TOP CORPORATE NEWS
·
Crompton
Greaves bags Rs115crore orders from Power Grid
Crompton
Greaves has bagged an order worth Rs115 crore from Power Grid Corporation for
supply of transmission equipment for the latter's Vemagiri and Srikakulam
sub-stations in Andhra Pradesh.
·
Freight rates
move lower due to restricted cargo movement
As
per media reports freight rates on some key routes have eased due to restricted
cargo movement and easy availability of trucks. The freight rates had remained
buoyant despite the fall in diesel prices which had led to improved operator
profitability. The fall in freight rates and consequently operator
profitability is sentimentally negative for commercial vehicle manufacturers
Ashok Leyland and Tata Motors.
· Max Life ties up with Laxmi Vilas Bank
Max
Life Insurance and Lakshmi Vilas Bank have entered into a 5 year banc assurance
tie-up for distribution of the former’s life insurance products through
the 400 branches and will have access to 25 lakh customers of the bank.The
company already has banc-assurance tie up with Axis Bank and the new tie up
will boost its sales from south India and hence positive for the company.
· Asian Oilfield completes project in Kurdistan, Iraq
Asian
Oilfield Services has announced that its wholly owned subsidiary has completed
a large 3D seismic survey over the Taza Block in Kurdistan Region of Iraq using
wireless seismic real time, radio-based RT System 2 seismic data acquisition
system.
·
L&T
Construction wins orders valued Rs 2101 cr
Larsen
& Toubro ( L&T) has announced that its construction arm has won orders
worth Rs 2101 crore in March 2015. These include, orders worth Rs 1664 crore
secured for heavy civil infrastructure business and an order worth Rs267 crore
for water & renewable business.
·
RBI eases
utlisation of floating provisions for banks
RBI
has relaxed provisioning rules against bad loans by allowing banks to set aside
up to 50% of floating provisions from 33%. Floating provisions are the amount
that banks set aside that are above the mandatory provisioning requirement
against bad loans established by the RBI. This will slightly ease the pressure
on profitability for PSU banks which have seen rise in provision on account of
rising NPAs.
·
Jindal Steel coal
block bidding case gets government nod
As
per media reports, the coal ministry’s bid evaluation report — part
of the government’s submission in the court — seems to suggest
there is no evidence of cartelisation in case of coal block bid won by Jindal
power, which had concluded at a very low rate. The case is now in Delhi High
Court; however the outcome of the reports make a case stronger for JSPL.
Sentimentally positive for JSPL.
·
Videocon d2h
listing on Nasdaq positive for Indian DTH industry
Silver
Eagle Corp announced that its stockholders approved the business combination
transaction between Silver Eagle and Videocon d2h at the special meeting of
stockholders held yesterday.
Pursuant
to a Contribution Agreement, dated December 31, 2014, between Silver Eagle and
Videocon d2h, silver eagle will contribute cash to Videocon d2h in exchange for
equity shares of Videocon d2h to be represented by American Depositary Shares
('ADSs'), with each ADS representing four Videocon d2h equity shares.
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