LATEST BUSINESS NEWS

MRF plans to set up Rs 900 crore manufacturing facility in Telangana

The company has received the formal approval from the State Government to set up the manufacturing facility
MRF, country's leading tyre manufacturer, is planning to set up an Rs 900 crore manufacturing facility in Medak district of Telangana. The company has received the formal approval from the State Government to set up the manufacturing facility. The permissions were given as part of the State’s new Industrial Policy TS-iPASS (Telangana State Industrial Project Approval and Self Certification System).

MRF is India’s No.1 tyre manufacturing company with a turnover of Rs 14,000 crore. Currently, the company exports tyres to over 80 countries including America, Europe, Middle East, Japan, and the Pacific region. The overseas market contributes to 10-12% of the company's turnover at present.
source : ventura

 

Nse AXISBANK 8.53 lacs @ 462.25 value 39.45 crs (Block /Bulk Deal)

 

Corporation Bank plans to set up five e-lobby branches in Andhra Pradesh: Report

The bank will create its third zone at Visakhapatnam in the State by March 2016
Corporation Bank, public sector lender, is reportedly planning to set up five e-lobby branches in Vijayawada and Guntur in the state of Andhra Pradesh by the end of the December 2015. Further, in order to reduce pressure from Vijayawada and Nellore zones, the bank will create its third zone at Visakhapatnam in the State by March 2016.

Recently, the Bank has opened its Forex Hub in Bengaluru. The Bangalore Forex Hub would handle the bank’s Forex transactions across south India. Two more Forex Hubs would be opened at Mumbai and Delhi in two phases to ensure the smooth processing of forex related transactions.

Corporation Bank is a Mangalore-based mid-sized public sector bank. The bank has reported 17.50% rise in its net profit at Rs 188.60 crore for the quarter ended September 30, 2015 as compared to Rs 160.51 crore for the same quarter in the previous year. The bank’s total income has increased by 3.93% to Rs 5434.65 crore for the quarter under review from Rs 5229.06 crore for the corresponding quarter of the previous year.
source : ventura

 

Titan joins hands HP to launch smart watches

The new relationship between the company and HP combine innovative materials, design and custom technology to deliver products that are responsive, and not intrusive
Titan company and HP have joined hands to offer a range of smart watches to be launched later this year in India and select international markets. The new relationship between the company and HP combine innovative materials, design and custom technology to deliver products that are responsive, and not intrusive.

Titan company is an Indian designer and manufacturer of watches, jewellery, precision engineering components and other accessories including sunglasses, wallets, bags and belts.
source : ventura

 

Hexaware enters into strategic partnership with Blue Prism

The company plans to integrate Blue Prism's platform within its cognitive services delivery portfolio to help clients increase operational productivity
Hexaware Technologies has entered into a strategic partnership with Blue Prism, the leading developer of robotic process automation (RPA) software, to transform support processes by enabling rapid automation of manual, rules based, back office administrative processes through RPA.

The company plans to integrate Blue Prism's platform within its cognitive services delivery portfolio to help clients increase operational productivity. The cognitive and learning capabilities of the platform allow it to easily absorb routine processes as well as learn from natural language interactions in order to solve customer problems and respond successfully to a wide range of queries. Combined with the company’s extensive knowledge of technology and business process change, this allows enterprises to improve speed, quality and consistency of service delivery and incident remediation while reducing costs and manual intervention associated with routine services.

Hexaware Technologies is a leading global provider of IT, BPS and consulting services. The Company focuses on key domains such as Manufacturing, Retail, Education, Telecom, Banking, Financial Services, Capital Market, Healthcare, Insurance, Travel, Transportation and Logistics.
source : ventura

 

Bharti Airtel adds 27.67 lakh subscribers in October

Following this, the company’s total customer base has increased to 23.79 crore with a market share of 32.18%
Bharti Airtel, a leading global telecommunications company with operations in 20 countries across Asia and Africa, has added 27.67 lakh users in October, 2015. Following this, the company’s total customer base has increased to 23.79 crore with a market share of 32.18%.

