LATEST BUSINESS NEWS

Ashoka Buildcon acquires 100% stake in Ashoka Path Nirman (Nasik)

Consequently, Ashoka Path Nirman (Nasik) has become a wholly owned subsidiary of the company
Ashoka Buildcon has acquired 10,000 equity shares of Rs 10 each fully paid (100% of the paid-up capital) of Ashoka Path Nirman (Nasik). Consequently, Ashoka Path Nirman (Nasik) has become a wholly owned subsidiary of the company.

The company’s subsidiary - Viva Highways has recently entered into a Share Purchase Agreement with PNC Infratech for purchase of 2,44,23,700 constituting 8.51% of share capital of JTCL equity shares of Rs 10 each fully paid for an aggregate consideration of Rs 34.19 crore held in Jaora-Nayagaon Toll Road Company (JTCL).

Ashoka Buildcon builds and operates roads and bridges in India on a build, operate and transfer (BOT) basis. It currently operates one of the highest numbers of toll-based BOT projects in India.
source: ventura

 

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Citigroup Global buys 7.79 lakh shares of Jamna Auto Industries

The shares were purchased on an average price of Rs 125.98 valuing the transaction to Rs 9.82 crore
Citigroup Global Markets Mauritius has bought 7.79 lakh shares of Jamna Auto Industries through open market route. The shares were purchased on an average price of Rs 125.98 valuing the transaction to Rs 9.82 crore.

Jamna Auto is the largest manufacturer of tapered leaf springs and parabolic springs for commercial vehicles in India and is the number one supplier to Tata Motors (TML) and Ashok Leyland (ALL), the two major commercial vehicle manufacturers in Indian market for over 54 years. The company is also the largest spring manufacturer in the world.
source: ventura

 

Flood disrupts operations of GTL Infrastructure in Chennai

The company cannot assess financial loss to the company's assets, if any at this juncture as the assessment is yet to be carried out by the Independent Surveyors of insurance company
GTL Infrastructure’s operations in Chennai and other coastal regions of Tamil Nadu have been temporarily disrupted due to incessant rains and heavy floods in Chennai and other coastal regions of Tamil Nadu. The company’s crisis management team along with team of engineers, mechanics and technicians are constantly monitoring the situation and are working with authorities to fully normalize the operation in the affected areas at the earliest possible.

The company is adequately insured, however, it cannot assess financial loss to the company's assets, if any at this juncture as the assessment is yet to be carried out by the Independent Surveyors of insurance company.

GTL Infrastructure, a global group enterprise, is in the business of Shared Passive Telecom Infrastructure in India. The company has a portfolio of about 28,000 towers located across India that will help bringing in connectivity at affordable prices to the poorest of poor, creating a positive impact on Indian economy.
source: ventura

 

V-Guard Industries plans to expand outside southern India

The company is eying those firms which have manufacturing and product capabilities outside the southern region
In a bid to expand its reach outside southern India, V-Guard Industries is looking for acquisitions and in this regard the company will invest Rs 500 crore. For acquisition, the company is eying those firms which have manufacturing and product capabilities outside the southern region.

The company, which has grown organically since its inception in 1977, now wants to increase its market share outside South India. It also intends to set up a manufacturing facility in the East, where it seeks to bolster its presence.
source: ventura

 

SAIL sets up 1 MW solar PV power generation unit at Rourkela Steel Plant

The system, which is in the final stage of commissioning, is expected to generate minimum 1.479 million units of solar energy per annum
Rourkela Steel Plant (RSP), a unit of SAIL, has set up 1 MW solar photovoltaic (PV) power generation unit inside the plant premises at a cost of Rs 6.68 crore. The system, which is in the final stage of commissioning, is expected to generate minimum 1.479 million units of solar energy per annum. It is also installing other facilities for production of green energy.

Two 5 KW rooftop solar PV power generation systems have already been installed and seven more such systems are in the pipeline. RSP is also in the process of setting up a 15 MW hydro power project on the downstream of Mandira Dam in collaboration with GEDCOL.

SAIL is India's largest steel producing company. The company is among the five Maharatnas of the country's Central Public Sector Enterprises. The company has five integrated steel plants, three special plants, and one subsidiary in different parts of the country.
source: ventura

 

Bharti Airtel to launch 4G services in Rajasthan soon

The company is upgrading its existing infrastructure under project leap
Bharti Airtel is all set to launch 4G services in Rajasthan within a few days and cover other important cities in next six months. Along with the preparations for this service, the company is upgrading its existing infrastructure under project leap.

