TOP CORPORATE NEWS : 20 March, 2017

corporate-news

Capital infusion in PSU banks
The government’s Rs8,586 crore capital infusion in 10 weak public sector banks (PSBs) in the current fiscal year is based on their meeting strict milestones, including raising capital from other sources and curtailing employee benefits.
Banking Sector: Government to infuse Rs8,586 crore capital in 10 PSU Banks namely Allahabad Bank, Andhra Bank, Bank of India, Bank of Maharashtra, Central bank of India, Dena Bank, IDBI Bank, Indian overseas Bank, UCO Bank and United Bank of India.

Marico acquires 45% stake in men’s grooming brand Beardo
Marico has acquired about 45 per cent stake in men’s grooming brand Beardo – this is positive for Marico as it will strengthen the company’s position in Rs3200 crore men’s grooming segment (growing in strong double digits due to low penetration ; as per sources the deal is expected to be around Rs. 50-60 crore).
Marico has acquired about 45 per cent stake in men’s grooming brand Beardo. Beardo (Ahmedabad-based Company) is a men’s grooming brand and start-up
that sells beard oils, beard waxes, soaps and other grooming products.

Apollo Tyres to invest Rs4,025 cr in new plant in Andhra Pradesh
Apollo tyres to invest Rs 4,025 cr in new plant in Andhra Pradesh; to get tax incentives from state; positive
Apollo Tyres will set up a manufacturing unit in Andhra Pradesh for two- wheeler tyres and pick-up trucks and is expected to invest about ?525 crore
on the plant in the phase one. Apollo will invest overall about Rs 4025 cr.

HCL Technologies Board Meet today for buyback program
HCL Technologies Board Meet today for buyback program, also Engineers India and Oil India board meet today to discuss Buyback, stocks to be focus.

Idea Cellular under pressure on merger approval
Shares of Idea Cellular declined nearly 15%, touching to Rs92, after the company said that board has approved merger with Vodafone India.
At present, Vodafone India is the country’s second largest operator by users and Idea Cellular the third largest operator.
Vodafone India will own 45.1% stake in the merged entity after transferring about 4.9% to the promoters of Idea and their affiliates for Rs3,874 crore in cash, Idea said.
Promoters of Idea will hold 26% stake in the company and the remaining will be held by the public.

Infosys decides not to apply for H-1B visas for junior staff
As per media news, Infosys has decided not to apply for H-1B visas for junior employees, as the IT Company comes to terms with the prospect of tougher regulations governing the work visas.
The company is not applying for visas for employees with under four years of experience. Infosys is talking to clients about offshoring more work to India.

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