SBI gains on plan to spend Rs 4, 000 crore on digital services upgrade

State Bank of India is currently trading at Rs. 273.00, up by 2.10 points or 0.78% from its previous closing of Rs. 270.90 on the BSE.

The scrip opened at Rs. 270.60 and has touched a high and low of Rs. 274.60 and Rs. 270.25 respectively. So far 373648 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 335.90 on 28-Jan-2015 and a 52 week low of Rs. 234.52 on 08-Oct-2014.

Last one week high and low of the scrip stood at Rs. 274.60 and Rs. 261.90 respectively. The current market cap of the company is Rs. 206822.29 crore.

The promoters holding in the company stood at 58.60% while Institutions and Non-Institutions held 30.45% and 8.81% respectively.

State Bank of India (SBI) has increased its information technology (IT) budget by a third this financial year as part of its strategy to improve its digital offerings. The bank will spend nearly Rs.4,000 crore before March 2016 and significantly upgrade its IT back-end, while also investing in new equipment for the 250 InTouch Lite branches it plans to add during the year.

The InTouch Lite branches will have devices for customers to help themselves while opening a new account, getting a new debit card, transferring or depositing money, planning for savings and applying for new loans.

The bank has posted a rise of 65.52% in its net profit at Rs 134.42 crore for the quarter ended March 31, 2015 as compared to Rs 81.21 crore for the same quarter in the previous year. Total income of the bank has increased by 11.55% at Rs 1308.04 crore for quarter under review as compared to Rs 1172.58 crore for the quarter ended March 31, 2014.

Transformers and Rectifiers bags order worth Rs 124 crore

Transformers and Rectifiers (India) has bagged order worth Rs 124 crore from Gujarat Energy Transmission Corporation (GETCO). With this order, the company’s order book as on date stands around Rs 900 crore.

Transformers and Rectifiers (India) is one of India’s leading transformer manufacturers. The company is the main supplier of transformers to the Sardar Sarovar hydel project, state electricity boards and major international clients.

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.

Infosys hikes offshore employees salary by 6.5%: Report

Infosys has reportedly raised its offshore employees salary by an average pay of around 6.5 per cent this year, while high performers could get as much as nine per cent. The range of salary revisions offered indicates the revision in the sector would be in the same range this year as last year. For onshore employees, who are located outside India, the average hike this year is around two per cent.

Last year, the company had given a rise of between six and seven per cent for offshore employees and between one and two per cent for onshore ones.

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.

L&T Construction wins orders worth Rs 1,711 crore

Larsen & Toubro’s (L&T) construction arm has won orders worth Rs 1,711 crore across various business segments in March 2015. Under Buildings & Factories Business, it has secured orders worth Rs 880 crore including add-ons. A major order has been received from a reputed private developer for the construction of a residential building in Mumbai. The scope involves civil, structural, architectural finishes and mechanical, electrical and plumbing works. Another EPC order was received from a private cement producer for their Greenfield cement grinding unit in Madhya Pradesh. The scope involves civil, structural, fabrication and erection.

Under Power Transmission & Distribution Business, it has secured orders worth Rs 676 crore. An EPC order has been received from the Bihar State Power Transmission Company for the supply, installation, testing and commissioning of 220 kV double circuit transmission line works associated with optical ground wire and communication system in Bihar.

The orders were also received from Power Grid Corporation of India for turnkey construction of 220kV multi-circuit and double-circuit transmission lines in Jammu and Kashmir and 765 kV double-circuit transmission line associated with inter regional system strengthening scheme in Uttar Pradesh. Further, additional order worth Rs 155 crore has been won by L&T Construction’s Water & Renewable Energy Business.

Cadila Healthcare gains on acquiring 50% shares of Zydus BSV Pharma

Cadila Healthcare is currently trading at Rs. 1696.40, up by 35.15 points or 2.12% from its previous closing of Rs. 1661.25 on the BSE. The scrip opened at Rs. 1686.65 and has touched a high and low of Rs. 1706.85 and Rs. 1686.65 respectively. So far 1,943 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 1760.00 on 11-Nov-2014 and a 52 week low of Rs. 872.55 on 19-May-2014. Last one week high and low of the scrip stood at Rs. 1714.70 and Rs. 1585.00 respectively. The current market cap of the company is Rs. 34,795.00 crore. The promoters holding in the company stood at 74.79% while Institutions and Non-Institutions held 14.65% and 10.56% respectively. Cadila Healthcare has purchased 50% shares of Zydus BSV Pharma from Bharat Serums and Vaccines and now Zydus BSV has become 100% subsidiary of Cadila Healthcare. Zydus Cadila is an innovative, global pharmaceutical company that discovers, develops, manufactures and markets a broad range of healthcare therapies. It is the only Indian pharma company to launch its own patented NCE - Lipaglyn, the world’s first drug to be approved for the treatment of diabetic dyslipidemia.

