LATEST BUSINESS NEWS

Nse CLNINDIA 30.45 lakhs @ 694 value 211.32 crs
source: ventura

 

Jammu & Kashmir Bank reports net loss of Rs 602.40 crore

Total income of the company decreased by 1.69% at Rs 1816.67 crore for the quarter under review

Jammu & Kashmir Bank has reported results for second quarter ended September 30, 2016.

The company has reported a net loss of Rs 602.40 crore for the quarter under review as compared to a net profit of Rs 195.62 crore for the same quarter in the previous year. Total income of the company decreased by 1.69% at Rs 1816.67 crore for the quarter under review as compared Rs 1847.84 crore for the corresponding quarter previous year.

Jammu & Kashmir Bank is the only state government owned bank in the country with the Government of J&K (GoJK) holding around 53% shareholding in the bank. J&K Bank holds a monopolistic position in the state of J&K constituting majority of the credit and deposits in the state.
source: ventura

 

Phoenix Mills hikes stake in ASPL to 36.76%

The acquisition by the company of the balance shares held by K2A in ASPL will also be effected on the terms and conditions mutually agreed


Phoenix Mills has acquired 3.75% equity stake of ASPL from K2A on December 14, 2016. Subsequent to the above transaction, the effective shareholding of the company in ASPL has increased from 33.01% to 36.76%. The company had earlier entered into a Share Purchase Agreement (SPA) on December 7, 2016 for acquisition of the entire 20.01% shareholding of K2A Hospitality (K2A), an equity shareholder in Alliance Spaces (ASPL).

The acquisition by the company of the balance shares held by K2A in ASPL will also be effected on the terms and conditions mutually agreed between the company and K2A and will be subject to fulfillment of certain conditions precedent and other independent conditionalities contained in the SPA.

Phoenix Mills is engaged in property development in India. Its activities include planning, execution, and marketing of projects, property rental and management, and maintenance and sale of the completed properties.
source: ventura

 

Somany Ceramics launches exquisite French collection range

With this innovative collection, the company has entered into the smart and intelligent toilet market

Somany Ceramics has introduced their intuitive, design-forward French Collection range, their most premium offering till date. With this innovative collection, the company has entered into the smart and intelligent toilet market offering contemporary trendy designs, superior technology and flawless performance.

The French Collection is luxurious and its smart product line is inspired by the unique elements of French heritage while taking design aesthetics into cognizance making it a truly world class product line. The collection has over 28 products, ranging from water closets, urinals to wash basins, which fall under 11 different series, namely Jazz, Dior and Ace amongst others.

Somany Ceramics is a pioneering manufacturer, supplier and exporter of Floor Tiles, Wall Tiles, Sanitary Ware including urinals, basins, etc. Somany strives to bring its customers floor, wall, vitrified, ceramic, porcelain and innovative tiles that are the very latest in the world.
source: ventura

 

Karnataka Bank raises Rs 659 crore capital via rights issue

The issue received overwhelming response from the shareholders /investors with an overall subscription reaching 185.52%

Mangaluru based Karnataka Bank has successfully completed the rights issue of shares in the ratio of one share for every two shares held on the record date at a price of Rs 70 per share including premium of Rs 60 per share. The rights issue which had opened for subscription on November 7, 2016, closed on November 28, 2016. The issue received overwhelming response from the shareholders /investors with an overall subscription reaching 185.52%.

The shares have been allotted on December 8, 2016 and commenced trading on the BSE and National NSE with the effect from December 14, 2016. With the completion of Rights issue, the bank has augmented its capital funds to the extent of Rs 658.96 crore and the capital adequacy ratio has improved further paving the way for further expansion of business in the coming years.

Karnataka Bank is a private sector bank engaged in providing a range of banking and financial services, including retail, corporate banking and para-banking activities in addition to treasury and foreign exchange business. The Bank had 733 branches, 1,297 ATMs and (e-lobbies/Mini e-lobbies) across India, as at June 30, 2016.
source: ventura

 

Maruti Suzuki set to launch Ignis on January 13

The car will be available in 1,200 cc petrol and 1,300 cc diesel engine options

Maruti Suzuki is all set to launch a premium hatchback Ignis on January 13 as its third product at Nexa, its premium showrooms that now sell S Cross and Baleno. The booking for the new car will start from first week of January on Nexa portal and outlets.

Ignis is being targeted at the urban youth. The car will be available in 1,200 cc petrol and 1,300 cc diesel engine options. It will also offer automatic gearshift option on both fuel options.