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

 

Tata Communications to sell its entire stake in Neotel to Vodacom SA

Neotel will offer a roaming arrangement to all the mobile network operators, including Vodacom
Tata Communications is ready to sell its entire stake in South African subsidiary Neotel to Vodacom SA for an undisclosed amount. Vodacom, a subsidiary of British telecom major Vodafone Plc, will acquire a majority of Neotel’s fixed-line business, but excludes spectrum and licences.

As part of this agreement, Neotel will offer a roaming arrangement to all the mobile network operators, including Vodacom. Tata Communications and Vodacom have been in negotiations since September 2013, after the Tata group company decided to exit Neotel, South Africa’s second-biggest fixed-line phone operator.

Tata Communications is a leading global provider of a new world of communications. With a leadership position in emerging markets, Tata Communications leverages its advanced solutions capabilities and domain expertise across its global and pan-India network to deliver managed solutions to multi-national enterprises, service providers and Indian consumers.
source: ventura

 

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ACL, NALCO incorporate new JV company ‘GACL-NALCO Alkalies & Chemicals’

The new JV has been incorporated for setting up of 800 TPD Caustic Soda Plant and 100 MW Coal Based Power Plant at Dahej in Gujarat
Gujarat Alkalies and Chemicals (GACL), a company promoted by Government of Gujarat and National Aluminium Company (NALCO), a Government of India enterprise (A Navratna company) have jointly incorporated a new joint venture (JV) company -- ‘GACL-NALCO Alkalies & Chemicals’ for setting up of 800 TPD Caustic Soda Plant and 100 MW Coal Based Power Plant at Dahej in Gujarat.

Gujarat Alkalies and Chemicals is engaged in business of manufacturing basic chemicals such as sodium cyanide, sodium ferrocyanide, chloromethanes, hydrochloric acid, caustic potash, potassium carbonate, phosphoric acid (85%) and hydrogen peroxide.
source: ventura

 

PNB waives off ATM charges for Chennai users

All its 81 branches and 82 ATMs are fully operational, with 58,029 flood-affected customers serviced and Rs 17.79 crore disbursed
In view of the floods in Chennai, Punjab National Bank (PNB) has waived off charges for using ATM network of other banks. Now, all its 81 branches and 82 ATMs are fully operational, with 58,029 flood-affected customers serviced and Rs 17.79 crore disbursed.

The bank will also offer customers credit facilities under the schemes of repair and renovation to damaged houses and overdraft facility against the existing housing loans to meet the urgent fund requirements.
source: ventura

 

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Richa Industries Wins First Rail Over Bridge Project for Railways
New Delhi, 09 December 2015:
Richa Industries Limited, a leading Construction & Engineering company has secured first order to construct rail over bridge for Indian Railways. The project involves construction of approximately 100-110 meter span rail over bridge within the estimated completion time of fifteen months from the date of LOI. The Project value is approximately INR 20 Crores. Commenting on this achievement, Dr. Sandeep Gupta, Joint Managing Director, Richa Industries Limited says, “This is an outstanding opportunity for us to exhibit our company’s potential in a new segment. After successfully accomplishing the first project for North Central Railways, this is another major project that we have received from Railways. We are optimistic for future and look forward for more such orders from Indian Railways.”

 

Jain Irrigation Systems bags contract worth Rs 220 crore

The project is financed by EXIM Bank of India under Government of India Line Of Credit program
Jain Irrigation Systems, one of India’s largest Micro-Irrigation manufacturers, has received $32.98 Million (Approx Rs 220 crore) contract from DAR ES Salaam water and Sewerage Authority (DAWASA) for the Supply and Installation of Water Distribution Network in DAR ES Salaam, Tanzania. The project is financed by EXIM Bank of India under Government of India Line Of Credit (LOC) program. The $32.98 Million project is an integrated water supply project with unique design to ensure reduced water supply losses across entire network. This project will create complete network of water for large number of citizens.

Jain irrigation is responsible for Survey, Design and execution of the various Project components. This project is another milestone in company's strategy of participating in a meaningful way in Irrigation/water/agriculture sector growth across large continent of Africa.

Jain Irrigation Systems is a manufacturer of a wide variety of PVC pipes, PE pipes, water and gas transportation pipes, ducts for optical fibre cables and drip irrigation pipes. It is also engaged in tissue culture of bananas and pomegranates and is the world’s largest processor of mangoes and is the world’s second largest processor of onions and vegetables.
source: ventura

 

RBI allows FIIs to invest up to 30% in Shilpa Medicare

The company has already passed resolutions at its Board of Directors’ level, agreeing for enhancing the limit for the purchase of its equity shares by FIIs/RFPIs
Reserve Bank of India (RBI) has notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 30 per cent of the paid up capital of Shilpa Medicare under the Portfolio Investment Scheme (PIS). The company has already passed resolutions at its Board of Directors’ level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs.

