TOP CORPORATE NEWS -24 MARCH 2015

·Wipro looks to buy assets in North America, Europe

As per media reports Wipro has launched an independent business unit called Wipro Digital, is looking at acquiring companies in areas such as design competency and process utility to expand its bouquet of services in the digital space. The company is especially looking at North America and Europe, as there are companies in these regions which have reached some maturity in the digital segment, Rajan Kohli, senior vice-president, who will be heading Wipro Digital.

·SEBI continues ban on Gammon Infrastructure ex-CMD

 As per media reports, SEBI said the ban on former Gammon Infrastructure CMD would continue until further directions. In July 2014, SEBI had barred Abhijit Rajan from transacting in the stock market for indulging in insider trading.

·Hero MotoCorp gets 592 acres of land in Andhra Pradesh

Hero MotoCorp has been allotted 592 acres of land in Chittoor, Andhra Pradesh for their upcoming plant. This will be Hero’s sixth plant in the country and will be developed after the new plant (fifth) in Gujarat. Positive for the company.        ·HDIL eyes Rs750 crore from sale of non-core assets As per media reports, HDIL hopes to monetize all its non-core assets in the coming fiscal and expects to garner around Rs750 crore which will be utilized for paring debt by nearly 25%.

·Bank of Baroda cuts deposit rate for select maturity by 10 bps

The Bank has revised rates of interest payable on Domestic Term Deposits & NRO Deposits of below Rs1 crore, applicable to fresh deposits and renewal, with effect from March 24, 2015.The applicable rate of Interest in the maturity range of 181 to 270 days has been reduced from existing 7.75% to 7.65%. Deposits in the given category constitute around 25% of the total deposits and hence reduction in rates would cushion net interest margins.

·RBI to issue Strategic Debt Restructuring norms for bad loans

RBI will soon herald a Strategic Debt Restructuring (SDR) regime to help banks take control of distressed listed firms, after market regulator SEBI relaxed its norms for such cases whereby it has ease its norms for lenders to convert their debt into equity(banks may not need to make the mandatory open offer in case of acquiring control).

·MRF to invest Rs 4,500 crore over seven years

MRF has proposed to investment of Rs4,500 crore over seven years at its plants at Perambaluer and Arakonam in Tamil Nadu. The state government has accorded “Ultra Mega Project Status” for the investment. The company is expected to sign an MOU with the government shortly. 

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