Maruti Suzuki India (formerly known as Maruti Udyog) is an automobile manufacturer in India. It provides passenger cars, utility vehicles and vans. The firm also offers pre-owned car sales, fleet management and car financing services.
source: ventura

 

Infosys partners MongoDB to drive application modernization initiatives

Infosys and MongoDB will help new and existing customers address the key pain points of cost, performance and scalability across legacy applications

Infosys, a global leader in consulting, technology, outsourcing and next-generation services, has entered into a global partnership with MongoDB, the database for giant ideas, to help enterprises accelerate their digital transformation and application modernization initiatives with next generation database solutions. Infosys and MongoDB will help new and existing customers address the key pain points of cost, performance and scalability across legacy applications. As part of the partnership, Infosys will scale the talent base to 1,000 consultants on MongoDB and enhance consulting capabilities based on MongoDB technology.

In pursuit of these objectives, the companies have established a joint Innovation Lab in Bangalore, India. The lab houses a dedicated team of trained MongoDB architects. These experts are developing and enhancing tools and best practices to help Infosys customers with their application modernization initiatives. This lab is equipped to handle proof-of-concepts and rapid application prototypes to support customers with their MongoDB requirements.

Infosys is a global leader in consulting, technology and outsourcing solutions. The company enables clients, in more than 30 countries, to stay a step ahead of emerging business trends and outperform the competition.
source: ventura

 

Deep Industries to raise Rs 63.84 crore through QIB

The QIP Committee have approved the issue and allotment of 28,00,000 equity shares of face value Rs 10 each at the issue price of Rs 228 per equity share

Deep Industries has received an approval to raise a total amount of Rs 63.84 crore through Qualified Institutional Buyers (QIB). The QIP Committee in their meeting held on December 16, 2016, have approved the issue and allotment of 28,00,000 equity shares of face value Rs 10 each to eligible QIB at the issue price of Rs 228 per equity share.

Deep Industries has been serving the industry in various segments with the foremost being providing Air & Natural Gas Compressor Services on chartered hire basis, wherein company commands a healthy market position and is also the first company in India to offer such services.
source: ventura

 

Zee Media Corporation gets nod to avail loan of up to Rs 500 crore from Arm Infra

The board has approved the loan arrangement after considering various funding options for the radio business being acquired by Zee Media Corporation

Zee Media Corporation has received in-principle approval from its board for availing secured loan of up to Rs 500 crore from Arm Infra & Utilities, one of the promoters of the company. The board has approved the loan arrangement after considering various funding options for the radio business being acquired by Zee Media Corporation.

Zee Media Corporation, formerly known as Zee News, broadcasts 10 news channels including two national ones - Zee News and Zee Business.
source: ventura

 

Rakesh Jhunjhunwala buys 12.74% in Mandhana Retail venture ....
Economic Times

 

Salman Khan-linked Mandhana Retail Ventures stock shines on debut, locked at 5% upper circuit in weak markets

source:
https://www.firstpost.com/business/...-5-upper-circuit-in-weak-markets-3156098.html

 

Aban Offshore to acquire 49% stake in Aban Drilling Services

This acquisition is been undertaken to explore opportunity in deep water drilling

Aban Offshore has decided to acquire 49% stake in the equity share capital of Aban Drilling Services. The Committee of Directors at its meeting held on December 16, 2016, has approved for the same. This acquisition is been undertaken to explore opportunity in deep water drilling. The acquisition will be completed on or before December 31, 2016.

Aban Offshore is engaged in the business of providing offshore drilling and production services. The Company's operating segments include offshore oil drilling and production services, and wind power generation (Wind energy). It is also engaged in the ownership and operation of wind turbines for generation of wind power in India.
source: ventura

 

Bajaj Hindusthan to sell co-generation power business for Rs 1,800 crore

The entire amount of cash consideration is proposed to be utilized by the company towards advance repayment of its existing term debt

Bajaj Hindusthan Sugar has received an approval for sale and transfer of co-generation power business of aggregating capacity of 449 MW located at 14 locations to Lalitpur Power Generation Company (LPGCL), a group company for a lump sum consideration in cash of approximately Rs 1,800 crore, as a going concern on slump sale basis in accordance with the Business Transfer Agreement to be entered into with LPGCL. The board of directors at its meeting held on December 20, 2016 has approved for the same.

The entire amount of cash consideration is proposed to be utilized by the company towards advance repayment of its existing term debt. The proposed sale and transfer of co-generation power business will be subject to approval of members, lenders and all other statutory /regulatory authorities.

Bajaj Hindusthan is engaged in the manufacture of sugar. The company is India’s largest ethanol producer and the pioneer of India’s fuel ethanol programme. They also generate power from the bagasse produced in their sugar mills. As well as produces environment-friendly Medium Density Fibre Boards (MDF) and Particle Boards (PB), both from their bagasse waste.
source: ventura

 

Apar Industries commences trial production of Conductors

The company has started trial production during September 2016 at its new plant in Odissa

Apar Industries has started trial production of its Conductors during September 2016 at its new plant in Jharsuguda, in the State of Odissa.

