LATEST BUSINESS NEWS

Dena Bank cuts deposit rates by up to 50 bps

The bank revises interest rates on domestic term deposits with effective from November 21

Dena Bank has reduced deposit interest rates by up to 50 basis points. The bank revises interest rates on domestic term deposits with effective from November 21, 2016.

Dena Bank is engaged in providing banking services. Its services include treasury, corporate/wholesale banking, retail banking, mobile banking, phone banking, internet banking, international banking, dena automated teller machine (ATM) services and visa bill pay etc.
source: ventura

 

Tata Motors together with DIMO launches new world-class commercial vehicles outlet in Sri Lanka

Located on Dambulla road, the new 3S facility is the largest integrated Tata Motors commercial vehicles dealership in Sri Lanka

Tata Motors along with its Sri Lankan partner, Diesel & Motor Engineering PLC (DIMO), have launched a new world-class Sales, Service & Spares facility (3S), catering to the company’s range of commercial vehicles in Kurunegala district, all under one roof. Located on Dambulla road, the new 3S facility is the largest integrated Tata Motors commercial vehicles dealership in Sri Lanka, with a wide display area, for Tata Motors entire range of trucks & buses. Hosting a 22-bay workshop, the facility is also equipped with dedicated bays for accidental repairs, washing ramps, quick service, two post hoists and inspection pits. These facilities are also equipped with amenities like advanced Wheel Alignment units and an Automatic Lube Dispensing unit, along with driver restrooms with bunkers and washrooms.

Tata Motors is India's largest automobile company. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand, South Africa and Indonesia. Among them is Jaguar Land Rover, the business comprising the two iconic British brands.
source: ventura

 

IRB Q2 cons PAT Rs.142cr vs Rs.150cr yoy

 

Sun Pharma to acquire 85.1% stake in Biosintez

Biosintez is a Russian pharmaceutical company focusing on the hospital segment with annual revenues of approximately $52 million for 2015

Sun Pharmaceutical Industries’ wholly owned subsidiary (Sun Pharma) has executed definitive agreements for acquisition of 85.1% of JSC Biosintez, a Russian pharmaceutical company engaged in manufacture and marketing of pharmaceutical products in Russia and CIS region. The equity consideration for the 85.1% stake is $24 million. Sun Pharma would also assume a debt of approximately $36 million as part of this transaction. This transaction will give Sun Pharma access to local manufacturing capability across multiple dosage forms in Russia, enabling it to serve the Russia pharmaceutical market more effectively.

The transaction, expected to be completed by end of 2016, is subject to approval of the Russian Federal Anti-Monopoly Service and other closing conditions. As per IMS (MAT September 2016), the Russian pharmaceutical market recorded sales of approximately $10 billion. The market recorded a growth of 7.4% in local currency terms as per IMS.

Biosintez is a Russian pharmaceutical company focusing on the hospital segment with annual revenues of approximately $52 million for 2015. It has a manufacturing facility in Penza region with capabilities to manufacture a wide variety of dosage forms including pharmaceuticals for injections, blood substitutes, blood preservatives, ampoules, tablets, ointment, creams, gels, suppositories, APIs, etc.
source: ventura

 

Britannia Industries opens R&D centre, manufacturing unit near Bengaluru

The company presently has manufacturing facility only in India and at one plant in the Middle East, while it exports its products to 70 countries

Britannia Industries has opened an R&D centre and a manufacturing unit in Bidadi, near Bengaluru entailing an investment of Rs 200 crore. The centre houses analytical, sensory, microbiology labs, in addition to pilot plants for its core product portfolio which includes biscuits, cakes rusk, breads and dairy.

The manufacturing facility, built adjacent to the R&D centre is also equipped with high speed processing machinery plans to seamlessly channel the innovations from the centre to markets across the country. At present, Britannia has manufacturing facility only in India and at one plant in the Middle East, while it exports its products to 70 countries.

Britannia Industries, one of the India’s biggest brands of the country, has a market share of over 33%. More-than-a-century old Britannia has launched big brands in FMCG Segment. The company is expanding its customer base by launching new products and renovating existing ones.
source: ventura

 

RCom unveils Rs 149 plan offering unlimited voice calling, 300 MB data

The telecom major’s Rs 149 bucket plan resembles a similar Jio tariff plan, but can be activated on any phone

Reliance Communications (RCom) has launched a bucket plan offering unlimited voice calls bundled with 300 MB of data for a flat Rs 149 primarily targeting the sizeable pool of 2G users. Christened Rs 149 Unlimited, the calling plan offers customers unlimited outgoing talk-time to any phone across any telecom network in the country, including STD calls, for Rs 149 a month.

