LATEST BUSINESS NEWS

IFCI reduces Benchmark Rate to 11.70% per annum

This new rate shall be applicable from January 18, 2016
IFCI has reduced its Benchmark Rate ‘IFCI Benchmark Rate (IBR)’ from 12.00 percent per annum to 11.70 percent per annum with monthly rests. This new IBR shall be applicable from January 18, 2016.

IFCI was established with intent to provide long-term finance needs of the industrial sector. It founded and developed various institutions namely ICRA for credit assessment rating, Tourism Finance Corporation of India (TFCI) for promotion of the hospitality industry, among others.
source: ventura

 

Sintex Industries reports 11% rise in Q3 consolidated net profit

Total income (consolidated) of the company has increased by 11.54% at Rs 2057.73 crore for quarter under review
Sintex Industries has reported results for third quarter ended December 31, 2015.

The company has reported 10.42% rise in its net profit at Rs 158.57 crore for the quarter ended December 31, 2015 as compared to Rs 143.60 crore for the same quarter in the previous year. The company’s total income has increased 32.98% to Rs 1356.43 crore for the quarter under review from Rs 1020.00 crore for the corresponding quarter of the previous year.

On the consolidated basis, the company has reported 11.15% rise in its net profit after taxes, minority interest and share of profit of associates at Rs 180.10 crore for the quarter ended September 30, 2015 as compared to Rs 162.04 crore for the same quarter in the previous year. Total income (consolidated) of the company has increased by 11.54% at Rs 2057.73 crore for quarter under review as compared to Rs 1844.77 crore for the quarter ended June 30, 2014.
source: ventura

 

M&M’s arm enters into strategic partnership with Vakrangee

The partnership is for promoting and booking automobile products through Vakrangee Kendras
Mahindra & Mahindra’s (M&M) arm - Mahindra eMarket has entered into strategic partnership with Vakrangee for promoting and booking automobile products through Vakrangee Kendras. Citizens, especially in un-served and underserved areas shall now be able to visit nearest Vakrangee Kendra and book automobile products available on Mahindra eMarket Place by paying the booking amount at Vakrangee Kendra.

This tie-up shall expand bouquet of consumer product offerings available to customers through Vakrangee Kendras. Vakrangee customers are already benefitting with easier access to millions of consumer products available at affordable prices through Vakrangee’s partnership with Amazon India.

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

 

Hindustan Zinc plans to invest Rs 8,000 crore for capacity expansion

The firm is targeting to take the existing ore production levels of 9.36 MTPA to 14 MTPA
In a bid to expand operations and capacity, Hindustan Zinc (HZL) is planning invest Rs 8,000 crore in the next 3-5 years. The firm is targeting to take the existing ore production levels of 9.36 million tonnes per annum (MTPA) to 14 MTPA and finished metal production to 1.10 MTPA from 0.85 MTPA.

Hindustan Zinc, the world’s second biggest zinc producer, operates the world’s third largest open-pit mine, and world’s largest Zinc Mine in Rampura Agucha, Rajasthan. It has other mines in Sindesar Khurd, Rajpura Dariba, Kayar and Zawar, all in Rajasthan. Cairn India’s Mangala field in Rajasthan is the largest onshore oil discovery in India in more than 20 years.
source: ventura

 

Ricoh to Acquire DTG Manufacturer AnaJet

The addition of the AnaJet portfolio will help Ricoh further its position in the industrial inkjet market
Ricoh Company has reached an agreement to buy AnaJet, the leader in direct to garment (DTG) printing. This acquisition is the latest strategic investment by Ricoh to strengthen its industrial inkjet business while enabling its customers to move forward new ideas and drive imaginative thinking. Located in the US, AnaJet will become a wholly owned subsidiary of Ricoh Printing Systems America, Inc.

Ricoh's experience has focused on office and commercial print technologies. The addition of the AnaJet portfolio will help Ricoh further its position in the industrial inkjet market, a market where Ricoh maintains global leadership in inkjet printhead development. With AnaJet's solutions combined with the broad Ricoh portfolio, customers will now have the ability to more effectively deliver a broader solution set to their end users.

AnaJet will continue to operate under its current name, management team and capabilities, which currently include more than 50 employees and is headquartered in Costa Mesa, California.
source: ventura

 

Westlife Development’s arm expands its menu in West and South India

It has expanded its menu with the launch of new Maharaja Mac sandwiches in Chicken & Veg variant
Westlife Development’s wholly owned subsidiary- Hardcastle Restaurants (HRPL), a Master Franchisee for west & south India operations of McDonald’s Restaurants, has expanded its menu with the launch of new Maharaja Mac sandwiches in Chicken & Veg variant.

