TOP CORPORATE NEWS-11 May 2015

Maruti Suzuki plans premium outlets for vehicles above Rs10 lakh

As per media reports, passenger vehicle market leader Maruti Suzuki is planning a chain of premium sales outlets targeted at vehicles above Rs10 lakh. The company derives bulk of its sales from the small compact car segment and has limited presence in the premium (above Rs10 lakh segment).The company is looking to add 100 outlets in the next 12-18 months and these outlets would sell the upcoming S-Cross crossover.          

HDFC Bank to tie-up with e-tailers to offer shopping on website

HDFC Bank is set to double up as an online shopping mart of sorts, selling grocery, clothes, shoes and other lifestyle products on its website, and getting its customers the best deals from e-tailers such as Snapdeal, Flipkart and Amazon. Since the HDFC Bank is large retail and payment bank and about 30-40% of customer spends on e-commerce happens through HDFC bank credit and debit cards, move will help to enhance transactions and fee income.

Canara Bank cuts base rate by 20 bps

Canara Bank has announced that the Bank has reduced the Base Rate by 20bps from 10.20% to 10.00% for loans / advances with effect from May 11, 2015.

Government coal block for RPower’s Sasan UMPP

The government has decided to cancel a coal block attached to the Sasan ultra mega power project of Relinace Power in line with the Supreme Court's directive forbidding commercial use of surplus coal from such units for other plants. The decision, which also forbids the use of coal from other mines of the 4,000 MW project for other plants, ends the special dispensation given earlier to Reliance Power's Sasan Project that would have helped the company fuel the Chitrangi power plant.

Federal Bank gains on bonus issue plan

Shares of Federal Bank rose over 4%, touching to Rs136.9, after the bank said its board of directors will meet on May 16, 2015, to consider issue of bonus shares to the shareholders of the bank.

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