Bharti Airtel is a leading integrated telecommunications company with operations in 20 countries across Asia and Africa. The company ranks amongst the top 5 mobile service providers globally in terms of subscribers.
source : ventura

 

Nse ITC 5 lacs @ 335.10 & 3 lacs @ 335.35 total value 26.87 crs (Bulk/ Block Deal)

 

Nse ICICIBANK total 13.59 lacs b/w 260 -262.75 value 35.53 crs (Bulk/ Block Deal)

 

Max India to divest 23% stake in Max Bupa for Rs 191 crore

The company’s shareholding in Max Bupa will come down to 51% from the present level of 74%
Max India has received an approval to divest 23% stake in Max Bupa Health Insurance Company (Max Bupa) in favour of Bupa Plc., UK. Bupa will pay Rs 191 crore (as increased by 23% of further capital infusions by shareholders in Max Bupa till the transaction is implemented) to Max India in an all cash transaction, to increase its stake in Max Bupa from 26% to 49%. The board of directors at their meeting held on November 23, 2015 has approved for the same.

Consequently, the company’s shareholding in Max Bupa will come down to 51% from the present level of 74%. The aforesaid proposal is subject to the approval of Foreign Investment Promotion Board and Insurance Development and Regulatory Authority of India.

The board has also approved capital contribution of up to Rs. 150 crore by the company in Max Healthcare Institute, an equal joint venture between the company and Life Healthcare, South Africa, for its proportionate share of 46% equity stake in Max Healthcare, to enable Max Healthcare acquire a controlling stake of 51% in Saket City Hospitals.
source : ventura

 

Apollo Health & Lifestyle inks MoU with Ramsay for diabetes care in Malaysia

As per the MoU, Apollo Health & Lifestyle and Ramsay aim to pool their resources and expertise to provide care to people with diabetes in Malaysia
Apollo Health & Lifestyle (AHLL), a wholly owned subsidiary of Apollo Hospitals Enterprise (AHEL), has signed Memorandum of Understanding (MoU) with Ramsay Sime Darby Healthcare (Ramsay) to offer world class diabetes care to people of Malaysia. As per the MoU, Apollo Health & Lifestyle and Ramsay aim to pool their resources and expertise to provide care to people with diabetes in Malaysia.

The intent is to start these services in Ramsay Sime Darby Health Care owned hospitals, and expand across neighbourhood clinics. This centre would offer a full range of outpatient, inpatient, and a comprehensive set of supporting services to address diabetes. It will be called Apollo Ramsay Sime Darby Health Care Centre for Obesity, Diabetes and Endocrinology.

Apollo Hospitals is the leading private sector healthcare provider in Asia and owns and manages a network of speciality hospitals and clinics, a chain of Pharmacy retail outlets across the country, and provides Consultancy Services for commissioning and managing the Speciality Hospitals.
source : ventura

 

Tata Steel plans to raise $1.5 billion: Report

The fund size could go up to as high as $3 billion
In a bid to refinance its bloated debt and reduce interest cost, Tata Steel is reportedly planning to raise at least $1.5 billion. The fund size could go up to as high as $3 billion. The proposed mobilisation will be done through the company's Singapore subsidiary.

Tata Steel, the flagship company of the Tata group is the first integrated steel plant in Asia and is now the world’s second most geographically diversified steel producer and a Fortune 500 Company.
source : ventura

 

Indian Oil Corporation to set up 1,400 MW solar power unit at its Gujarat Refinery: Report

The solar power systems will be commissioned in 2016
In order to reduce its carbon footprint and increase in utilisation of renewable energy, Indian Oil Corporation (IOC) has reportedly decided to set up 1,400 MW solar power systems at its Gujarat Refinery. The solar power systems will be commissioned in 2016. A grid-connected 250-kW Solar Power system is already catering to the partial electricity requirement of technical building.

The system automatically gets synchronised with Gujarat Refinery’s Power System at LV level during day time and similarly gets offline during evening period. Grid-connected systems are the most common type of solar grid-connected solar photovoltaic (PV) system.

IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.
source : ventura

 

Videocon Realty buys 3.41 lakh shares of ABG Shipyard

The shares were purchased on an average price of Rs 83 valuing the transaction to Rs 2.83 crore.
Videocon Realty & Infrastructure has bought 3.41 lakh shares of ABG Shipyard through open market route. The shares were purchased on an average price of Rs 83 valuing the transaction to Rs 2.83 crore. On the other hand, IL and FS Financial Services has sold 3.43 lakh shares of the company for an average price of Rs 83 through open market route.

ABG Shipyard is engaged in the business of carrying shipbuilding and ship repair business. The company has emerged as the largest private sector shipbuilding yard in India with satisfied customer base all around the world.
source : ventura

 

Strides Shasun shuts production at API facility in Tamil Nadu

The company is working with the authorities to resume operations at the earliest
Drug firm Strides Shasun has suspended the production at its API facility at Cuddalore in Tamil Nadu on account of Government orders. The company is working with the authorities to resume operations at the earliest.

