LATEST BUSINESS NEWS

Karnataka Bank bags ‘IDRBT Banking Technology’ award

It has bagged the coveted ‘Best Bank Award for Evangelising Technology Adoption’ among Small Banks
Karnataka Bank, a premier private sector Bank, has bagged the coveted ‘Best Bank Award for Evangelising Technology Adoption’ among Small Banks, instituted by Institute for Development and Research in Banking Technology (IDRBT), Hyderabad for the year 2014-15.

The bank had earlier bagged the ‘Special award for managing IT risk’ in 2011 and 2 more awards, viz., Best Bank award for managing IT risks and Best Bank Award for using IT for business innovation in 2012-13, instituted by IDRBT.

Karnataka Bank has network of 1,793 service outlets comprising of 691 branches, 1,102 ATMs including 12 e-Lobbies spread across the country. The bank is poised to increase its number of outlets to 2,000 comprising of 725 branches and 1275 ATMs (including 25 e-Lobbies), by the end of March 2015.
source :Ventura

 

Reliance Infrastructure’s arm begins e-tailing facility in three states

The e-tailing facility is available for a minimum order of 25 bags, and its endeavour would be to deliver within 48 hours
Reliance Infrastructure’s subsidiary, Reliance Cement Company (RCC) has started e-tailing facility in three states -- Uttar Pradesh, Madhya Pradesh and Maharashtra -- to provide cement online to customers.

The e-tailing facility is available for a minimum order of 25 bags, and its endeavour would be to deliver within 48 hours. The company has successfully launched several innovative customer friendly services such as “On-site Expert Service“.

The company currently produces 5.5 million tonnes per annum cement from Maihar in Madhya Pradesh (2.8 MTPA), Kundangunj near Lucknow in Uttar Pradesh (2.2 MTPA) and Butibori in Maharashtra (0.5 MPTA).

Reliance Infrastructure is the largest power distribution licensee in Mumbai, with 25 years license to distribute electricity in its licensed distribution areas spread over 400 Sq. Kms. in the suburbs and surrounding areas of Mumbai, and supplying power to around 29 lakh consumers.
source:ventura

 

Nestle India resumes manufacturing of Maggi Noodles at its three plants

The company shall commence sale only after the samples are cleared by laboratories
Nestle India has resumed manufacturing of Maggi Noodles at three of its plants, at Nanjangud in Karnataka, Moga in Punjab and Bicholim in Goa. In compliance with the orders of the High Court of Bombay, fresh samples from these newly manufactured batches will be sent for testing to the three accredited laboratories mandated by the High Court.

The company shall commence sale only after the samples are cleared by these laboratories. The company is engaging with the relevant state authorities and other stakeholders at its other manufacturing locations to commence manufacture at the earliest.

Nestle India has its presence in India for around nine decades, making it one of the oldest company in India. Nestle has created brands like Nestle Milkmaid, Nestle Everyday, Maggi Noodles, Maggi Soups, Polo, Kit Kat, Nescafe and many more.
source:ventura

 

Nestle India response to media queries on maggi noodles manufacture

Nestle India has informed that in response to media queries on resumption of MAGGI noodles manufacture, the Company have resumed manufacturing of MAGGI Noodles at three of its plants, at Nanjangud (Karnataka), Moga (Punjab) and Bicholim (Goa). In compliance with the orders of the Hon’ble High Court of Bombay, fresh samples from these newly manufactured batches will be sent for testing to the three accredited laboratories mandated by the Hon’ble High Court. They shall commence sale only after the samples are cleared by these laboratories. They are engaging with the relevant State authorities and other stakeholders at our other manufacturing locations to commence manufacture at the earliest.

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

 

Bharat Forge informs about corporate reorganization of European subsidiaries

Bharat Forge has informed about corporate reorganization of European subsidiaries of the company.

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

 

Escorts, Amul launch 1001st ‘Steeltrac’ speciality tractor

Steeltrac is a specialised tractor complimentary to general purpose tractors
Escorts and Amul Group have launched 1001st ‘Steeltrac’ a speciality tractor. Escorts had joined hands with Amul Industries in 2012 for development & distribution of Steeltrac and entered into a strategic partnership few months ago.

Steeltrac is a specialised tractor complimentary to general purpose tractors. It can facilitate operations like inter-weeding for farmers growing row-crops such as groundnut, cotton and sunflower.

