• RBI reduces repo rate by 50 bps – Positive for Banks
RBI reduces repo rate by 50 bps to 6.75%, the extent reduction was positive surprise as it was higher than market expectations of 25 bps cut. Inflation forecast trimmed to 5.8% for Jan 2016, 4.8% for Jan 2017, the RBI statement is quite dovish compared to past monetary policy releases
• Corporation Bank issues 15.66 cr preferential shares to Govt
State lender Corporation Bank has said that it has approved the issuance of over 15.66 crore shares on preferential basis to Government valued at about Rs857 crore. The bank also approved to issue over 2.8 crore equity shares to LIC worth over Rs142.99 crore. 'The meeting of the shareholders resolved and approved, to issue 15,66,15,497 equity shares at an issue price of Rs54.72 per share, to the Government i.e. the promoter,' the bank informed.
• SSWL intimates on $ 2 million investment by Kalink Co.
Steel Strips Wheels Ltd ( SSWL) announced that Kalink Co. have confirmed that it will subscribe SSWL's equity shares @ Rs640 per shares for investment of $ 2 million. The Board of Directors of SSWL will consider the same in the ensuing board meeting to be held in October, 2015.
• Suzlon commissions 100.8 MW wind power turnkey project
Suzlon Energy has announced that it has completed the commissioning of 100.8 MW wind power turnkey projects for CLP India, one of largest foreign investors and one of the largest wind power developers in the Indian power sector. The project will provide electricity to over 50000 homes and curb ~ 0.21 million tonnes of CO2 emissions annually. Suzlon will offer operations and maintenance for 20 years through an integrated service package contract.
• Maruti Suzuki to hike wages for temporary workers too
Maruti Suzuki is expected to offer a wage hike to its temporary workers also. The company recently hiked wages for permanent workers and the temporary workers have been demanding a similar increase.
• Strides Arcolab to raise Rs 1,500 crore
The board of directors of Strides Arcolab has approved the proposal to raise long-term funds by way of issue of GDRs/ADRs /FCCBs/ QIP or such other equity linked instruments for an amount up to Rs1,500 crore including a green shoe option.
• L&T Infotech files draft with SEBI for IPO
Larsen & Toubro Infotech, a subsidiary of L&T has filed draft red herring prospectus with the SEBI for IPO yesterday. The issue comprises of an offer for sale of up to 1.75 crore equity shares of the face value Re1 each by Larsen & Toubro. – Positive for L&T due to potential value unlocking.
• Wagon makers reject Railways dual pricing formula
Wagon makers reject Railways dual pricing formula-continued logjam sentimentally negative for wagon makers like Texamaco and Titagarh.
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