CORPORATE NEWS – 4 Jan 2017

corporate-news

Indiabulls Housing reduces home loan rate

Indiabulls Housing Finance reduced its home loan rate by 45 basis points to 8.65% for its customers with effect from January 03, 2017.
Indiabulls Housing Finance said that the home loan rate for up to Rs75 lakh loan will be 8.7%, for Rs75 lakh to Rs3 crore it will be 8.75% and for Rs3 crore to Rs5 crore the rate stands at 8.85%. The home loan rates for women will be 5 basis points lower in the above categories of home loans.

HCL Tech surges after completion of acquisition

HCL Technologies rose by 3% touching to Rs858.6, after the company said it has completed acquisition of Butler America Aerospace, LLC.
HCL Technologies had announced in October 2016 regarding its acquisition of Butler America Aerospace, LLC (Butler Aerospace), an aerospace & defense engineering service provider to US aerospace and defense customers. Butler Aerospace is a wholly owned subsidiary of Butler America LLC. The acquisition is excluding the staffing business of Butler America Inc. The consideration for this acquisition was $85 million payable in cash.

ONGC, Cairn India ask for cut in cess rate to 8%

ONGC and Cairn India have asked for cut in cess rate to 8% (from effective cess rate of 16.67% currently) in the upcoming budget as the oil price have increased sharply to $ 55-56/bbl.

Tata Motors expects CV demand to grow strongly in Q4FY2017

Tata Motors expects CV demand to grow strongly in Q4FY2017 before the emission norm change; introduces new Tata Xenon Yodha range of pick-ups; positive read thru
After weak sales in November and December 2016, Tata Motors expects sales of commercial vehicles to improve substantially in Q4FY2017 on account of pre buying before the implementation of BS – IV emission norms from April 2017.

Glenmark gets USFDA clearance for Company’s IND application

Glenmark gets USFDA clearance for Company’s Investigational New Drug (IND) application to initiate a phase I study of its lead candidate, GBR 1302- BEAT, in patients with cancers (metastatic breast cancer).
The company plans to expand the ongoing phase I clinical study to include sites in the United States.

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