Tata Comm surges on plans to divest 75% stake in ST Telemedia
Shares of Tata Communication surged around 6% to Rs 456 on NSE in an otherwise weak markets on back of plans to divest 75% of its stake in its data business to Singapore Technologies Telemedia (ST Telemedia), and the proceeds from the deal would be used to deleverage the balance sheet.This is positive read through for Tata Communication.
Ashok Leyland gets patent for light weight composite articles
Ashok Leyland gets patent for light weight composite articles for auto industry.Ashok Leyland Ltd has received patent for an invention related to lightweight composite articles suitable for making structures for use in automobile industry, aerospace industry and for domestic panels.
The invention relates to light weight composite article which consists of at least two layers of adhesively bonded light weight fibres which may be filaments selected from jute, cotton, coir and the like.
SBI plans to merge five subsidiary banks with itself
SBI is looking to merge five subsidiary banks with itself – Positive read through, though integration and higher employees cost remain a challenge.SBI has passed a resolution to seek Govt. approval to merge five subsidiary banks and the still born Bharat Mahila Bank with itself.The benefits to the move will see the Consol balance sheet size increase by 32%, see better reach with (possible) branch re-alignment and rationalization as well as shoring up of Capital for the parent.
JSW Steel Q4 beats estimates
JSW Steel Ltd has announced the following results for the quarter & year ended March 31, 2016:
Standalone
For the Quarter ended March 31, 2016
The Company has posted a net profit of Rs372.19 crore Vs Rs188.73 crore.Total Income decreased to Rs9560.51 crore Vs Rs11143.46 crore.
Indusind Bank inks MoU with Honda Motorcycle & Scooter
Private-sector lender, Indusind Bank said that it has inked a Memorandum of Understanding (MoU) with Honda Motorcycle & Scooter India whereby the bank will be offering retail finance at an attractive rate of interest to customers on all Honda 2-wheeler models.With this MoU coming into effect from May 18, 2016, Honda’s customers can not only buy a Honda two- wheeler at an attractive rate of interest, but can reap benefits up to Rs7,500 through this retail finance scheme.
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