Power Grid moves up on getting nod for four investment proposals worth Rs 2066.45 crore

Power Grid Corporation of India is currently trading at Rs. 145.20, up by 0.15 points or 0.10% from its previous closing of Rs. 145.05 on the BSE.

The scrip opened at Rs. 147.20 and has touched a high and low of Rs. 147.20 and Rs. 143.45 respectively. So far 14825 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 159.00 on 28-Feb-2015 and a 52 week low of Rs. 102.00 on 07-May-2014.

Last one week high and low of the scrip stood at Rs. 151.70 and Rs. 144.40 respectively. The current market cap of the company is Rs. 75884.21 crore.

The promoters holding in the company stood at 57.90% while Institutions and Non-Institutions held 35.32% and 6.79% respectively.

Power Grid Corporation of India (PGCIL) 

Top corporate news of the day - February 05, 2015

Dr Reddy's Laboratories is set to expand the capacity of three of its bulk drugs and intermediates manufacturing plants located in Telangana, with a combined investment of Rs820mn.

Reliance Industries raised USD750mn through a 30-year overseas bond issue, just a fortnight after it raised USD1bn in India's first such bond of the year. 
 
Dr Reddy's Laboratories is set to expand the capacity of three of its bulk drugs and intermediates manufacturing plants located in Telangana, with a combined investment of Rs820mn. 
 
The Tata group has shown interest in participating in many of the flagship projects of Telangana government. These projects include setting up a water grid, and incubation hub, industrial corridors, smart city, solar power park, aerospace park, housing for the poor and improvement of civic amenities in Hyderabad.
 
Brakes India Ltd, of the TVS group, has formed a joint venture with the US solar major SunEdison. The joint venture’s 7.72 MW solar plant in Tamil Nadu was commissioned and will supply power to Brakes India.
 
Panacea Biotec said it has received an order worth USD13.49mn for supplying EasyFive-TT vaccine to global health agency PAHO. The 5-in-1 vaccine protects infants from 5 potentially deadly diseases: Haemophilus Influenza type B (the bacteria that causes meningitis, pneumonia and otitis), Whooping Cough, Tetanus, Hepatitis B and Diphtheria. (BL)
 
Muthoot Fincorp, the flagship company of Muthoot Pappachan Group, launched its Business Correspondent operations in the country with Yes Bank.
 
Air-conditioning company Blue Star is aiming to capture 10%of the room AC market in the next fiscal. 
 
The city-headquartered Mahindra Group has completed the acquisition of BabyOye, the Accel Partners and Tiger Global backed baby care products etailer that has been on the block since last year. The deal is likely to have been structured as an asset sale and could mark the first major venture capital writeoff in India's booming ecommerce sector. 
 
Torrent Pharmaceuticals proposed to double its borrowing limit to Rs100bn. 
 
Coal India plans to form joint ventures with the Indian Railways and private companies for rail projects that can also generate revenue from third parties that use the facilities. 
 
Budget carrier SpiceJet launched another discounted ticket scheme, offering fares as low as Rs 1,599 across its domestic network for travel between February 15 and April 15 to celebrate Valentine's Day. 

TCS features as leader in Capital Markets specific AO services by Everest Group

Tata Consultancy Services (TCS) has been ranked as a ‘Leader’ and ‘Star Performer’ in Capital Markets specific Application Outsourcing (AO) services for the third straight year by Everest Group in its report ‘Everest Group’s PEAK Matrix for Capital Markets AO Service Providers’ December 2014. The Everest Group analyzed the capabilities of 23 leading AO service providers specific to the global capital markets sector. These providers were mapped to Everest Group PEAK Matrix which is a composite index of a range of distinct metrics related to each providers capability and market success. The report also recognized TCS for its ongoing commitment to domain investment, project scale and scope, delivery footprint and overall buyer satisfaction. In addition, the firm was recognized for its tremendous achievements in raising their operating margin by more than two percent and growing revenues in the Business Financial Services Group by more than 15 percent in FY14. TCS is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPO, infrastructure, engineering and assurance services.

Beryl Drugs inks pact with MPPHSCL for supply of the medicines

Beryl Drugs has entered into an agreement with the Madhya Pradesh Public Health Services Procurement Corporation (MPPHSCL), Bhopal (M.P.) for supply of the medicines manufactured by the company to the tune of Rs 11.80 crore, which will boost up the company’s turnover by 60% to 65%.

Further, the company has expanded its production capacity from 1.20 crores bottles per year to 2.00 crore bottles per year to fulfill the present and the future requirements of the company.

The company is into manufacturing and marketing of branded, generic pharmaceutical formulations. The company is one of leading manufacturer of I.V.fluids and small volume injectables.

IPCA Laboratories gets USFDA import alert for Ratlam plant: Report

IPCA Laboratories has reportedly got US Food and Drug Administration (USFDA) import alert for Ratlam plant in Madhya Pradesh due to violations of standard production practices. FDA had issued Form 483 to Ratlam API in mid 2014. In form 483s, FDA pointed out data integrity issues at Ratlam plant. Ratlam is the only USFDA approved API plant and thus US revenues will get impacted following the alert. Ipca Laboratories is engaged in manufacturing of active pharmaceutical ingredients and formulations. It operates in 110 countries and its export accounts for 50% of the company’s income. Worldwide the company is one of the largest suppliers of APIs and intermediates. The company holds leadership position in Anti-malarial and Rheumatoid Arthritis area.

