TOP CORPORATE NEWS-31 MARCH 2015

• Crompton Greaves bags Rs115crore orders from Power Grid

Crompton Greaves has bagged an order worth Rs115 crore from Power Grid Corporation for supply of transmission equipment for the latter's Vemagiri and Srikakulam sub-stations in Andhra Pradesh.

• Freight rates move lower due to restricted cargo movement

As per media reports freight rates on some key routes have eased due to restricted cargo movement and easy availability of trucks. The freight rates had remained buoyant despite the fall in diesel prices which had led to improved operator profitability. The fall in freight rates and consequently operator profitability is sentimentally negative for commercial vehicle manufacturers Ashok Leyland and Tata Motors.

• Max Life ties up with Laxmi Vilas Bank

Max Life Insurance and Lakshmi Vilas Bank have entered into a 5 year banc assurance tie-up for distribution of the former’s life insurance products through the 400 branches and will have access to 25 lakh customers of the bank.The company already has banc-assurance tie up with Axis Bank and the new tie up will boost its sales from south India and hence positive for the company.

• Asian Oilfield completes project in Kurdistan, Iraq

Asian Oilfield Services has announced that its wholly owned subsidiary has completed a large 3D seismic survey over the Taza Block in Kurdistan Region of Iraq using wireless seismic real time, radio-based RT System 2 seismic data acquisition system.

• L&T Construction wins orders valued Rs 2101 cr

 Larsen & Toubro ( L&T) has announced that its construction arm has won orders worth Rs 2101 crore in March 2015. These include, orders worth Rs 1664 crore secured for heavy civil infrastructure business and an order worth Rs267 crore for water & renewable business.

• RBI eases utlisation of floating provisions for banks

RBI has relaxed provisioning rules against bad loans by allowing banks to set aside up to 50% of floating provisions from 33%. Floating provisions are the amount that banks set aside that are above the mandatory provisioning requirement against bad loans established by the RBI. This will slightly ease the pressure on profitability for PSU banks which have seen rise in provision on account of rising NPAs.

• Jindal Steel coal block bidding case gets government nod

 As per media reports, the coal ministry’s bid evaluation report — part of the government’s submission in the court — seems to suggest there is no evidence of cartelisation in case of coal block bid won by Jindal power, which had concluded at a very low rate. The case is now in Delhi High Court; however the outcome of the reports make a case stronger for JSPL. Sentimentally positive for JSPL.

• Videocon d2h listing on Nasdaq positive for Indian DTH industry

Silver Eagle Corp announced that its stockholders approved the business combination transaction between Silver Eagle and Videocon d2h at the special meeting of stockholders held yesterday.

Pursuant to a Contribution Agreement, dated December 31, 2014, between Silver Eagle and Videocon d2h, silver eagle will contribute cash to Videocon d2h in exchange for equity shares of Videocon d2h to be represented by American Depositary Shares ('ADSs'), with each ADS representing four Videocon d2h equity shares.

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