Atul Auto, Corporation Bank tie-up for vehicle finance

The bank will offer financing facilities to the eligible customers for purchasing commercial vehicles of the company through its branches

Atul Auto has tied up with Corporation Bank for financing of commercial vehicles manufactured by the company. The tie up makes the bank as the preferred financier for financing commercial vehicles of the company. The bank has signed a Memorandum of Understanding (MoU) with the three-wheeler maker to facilitate finance for those buying its commercial vehicles across India. The bank will offer financing facilities to the eligible customers for purchasing commercial vehicles of the company through its branches.

L&T bags Rs 5076 crore order from Kuwait; stock up 2%

Shares of infrastructure and engineering major L&T were up over 2 per cent in trade after its subsidiary L&T Hydrocarbons bagged Rs 5076 crore order from Kuwait Oil & Gas Company (KOC). 

L&T Hydrocarbon will execute a complete engineer-procure-construct contract for Gathering Centre of KOC. 

The scope of L&T's contract includes project management, detailed engineering, procurement, supply, construction, testing, mechanical complection  pre-commissioning and commissioning assistance including performance testing. 

Microsoft expected to announce job cuts this week

Microsoft Corp is planning its biggest round of job cuts in five years as the software maker looks to integrate Nokia Oyj's handset unit.

Since absorbing the handset business of Nokia this spring, Microsoft has 127,000 employees, far more than rivals Apple Inc and Google Inc.

Wall Street is expecting Chief Executive Satya Nadella to make some cuts, which would represent Microsoft's first major layoffs since 2009.

The restructuring may end up being the biggest in Microsoft history, topping the 5,800 jobs cut in 2009, the report said.

Some of the job cuts will be in marketing departments for businesses such as the global Xbox team, and among software testers, while other job cuts may result from changes Nadella is making to the engineering organization, Bloomberg reported.

Last week, Nadella circulated a memo to employees promising to "flatten the organization and develop leaner business processes" but deferred any comment on widely expected job cuts at the software company.

Nadella said he would address detailed organizational and financial issues for the company's new financial year, which started at the beginning of this month, when Microsoft reports quarterly results on July 22.

Microsoft could not be immediately reached for comment outside regular business hours.

Tata Power plans to raise Rs 7,000 crore through NCDs

Tata Power, which is pursuing "aggressive growth plans", has sought shareholders' nod to raise up to Rs 7,000 crore through issue of non-convertible debentures.

"Approval has been sought for raising up to Rs 7,000 crore through issue of non-convertible debentures (NCDs) on private placement basis," according to notice sent out to shareholders for company's annual general meeting to be held on August 13.

The approval would be valid for a period of one year and the amount would be within the overall borrowing limits.

According to the notice, NCDs, issued on private placement basis, are a significant source of borrowings for the company.

"The borrowings of the company presently aggregate approximately Rs 11,000 crore," it added.

Tata Power has also sought permission to increase its borrowing limit to Rs 27,000 crore in order to meet financial requirements for projects as well as other corporate needs.

"In view of its strategic intent to be the largest integrated power company in India, the company has aggressive growth plans in the fields of generation, transmission, distribution and fuel securitisation," the notice said.

Noting that it is in the process of executing various thermal, hydro and renewable energy projects, Tata Power said these works would entail high capital expenditure, which needs to be financed by debt and equity.

"The company is also required to refinance Foreign Currency Convertible Bonds of Rs 2,000 crore, maturing in November 2014, and extend support to Coastal Gujarat Power Ltd, a wholly-owned subsidiary," the notice added.

According to the company, the proposed borrowings might have to be secured by way of mortgages, charges and hypothecations on its movable/immovable properties.

"As the documents to be executed by, with, or in favour of, the lender/parties may contain the power to take over the management and concern of the company in certain events, it is necessary for the members to pass a resolution for creation of mortgages, charges and hypothecation to secure such borrowings," it noted.