Shilpa Medicare produces and exports consistently high-quality Active Pharmaceutical Ingredients Fine Chemicals, intermediates, herbal products and speciality chemical products using sophisticated technology, meticulously following international specifications.
source: ventura

 

Maruti Suzuki to hike prices of its vehicles across models from January

The company will increase the prices to offset impact of rising costs and weakening of rupee against dollar
In a bid to offset impact of rising costs and weakening of rupee against dollar, Maruti Suzuki India is all set to hike prices of its vehicles across models by up to Rs 20,000 from January 2016

At present, the company sells a range of vehicles starting from the entry level small car Alto 800 to the S-Cross with price ranging between Rs 2.53 lakh and Rs 13.74 lakh (all prices ex-showroom Delhi).
source: ventura

 

Jet Airways launches app exclusively for Apple Watch

The application with watch OS 2 support, will allow guests to conveniently access real time information about their flight status of any flight on Jet Airways' network
Jet Airways, India's premier international airline, has unveiled its app designed exclusively for Apple Watch to enable guests to access seamless travel information on their wrists. The application with watch OS 2 support, will allow guests to conveniently access real time information about their flight status of any flight on Jet Airways' network, receive a flight status notification, get alerts for upcoming trips as well as updates on special deals and offers from Jet Airways.

To access the Jet Airways app for Apple Watch, users will first need to download the app for iPhone, (existing users will need to upgrade to the latest version). Apple Watch users will need to visit the Apple Watch App on iPhone and turn on the ‘Show App on Apple Watch’ option within the ‘My Watch’ tab.

The Jet Airways Apple Watch app features a flight status application, which allows guests to check their flight status on the day of departure. This is done by entering the flight number on the keypad of the watch to receive the latest status update. For more details, guests will need to click 'More on iPhone' on the Apple Watch, and the app will open the flight status details page. Specially optimised for Apple Watch, the Jet Airways app leverages its innovative features and design, making it a more convenient, personalised and seamless travel experience with notifications displayed directly on the Apple Watch.

Jet Airways is India’s premiere international airline operating flights to 73 destinations, including 51 in India and 22 across the world. The company’s robust domestic network in India spans the length and breadth of the country covering metro cities, state capitals and emerging destinations.
source: ventura

 

Titan Company receives RBI approval to raise FIIs/RFPIs limit up to 35%

The apex bank has permitted FIIs/RFPIs to invest up to 35% of the paid-up capital of the company under Portfolio Investment Scheme
Titan Company has received an approval from the Reserve Bank of India (RBI) whereby the apex bank has permitted FIIs/RFPIs to invest up to 35% of the paid-up capital of the company under Portfolio Investment Scheme.

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

 

Sagar Cements reports 18% drop in November production

The Cement sales for November 2015 stood at 91,115 MT compared to 111,038 MT in November 2014
Sagar Cements has reported the cement production and sales figures for November 2015. The Cement production for November 2015 stood at 88,660 million tonnes (MT), a drop of 18%, compared to 107,476 MT produced in November 2014. The Cement sales for November 2015 stood at 91,115 MT, a drop of 18%, compared to 111,038 MT in November 2014.

Sagar Cements is one of the most modern mini cement plants in the state of Andhra Pradesh. The plant is based on Dry Process Rotary Kiln Technology that is used in ‘Standard Quality' cement companies.
source: ventura

 

Cipla to transfer consumer healthcare business to Cipla Health

The company will transfer it on a going concern basis by way of a slump sale for a lump sum consideration of Rs 16 crore
Cipla has received an approval for transfer of the consumer healthcare business of the company to Cipla Health on a going concern basis by way of a slump sale for a lump sum consideration of Rs 16 crore. The board of directors at their meeting held on December 10, 2015 has approved for the same.

Cipla Health is a newly incorporated subsidiary of the company and was incorporated on August 27, 2015. It will focus its business activities in the consumer healthcare space. The consumer healthcare business to be transferred to Cipla Health includes the scope of the business as approved on July 09, 2015, along with certain additional business.

The amount and percentage of the turnover contributed by the consumer healthcare business of the company for the financial year 2014-15 was Rs 54.28 crore and approximately 0.48% respectively. The net worth of consumer healthcare business of the company as on March 31, 2015 was Rs 7.88 crore contributing 0.07% of the net worth of the company.

The transaction will enable the company to participate in the attractive and growing over-the-counter market. This business requires a specialized FMCG kind of focus, and a separate subsidiary would enable the company to attract the right talent and provide the focus and attention required for this business.
source: ventura