Escorts offer a comprehensive range of tractors with more than 45 variants starting from 25 to 80 HP. The company also manufactures and markets a diverse range of equipments like cranes, loaders, vibratory rollers and forklifts.
source:ventura

 

Himachal Futuristic to start production of optical fibre from Chennai plant

The impact of this expansion will be visible in the next fiscal
Himachal Futuristic Communication (HFCL) is all set to start commercial production of optical fibre from its Chennai plant from November 15 onwards. The impact of this expansion will be visible in the next fiscal. The company already has manufacturing facilities in Himachal Pradesh and Goa.

HFCL is engaged in the manufacturing of telecom equipments and provides turnkey services. The manufacturing facilities of the company are located in Solan, Himachal Pradesh (assembly line), and Salcete, Goa (optical fibre cables).
source:ventura

 

Elder Pharmaceuticals plans to repay creditors, investors by selling assets: Report

The company also plans to sell its stake in its subsidiaries in the UK and Bulgaria
Mumbai-based drug maker Elder Pharmaceuticals, which is facing a severe financial crunch, is reportedly planning to repay its creditors and fixed deposit investors by raising funds through a combination of debt, equity and asset sales. The company also plans to sell its stake in its subsidiaries in the UK and Bulgaria.

The company has been going through tough cash flow situations but is on the path of recovery and has substantial asset base to cover all its liabilities. Recently, the Bombay High Court asked the company repay Rs 155 crore to small investors who had invested in the company’s fixed deposit in January.

Elder Pharmaceuticals is a Mumbai based pharmaceutical manufacturing & marketing organisation. By virtue of its strategic alliances, synergetic acquisitions globally accredited manufacturing facilities & above all an extensive marketing & distribution network, Elder Pharma is one of the fastest growing pharma companies in India.
source:ventura

 

RBI permits FIIs to acquire up to 74% stake in DEN Networks

The decision came after the company passed resolutions at its board of directors’ level
The Reserve Bank of India has allowed foreign investors to raise their stake up to 74 per cent in DEN Networks. Foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs) can now invest up to 74 per cent of the paid-up capital of DEN Networks under the portfolio investment scheme (PIS).

The decision came after the company passed resolutions at its board of directors’ level and a special resolution by shareholders, agreeing to enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs.

FIIs, non-resident Indians and persons of Indian origin can invest in primary and secondary capital markets in India through PIS. RBI monitors the ceilings on FII/NRI/PIO investments in Indian companies on a daily basis and has fixed the cut-off points two percentage points lower than the actual ceiling.
source:ventura

 

Maruti Suzuki to expand Nexa outlets network in UP

The company will increase the Nexa outlets number to 10 from the current tally of seven by December 2015
Maruti Suzuki India is planning to expand the footprint of its premium car outlets Nexa in Uttar Pradesh (UP). The company will increase the Nexa outlets number to 10 from the current tally of seven by December 2015. At present, Nexa outlets are located across five cities viz. Lucknow, Allahabad, Kanpur, Noida and Agra in UP.

Maruti Suzuki India, country’s largest car maker, has registered a rise of 3.7% in its total car sales (Domestic + Export) for the month of September 2015 at 113,759 units, as against 109,742 units in 2014. The company’s domestic sales rose by 6.8% in 2015 at 106083 units, as against 99290 units in corresponding month last year.
source:ventura

 

NIIT Technologies enters into long-term strategic agreement with flydubai

The agreement will enable flydubai to build airline-specific IT systems catering to all facets of its business
NIIT Technologies, a leading global IT solutions organization has entered into a long-term strategic agreement with Dubai-based airline flydubai. The agreement will enable flydubai to build airline-specific IT systems catering to all facets of its business. This will support flydubai’s programme to deliver an enhanced passenger satisfaction.

NIIT Technologies plans to deliver these services through its state-of-the-art Global Delivery Center at its campus in Greater Noida. This will include a dedicated ‘Testing Center of Excellence’ for flydubai. In addition, NIIT Technologies will provide support on software development projects with data center services through its Infrastructure Management Services.

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

 

VERY GOOD EFFORT BY SHRI @RAMA MURTHY SASTRY CHALLA TO PUT ALL IMP BUSINESS NEWS IN ONE PLACE FOR Easy reference.

 

Bharti Airtel plans to invest $200-400 million on 3G, 4G infrastructure: Report

The company has estimated its capex for India and South Asia to be at $2.3 billion, most of which would have been on India
Bharti Airtel, a leading global telecommunications company, is reportedly planning to invest an additional USD 200-400 million in the current fiscal to ramp up 3G and 4G infrastructure. The company has estimated its capex for India and South Asia to be at $2.3 billion, most of which would have been on India.

