LATEST BUSINESS NEWS

SBI to monetise non-core assets, unlisted entities

The bank is looking to divest its stake in its both life and general insurance ventures
In a bid to meet capital and regulatory requirements under Basel III norms, State Bank of India (SBI) is planning to monetise non-core assets and unlisted entities. The bank is looking to divest its stake in its both life and general insurance ventures. In SBI Life Insurance the state-run bank is looking to shed 10% stake, while in SBI General it is open to bring stake down to 51% from existing 74%.

The bank reported 25.11% rise in its net profit at Rs 3879.07 crore for the quarter ended September 30, 2015 as compared to Rs 3100.41 crore for the same quarter in the previous year. The bank’s total income increased by 12% to Rs 46854.81 crore for the quarter under review from Rs 41833.36 crore for the corresponding quarter of the previous year.
source:ventura

 

Corporation Bank to make investment in equity shares of NPCI

It is making an investment of 142,000 equity shares at Rs 352 per equity share, comprising 1.06% stake, having face value of Rs 100.00 each amounting to Rs 4.99 crore
Corporation Bank is making an investment of 142,000 equity shares at Rs 352 per equity share, comprising 1.06% stake, having face value of Rs 100.00 each amounting to Rs 4.99 crore, in the private placement of equity shares of National Payment Corporation of India (NPCI).

National Payments Corporation of India is incorporated under section 25 of the erstwhile Companies Act, 1956 as repealed by Section 8 of the Companies Act, 2013, which is mainly promoted by Banks and which is offering the services towards electronic payments for the Banks.

Corporation Bank is a Mangalore-based mid-sized public sector bank which was established in 1906. Government of India is the majority shareholder holding 59.82% stake in the bank. Overall, the Bank has a wide network of over 9,000 centres across India, including 2,061 branches, 2,599 ATMs and 4,349 branchless banking units.
source:ventura

 

JSW Steel’s crude steel production stood at 2.70 MT during Q3FY16

The production of rolled products (flat) decreased by 27% and stood at 1.87 million tonnes as compared to 2.56 million tonnes in Q3FY15
JSW Steel’s crude steel production in Q3FY16 decreased by 15% and stood at 2.70 million tonnes (MT) as compared to 3.17 million tonnes in Q3FY15. The production of rolled products (flat) decreased by 27% and stood at 1.87 million tonnes as compared to 2.56 million tonnes in Q3FY15. However, the production of rolled products (long) during the quarter rose 26% at 0.63 million tonnes as compared to 0.50 million tonnes in Q3FY15.

JSW Steel is part of the JSW group which, in turn, is a part of the O P Jindal group. JSW Steel is one of the largest steel manufacturing companies in India having units in Karnataka and Maharashtra producing crude steel, long steel and flat steel products.
source:ventura

 

Tata Motors to roll-out Zica 7 Senses, a unique customer immersive experience

The campaign will unfold in a phased manner and will cover all seven senses -- sight, smell, sound, taste, touch, intuition and equilibrium
Tata Motors has introduced a unique ‘7 Senses’ experience for the recently unveiled, Zica, its next big launch. This latest offering from Tata Motors takes the spirit of innovation further. The company will roll-out a unique customer immersive experience campaign - Zica ‘7 Senses’, designed to give a complete experience of the car, making all the senses work together to create an emotion that is greater than the sum of its parts. The campaign will unfold in a phased manner and will cover all seven senses -- sight, smell, sound, taste, touch, intuition and equilibrium.

Tata Motors is India’s largest automobile company, with consolidated revenues of Rs 2,62,796 crore (USD 42.04 billion) in 2014-15. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand, South Africa and Indonesia.
source:ventura

 

HSBC Global cuts its stake to 5.89% in Radico Khaitan

HSBC Global sold 852,192 shares of Radico Khaitan
HSBC Global Investments Funds has reportedly cut its stake in Radico Khaitan to 5.89% after offloading shares in the open market. HSBC sold 852,192 shares of Radico Khaitan. Post transaction, HSBC has 7842,003 shares of the company.

Radico Khaitan is engaged in the manufacturing Rectified Spirit (RS), Extra Neutral Alcohol (ENA), Country Liquor and IMFL. The company has one of the largest distilleries in India at Rampur with molasses-based distilling capacity of 75 million litres per annum and grain-based distillation capacity of 27 million litres per annum.
source:ventura

 

Bharti Airtel unveils its high speed 4G services in Ajmer, Rajasthan

Airtel 4G is available to customers across a range of smart devices including mobile phones, dongles, 4G hotspots and Wi-Fi dongles
Bharti Airtel has unveiled its high speed 4G services in Ajmer, Rajasthan. Now, the customers in Ajmer can experience high speed wireless broadband on Airtel 4G and get on to the digital superhighway for uninterrupted HD video streaming, superfast uploadingand downloading of movies, music and images. Airtel 4G is available to customers across a range of smart devices including mobile phones, dongles, 4G hotspots and Wi-Fi dongles. The launch of Airtel 4G in Ajmer marks the rollout of Rajasthan's first 4G service and will be extended to customers in other parts of the state during the weeks to come.

