SBI signs MOU with CaixaBank of Spain

Through this agreement, both SBI and CaixaBank will gain direct access to their respective markets of operation. Both banks’ clients will be able to use the vast combined network to expand their businesses abroad.

State Bank of India (SBI), India's largest bank and CaixaBank, the leading bank in Spain by market share and one of the Eurozone’s largest banks by market capitalisation have signed a Memorandum of Agreement (MoU) to enhance business synergies between both banks, thanks to the collaboration in different projects.

The MoU outlines a plan between CaixaBank, chaired by Isidro Fainé and with Gonzalo Gortázar as CEO and SBI, headed by Arundhati Bhattacharya, to expand the banks’ guarantee transaction businesses by jointly providing credit to Indian-Spanish joint ventures and Indian local enterprises.The banks will also cooperate through introduction of business opportunities and partnering on possible infrastructure funds.

The agreement, signed by CaixaBank’s Executive Vice-President International Banking, Victoria Matia, and SBI’s Chief General Manager Sujit Kumar Varma, establishes the framework to collaborate in areas of mutual interest including Syndicated Loan Business, Guarantee Transactions, Trade Finance and Export Credit Agency Finance, Infrastructure Finance, networking services among others.

Through this agreement, both SBI and CaixaBank will gain direct access to their respective markets of operation. Both banks’ clients will be able to use the vast combined network to expand their businesses abroad.

“We are delighted to sign this agreement with India’s leading financial institution which will help to facilitate the growth of Spanish companies operating in this market,” said CaixaBank’s Victoria Matia. “India is increasingly making its global presence felt across various landscapes. Partnering with an organisation like SBI is strategically important to us, and we look forward to contributing to SBI’s growth through our market expertise and established relationships.”

CaixaBank established its representative office, currently headed by Pradeep Bhargava, in New Delhi, India, in 2011 with a view to improving communication with local financial institutions and supporting Indian and Spanish clients with regards to foreign trade and investment. The branch offers business counselling and helps Spanish companies to develop their business in the South Asian region and Indian companies with interest in Spain.

SBI is the only Indian bank among the Fortune 500 list of companies and has an extensive international network across 37 countries with over 198 offices spread across all continents with over 1386 employees.

Motherson Sumi arm to raise USD300mn through issue of notes and other corporate news

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The US Consumer Product Safety Commission (US CPSC) has approached the US Dept of Justice seeking action against Dr Reddy’s Labs in a 5-year-old case involving packaging for five blister-packed prescription products. 

TVS Motor launched a special edition of its scooter model Jupiter priced at Rs53,034 (ex-showroom Delhi) to mark the crossing of 1mn units sales milestone.

Granules Pharmaceuticals Inc. (GPI), subsidiary of Granules India, has acquired exclusive rights from USpharma Windlas, LLC to market and distribute four products in the USA. 

Motherson Sumi Systems’s subsidiary Samvardhana Motherson Automotive Systems Group will raise USD300mn through issue of notes due in December 2021 to repay debt and general corporate purposes. 

NTPC has agreed to finance the cost of doubling of the 134km section and has deposited ₹9.46bn with the South Western Railway. The section consists of 10 block stations, 8 major bridges and 2 important bridges. 

Tata Communications said its white label automated teller machines (ATM) arm has put 8,000 units across 4,600 towns of 20 states in the country till now. 

Cyient launched a new global design centre in Bengaluru for SMEC, an Australian professional services company for providing high-level consultancy services on major infrastructure projects.

Tata Motors launched its next-generation 'Ultra' range of light commercial vehicle (LCV) in Kenya. 

GVK Power & Infrastructure has sought shareholders approval for increasing the maximum limit of loans and guarantees that can be given to other entities to Rs150bn. (ET)

Shoppers Stop will exclusively retail Cross and Police-branded leather accessories across all lifestyle stores.

Bharti Infratel is in talks to acquire Tower Vision India, a company owned by a group of international financial investors. 

Bajaj Finance has tied up with retailers and brands for loans tailor made for buyers of clothes, shoes, watches, eyewear and fashion accessories, making it the first such scheme to be rolled out in India. 

Bharti Airtel's wholly-owned data centre unit, Nxtra Data Ltd., signed a pact with a US firm CenturyLink to provide managed hosting, IT Infrastructure, IT services and cloud services to enterprises and government organisations in India to increase customer base.

Reliance Communications fared the worse in call drop rate test conducted by the Telecom Regulatory Authority of India (Trai) in Hyderabad. 

Yes Bank subscribes 8% stake in RXIL

RXIL is a joint venture company setup by NSE Strategic Investment Corporation Limited and Small Industries Development Bank of India.

