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Thursday, May 16, 2019

HDFC ties up with IMGC for mortgage guarantee-backed home loan
HDFC yesterday said it has partnered with India Mortgage Guarantee Corporation (IMGC) for a mortgage guarantee-backed home loan. Mortgage guarantee is a financial product which compensates lending institutions for losses that may arise if a home owner defaults on a mortgage loan. The risk of the home loan gets transferred from the bank/FIs to the mortgage guarantee company. With this partnership, HDFC will be able to further penetrate home loan market and access an enlarged customer base, it said in a release. It will help the company offer more loan to a home loan customer on an enhanced eligibility as also it helps customers to avail loans beyond their retirement period. HDFC said the finer details of the product are being worked out and will be known to market soon.

Airtel augments 4G network in Haryana with LTE 2100 technology
Airtel yesterday said that it has further upgraded its 4G network in Haryana with the deployment of LTE 2100 technology that will significantly enhance the network experience for its smartphone customers. Airtel in Haryana now has a strong spectrum bank - 2300 Mhz (TD LTE), 2100 Mhz (LTE 2100), and 1800 Mhz (FD LTE) to offer world-class 4G services to customers. Manu Sood, Hub CEO- Upper North, Bharti Airtel said, “In our continuous endeavor to deliver best-in-class network experience to our customers, the deployment of LTE 2100 in Haryana will further augment Airtel 4G quality and experience. LTE 2100 will further boost the network capacity and significantly improve outdoor coverage.”

GRM acquires manufacturing plant near Mundra Port
Basmati rice exporter GRM Overseas yesterday announced the acquisition of a manufacturing facility from United Foods at Gandhidham in Kutch, Gujarat, for Rs 12 cr. This acquisition is in-line with GRM's strategic plan to expand capacity and develop a warehouse closer to the Mundra port to augment exports. "The deal is valued at Rs 12 cr and has been funded through a combination of bank borrowings and internal accruals," the company said in a statement. The acquired facility includes land, building and two Sortex plants and has a production capacity of 800 tonnes per day.     GRM Overseas MD Atul Garg said these initiatives are in-line with the company's long-term strategic plan to increase the production capacity to meet the growing demand.  "Further, the additional warehousing capacity near the Mundra port will lower lead times for our export order deliveries, thus, improving efficiency and productivity in our business cycle," Garg added.

NSE fines 250 companies for non-compliance with listing regulations
The National Stock Exchange (NSE) yesterday said it has penalised 250 companies, including two IL&FS group firms and Jet Airways, for non-compliance with various listing regulations for the quarter ended March 31, 2019. The total penalty imposed on the non-compliant companies is little over Rs 8.84 crore, according to NSE data. The move is in accordance with markets regulator Sebi's circular that had put in place a standard operating procedure to check non-compliance with provisions of (Listing obligations Disclosure Requirement) Regulations, NSE said. Fines have been levied in the range of Rs 1,000 to Rs 4.5 lakh.

Jaina Group gets into alliance with Sansui and Nakamichi
Jaina Group, the Delhi based business conglomerate with interests in telecom and consumer durables has got into alliance with the Japanese consumer electronics giants - Sansui and Nakamichi. With this venture, the Group will now expand the pan India presence of the niche consumer durable and home appliance brands through its extensive distribution channel. Commenting on the development, Pardeep Jain, Managing Director, Jaina Group stated, " Jaina Group with its 23 years of excellence in Digital Revolution will be a strong point for these brands in the country. With these acquisitions, we are optimistic about rebuilding and amplifying the niche brands’ affinity in the Indian market. Our categorical focus will be to deliver state-of-the art technology and experience through localised solutions across multiple touch points ensuring value and quality for consumers in India. Also, we will strengthen the channel base further to ensure easy availability and better after sales service network”.

Infogain Appoints Jitinder Sethi as VP - Strategic Solutions & Chief Enterprise Architect
Infogain, a Silicon Valley leading provider of technology solutions and services has appointed Jitinder (Jay) Sethi as VP - Strategic Solutions & Chief Enterprise Architect. Based out of Infogain’s Los Gatos office, Jay reports to Chief Solutions Officer, Nishith Mathur. Jay’s scope of responsibilities encompasses thought leadership, technical consulting, cloud migration, Rapid Application Development (RAD), API/Integration and the Internet of Things (IoT). “We are excited to welcome Jay to Infogain. His vast experience in subscription and cloud-based operation environments will be an advantage for furthering Infogain’s vision of ‘Engineering Business Outcomes’ for our clients,” said Nishith Mathur Chief Solutions Officer, Infogain.

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