Hero MotoCorp promoters pare stake to fund new businesses
BML Munjal led Hero Group have divested 7 million shares in their flagship company Hero MotoCorp. The funds raised from the stake sale will be used to fund new high growth avenues under the government’s ‘Make In India’ initiative. The promoters continue to hold 36% stake in the company.
Bharti Infratel gains as RBI allows investment upto 49%
Shares of Bharti Infratel rose over 2%, touching to Rs375.2, after the Reserve Bank India ( RBI) allowed foreign investors to invest up to 49% of paid up capital of Bharti Infratel under portfolio investment scheme ( PIS).The Reserve Bank of India ( RBI) on February 18, 2015 notified that Registered Foreign Portfolios Investors ( RFPIs) can now invest up to 49% of the paid up capital of Bharti Infratel under the Portfolio Investment Scheme ( PIS).
Infosys bags multi-million dollar deal from ABN AMRO
Infosys bags multi-million dollar deal from ABN AMRO – positive for stock. This deal to provide IT services to the retail and commercial bank. They will deliver services across application development and maintenance, testing and product implementation. This will help bank rationalise its IT landscape and improve service quality and customer experience. It will also enable operational efficiency, employee satisfaction and agility.
Indian commercial banks' credit grow 10.38% till February 6
Indian commercial banks' credit grew 10.38% to Rs64.41 lakh crore in the fortnight to February 6, according to Reserve Bank latest data. Most of the banks are seeing muted loan growth this fiscal as the economy is yet to pick up. Banks’ deposits grew at a faster pace of 11.77% y-o-y to Rs84.63 lakh crore in the fortnight ended February 6. Non-food credit growth of banks slowed to 10.72% y-o-y against 11.06% in the fortnight ended January 23.
Hindalco secures Gare Palma IV 5 coal block in Chhattisgarh
Hindalco Industries won the Gare Palma IV 5 coal block in Chhattisgarh for Rs 3,502 per tonne, according to the results of e-Auction for Schedule II coal mines announced by the Ministry of Coal today, (February 19, 2015).According to reports, Gare Palma IV 5, spread over 828.26 hectares has extractable coal reserves of 50 million tonnes while balance as on April 2014 was 42.43 million tonnes.