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Friday, May 20, 2016

SBI Associate Banks Staff To Go On Strike Today
A section of employees of five associate banks of SBI has threatened to go on strike tomorrow against their proposed merger with parent. Earlier this week, SBI proposed merger of five associate banks and newly created Bharatiya Mahila Bank with itself. "Despite opposition and protest by all the AIBEA's Workman Directors and few other independent Directors, about the proposal and the procedure adopted, the resolution was approved in this regard. "We also call upon all our members in the 5 Associate Banks to observe protest strike on May 20," All India Bank Employees' Association (AIBEA) said in a statement.

HDFC Bank Seeks Nod To Up Authorised Share Capital
HDFC Bank yesterday said it will seek shareholders' approval to hike the authorised share capital of the bank to Rs 650 crore. The proposal came as one of the outcomes of the board meeting of the bank held yesterday. "To seek approval of the shareholders for increase in the authorised share capital of the bank from Rs 550 crore comprising 275 crore shares of Rs 2 each to Rs 650 crore comprising 325 crore equity shares of Rs 2 each", it said in a BSE filing.

ECGC's Net Profit Up By 53% To Rs 276 Cr In FY16
Net profit of ECGC rose by 53% to Rs 276 crore in the fiscal ended March 31, from Rs 180 crore in the previous fiscal driven by robust investment income and better recoveries. ECGC is a state-owned export promotion and MSME-focused organisation. "Our investment income rose to Rs 633 crore in 2015-16 from Rs 544 crore in 2014-15 and we recovered Rs 106 crore during the reporting period," ECGC Chairman-cum-Managing Director Geetha Muralidhar told reporters here yesterday.

Sebi Receives Four Applications For InvITs; Two Cleared
The country may soon get its very first Infrastructure Investment Trusts (InvITs), with the markets regulator Sebi approving two of the four applications received by it for setting up such entities. "We have received four applications for registration in InvITs so far. We have already cleared two of them," Sebi chairman U K Sinha said here yesterday. He said the two other proposals had certain shortcomings and the regulator has accordingly advised the applicants on how to deal with it. "There were certain information missing and there were certain agreements they should have done before coming to us. These are minors things and we more than willing to encourage entities to come up," Sinha told reporters on the sidelines of a conference on REITs and InvITs by Asia Pacific Real Estate Association.

Moody's Lowers Adani Ports Ratings Outlook To Negative
Rating agency Moody's yesterday said it has revised the outlook on Adani Ports and Special Economic Zone (APSEZ) to negative from stable. The change in ratings outlook reflects the company's lower volume growth, mainly due to lower coal volumes, and a rise in capital expenditure and financial leverage, when compared to our previous expectations. "The sharp decline in coal cargo for APSEZ's ports due to reduction in coal imports by India, together with some state-owned utilities shifting their cargo to Government owned ports, is likely to have material impact on the growth trajectory of APSEZ," said Abhishek Tyagi Moody's Vice President and Senior Analyst. "Such a decline reduces the company's ratings headroom."

Parag Milk Makes Strong Debut; Shares Up 15%
Making a strong debut in the stock market, shares of dairy firm Parag Milk Foods yesterday rose nearly 15% in its debut trade yesterday from its issue price of Rs 215. The stock which listed with a mild gain of 0.32% at Rs 215.70, later gathered momentum and finally ended the day at Rs 247.80, up 14.88% on BSE. Intra-day, it zoomed as much as 16.27% to Rs 250.

Geopreneur Group Launches Casa Rare
Geopreneur Group has lauched "Casa Rare" in the western suburbs of Mumbai at Borivali West. The project empowers the residents with the liberty to customize their home as per their taste, besides being power packed with modern amenities. Spread across 8599.36 Sqft of land, Casa Rare will house only 19 select residents, one on each storey, making it an exclusive residency where each homeowner who will be handpicked through an invite only process.

DB Schenker Opens Logistics Centre In Bhiwandi
Schenker India, a part of DB Schenker, the transport and logistics division of the Euro 40.4 bn Deutsche Bahn Group, has announced the opening of its third Schenker Logistics Centre (SLC) in Bhiwandi. Spread over 200,000 (approx.) sqft, the SLC is one of the largest logistic centers in the area and would be providing integrated logistics solution to businesses involved in baby care, mother care, fire protection, camera & accessories and bathroom fittings. Strategically located at a distance of 3 kms from NH-3. Mumbai – Nasik Highway, 60 kms from JNPT and 60 kms from NH-8, Mumbai –Ahmedabad Highway

Tata Power Bags 100 MW Solar Projects In Karnataka
Tata Power Renewable Energy yesterday announced that it has won two solar-grid connected photovoltaic projects of 50 mw capacity each in Karnataka. "Company's 100 per cent subsidiary, Tata Power Renewable Energy Ltd (TPREL) has won two Solar grid connected photovoltaic projects of 50 mw capacity each in Pavagada Solar Park in the Tumkur district of Karnataka," the company said in a statement. The projects have been awarded through open category under Jawaharlal Nehru National Solar Mission (JNNSM) Phase-II Batch-II Tranche-l under 'State Specific Bundling Scheme', the statement added.

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