The company revealed the new vehicle’s pictures and confirmed to roll it out on April 4, 2016.

Siemens gets shareholders’ approval for sale of Healthcare arm

Siemens India has sought an approval of its shareholders through postal ballots to sale its Healthcare arm to parent Siemens AG, Germany.The transaction will fetch Siemens India a lump-sum consideration of Rs3,050 crore and will be in effect from 1st July 2016. The results of postal ballot will be out on 29th April 2016.

Glenmark Pharma gets USFDA approval for gEvista

Glenmark Pharma gets USFDA approval for gEvista – Positive for Glenmark.Glenmark receives final approval from USFDA for gEvista i.e. Raloxifene Hydrochloride tables used to treat osteoporosis in women after menopause.

Glenmark currently consists of 109 product approvals for US market and 60 ANDA’s pending approval with the USFDA.

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TOP CORPORATE NEWS- 22 Mar 2016

SBI raises Rs500 cr via tier-ll bonds

State-owned lender State Bank of India (SBI) on Tuesday said it has raised Rs500 crore through issuance of 5,000 Basel III compliant, tier-ll bonds in the nature of debentures on a private placement basis.The Bank has on March 21, 2016 issued 5,000, Basel III compliant, Tier-ll bonds in the nature of debentures, of face value of Rs10,00,000 each at par, with 10 year tenure, bearing 8.45 per cent p.a. coupon payable annually and with call option after 5 years, aggregating to Rs500 crore on private placement basis.

Bharti Airtel to close $179 million telecom tower deal

Bharti Airtel to close $179 million telecom tower deal (1350 towers) for Tanzania operations with American Tower Co by Jun.

Infibeam IPO subscribed 21% on Day 1

Infibeam Incorporation Ltd, the first e-commerce firm to tap the IPO route, saw its Rs450 crore issue getting subscribed 21% on the opening day.

The issue received bids for 26, 44,792 shares as against the total issue size of 1, 25, 00,000 shares, as per NSE's data yesterday.

Government plans 100% FDI for commodity broking

Government plans 100% FDI (automatic route) for commodity broking, IDF and other set of NBFCs—positive read thru for Religare Enterprises, IDFC, Motilal Oswal Financial etcAs per media reports, the Government is expected to propose 100% FDI in 25 more segments of NBFCs including commodity broking and infrastructure debt fund with a view to attract more foreign inflows.

Emami drags Patanjali to court for infringement of trade mark

Emami drags Patanjali to court, claims Patanjali launch of ‘ Kesh Kanti’ as an infringement of its trade mark ‘ Kesh King’ – court directed Patanjali to stop selling product for 10 weeks; sentimentally positive for Emami.

Emami Ltd has gone into confrontational mode, accusing the Baba Ramdev-promoted ayurvedic behemoth of copying design and trade mark of its ' Kesh King' brand of hair tonic.

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