TOP CORPORATE NEWS
! RBI to reduce SLR by 0.25% every quarter in FY17
RBI to reduce SLR by 0.25% every quarter in FY17 – long term positive. RBI has released the roadmap to progressively bring down the SLR by 0.25% every quarter till March 31, 2017 and concurrently reduce the abovementioned ceiling on SLR holdings under HTM in alignment with the SLR requirement. While reduction in SLR is structurally positive. It would not have any significant impact in near term as these measures were already discussed by RBI and banks continue to hold excess SLR due to slower credit growth.
! NBCC bags order worth Rs188 crore
NBCC bagged orders worth Rs188 crore from Tourism Ministry after recent orders of Rs5828 crore – Positive for NBCC. National Buildings Construction Corporation has bagged orders worth Rs188 crore from from Tourism Ministry for the construction of Indian Culinary Institutes (ICIs) at Tirupati and Noida. The estimated cost of constructing institutes at Noida and Tirupati is Rs98 crore and Rs89 crore respectively. Above the cost, NBCC will levy an additional 7% agency charges for both the works.
! Apollo Tyres debt rating upgraded by Crisil
Apollo Tyres debt rating upgraded by Crisil; positive for the company Rating agency Crisil has upgraded the long term rating for Apollo Tyres’ debt program from AA/Positive to AA+/Stable. The agency has maintained the short term debt rating at A1+.
! Cipla to transfer healthcare business to Cipla Health
Leading pharma company, Cipla has said that its Board of Directors have approved the transfer of the consumer healthcare business of the company to Cipla Health Limited on a going concern basis by way of a slump sale for a lump sum consideration of Rs16 cr. Cipla Health is a newly incorporated subsidiary of the company and was incorporated on August 27, 2015. It will focus its business activities in the consumer healthcare space. The consumer healthcare business to be transferred to Cipla Health includes the scope of the business as approved on July 09, 2015, along with certain additional business.
! Siemens wins order worth Rs102
Siemens has won an order worth Rs102 crore to supply a 400 kV GIS Substation to West Bengal State Electricity Transmission Company. The scope of the order includes engineering, supply, installation and commissioning of the GIS Substation. – positive for Siemens,