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 RELIANCE 2 lacs @ 1055 value 21.11 crs (Block /Bulk Deal)

 

SBI to partner with SIDBI and National Stock Exchange

The bank will partner with SIDBI and NSE to set up a trade receivables platform to facilitate better credit flow to SMEs
State Bank of India (SBI) will partner with SIDBI and National Stock Exchange (NSE) to set up a trade receivables platform to facilitate better credit flow to small and medium enterprises (SMEs). Setting up a trade receivables platform could benefit several small traders and SMEs who find it difficult to recover payments for the goods and services supplied to large industries. This platform will be among the three-four such platforms expected to come up in the country, will go live in the next one year.

The bank reported 25.11% rise in its net profit at Rs 3879.07 crore for the quarter ended September 30, 2015 as compared to Rs 3100.41 crore for the same quarter in the previous year. The bank’s total income increased by 12% to Rs 46854.81 crore for the quarter under review from Rs 41833.36 crore for the corresponding quarter of the previous year.
source:ventura

 

Karur Vysya Bank reports 34% rise in Q3 net profit

Total income of the bank has increased 0.88% at Rs 1525.14 crore for Q3FY15
Karur Vysya Bank has reported results for third quarter ended December 31, 2015.

The bank has registered a rise of 34.20% in its net profit at Rs 152.83 crore for the quarter under review as compared to Rs 113.88 crore for the same quarter in the previous year. Total income of the bank has increased 0.88% at Rs 1525.14 crore for Q3FY15 as compared Rs 1511.8 crore for the corresponding quarter previous year.

Meanwhile, the bank’s asset quality remained stable, with gross non-performing assets (NPAs) and net NPAs remained at 1.91% and 0.96% respectively.
source:ventura

 

TCS reports 14% rise in Q3 consolidated net profit

Total income of the company has increased by 11.59% at Rs 28058.19 crore for quarter under review
Tata Consultancy Services (TCS) has reported results for third quarter ended December 31, 2014.

The company has registered a rise of 4.30% in its net profit at Rs 5956.72 crore in Q3FY15 as compared to Rs 5711.15 crore in the corresponding quarter previous year. The total income of the company has increased by 11.40% to Rs 22769.51 crore for the quarter under review as compared to Rs 20439.51 crore in the same quarter last year.

On the consolidated basis, the company has reported 14.19% rise in its net profit at Rs 6083.39 crore for the quarter as compared to Rs 5327.55 crore for the same quarter in the previous year. Total income of the company has increased by 11.59% at Rs 28058.19 crore for quarter under review as compared to Rs 25145.05 crore for the quarter ended December 31, 2013.
source:ventura

 

Steel Exchange India signs MoU with Andhra Pradesh Government

The company has signed MoU for expansion of its steel plant in Vizianagaram district of Andhra Pradesh
Steel Exchange India has signed a memorandum of understanding (MoU) with Andhra Pradesh Government for expansion of its steel plant in Vizianagaram district of Andhra Pradesh. The company moves for expansion of steel plant from 0.25MT to 1.25 MT at Sreerampuram Village in L.Kota Mandal, Vizianagaram district, with an investment of Rs 7,937 crore, in two phases with potential to generate 1,500 new jobs.

Steel Exchange India operates in six divisions, namely Trading Division, Steel Melting Division, Rolling Division, Wire Drawing and HC Wire Products & Galvanized Wire Division, Pyxis Software Division and Sponge Iron Division.
source:ventura

 

State Bank of India opens its first branch in South Korea

The branch is expected to play an important role in strengthening economic partnership between the two nations
State Bank of India (SBI), country’s largest public sector lender, has opened its first branch in Seoul, South Korea. The branch is expected to play an important role in strengthening economic partnership between the two nations. The branch shall also reach out to retail customers through offering of saving and current account facilities, term deposits and remittances.

The bank reported 25.11% rise in its net profit at Rs 3879.07 crore for the quarter ended September 30, 2015 as compared to Rs 3100.41 crore for the same quarter in the previous year. The bank’s total income increased by 12% to Rs 46854.81 crore for the quarter under review from Rs 41833.36 crore for the corresponding quarter of the previous year.
source:ventura

 

Surya Roshni enters into partnership with Snapdea

The company has entered into a partnership for sale of company's eco-friendly and energy saving LED bulbs on the E-commerce website from January 2016
Surya Roshni has entered into a partnership with the Snapdeal for sale of company's eco-friendly and energy saving LED bulbs on the E-commerce website from January 2016. This alliance reflects the thrust the group places on ‘social causes’ production and sale of environment friendly products being one of them.

