Westlife Development’s arm launches first McCafes in Kolhapur

Westlife Development's subsidiary - Hardcastle Restaurants (HRPL), a Master Franchisee for west and south India operations of McDonald's Restaurants has launched its first McCafes, an in-house coffee style chain in Kolhapur, Maharashtra. By embracing the coffee culture that is fast gaining acceptance in India, McCafe aims to reach out to as many Indians as the best place to enjoy a range of premium specialty coffee including cappuccino, latte, iced mocha and frappe. McDonald’s launched its most successful global brand extension McCafé - an in-house coffee style chain last year in India. Hardcastle Restaurants (HRPL) is a subsidiary of Westlife Development, which focuses on putting up and operating Quick Service Restaurants (QSR) in India. HRPL is a McDonald’s franchisee with rights to own and operate McDonald’s restaurants in India’s west and south markets.

Allahabad Bank reports 28% rise in Q4 net profit

Allahabad Bank has reported result for the fourth quarter and year ended March 31, 2015. The bank has posted a rise of 28.45% in its net profit at Rs 202.63 crore for the quarter ended March 31, 2015 as compared to Rs 157.75 crore for the same quarter in the previous year. Total income of the bank has increased by 2.92% at Rs 5390.71 crore for quarter under review as compared to Rs 5237.68 crore for the quarter ended March 31, 2014. For the year ended March 31, 2015, the bank has posted a fall of 47.02% in its net profit at Rs 620.90 crore as compared to Rs 1172.02 crore for the same period in the previous year. However, total income of the bank has increased by 3.82% at Rs 21712.13 crore for year under review as compared to Rs 20912.43 crore for the period ended March 31, 2014. For the year ended March 31, 2015, on the consolidated basis, the bank has posted a fall of 45.38% in its net profit after tax at Rs 649.02 crore as compared to Rs 1188.43 crore for the same period in the previous year. However, total income of bank has increased by 3.96% at Rs 21891.53 crore for year under review as compared to Rs 21057.48 crore for the period ended March 31, 2014.

India to achieve highest annual GDP growth rate of 7.9% over next 8 years: Harvard University’s study

In a report from the Center for International Development (CID) at Harvard University which estimates growth in emerging markets to continue to outpace those of developed countries, India is projected to achieve highest annual GDP growth rate of 7.9% over next 8 years. The country, overtaking its South Asian economic rival China is projected to record average annual growth rates of 7.9% over the next eight years, nearly double of China's 4.6% projected growth over the period. The Center’s economic complexity predictions revealed that India has an undisputed upper hand in growth, which would continue to expand into a widening gap in the medium-term, with growth predicted to be at 7.9% annually up-to 2023 well ahead of the 4.6% projected for China. CID's projections are also bullish on East Africa. Four East African countries -- Uganda, Tanzania, Kenya, and Madagascar -- rank in the top ten, with all predicted to grow at least 6% annually. Surprisingly, projections also favor Pakistan's potential, at 5.1% predicted growth, presenting a clear picture of South Asia and East Africa's positive growth outlook. Meanwhile, Southeast Asia also includes several high-growth countries, driven by its largest country, Indonesia, which is anticipated to grow at 5.2 percent annually to 2023.However, Harvard study asserted little optimism over the outlook for Europe and US, with the growth in world’s largest economy, United States predicted to be at 2.4 and major European players range from 2.3 percent in Italy to 3.7 percent in Spain.

NBCC bags order worth Rs 1528.78 crore

National Buildings Construction Corporation (NBCC) has secured work order amounting Rs 1528.78 crore in the month of April 2015. Earlier, the company had secured Project Management and Consultancy (PMC) business of Rs 231.40 crore from Indian Institute of Technology (IIT), Roorkee. National Buildings Construction Corporation 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.

Hero MotoCorp reports 14% fall in Q4 net profit

Hero MotoCorp has reported result for the fourth quarter and year ended March 31, 2015. The company has posted a fall of 14.05% in its net profit at Rs 476.53 crore for the quarter ended March 31, 2015 as compared to Rs 554.43 crore for the same quarter in the previous year. However, total income of the company has increased by 3.78% at Rs 6886.75 crore for quarter under review as compared to Rs 6635.94 crore for the quarter ended March 31, 2014. For the year ended March 31, 2015, the company has posted a jump of 13.11% in its net profit at Rs 2385.64 crore as compared to Rs 2109.08 crore for the same period in the previous year. Total income of the company has surged by 9.16% at Rs 28078.04 crore for year under review as compared to Rs 25721.85 crore for the period ended March 31, 2014. For the year ended March 31, 2015, on the consolidated basis, the company has posted a rise of 12.46% in its net profit after tax at Rs 2364.7 crore as compared to Rs 2102.66 crore for the same period in the previous year. Total income of company has increased by 8.98% at Rs 28030.14 crore for year under review as compared to Rs 25719.66 crore for the period ended March 31, 2014.