Westlife Development focuses on putting up and operating Quick Service Restaurants (QSR) in India through its subsidiary Hardcastle Restaurants (HRPL). The Company operates a chain of McDonald's restaurants in west and south India, having a master franchisee relationship with McDonald's Corporation USA, through the latter's Indian subsidiary.
source: ventura

 

Ashoka Buildcon increases stake in Jaora-Nayagaon Toll Road to 48%

The company has acquired 10.26% stake in the project through its wholly owned subsidiary Viva Highways
Ashoka Buildcon has increased its stake in Jaora-Nayagaon Toll Road Co to 48% from 23% held as on October31. The company’s road development subsidiary Ashoka Concessions owned 23% stake in Jaora-Nayagaon Toll Road Co and had acquired a further 14.74% stake in the project, taking its total stake to 37.74%.

Besides, the company has acquired 10.26% stake in the project through its wholly owned subsidiary Viva Highways. The Jaora-Nayagaon Toll Road Co is a special purpose vehicle set up for four-laning of the 340-km stretch of road in Madhya Pradesh.

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

 

Lanco Infratech’s arm declares COD for expansion capacity

Lanco Kondapalli Power has successfully declared COD for its expansion capacity of 371 MW (Phase III B Project) with effect from January 09, 2016
Lanco Infratech’s subsidiary - Lanco Kondapalli Power has successfully declared Commercial Operations Date (COD) for its expansion capacity of 371 MW (Phase III B Project) with effect from January 09, 2016.

Lanco Infratech is the leading integrated infrastructure conglomerate with global footprints having business verticals viz. EPC, Power, Solar, Natural Resources and Infrastructure.
source: ventura

 

NIIT Technologies enters into agreement with Ofcom

NIIT Technologies has informed that the Company has entered into an agreement with Ofcom the UK communications regulator for provision of ICT services details of which are available at ‘https://www. publictenders.net/node/3144648’.

The above information is a part of company’s filings submitted to BSE.
source: ventura

 

Bharat Forge to set up auto component hub in Andhra Pradesh

The project will employ 3,000 odd people directly and almost similar amount indirectly
Bharat Forge, a leading global commercial forging company, is reportedly planning to set up an integrated auto components hub in Nellore in Andhra Pradesh with an investment of about Rs 1,200 crore. The project will employ 3,000 odd people directly and almost similar amount indirectly. Furthermore, the company is also planning to build a multi-modal manufacturing facility for industrial components, defence and aerospace components including a supply chain and this will be located in Anantapur district.

Bharat Forge (BFL) is the flagship company of the $3.0 billion Kalyani Group and a global provider of high performance, innovative, safety & critical components and solutions to various industrial sectors including Automotive, Oil & Gas, Power, Construction & Mining, Aerospace and Rail & Marine.
source: ventura

 

BHEL commissions 520 MW Thermal Power unit in Andhra Pradesh
The unit has been commissioned at the 2x520 MW Vizag Thermal Power Project of Hinduja National Power Company (HNPCL), Visakhapatnam

Bharat Heavy Electricals (BHEL) has achieved one more significant milestone in the capacity addition programme of the country by successfully commissioning a 520 MW coal-based thermal generating unit in Andhra Pradesh. The unit has been commissioned at the 2x520 MW Vizag Thermal Power Project of Hinduja National Power Company (HNPCL), Visakhapatnam. Significantly, in Visakhapatnam district, four 500 MW thermal sets supplied and executed by BHEL are already in successful operation at Simhadri Super Thermal Power Station of NTPC.

The 2x520 MW Vizag Thermal Power Project is being executed by BHEL on EPC (Engineering, Procurement and Construction) basis. This project is located on the coast of the Bay of Bengal. Notably, this project uses single flow condenser and sea water as main cooling water. The project was severely affected by the Hudhud cyclone in 2014 while it was under construction. The restoration work was carried out by BHEL on war footing and the first unit has been commissioned successfully. The second unit of this project is also in an advanced stage of completion.

Recently, BHEL has secured prestigious orders for setting up two supercritical thermal power projects involving one unit each of the country's highest rating 800 MW sets, in Andhra Pradesh. The projects are 1x800 MW Dr. Narla Tata Rao Thermal Power Station (Dr NTTPS) Stage-V of Andhra Pradesh Power Generation Corporation (APGENCO) and 1x800 MW Sri Damodaram Sanjeevaiah Thermal Power Station (SDSTPS) Stage-II, popularly known as Krishnapatnam Supercritical Thermal Power Project, of Andhra Pradesh Power Development Company (APPDCL). BHEL has already commissioned 5,010 MW of power plants in the utility sector during the financial year 2015-16 and is on track to achieve the target set by the government for the year.
source: ventura

 

Cadila Healthcare’s Baddi Plant successfully obtains establishment Inspection Report from USFDA

This will now pave the way for further approval of products from this site
Cadila Healthcare’s state-of-the-art manufacturing plant at Baddi, Himachal Pradesh, has successfully obtained the Establishment Inspection Report from the USFDA. This will now pave the way for further approval of products from this site.

