• SSWL bags order from overseas passenger Car
Steel Strips Wheels Ltd (SSWL) it has bagged an order from Canadian Passenger Car aftermarket. This would mark the entry of SSWL wheels in North America. Wheels would be shipped by end of Jun 2015.
This order volumes are expected to go up to 40K wheels next year with total value of around USD 1 million per annum. The program will run for 5 years and resulting in volumes of 175K and revenue addition of 4.5 Mn Dollar. Apart from this the Company are also in advance stages of bagging an order from Polish aftermarket party for Passenger Car wheels.
• Government approves stake worth Rs50,000 cr in 20 PSUs
As per media reports, the Cabinet Committee on Economic Affairs (CCEA) has granted approval for stake sale worth about Rs50,000 crore (at current prices) in about 20 companies. This disinvestment will happen keeping in mind market conditions as govt has Rs41,000-crore target for stake sale in PSUs in FY16. The PSUs in the pipeline include ONGC, Dredging Corporation, Power Finance Corp, NMDC, NTPC, Nalco, BHEL, MMTC, National Fertilizers, Rashtriya Chemicals and Fertilizers
• Syndicate Bank approves Rs2000 crore equity capital raising
Syndicate Bank’s Board has approved to raise equity capital of Rs2,000 crore including to be decided as per the guidelines by way of QIP/Rights Issue /FPO / at an appropriate time. Since, this is just an enabling resolution it is neutral for the stock.
• Government releases draft norms for gold monetization scheme
Government has released a draft norms for gold monetization scheme under which a person or entity can earn interest by depositing the gold metal with banks. To make the scheme attractive to households, the interest earned on it will likely be exempt from income tax, wealth tax, and capital gains tax. As per the draft guidelines, minimum gold deposit is proposed at 30gm, maturity will be one year (can be rolled over) and rates will be decided by banks.
• IDBI Bank to unveil e-huts to connect with rural public
Government-owned IDBI Bank has planned to launch e-huts with the aim to connect with the rural public, according to a bank official. According to the report, e-hut concept will be completely unmanned units which will help the customer understand technology. The e-huts will be located at a relatively populated place.
• Lupin gets USFDA approval for Azithromycin tablets
Lupin has got USFDA approval to market Azithromycin Tablets. Azithromycin is an antibiotic used to treat many different types of infections caused by bacteria.
Although, the market size of the drug is not immediately known, the development is positive for Lupin.
• Wipro announces partnership with Activestate
Wipro announced a partnership to deliver cloud technologies and services to enterprises across the globe. Activestate is the creator of Stackato Private Platform-as-a-Service (PaaS), the world's leading independent distribution of the Cloud Foundry open source project. This partnership brings together the cloud implementation expertise of Wipro with the cutting edge technology of Stackato, enabling agile enterprises to innovate faster than ever before.
• NHPC gets environment nod for Dibang Multipurpose Project
NHPC has announced that Ministry of Environment, Forest and Climate change (MOEF&CC) vide its Order dated May 19, 2015 has accorded environmental clearance for Dibang Multipurpose project (2880 MW) subject to certain conditions stated in the aforesaid order
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