Axis Bank unveils multi-social payment solution ‘Ping Pay’

Axis Bank, India's third largest private sector bank, has unveiled the multi-social payment solution ‘Ping Pay’ to allow customers with smart phones to transfer funds, person to person, including to non-Axis Bank account-holders, using varied social media channels. The person-to-person funds transfer through Ping Pay will happen via NPCI’s Immediate Payment Service (IMPS). At present, the transaction limit is set at Rs 50,000 a day. To send money through Ping Pay, one has to select a contact and mention the amount to be transferred. The receiver will get a link, after which she/he has to download the Ping Pay application and enter the bank account details. Subsequently, the money will be credited to that account. It isn’t mandatory for a receiver to be an Axis Bank customer. The application also has a tool that allows one to ‘ask’ for money. Axis Bank is the third largest private sector bank in India. The bank offers the entire spectrum of financial services to customer segments covering Large and Mid-Corporates, MSME, Agriculture and Retail Businesses. The Bank has a large footprint of 2402 domestic branches (including extension counters) and 12,922 ATMs spread across the country as on March 31, 2014.

Tata Motors collects Rs 9,040.56 crore from rights issue

Tata Motors’ rights issue that closed on May 2 was subscribed 1.21 times. The company has collected Rs 9,040 crore on application for the issue. The company offered up to 15,06,44,759 Ordinary Shares of face value Rs 2 for cash at a price of Rs 450 (including a premium of Rs 448) each in the ratio of 6 Ordinary Shares for every 109 fully paid-up Ordinary Shares and up to 2,65,30,290 ‘A’ Ordinary Shares of face value Rs 2 at a price of Rs 271 (including a premium of Rs 269) each in the ratio of 6 ‘A’ Ordinary Shares for every 109 fully paid-up ‘A’ Ordinary Shares, in each case on a rights basis to eligible shareholders in respect of shares held on the Book Closure Date of April 8, 2015. The Share Issue commenced on April 17, 2014 and closed on May 2, 2015. Tata Motors also facilitated participation in the Share Issue by eligible holders of its American Depositary Shares by offering up to 6,409,964 American Depositary Shares, each representing 5 Ordinary Shares (ADSs), at a price of $39.42 per ADS at the rate of 0.055045 ADS rights for each ADS held as of the close of business on April 7, 2015. The proceeds from the Share Issue are intended to be used for funding expenditure towards plant and machinery, research and product development, repayment in full or in part of certain long-term and short-term borrowings, and general corporate purposes. Tata Motors is India's largest automobile company, is the leader in commercial vehicles in each segment, and among the top in passenger vehicles with winning products in the compact, midsize car and utility vehicle segments. It is also the world's fourth largest truck and bus manufacturer.

BHEL launches online Supplier Registration Portal

Bharat Heavy Electricals (BHEL) has launched its in-house developed online Supplier Registration Portal. The portal enables prospective suppliers to submit their registration forms online to BHEL units. The hallmarks of this portal are paperless application, online tracking and enhanced transparency in the registration process. BHEL is the largest engineering and manufacturing organization of its kind in the country. It is also among the world's few integrated power plant equipment manufacturers with the capability to manufacture the entire range / type of power equipment and also to undertake projects on EPC basis.

Orient Green Power surges on plan to raise funds up to Rs 500 crore

Orient Green Power Company is currently trading at Rs. 13.65, up by 0.37 points or 2.79% from its previous closing of Rs. 13.28 on the BSE. The scrip opened at Rs. 13.60 and has touched a high and low of Rs. 13.84 and Rs. 13.55 respectively. So far 3317 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 20.10 on 20-Jan-2015 and a 52 week low of Rs. 9.61 on 09-May-2014. Last one week high and low of the scrip stood at Rs. 15.00 and Rs. 13.02 respectively. The current market cap of the company is Rs. 779.97 crore. The promoters holding in the company stood at 75.00% while Institutions and Non-Institutions held 9.21% and 15.79% respectively. Orient Green Power Company has received an approval to raise funds through further issue of securities up to Rs 500 crore. The board of directors at their meeting held on May 07, 2015 has approved for the same. The company will raise funds through Domestic/ international offerings by way of Foreign Currency Convertible Bonds (FCCB) and any other instruments, to Indian or Foreign Institutional Investors/ Foreign Mutual Funds/ Overseas Corporate Bodies/Foreigners/other Foreign parties/ Indian Financial Institutions/ Alternative Investment Funds/ Qualified Institutional Buyers/ Companies/ individuals/ other persons or investors. Orient Green Company is leading Indian independent renewable energy-based power Generation Company focused on developing, owning and operating a diversified portfolio of renewable energy power plants. The company is the largest independent operator and developer of renewable energy power plants in India based on aggregate installed capacity.

Talwalkars Better Value Fitness’ arm to sell its stake in Equinox Wellness

Talwalkars Better Value Fitness has received an approval for sale of stake by the company’s subsidiary, Denovo Enterprises in its subsidiary (company’s step-down subsidiary) Equinox Wellness, with which Equinox Wellness is no longer the company’s step-down subsidiary. The board of directors at its meeting held on May 07, 2015 has approved for the same.

Talwalkars Better Value Fitness is one of the largest fitness chains in India offering a diverse suite of services including gyms, spas, aerobics and health counseling under the brand ‘Talwalkars’.

Titan Company to transfer Precision Engineering Business Division to its WOS

Titan Company has received an approval for transfer of the Precision Engineering Business Division to its wholly owned subsidiary (WOS) ‘Titan Engineering and Automation’ subject to such approvals as may be statutorily applicable through a court approved scheme of arrangement. The board of directors at their meeting held on May 07, 2015 has approved for the same.

Titan Company is an Indian designer and manufacturer of watches, jewellery,precision engineering components and other accessories including sunglasses,wallets, bags and belts.