TOP CORPORATE NEWS
L&T Construction bags order worth Rs 2035 cr
Larsen & Toubro ( L&T) said that its construction arm has received orders worth Rs2035 crore across various business segments in June 2015. Under the building and factories business segment, the company has received new orders for construction of offices spaces including add-ons, the company said. The transportation infrastructure business has received a major EPC order for the construction of 109.54 kms of four lane dual carriage way of the Solapur, Maharashtra-Bijapur, Karnataka road.
Unitech raises Rs70 cr from Piramal group
Unitech has raised about Rs70 crore from Piramal group to complete construction of its joint venture housing project in Chennai, as per media report. The company is developing about 49 acres project ‘North Town’ in Chennai in partnership with another realty firm Arihant. About 2,400 flats and villas are being developed.
HDFC Bank exceeds RBI limits on loans to RIL
Private sector lender HDFC Bank has ‘exceeded’ the single-borrower limits prescribed by regulator RBI in case of its credit exposure to corporate giant Reliance Industries Ltd ( RIL), according to reports. The bank, however, said its board of directors approved ‘the said excess in respect of this exposure’ and it was within the 20% ceiling of capital funds. The central bank has fixed the credit exposure ceiling of a bank at 15% of capital funds in case of a single borrower and at 40% in case of a borrower group.
IFC to add $7 million in Health Vista India
Healthcare provider Health Vista India Private Limited (Portea) will raise $7 million from International Finance Corporation (IFC) to fund its expansion. The company, promoted by Ganesh Krishnan and Meena Ganesh, is looking to raise $37 million to expand its heathcare services in India and South East Asia. Portea’s existing investors include Accel Partners India, Ventur East and Qualcomm Ventures.
Govt to decide on further hike in steel import duty within a week
Govt to decide on further hike in steel import duty within a week – Positive read thru for Tata Steel, SAIL and JSW Steel .The government is expected to take a decision on further raising import duty on steel within a week to protect local producers from surging imports from countries such as China and Russia.
Axis Bank reduces base rate by 10 bps
Axis Bank has reduced its base rate by 10 bps to 9.95% in view of reduction in base rate by peer banks and indication of softening in deposit costs. While this could have some impact on margins in near term we expect Bank to maintain margins in comfortable zone of 3.5-3.6%.
Crompton wins order via Competitve Intl bidding process
Crompton Greaves has bagged two important orders, one for 8 bays of 138 kV, 60 Hz, AIS Switchyard in the Philippines for Minergy Coal Corporation and the other for 30 MVA, 132 kV mobile substations for Wellington Turbines, a Venezuelan enterprise. The Company secured the orders through a highly competitive international bidding process. The scope of work for both projects includes design, manufacture, supply, construction and installation and commissioning of the substations.
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