Apar Industries is engaged in the manufacturing of transmission & distribution overhead conductors transformer and specialty oils and power and other cables. AIL has three broad business segments - Transformer and Speciality Oils (TSO) segment, conductors segment and cables segment.
source: ventura

 

Religare Enterprises concludes acquisition of 24.82% stake in RAIL

Consequently, RAIL has now become a wholly owned subsidiary of the company

Religare Enterprises has concluded the acquisition of remaining 24.82% stake in Religare Arts Initiative (RAIL) from the minority shareholder. Consequently, RAIL has now become a wholly owned subsidiary of the company. Earlier, in October 2016, the company’s board had approved for acquisition of remaining 24.82% stake in RAIL.

Religare Enterprises is one of India’s leading diversified financial services groups. It offers an integrated suite of financial services including asset management, life and health insurance, lending, broking, investment banking, and wealth management.
source: ventura

 

Source: Business Standard
Vedanta Resources slapped with $100 million settlement in UK court

It has to pay approximately $103 million to Zambia Consolidated Copper Mines Investments Holdings due to 2013 copper price agreement
Indian mining giant Vedanta Resources has been ordered by the London High Court to pay over $100 million to a Zambian investment company related to a 2013 copper price agreement, the state-owned firm claimed on Tuesday.

Vedanta’s Konkola Copper Mines (KCM) based in Zambia has been ordered to pay approximately $103 million to Zambia Consolidated Copper Mines Investments Holdings (ZCCM-IH), the state-owned mining investment firm claimed.

“ZCCM-IH has been successful in its application for default judgement. KCM has been ordered (on 16 December 2016) to pay all sums owed to ZCCM-IH pursuant to the Settlement Agreement (plus associated contractual interest) within 30 days,” a ZCCM-IH statement said.

KCM has also been ordered to reimburse ZCCM-IH 80 per cent of the costs it has incurred in pursuing its claim.

“Further directions have been given to determine whether KCM made payments to Vedanta in breach of the prohibition on doing so under the Settlement Agreement,” the statement said.

“If and to the extent it is determined that such payments were made, ZCCM-IH will be entitled to recover additional sums from KCM,” it added.

London-listed Vedanta Group is yet to comment on the judgement.

source: Business Standard

 

Sun Pharma acquires 85% stake in JSC Biosintez

This acquisition is consistent with Sun Pharma's philosophy to invest in strategic emerging markets

Sun Pharmaceutical Industries has completed the acquisition of 85.1% stake in Russia-based JSC Biosintez. All necessary formalities for the closure of transaction have been concluded and the process of the acquisition has been completed on December 20, 2016. This acquisition is consistent with Sun Pharma's philosophy to invest in strategic emerging markets. This transaction gives the company access to local manufacturing capability across multiple dosage forms in Russia, enabling us to serve the Russia pharmaceutical market more effectively. Earlier, in November, the company’s wholly owned subsidiary entered into definitive agreements for the acquisition of 85.1% of JSC Biosintez, a Russian pharmaceutical firm, engaged in manufacture and marketing of pharmaceutical products in Russia and CIS region.

Sun Pharma is the world's fifth largest specialty generic pharmaceutical company and India's top pharmaceutical company. A vertically integrated business, economies of scale and an extremely skilled team enable us to deliver quality products in a timely manner at affordable prices. It provides high-quality, affordable medicines trusted by customers and patients in over 150 countries across the world.
source: ventura

 

Essel Propack to raise Rs 20 crore through Commercial Papers

The company will raise funds on private placement basis on December 26, 2016

Essel Propack is raising funds through issue of Commercial Papers (CPs) for Rs 20 crore on private placement basis. The company will raise funds on December 26, 2016. The interest will be paid on maturity and the papers will be not listed on the stock exchanges. Further, the CPs for Rs 25 crore has been redeemed by the company.

Essel Propack is the largest specialty packaging company in India. The company operates through 25 state-of-the-art facilities in 13 countries.
source: ventura

 

On Monday (26.12.16) Balmer Lawrie & Co. Ltd will go ex bonus (Bonus Ratio 3:1)

 

Sun Pharma’s arm acquires 14.58% stake in scPharmaceuticals

scPharmaceuticals Inc., is a United States pharmaceutical company developing a portfolio of transformative pharmaceutical products for subcutaneous delivery

Sun Pharmaceutical Industries’ wholly owned subsidiary has acquired 13,000,000 Series B Preferred Stock of scPharmaceuticals Inc. (equivalent to 14.58% fully diluted equity stake on conversion) by way of allotment. scPharmaceuticals Inc., is a United States pharmaceutical company developing a portfolio of transformative pharmaceutical products for subcutaneous delivery. The consideration for Series B Preferred Stock acquired is $13 million.

Sun Pharma is the world's fifth largest specialty generic pharmaceutical company and India's top pharmaceutical company. A vertically integrated business, economies of scale and an extremely skilled team enable us to deliver quality products in a timely manner at affordable prices. It provides high-quality, affordable medicines trusted by customers and patients in over 150 countries across the world.
source: ventura