Yes Bank Ltd has informed BSE that Bank has executed a ''Share Subscription and Shareholders' Agreement" agreeing to subscribe for 20,00,000 equity shares of Receivables Exchange of India Limited (RXIL) which is equivalent to 8% of the post-issue paid-up capital of RXIL, as per the terms of the aforesaid agreement.

RXIL is a joint venture company setup by NSE Strategic Investment Corporation Limited and Small Industries Development Bank of India.

Yes Bank Ltd is currently trading at Rs. 1049.7, up by Rs. 9.4 or 0.9% from its previous closing of Rs. 1040.3 on the BSE.

The scrip opened at Rs. 1036 and has touched a high and low of Rs. 1050.45 and Rs. 1036 respectively. So far 13883(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 43796.43 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1085 on 07-Jun-2016 and a 52 week low of Rs. 590 on 24-Aug-2015. Last one week high and low of the scrip stood at Rs. 1085 and Rs. 1036.75 respectively.

The promoters holding in the company stood at 21.91 % while Institutions and Non-Institutions held 65.51 % and 12.58 % respectively.

The stock is currently trading above its 50 DMA.

Top 20 stocks in focus: Tata Motors, ITC, Reliance Comm

Check out the companies which will be in focus during trade today based on recent and latest news developments.

Reliance Communications: Reliance Communications fared the worse in call drop rate test conducted by the Telecom Regulatory Authority of India (Trai) in Hyderabad, says report.

Tata Motors: Tata Motors launched its next-generation 'Ultra' range of light commercial vehicle (LCV) in Kenya, says report.

Jindal Stainless: Jindal Stainless said a sub-committee of its board will meet on June 15 to consider number of shares to be issued to Jindal Stainless (Hisar) (JSHL).

ITC: The company has stepped into the dairy whitener market with its Sunfresh brand, as per media report.

Bharti Airtel: Bharti Airtel's wholly-owned data centre unit, Nxtra Data Ltd., signed a pact with CenturyLink to provide managed hosting, IT Infrastructure, IT services and cloud services to enterprises and government organisations in India to increase customer base.

Yes Bank: The bank has executed a "Share Subscription and Shareholders' Agreement" agreeing to subscribe for 20,00,000 equity shares of Receivables Exchange of India Limited (RXIL) which is equivalent to 8% of the post-issue paid-up capital of RXIL, as per the terms of the aforesaid agreement.

Visa Steel: The company reportedly said it will seek shareholders’ approval for the merger of its JV firm Visa Bao (VBL) in an attempt to optimise costs and secure availability of resources for its ferrochrome business.

Unitech: The company sales bookings increased 16 per cent to Rs.963 crore last fiscal on higher realisation from non-residential segment, says report.

GVK Power & Infrastructure: The company is seeking sought shareholders’ approval for increasing the maximum limit of loans and guarantees that can be given to other entities to Rs.15,000 crore. The current limit is Rs.10,000 crore, according to reports.

TVS Motor: TVS Motor launched a special edition of its scooter model Jupiter priced at Rs.53,034 (ex-showroom Delhi) to mark the crossing of 1 mn units sales milestone.

Granules Pharmaceuticals: Granules Pharmaceuticals Inc, subsidiary of Granules India, has acquired exclusive rights from US pharma Windlas, LLC to market and distribute four products in the USA.

Motherson Sumi: Motherson Sumi Systems’s subsidiary Samvardhana Motherson Automotive Systems Group will raise USD300mn through issue of notes due in December 2021 to repay debt and general corporate purposes.

Canara Bank: The bank is set to raise Rs.500 crore this fiscal by selling stake in its non-core assets after it posted a huge loss in fiscal year 2015-16, as per media report.

Cyient: The IT company launched a new global design centre in Bengaluru for SMEC, an Australian professional services company for providing high-level consultancy services on major infrastructure projects.

NTPC: NTPC has agreed to finance the cost of doubling of the 134 km section and has deposited Rs.9.46 billion with the South Western Railway. The section consists of 10 block stations, 8 major bridges and 2 important bridges.

Bajaj Finance: Bajaj Finance has tied up with retailers and brands for loans tailor made for buyers of clothes, shoes, watches, eyewear and fashion accessories, making it the first such scheme to be rolled out in India, as per media report.

Kesoram Industries: CARE revised long/short-term bank facilities of Kesoram Industries from CARE A minus to CARE A2 plus.

M&M: M&M is reportedly in talks with taxi aggregators Uber and Ola for a strategic alliance to offer a wide gamut of services, according to reports.

Dr Lal PathLabs: The pharma company is planning at expanding its presence pan-India to be a key driver for the next phase of growth for the company.

Sadbhav Infrastructure Project: The company has informed BSE regarding receipt of provisional completion certificate for 86 km. out of total 87.25 km. and start of toll collection in Bhilwara-Rajsamand Tollway Private Limited.