Since security to be provided is usually 1.25 times the amount borrowed, it is proposed to seek members' consent for creation of charges up to Rs 33,750 crore, the notice said.

Tata Power has an installed electricity generation capacity of more than 8,500 MW.

Indian rupee down 11 paise against US dollar, at 60.18

The Indian rupee fell by another 11 paise to trade at 60.187 against the US dollar in early trade at the Interbank Foreign Exchange market due to renewed demand for the American currency from importers and appreciation of the Greenback overseas.

Forex dealers said besides dollar's gains against other currencies overseas, increased demand from oil importers for the US currency put pressure on the rupee. They said, however, easing inflation and a higher opening in the domestic equity market limited the rupee fall.

The BSE Sensex rebounded by 188.70 points, or 0.75 per cent, to 25,195.68 in early trade on Tuesday.

The Indian currency had shed 14 paise to close at 60.07 against the US currency in the previous session on fresh dollar demand from banks and importers, amid weak local equities.

Brent hovers near $107 on Libya, Iraq concerns.

Brent crude inched down on Tuesday, but held near $107 a barrel as worries over conflict in the Middle East and North Africa supported prices. 

Several soldiers were killed and aircrafts were damaged in Libya on Monday, as rival militias in the OPEC nation fought for control of Tripoli's airport in the worst violence for six months. 

Brent futures had dropped 18 cents to $106.80 a barrel by 0423 GMT, after climbing 32 cents to settle at $106.98 in the previous session. Prices remain near their lowest in three months. 

U.S. crude climbed 5 cents to $100.96 a barrel, consolidating an 8-cent gain from the day before. 

Brent has steadily fallen since prices soared to a nine-month high of $115.71 in mid-June. That climb came after Islamic insurgents took control of swathes of northern and western Iraq, although output from the main southern oilfields has remained unaffected by the violence. 

But Brent could rise again as traders take forward positions on expectations there will be further threats to oil supplies in Iraq, Nunan said. 

Investors are also waiting for U.S. oil inventory data on Tuesday, after a Reuters poll of analysts forecast a 2 million barrel drop in stocks last week as refiners increased activity, while gasoline and distillate stocks both rose. 

MCX Gold October contract declines

 Gold prices on MCX were trading lower on Monday. MCX Gold October contract was trading at Rs 28108 down Rs 245, or 0.86 percent. 1  0 0Google +0 0 At 14:54 hrs MCX GOLD August contract was trading at Rs 28103 down Rs 253, or 0.89 percent. The GOLD rate touched an intraday high of Rs 28304 and an intraday low of Rs 28027. So far 6973 contracts have been traded. GOLD prices have moved down Rs 1197, or 4.09 percent in the August series so far. MCX GOLD October contract was trading at Rs 28108 down Rs 245, or 0.86 percent. The GOLD rate touched an intraday high of Rs 28270 and an intraday low of Rs 28010. So far 362 contracts have been traded. GOLD prices have moved down Rs 192, or 0.68 percent in the October series so far.

ITC Hotels plans to buy Advani Hotels' property in Goa

"As a policy we refrain from commenting on speculation related to the future plans of the organization," ITC reportedly said.

ITC Ltd is reportedly planning to acquire the Ramada Caravela Beach Resort from Advani Hotels & Resorts at a cost of Rs 700 crore, according to reports. Report stated that the 199-room, five-star deluxe hotel, which had a third of its rooms renovated in October last year, is managed by US headquartered Wyndham Worldwide. "As a policy we refrain from commenting on speculation related to the future plans of the organization," ITC reportedly said.

Lindt to acquire Russell Stover

This will greatly complement Lindt & Sprüngli's existing premium chocolate portfolio in the world's biggest chocolate marketplace.