The telecom major’s Rs 149 bucket plan resembles a similar Jio tariff plan, but can be activated on any phone; 2G, 3G, or 4G -- unlike Jio’s, which requires a 4G VoLTE handset.

Reliance Communications is India’s foremost and truly-integrated telecommunications service provider. The company has a customer base of over 111 million, including over 2.6 million individual overseas retail customers.
source: ventura

 

Bharti Airtel concludes acquisition of Aircel’s 4G airwaves in Andhra Pradesh

The company has concluded acquisition following the receipt of all necessary approvals and satisfying all the conditions

Bharti Airtel has successfully concluded the acquisition of rights to use 20 MHz of spectrum in 2300 Band (BWA) from Aircel for Andhra Pradesh circle following the receipt of all necessary approvals and satisfying all the conditions (including conditions stated in the Spectrum Trading Guidelines).

With this, the company has completed the transaction in all 8 circles namely Tamil Nadu (including Chennai); Bihar, Jammu & Kashmir, West Bengal, Assam, North East, Orissa and Andhra Pradesh.

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

 

Today (23.11.16) foll cos. will declare Q2 results :
Lloyd Electric, Jindal Stainless, Siemens, PC Jewelller, Solar Ind
source: ventura

 

Today (24.11.16) foll cos. will declare Q2 results :
ABFRL, Opto Circuits, Manpasand Beverages, Jindal Poly, Suven Life
source: ventura

 

RBL Bank partners Bajaj Finance to launch co-branded credit cards

These co-branded credit cards are proposed to be launched in December 2016

RBL Bank has entered into an agreement with Bajaj Finance for launching a series of co-branded credit cards in partnership for the Indian market. These co-branded credit cards are proposed to be launched in December 2016. These co-branded Credit Cards are proposed to be offered to Bajaj Finance’s existing as well as new customers.

The Bank will benefit by partnering with Bajaj Finance in this co-branded card offering as Bajaj Finance has around 29 years of existence with a strong customer franchise of around 18 million customers and 33,000+ distribution points with deep-rooted customer understanding.

Along with Bajaj Finance, RBL Bank aims to build a large franchise of digital and electronic payment users. RBL Bank with its focus on leveraging digital technology and partnerships aims to create frictionless customer experience and flexible consumer lending products.
source: ventura

 

Pratibha Industries bags order worth Rs 92.22 crore in Tamil Nadu

The order is for providing Combined Water Supply Scheme to 293 rural habitations

Pratibha Industries (PIL) has been awarded a contract by Tamil Nadu Water Supply and Drainage Board - TWAD Board (a statutory body corporate constituted under TWAD Board Act, 1970) for providing Combined Water Supply Scheme to 293 rural habitations in Musiri, Thathyanagarpettai, Thuraiyur and Uppiliyapuram unions in Trichy District including paid maintenance for five years. The total value of contract is Rs 92.22 crore. The company will implement the project within eighteen months as per the contract terms.

With this, the company has won contracts aggregating to Rs 700 crore in recent times. The company emerged as the lowest bidder in tenders for contracts worth Rs 370 crore and they are expected to be finalized soon.

Pratibha Industries is engaged in designing, engineering and execution/construction of complex & integrated water transmission & distribution projects, water treatment plants, elevated and underground reservoirs, mass housing projects, commercial complexes, pre-cast design & construction, road construction, metro rails and real estate.
source: ventura

 

Rallis India to hike stake in ZWAOL to 100%

The company will acquire balance 26.37% stake in ZWAOL for Rs 19.49 crore

Rallis India has inked an agreement for increasing its stake in its subsidiary Zero Waste Agro-Organics (ZWAOL), from 73.63% to 100%. Consequently, ZWAOL will become a wholly owned subsidiary of the company, on completion of the acquisition of the balance shares in ZWAOL. The company will acquire balance 26.37% stake in ZWAOL for Rs 19.49 crore.

ZWAOL is engaged in the manufacture of organic compost. The company was incorporated on November 9, 2011 and has its presence in India.

Rallis India is a major agri-solution provider company in India. The company has been associated with the farming community for the past over 160 years and continuously strives to improve farm productivity through innovative product & service offerings.
source: ventura

 

Seamec enters into contract for deployment of vessel ‘Revelation’

The contract worth $244,000 will commence around first week of January, 2017

Seamec has entered into a Contract for the Charter hire of vessel ‘Revelation’ with Resolve Salvage and Fire (Asia), for undertaking a job in West Coast of India. The tenure of the contract is for a firm period of 25 days subject to extension. The contract will commence around first week of January, 2017. The value of Charter during firm period is $244,000.