Cadila is an innovative, global pharmaceutical company that discovers, develops, manufactures and markets a broad range of healthcare therapies. It is the only Indian pharma company to launch its own patented NCE - Lipaglyn, the world’s first drug to be approved for the treatment of diabetic dyslipidemia.
source: ventura

 

Nse HINDUNILVR 2.50 lacs @ 815 value 20.42 crs (Bulk / Block Deal )

 

Tata Steel sales increase 10.3% at 2.35 million tonnes in Q3FY16

The company has produced 2.51 mt of saleable steel in Q3 FY16, a 13.1% rise over 2.22 mt in a statement Q3 FY15
Tata Steel has reported 10.3% rise in sales to 2.35 million tonne (mt) in the third quarter ended December 31, 2015 as compared to 2.13 mt sold in previous corresponding period. During April to December period of current fiscal, the company has sold 6.82 mt of saleable steel, which was 7.57% higher compared to 6.34 mt sold in the same period last year.

The company has produced 2.51 mt of saleable steel in Q3 FY16, a 13.1% rise over 2.22 mt in a statement Q3 FY15. During April to December period of current fiscal, the company has produced 7.15 mt of saleable steel, which was 7.04% higher compared to 6.68 mt produced in the same period last year.

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

 

Nse TCS 1.25 lacs @ 2361 value 29.58 crs (Bulk / Block Deal )

 

Indian Railways in discussion with NBCC to redevelop two stations: Report

Both projects are part of the Railways’ plans to modernize as many as 400 stations
In a bid to redevelop two stations - Gomtinagar in Lucknow and Bhubaneswar in Odisha, Indian Railways is reportedly in discussion with National Buildings Construction Corporation (NBCC). It will be a turnkey project, but the size of the deal, among other details, is yet to be worked out. Both projects are part of the Railways’ plans to modernize as many as 400 stations.

It would like to showcase a few station modernization projects that would reflect the potential of implementing the scheme. The Railways is already working on modernizing a few stations such as Brijawasan and Anand Vihar in Delhi and Habibganj in Bhopal.

NBCC is one of the few public sector companies engaged in the business of project management consultancy services for civil construction projects (PMC), civil infrastructure for power sector and real estate development.
source:ventura

 

Emami enters into packaged honey category

The homegrown consumer goods firm has positioned Zandu honey on quality and claims its product has zero sugar
Emami has entered into the packaged honey category under its Zandu brand. The homegrown consumer goods firm has positioned Zandu honey on quality and claims its product has zero sugar. The Emami’s Zandu honey has been priced at a 35% premium over Dabur.

Emami manufactures products under various categories namely Hair Care, Skin Creams and Lotions, Talcum Powder and ayurvedic health care products. Emami’s Boroplus portfolio is worth Rs 400 crore, comprising of three brands -- BoroPlus Antiseptic Cream, Boroplus Advanced Moisturizing Lotion and BoroPlus Prickly Heat Powder.
source:ventura

 

NIIT Technologies bags contract worth GBP 23 million from Ofcom

The company will implement a dedicated service delivery model and new service management processes and tools
NIIT Technologies, a leading global IT solutions organization, has been selected as a strategic partner by Ofcom, the UK’s communications regulator. NIIT Technologies will help Ofcom manage its infrastructure and application systems and offer a customer focused service to improve the users’ experience of ICT services. The value of the contract is 23 million pound over a six year period which includes an initial term of 4 years and extensions.

As a strategic partner, NIIT Technologies will implement a dedicated service delivery model and new service management processes and tools. Key services will include the service desk, data centre services, application management and project management.

NIIT Technologies is a leading global IT solutions organization, servicing customers in Americas, Europe, Middle East, Asia and Australia. It offers services in Application Development and Maintenance, Infrastructure Management Services, IP Asset or Platform Solutions, and Business Process Management to organizations.
source:ventura

 

PI Industries commences commercial production at its 3rd unit

The said unit located in Gujarat commenced production with effect from January 11, 2016
PI Industries has commenced the commercial production at its 3rd unit located at Sterling SEZ facility, Jambusar in state of Gujarat with effect from January 11, 2016.

PI Industries focuses on Agri-Input and Custom Synthesis with strength of over 1,400 employees. PI Industries currently operates three formulation and two manufacturing facilities as well as five multi-product plants under its three manufacturing locations across Jammu and Gujarat.
source:ventura

 

Fiem Industries commences commercial production at its new unit in Ahmedabad

This unit has been set-up to manufacture and supply automotive parts
Fiem Industries has started commercial production and supply from its newly set-up unit at Mandal taluka, Ahmedabad district in state of Gujarat. This unit has been set-up to manufacture and supply Automotive Parts i.e. Automotive Lighting & Signaling Equipments, Rear View Mirrors and Plastic Molded Parts to new factory of the company’s esteemed customer Honda Motorcycle & Scooter India (HMSI) in Gujarat.

Fiem Industries is one of the leading manufacturers of automotive lighting & signaling equipments and rear view mirrors. The company is supplying its products to almost all major OEMs in the domestic market as well as few global OEMs.
source:ventura