Recently, the company has reported 10.09% rise in its consolidated net profit at Rs 1522.70 crore for the quarter ended September 30, 2015 as compared to Rs 1383.20 crore for the same quarter in the previous year. Total income of the company has increased by 4.33% at Rs 23851.90 crore for quarter under review as compared to Rs 22861.70 crore for the quarter ended September 30, 2014.

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 Dr.Reddy Lab 41000 shares @4207 Value is Rs. 17.58 Cr. (27-10-2015)

 

Havells India launches first ever personalized distribution boards in the country

The company already is a market leader in domestic switchgear business in the country with over 28% market share
In a bid to further strengthen its presence in the four states of North India viz Chandigarh, Punjab, J&K and Himachal Pardesh, Havells India has launched its innovative switchgear products like distribution boards, ACCL and Circuit Breakers (MCB/RCCB). The company already is a market leader in domestic switchgear business in the country with over 28% market share.

Havells for the first time in the country introduced new range of premium, super premium and concept of personalized distribution boards that are fast becoming part of one's living room. The new range of super-premium distribution boards offers unique metallic finish and colours like metallic silverish grey, golden sparkle and sparkling white. The range would also offer variants in marble, leather and wooden finish for modern homes. It comes with magnetic locks, sleek curves, scratch resistant glossy surface and designer handles.

The new range will be priced between Rs 1300 to Rs 10,000. These distribution boards are an answer to customers who were forced to hide these boxes as they did not gel with modern interiors of their living room. The new range of distribution boards not only matches with modern day decor and aesthetics but also offer a unique choice to consumers to buy door of distribution box separately.

Havells India is a leading Fast Moving Electrical Goods (FMEG) Company with a strong global footprint. It enjoys enviable market dominance across a wide spectrum of products, including Industrial & Domestic Circuit Protection Devices, Cables & Wires, Motors, Pumps, Fans, Modular Switches, Home Appliances, Electric Water Heaters, Power Capacitors, CFL Lamps etc.
source:ventura

 

Yes Bank operationalizes IFSC Banking Unit in GIFT city

The bank has taken this step pursuant to the approval received from the RBI
Yes Bank, India’s fifth largest private sector Bank, has operationalized its IFSC Banking Unit (IBU) in the Gujarat International Finance Tec City (GIFT). The bank has taken this step pursuant to the approval received from the Reserve Bank of India (RBI). It is the first bank to have begun its operations by setting up an IBU in GIFT city.

Yes Bank today leverages its 700 plus branch network, over 1300 ATMs, a wide range of offerings and a strong digital presence to offer best-in-class banking services for all customer segments with growing emphasis on retail banking customers.
source:ventura

 

NELCAST Q2 PAT Rs.10 Cr. Vs Rs. 6 Cr. YOY

 

NSE JUBLFOOD 2,00,000 SHARES @1502 VALUE 30.10Cr. (Bulk /Block Deals)

 

TBZ plans to increase its retail space to around 150,000 sq ft in next three years:

e expansion would involve both company-owned and franchisee stores
Tribhovandas Bhimji Zaveri (TBZ), the country’s leading jewellery retailer, is reportedly planning to increase its retail space from current 95200 sq ft to around 150,000 sq ft in the next two to three years. The expansion would involve both company-owned and franchisee stores. The company is looking to scale up its domestic operations in eastern and north-western India before expanding to other parts of the country.

Recently, the company had opened its 29th store in one of the most premium locations in Mumbai situated at Turner Road, Bandra. The store has a retail selling space of 2,200 square feet.

Tribhovandas Bhimji Zaveri, a well known jewellery retailer in India, is primarily engaged in selling gold and diamond-studded jewellery.
source:ventura

 

CARE reaffirms ratings of Radico Khaitan’s bank facilities

The ratings continue to derive strength from RKL’s strong nation-wide presence in the Indian Made Foreign Liquor (IMFL) segment
Credit rating agency, CARE has reaffirmed ‘A+’ rating to Radico Khaitan’s long term bank facilities worth Rs 593 crore and ‘A1+’ rating to company’s Short term Bank Facilities worth Rs 60 crore. The rating agency has also reaffirmed ‘A1+’ rating to the company’s Proposed Commercial Paper (CP) issue worth Rs 50 crore.

The ratings continue to derive strength from Radico Khaitan’s (RKL’s) strong nation-wide presence in the Indian Made Foreign Liquor (IMFL) segment, established brands along with consistent growth in the scale of operations, comfortable financial risk profile and adequate liquidity position in the form of unencumbered liquid reserves and unutilised working capital lines available with 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