TOP CORPORATE NEWS
OBC reduces base rate to 9.90%
p.a.
Oriental
Bank of Commerce ( OBC) announced that the Bank has reduced Base Rate from
10.00% p.a. to 9.90% p.a. w.e.f. August 17, 2015.
Jaypee Cement wins Majra
mine in Maharashtra
Jaypee Cement, a subsidiary
of JP Associates won the Majra mine in Maharashtra for Rs1230 per tone. The
extractable reserves of the mine are 14.92 tonne and the floor price at which
bidding started was Rs800 per tone. The company will pay the state government
Rs1853.26 crore for a period of 30 years.
Balaji Telefilms launches new
venture ALT Digital Media
Balaji Telefilms announced its foray into the digital content business
segment through its wholly owned subsidiary, Alt Digital Media Entertainment,
incorporated on July 01, 2015.Balaji Tele films' new venture ALT Digital Media
is reflective of the Company's strategic intent to extend its entertainment
expertise to creating enjoyable, engaging content for digital audiences
globally and monetise the incredible potential of original, premium, on demand
entertainment.
TCS recognised as 'Leader' in
Independent Testing Services
Tata Consultancy
Services ( TCS) announced that it has been recognised as a ' Leader' in
Independent Testing Services by Everest Group in its report, Independent
Testing Services - PEAK Matrix Assessment and Profile Compendium 2015, for
second consecutive year.
Natco Pharma rises on FIPB nod
to raise Rs450 crore
Shares of Natco
Pharma gained over 2% to Rs2328 on NSE as the comapany has received approval
from the Foreign Investment Promotion Board ( FIPB) to raise up to Rs450 crore
by issuing securities to Qualified Institutional Buyers (QIBs). It has also
given nod to the second Foreign Direct Investment (FDI) related proposal for
increasing foreign investment limit from 24% to 31.5% of the paid up equity
share capital of the company,
Glenmark spurts on inclusion in
MSCI Emerging Market Index
Shares of Glenmark
Pharmaceuticals surged by 10% to Rs1145, after marking their record high of
Rs1184.40 on the National Stock Exchange (NSE) in early morning trades, on
inclusion in the MSCI Emerging Markets Index from close of August 31, 2015.
Gayatri Projects bags Rs675
crore order from NHAI
Gayatri Projects
has bagged Rs675 crore order from NHAI for development of 6-lane Eastern
peripheral expressway in the states of Haryana and Uttar Pradesh on EPC mode.
The development is positive for Gayatri Projects.
Government contemplating
scrappage scheme for old vehicles
The Union minster
for Transport and Highways, Mr Nitin Gadkari has stated that the government is
planning to introduce a scrappage scheme for old vehicles were in the customers
would get an incentive in the form of discounts to surrender old vehicles.
Incentives would be in the range of Rs30,000 for small cars to Rs1.5 lakh for
trucks. The scheme would be aimed at reducing pollution. The scheme if
implemented would be a positive for the Auto industry as it would boost demand
for new vehicles. Major beneficiaries expected are Maruti Suzuki, Tata Motors
and Ashok Leyland.
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