SpiceJet receives Civil Aviation approval for transfer of ownership

Spicejet has received the approval of the Competent Authority, the Ministry of Civil Aviation, Government of India for the ‘Scheme of Reconstruction and Revival for the takeover of ownership, management and control of SpiceJet’ by Ajay Singh in accordance with the application made by the company.

Meanwhile, the Directorate General of Civil Aviation (DGCA) lifted restrictions on SpiceJet allowing it to accept advance bookings beyond March 28, 2015. The regulator had earlier restricted the airline to take advance bookings only up to 31 March on account of disruption of operations in SpiceJet.

Everest Industries commences commercial production of Steel Building Plant

Everest Industries has commenced the commercial production of Steel Building Plant located at Dahej in state of Gujarat with effect from January 21, 2015. Everest Industries provides the world-class building solutions to meet construction requirements, in the Industrial, commercial and residential sectors. Historically, this company has provided rural shelters by making corrugated roofing sheets available to farmers at a competitive price.

SSLT’s arm receives clearance to operate Korba’s based 1200 MW Power Plant

Sesa Sterlite’s (SSLT) subsidiary Bharat Aluminium Company (BALCO) has received approval of Consent to Operate (CTO) from the Chhattisgarh State Pollution Control Board and other clearances for starting its Korba’s based 1200 MW Power Plant.

Sesa Sterlite is one of the world’s largest diversified natural resource companies. Its business primarily involves exploring, extracting and processing minerals and oil & gas.

Rakesh Jhunjhunwala hikes stake in Polaris Consulting

Ace investor Rakesh Jhunjhunwala has hiked his stake in Polaris Consulting and Services from 1.58% at the end of September 2014 quarter to 3.83% in December quarter. Polaris is a full-spectrum Financial Technology major, using technology as an enabler to drive unprecedented operational productivity in Retail, Corporate and Investment Banking. Polaris services over 200 banks across the world, including 9 of the top 10 banks, with a comprehensive suite of products, services and consulting offerings.

IOC unveils ‘XtraRewards’ Cash Customer Loyalty programme in Kerala

Indian Oil Corporation (IOC) has launched its ‘XtraRewards’ Cash Customer Loyalty programme in Kerala. This is the first on-line loyalty programme in the country which facilitates instant earning and burning of reward points. The reward points thus earned through the ‘XtraRewards’ loyalty programme can be instantly redeemed for free fuel or other gift items from the catalogue, at their participating Retail Outlets. Currently, about 30 Indian Oil Retail Outlets in Kochi are part of this programme. The company aims to cover 400 to 500 retail outlets in Kerala by March, 2016, thereby offering wide reward earning options for their Retail Auto Fuel Customers in Kerala. IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.

Moser Baer commences upgraded solar cell manufacturing line

Moser Baer has commenced operations of its upgraded solar cell manufacturing line. The company’s revival plan of cell & module manufacturing comes in wake of government’s programs focused on domestic content requirement (DCR) of solar cells & modules for solar farms. This upgraded cell line operations allows the company to participate & supply to DCR projects and further entrench our position as India’s pre-eminent solar manufacturer. The new government has set an ambitious target of solar power capacity to touch 1 lakh mw by 2019. In the upcoming fiscal, around 3,000 Mw has been kept for solar projects to be based on domestically sourced solar cells. Moser Baer India headquartered in New Delhi, is a leading global tech-manufacturing company. The company also emerged as the first to market the next-generation of storage formats like Blu-Ray discs in India.

Poddar Developers raises Rs 125 crore via QIP

Mumbai based real estate developer Poddar Developers has raised Rs 125 crore through selling shares to investors through qualified institutional placement (QIP). Goldman Sachs, ICICI Pru and IDFC Capital are the lead investors in the issue. Poddar will issue shares at Rs 1,125.21 per share. Equirus Capital was lead manager to the QIP.

The company is engaged in the manufacturing Color & Additive Masterbatches for dope dyeing of man- made fibres, various plastic applications and engg. plastics & compounds

Birla Shloka Edutech for form JV with Diversified Business Solution

Birla Shloka Edutech has received an approval to form a Joint Venture (JV) / a Memorandum of Understanding (MoU) as a consortium member with Diversified Business Solution. The board of directors at their meeting held on January 16, 2015 has approved for the same. The company also received approval to participate in the Tender / RPP from MPPSC (Madhya Pradesh Public service Commission), Government of Madhya Pradesh for online exam in Madhya Pradesh state. Birla Shloka Edutech is one of the leading company in the field of educational services and has created its own niche through reliable, budget friendly and ethical approaches. The company presently provides end to end solutions in sales and services of various educational products to various educational instituorganizations.tes and government