The facility, which makes Active Pharmaceutical Ingredients (API), has been permitted to resume operations in all manufacturing production blocks except the new production block.

Strides Shasun is a vertically integrated global pharmaceutical Company headquartered in Bangalore. The company has four business verticals, viz., Regulated Markets, Emerging Markets, Institutional Business and Pharmaceutical Services & Active Ingredients.
source : ventura

 

IDBI Bank informs about $ 5Y green bond

IDBI Bank has informed about $ 5Y Green Bond.
The above information is a part of company’s filings submitted to BSE.
source : ventura

 

TCS, Gfi Informatique ink strategic partnership pact on smart cities in France

Both the entities will offer the IUX advanced analytics solution developed by the TCS DS&S Group
Tata Consultancy Services (TCS) and Gfi Informatique have inked strategic partnership agreement on smart cities to meet the requirements of digital initiatives in public transportation, water, and energy and accelerate the adoption of digital technologies in France's fast-growing and innovative smart cities market.

Both the entities will offer the Intelligent Urban Exchange (IUX) advanced analytics solution developed by the TCS Digital Software & Solutions (DS&S) Group. The TCS IUX software solution leverages real-time and historical data to close the loop between citizen and city needs and the supply of services, such as transportation, water and energy.

The contract is a culmination of DS&S Group’s knowledge of the global smart city market - a $1.6 trillion dollar opportunity by 2020 - and Gfi’s trusted relationships with local public sector organizations to provide system integration and localization in France. Gfi will use IUX analytics software to support digital initiatives that enhance public services for citizens, make efficient use of resources and improve the environment to help boost France's leadership in intelligent city programs.

TCS is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. The company offers a consulting-led, integrated portfolio of IT, BPO, infrastructure, engineering and assurance services.
source : ventura

 

Pfizer to buy Allergan in $160 billion deal

https://www.reuters.com/article/201...zer-idUSKBN0TB0UT20151124#Cm5J9ATmRqejoh11.97

 

The Pfizer-Allergan merger is a huge tax dodge. Bernie Sanders wants President Obama to block it.

https://www.vox.com/2015/11/23/9784956/pfizer-allergan-merger

 

Mahindra & Mahindra to launch the automatic variants of XUV500: Report

The XUV500 is expected to use the same six-speed automatic transmission from the Scorpio, with a manual and winter/wet mode
Mahindra & Mahindra (M&M), one of India's leading automotive brands with a growing global presence, has reportedly decided to launch the automatic variants of the XUV500 in India on November 25. The XUV500 is expected to use the same six-speed automatic transmission from the Scorpio, with a manual and winter/wet mode. The car will continue to use the same 2.2-litre engine producing 140bhp and 330Nm of torque.

M&M is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.
source : ventura

 

Nippon Life raises stake in Reliance Capital’s arm to 49%

The transaction pegs Reliance Life Insurance’s valuation at approximately Rs 10,000 crore, amongst the highest valuations for any Life Insurance company in the country
Nippon Life Insurance (NLI), a Fortune 500 company and one of the largest life insurers in the world, has signed definitive agreements to increase its stake in Reliance Life Insurance (RLIC), a part of Reliance Capital from the existing 26 percent to 49 percent. The Japanese company will be investing an aggregate value of Rs 2,265 crore ($ 348 million) to acquire an additional 23 percent stake in Reliance Life Insurance to reach a 49 per cent stake. The transaction pegs Reliance Life Insurance’s valuation at approximately Rs 10,000 crore, amongst the highest valuations for any Life Insurance company in the country. The proposed stake increase has been approved by boards of both the companies.

NLI’s investment also represents an implied Embedded Value (EV) multiple of over 3 times for Reliance Life Insurance, the highest for any private insurer in India till date. NLI would have invested an aggregate of Rs 5,327 crore for acquiring 49 percent stakes in Reliance Life Insurance with this transaction. NLI has also committed an investment of Rs 3,303 crore for acquiring 49 percent stake in Reliance Capital Asset Management, thereby taking its total investment to Rs. 8,630 crore the largest FDI in the financial services sector. In line with the new shareholding structure, the name of the company will also be changed to Reliance Nippon Life Insurance Company.

Reliance Capital is a systemically important non-deposit taking NBFC. The company is part of the Reliance group led by Anil Dhirubhai Ambani. It currently operates as the holding company for the group’s entities in the financial services sector.
source : ventura