M&M launches its e-commerce platform M2ALL
Mahindra & Mahindra ( M&M) has launched its e-commerce platform M2ALL. The website will offer products such as vehicles, two wheelers, real estate and power solutions. Within two years the platform will offer all of Mahindra’s group’s products and services. The platform has begun taking bookings for the new compact SUV i.e. Mahindra TUV3OO. Although the e-commerce platform will have little significance in the near-medium term, the group could leverage benefits of the e-commerce platform in the long term.
Corporation Bank gains as LIC looks to infuse funds
Corporation Bank has announced that subsequent to the decision of the Government of India to infuse upto Rs857 crore in the bank, the bank has received a proposal from Life insurance Corporation of India ( LIC) expressing its intention to infuse Rs143 crore into the capital funds of the bank by way of issue of equity shares on preferential basis to LIC. Corporation Bank's board yesterday, September 14, 2015, approved allotting upto 2.81 crore equity shares at Rs50.78 each, aggregating to Rs142.99 crore on preferential basis to LIC.
Adlabs’s Novotel Imagica to have 116 rooms
Adlabs Entertainment’s Novotel Imagica will be launched in mids of September 2015, located close to its theme park at Khopoli. In the first phase of operations, 116 rooms will be operational and the company expects to be fully operational (with287 rooms) by end of FY2016. The company will pay fix rate of 5-6% of revenues to Accor Hotel for managing the Novotel hotel. On the business front, the management has indicated of becoming free cash flow positive by end of the current fiscal.
Alok Industries receives additional $50 mn under EPBG Scheme
India's largest fully integrated textile company Alok Industries said that it has received an additional advance amounting to $ 50 million on September 11, 2015 under the Export Performance Bank Guarantee Scheme (EPBG).The company has now received an additional advance amounting to $ 50 million on September 11, 2015 under the Export Performance Bank Guarantee Scheme taking the total export advance received till date to $ 825 million.
Nava Bharat jumps after inking deal with Tata Steel
Nava Bharat Ventures surged over 7%, touching to Rs144.9, after the company said that it has entered into an agreement with Tata Steel for conversion of chrome ore into ferro chrome. Nava Bharat Ventures announced that the company has entered into an agreement with Tata Steel (TSL) for conversion of chrome ore into ferro chrome, and the arrangement will commence upon the receipt of ore and reductants from TSL during this month.
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