TOP CORPORATE NEWS: 29, June 2017

Corporate News

TOP HEADLINES: 29, June 2017

• Bajaj Auto launches Pulsar NS160.
• Mindtree board approves Rs270 crore buyback plan.
• JSW Steel to set up slurry pipeline to transport iron ore.
• Tata Motors-Volkswagen partnership likely to be called off.
• TVS Motor ties up with Abans Auto to launch 3-wheeler in Sri Lanka.

JSW Steel to set up slurry pipeline to transport iron ore
JSW Steel, a part of the diversified JSW Group, on Thursday said that its board has given an approval to set up a Slurry Pipeline to transport iron ore from coastal Karnataka to the Vijayanagar works.
“This Slurry Pipeline can be set up within 24 months at an estimated cost of Rs 2,100 crores. This will facilitate transporting iron ore through Slurry Pipeline at a very competitive 15 percent cost of alternate means of transport.
JSW Steel has been operating its 12 MTPA integrated steel plant at Vijayanagar works in the State of Karnataka. The plant has been set up with substantial investments relying upon a consistent supply of iron ore at a fair price.

Mindtree board approves Rs270 crore buyback plan
Mindtree Board approves Rs 270 crore buyback plan, at Rs625 (17.7% higher than last closing price) – stock to be in focus Mindtree will buy back up to 43.2 lakh shares, comprising 2.5% of the total paid up equity share capital at a price of up to Rs 625 per equity share, which is 17.7% higher than last closing price.
The buyback program has neutral impact on earnings, though will increase the payout ratio for the year. Promoters have option to participate in the buyback program.

TVS Motor ties up with Abans Auto to launch 3-wheeler in Sri Lanka
TVS Motor Company announced a partnership with Abans Auto, a leading distributor in Sri Lanka, to launch its 200 cc passenger three-wheeler TVS King in the island nation.
The TVS King will be priced at 6,91,850 Lankan Rupee and will be retailed across Abans Auto’s over 200 showrooms and appointed dealers in strategic locations in Sri Lanka.
Furthermore, Abans Finance will provide finance schemes to the customers of TVS Motor Company at affordable rates in order to facilitate sales.

Bajaj Auto launches Pulsar NS160
Bajaj Auto has launched the Pulsar NS160 motorcycle in dealerships at a price of Rs 1.18 lakh, on road- Mumbai.
According to the Executive Bajaj dealership in Mumbai, the company has started delivering the motorcycle to the dealerships.
The motorcycle is powered by a 160.3cc, single-cylinder, oil cooled, four-stroke engine that churns out 15.2 hp of power and 14.6 Nm of torque mated to a 5-speed gearbox.
The suspension setup comprises of telescopic forks at the front and a moto shock unit at the rear. The motorcycle gets disc brake at front and drum brake at the rear.

Tata Motors-Volkswagen partnership likely to be called off
Tata Motors- Volkswagen partnership for platform sharing likely to be called off; Negative read thru for Tata Motors
Within just over three months of signing a co-development agreement, the partnership between Tata Motors and Volkswagen Group has run into rough weather, with differences over the use of platform and doubts related to business viability.
In March this year, Tata Motors, Volkswagen Group, and Skoda had announced an alliance for the joint development of products with the first roll-out expected in 2019.
The two companies were exploring using Tata Motors’ AMP (Advanced Modular Platform) with VW technology, especially electronics, for products meant
for emerging markets in order to gain a significant cost advantage over VW’s MQB-A platform.
However, the proposal has turned out to be expensive and there is a realization that the business proposition of such a collaboration is not as attractive as it was assumed earlier.

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