·RBI toughens stance on monetary policy transmission
RBI is getting tougher on extending unlimited credit to the banks to try to ensure they push interest rate cuts through the financial system. According to RBI, it reduces the effectiveness of its monetary policy decisions as cheap funding rates for banks are not passed on to retail and corporate borrowers at a time when the economy is only gradually recovering from a slowdown.
·Union Bank of India gains after CRISIL Ratings
Shares of Union Bank of India rose nearly 4% to Rs183.1, after the bank said that CRISIL Ratings has assigned CRISIL AA rating to the bank's proposed Basel III compliant Tier 1 perpetual bonds of Rs2000 cr with a negative outlook .CRISIL has also revised its rating outlook on the long-term debt instruments to 'negative' from 'stable' and reaffirmed the ratings at CRISIL AAA and reaffirmed its ratings on the Bank's Certificates of Deposit programme at CRISIL A1+, Union Bank of India said.
·Lypsa Gems bags order worth Rs320 mn from UAE
Lypsa Gems & Jewellery has bagged an Export Order worth Rs320 million for the supply of polished diamonds from its UAE based customers. The said order will be executed over time span of 12 months. The UAE based customers intent to fulfill their jewellery orders using these polished diamonds.
·Government may relax LTC norms in Budget to boost tourism
Government may relax LTC norms in Budget to boost tourism – positive for Cox & Kings and Thomas Cook India. In order to give boost to the domestic tourism sector, the government is likely to expand the scope of LTA and LTC by including hotel and other expenses besides travel for the purpose of tax benefit in the union budget 2015-16.
·Union Bank of India gains after CRISIL Ratings
Shares of Union Bank of India rose nearly 4% to Rs183.1, after the bank said that CRISIL Ratings has assigned CRISIL AA rating to the bank's proposed Basel III compliant Tier 1 perpetual bonds of Rs2000 cr with a negative outlook. CRISIL has also revised its rating outlook on the long-term debt instruments to 'negative' from 'stable' and reaffirmed the ratings at CRISIL AAA and reaffirmed its ratings on the Bank's Certificates of Deposit programme at CRISIL A1+, Union Bank of India said.
·BEL to get revenues from supply of Akash Missile system
Bharat Electronics to get revenues of Rs3,000-4,000 crore over 2 to 4 years from supply of Akash Missile system – Positive for BEL. The total order size of Akash Missile Systems from the Army placed with Bharat Dynamics Limited (BDL will be the main integrator for the Missile System) is said to be in the order of Rs14,000 crore of which BEL share will be around Rs3000-4000 crore
·Godrej Properties announces partnership with Snap deal
Godrej Properties Ltd. ( GPL), announced a partnership with Snapdeal.com, India’s largest online marketplace through which it will offer online booking of its real estate projects.
GPL already has online portal for the customers to book online properties and well establishes sales channel. This tie-up with increased flexibility and unique offers at the time of booking. Positive for godrej Properties.
·Glenmark, Aurobindo send FDI proposal to CCEA
The FIPB has sent the proposal of Mumbai-based Glenmark Pharmaceuticals to the Cabinet Committee on Economic Affairs, headed by Prime Minister Narendra Modi, to raise the cap of foreign institutional investor (FII) holding to 49 per cent, from 35.07 per cent at present.
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