The Lindt & Sprüngli Group, manufacturer of premium quality chocolate worldwide, is to acquire the traditional US family business Russell Stover Candies, Inc. headquartered in Kansas City, Missouri. This will greatly complement Lindt & Sprüngli's existing premium chocolate portfolio in the world's biggest chocolate marketplace. Russell Stover was founded in 1923 in Denver and soon focused on the manufacture of top quality gift pralines, a product which ranks highly in the US chocolate tradition. In 1993, Russell Stover acquired the Whitman's brand which was founded in 1842 and is one of the country's oldest names in chocolate. Today, Russell Stover/Whitman's is a leading manufacturer of pralines and seasonal candies in North America. Russell Stover/Whitman's makes chocolate products at four production sites. Its latest turnover stood at around USD 500 million. This biggest and most important strategic acquisition in the company's history will give Lindt & Sprüngli an established presence throughout the USA with its LINDT, GHIRARDELLI, RUSSELL STOVER and WHITMAN'S brands. The addition of the Russell Stover and Whitman's brands perfectly complements Lindt & Sprüngli's existing chocolate portfolio and will make the company the Number 3 North American chocolate manufacturer. The Lindt & Sprüngli Group will now expand its already strong and dynamic U.S. chocolate portfolio with the addition of a variety of products from Russell Stover/Whitman's, including gift pralines, chocolates for St. Valentine's Day - one of the most important chocolate gifting occasions in the USA - Easter and Christmas, as well as sugar-free chocolates. With the Russell Stover/Whitman's brand portfolio, Lindt & Sprüngli will significantly strengthen its leading position in the chocolate industry and will become the Number 3 chocolate manufacturer in North America. As an increasingly important strategic and growth-oriented partner, Lindt & Sprüngli will also greatly strengthen its relationship with the retail trade. In 1992, before the present Group Management took responsibility for the group of companies, Lindt & Sprüngli achieved a turnover of some CHF 30 million in North America. This new strategic acquisition means the group will pass the USD 1.5 billion turnover mark in North America in 2015 where it is set to be the fastest growing chocolate corporation. The acquisition of Russell Stover/Whitman's clearly signals Lindt & Sprüngli's intention to improve its market position in North America and further enhances the significant contribution which it already makes to the dynamic growth of the premium chocolate segment.

Ambuja Cement Foundation build healthcare & sanitation focus for Maharashtra

ACF has built more than 11000 toilets till date & works on waste management to improve sanitation in rural locations.

Ambuja Cement Foundation (ACF) plans to further strengthen its focus on healthcare and sanitation, through robust intervention programs planned for Maharashtra in 2014 - 15. The foundation promotes comprehensive health care and has built a strong cadre of 321 Village Health Functionaries - Sakhi’s till date to promote ante and post natal care in the country and works extensively on sanitation. ACF has built 11000 toilets till date. In waste management more than 3700 soak pits have been constructed across its locations. ACF also plans to work for open defecation free villages in the near future. Ambuja Cement Foundation has till date reached out to approximately 84000 individuals (16000 families), covering 160 villages, and built capacities for 180 Sakhis in the State of Maharashtra. It has developed close to 2,600 toilets and 900 soak pits for ensuring sanitation. ACF provides Clinical Care Support through mobile health dispensaries, diagnostic centres, and health camps. Preventive and Promotive Health intervention is provided through maternal and child health support, comprehensive sanitation, nutrition education and access to safe drinking water. These programs have had a cascading effect by reducing infant and maternal mortality rates, enabling increased deliveries and also empowering women. ACF drives sustainable health action and access to quality health care through an extensive participation of communities. This is done through an involvement of village development committees, village health sanitation and nutrition committees, Panchayat and Gram Sabhas. The foundation has various health and sanitation intervention programs across the country in the States of Chhattisgarh, Gujarat, Himachal Pradesh, Punjab, Rajasthan, Uttarakhand and West Bengal. Ambuja Cement Foundation has reached out to approximately 1.3 million individuals, covering 8 villages across the country. It has successfully built capacities for 321 Sakhi's across the country. ACF has further developed close to 11500 toilets, 3737 soak pits, to enhance rural sanitation. ACF is empaneled as a National Level NGO under Ministry of Drinking Water and Sanitation.