This tie-up initiates a disruptive trend in energy conservation by making LED bulbs affordable and within reach of millions of people in tier 2 and 3 areas who otherwise would have found LED bulbs inaccessible and unaffordable.

Surya Roshni (SRL), incorporated in 1973 is into the business of manufacturing electric resistance welded (ERW) steel pipes & lighting products, with facilities at Bahadurgarh (Haryana), Kashipur (Uttarakhand) and Malanpur (Madhya Pradesh).
source:ventura

 

MASTEK Q3 PAT Rs.1cr vs Rs.3cr qoq

 

MANGALAM DRUGS Q3 PAT Rs.4cr vs Rs.8cr yoy

 

NHPC restores Unit-3 of its Chutak power station in J&K

The unit was shut down on account of certain technical reasons in October
NHPC has restored Unit-3 of its Chutak power station in Jammu and Kashmir (J&K) with effect from January 12, 2016. The unit was shut down on account of certain technical reasons in October. Chutak power station is run-of-the-river scheme with an installed capacity of 44 MW (4X11 MW) and harnesses the Hydropower potential of river Suru in Kargil district of Jammu & Kashmir.

NHPC is an Indian Hydro Power Generation company that was incorporated with an objective to plan, promote and organize an integrated and efficient development of hydroelectric power in all aspects.
source:ventura

 

RCom to takeover Sistema JSFC’s India telecommunications biz: Report

Sistema JSFC’s is a publicly-traded diversified holding company in Russia and the CIS
Reliance Communications (RCom) has reportedly received an observation letter (approval to proceed) from the stock exchanges -- BSE and National Stock Exchange of India -- for its proposed takeover of Sistema JSFC’s India telecommunications business. Sistema JSFC’s is a publicly-traded diversified holding company in Russia and the CIS.

Earlier on November 2, 2015, the company had entered into an agreement to take over Sistema Shyam TeleServices (SSTL), which provides telecom services under the brand name, MTS.

Reliance Communications is India’s foremost and truly integrated telecommunications service provider. The company, with a customer base of about 150 million, including over 2.5 million individual overseas retail customers, ranks among the Top 4 Telecom companies in the world by number of customers in a single country.
source:ventura

 

M&M set to launch KUV1OO

The vehicle will come with four variants - K2, K4, K6 and K8 - and will be powered by a small diesel and petrol engines
Mahindra & Mahindra (M&M) is all set to launch KUV1OO, a compact five-seater SUV, which would be unveiled on January 15. The vehicle will come with four variants - K2, K4, K6 and K8 - and will be powered by a small diesel and petrol engines.

The KUV1OO will compete against compact hatchbacks and attract customers who never had the option to buy an SUV for the price of a hatchback because of lack of availability. For this, M&M developed engines having dimensions similar to those seen on hatchbacks which are rated high for their power as well as their fuel efficiency.

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

 

Mahindra & Mahindra launches compact SUV ‘KUV100’

The KUV100 combines aggressive styling and an SUV stance with refined and stylish interiors, ample space to comfortably seat 6 passengers
Mahindra & Mahindra (M&M), the country’s leading SUV manufacturer, has launched its much awaited compact SUV KUV100, the young SUV. The KUV100 combines aggressive styling and an SUV stance with refined and stylish interiors, ample space to comfortably seat 6 passengers, thoughtful safety features such as ABS with EBD standard across the range, dual airbags optional from the tease variant and ISOFIX mounts for a child seat on the rear seat, with peppy performance from both petrol and diesel engines, high fuel efficiency and accessible technology making it an irresistible and aspirational offering for those eager to make a unic, style statement. Available at Mahindra dealerships across India from today, the KUV 100 starts at an attractive price of Rs 4.42 lakh (ex-showroom Pune for the K2 petrol variant) and Rs 5.22 lakh (ex-showroom Pune for the K2 diesel variant).

Built on an all-new monocoque platform and designed in-house with contemporary urban crossover cues the KUV100 sports a design language that is unique. The sculpted exterior with sharp lines, prominent hood, high beltline and dynamic design, aggressive front fascia, chiseled muscular body and large square wheel arches establish its dominating road presence and lends it the SUV stance. Further, its unique wrap around sunglass like headlamps, trendy daytime running lamps, chrome accented fog lamps, spider-design alloy wheels, and double bore tail lamps all take the cool quotient a notch higher. The refined interiors aptly compliment the exteriors with their spacious and stylish feel, unique flexi 6 seating capacity, intuitive features and innovative storage spaces.

Mahindra & Mahindra (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

 

ZEE ENT Q3 cons PAT Rs.275cr vs Rs.309cr yoy, vs Rs.247cr (inc exp loss of Rs.33cr) qoq