Seamec is engaged in the business of operating multi-support vessels for diving and for providing underwater/sub-sea engineering services, deep sea diving, and inspection of underwater structures, repairs and maintenance of offshore platform fire-fighting services and rescue operations.
source: ventura

 

Infosys invests Rs 31.6 crore in Stellaris Venture Partners

The investment is expected to complete by December 15, 2016

Infosys has inked a definitive agreement to a Limited Partner investment of Rs 31.6 crore from its Innovation Fund in Stellaris Venture Partners, an India-based early stage venture fund. This investment is towards the first close of Stellaris’ fund. The investment is expected to complete by December 15, 2016.

India’s startup ecosystem is witnessing rapid growth led by areas such as cloud computing, Internet of Things (IoT), artificial intelligence and big data, as well as the widespread proliferation of smartphones. In this environment, Stellaris aims to back entrepreneurs building applications for global businesses, Indian SMBs and consumers in verticals such as financial services, retail, healthcare and education.

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

 

Cadila Healthcare recalls over 20,500 bottles of anti-depressant tablets in US

The company has recalled Bupropion Hydrochloride extended release tablets for failed dissolution specifications

Cadila Healthcare has recalled over 20,500 bottles of anti-depressant Bupropion Hydrochloride extended release tablets from US markets made by the company. The Class III ongoing nationwide and Puerto Rico recall is initiated in a situation in which use of or exposure to a violative product is not likely to cause adverse health consequences.

As per the latest Enforcement Report of the US Food and Drug Administration (USFDA), the reason for the recall is failed dissolution specifications: the firm was notified that there was dissolution out of specification result on the 6 month stability samples.

Cadila Healthcare is part of the Zydus Cadila Group. The company operates in areas of active pharmaceutical ingredients (API) to formulations, and animal health products to cosmeceuticals. Over the last five decades, it has been developing and manufacturing pharmaceutical products and selling and distributing these in over 50 countries around the world.
source: ventura

 

Tata Elxsi adds over 20% to its workforce in last four months

The company has added over 800 fresh engineers and post-graduates, the highest in its history

Tata Elxsi, a leading global design and technology services company, has added over 20 percent to its design and technology workforce in the last four months, through fresh hires. It has added over 800 fresh engineers and post-graduates, the highest in its history, with the long-term goal to grow globally-integrated executives with the right skills and capabilities.

Tata Elxsi provides system integration and software development. The company caters to various industries such as aerospace, consumer electronics, entertainment, FMCG, telecom etc. The company has reported 17.39% rise in its net profit at Rs 41.93 crore for the quarter ended June 30, 2016 as compared to Rs 35.72 crore for the same quarter in the previous year.
source: ventura

 

HealthCare Global inks JV pact with HCG Regency Oncology

The main objective of the agreement is to set out the relationship between the parties, their rights, obligations as shareholders in HCG Regency Oncology Healthcare

HealthCare Global Enterprises has entered into a Joint Venture (JV) Agreement on November 22, 2016, with HCG Regency Oncology Healthcare to set out the relationship between the parties, their rights, obligations as shareholders in HCG Regency Oncology Healthcare; and other matters in connection therewith.

HealthCare Global Enterprises is the largest provider of cancer care in India. Through its network of 15 comprehensive cancer centres spread across India, HCG has brought advanced cancer care to the doorstep of millions of people.
source: ventura

 

Axis Bank waives MDR transaction fees on debit cards usage

The bank has waived the service charges on the use of debit cards at Axis Bank terminals (merchant acquiring) effective from November 23 up to December 31, 2016

In support of Government’s demonetisation scheme and to offer ease and convenience to its merchants and customers, Axis Bank, India’s third largest private sector Bank has waived Merchant Discount Rate (MDR) transaction fees on debit card usage. The bank has waived the service charges on the use of debit cards at Axis Bank terminals (merchant acquiring) effective from November 23 up to December 31, 2016. Additionally, the bank has partnered with merchants to allow customers to withdraw cash at POS terminals. The bank will also leverage its contact-less technology at POS terminals for faster transactions.

Axis Bank is consistently educating the stakeholders to adopt to digital banking channels. The bank has enabled the local kirana stores, autorickshaws, vegetable & milk vendors and other small ticket size vendors to accept payment digitally through QR code. This digital initiative is offering convenience to the customers and facilitating small vendors to make cashless transactions. The bank has additionally deployed micro ATM facility for cash withdrawal across corporates, Police, Airports & Housing societies.
source: ventura

 

NBCC enters into MOU with Rosinformexport LLC

NBCC and Rosinformexport shall collaborate to jointly participate in the Smart City projects in India

NBCC has entered into memorandum of understanding (MOU) with Rosinformexport LLC, a subsidiary of RT-Business Development an investment company of Rostec State Corporation, a 100% state owned company of Russia, having expertise in ICT/ digital products. NBCC and Rosinformexport shall collaborate to jointly participate in the Smart City projects in India.

NBCC (India) 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

 

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