TOP CORPORATE NEWS-06 MAY 2015

·Cipla promoter family gets SEBI’s go-ahead for voting agreement

Cipla promoter family gets SEBI’s go-ahead for voting agreement; no open offer on transfer of shares within the family member as part of succession plan (but clarity on succession plans to generate positive sentiments) . In a possible succession planning exercise, pharma giant Cipla's promoter family has proposed to vote together as a single unit under overall direction of patriarch Yusuf Hamied in his lifetime, and under his brother Mustafa Hamied thereafter.

·GST Bill presented in Lok Sabha

Parliament on Tuesday took up the GST Bill. The ruling government was able to prevent it from sending the bill to the standing committee for the second time. However, the ruling party’s lack of majority in Rajya Sabha remains challenge for the bill to be passed. If it gets passed then it is positive for logistics companies like Container Corporation, Gateway Distriparks, Gati, Snowman Logistics, Allcargo Logistics, Sical Logistics among others.

·BHEL commissions 82.5 MW Hydro Set in Uttarakhand

Bharat Heavy Electricals Ltd ( BHEL) has announced the successful commissioning of the first unit of 82.5 MW at the upcoming Shrinagar Hydro Electric Project in Uttarakhand.

The greenfield electric project consisting of four units of 82.5 MW each is being set up by Alakananda Hydro Power Corporation ( GVK Group).            

 ·Colgate offers VRS to its employees at Waluj plant

Colgate Palmolive (India) has announced that the Voluntary Retirement Scheme which was offered to the employees of the Toothpowder manufacturing factory of the Company at Aurangabad has been accepted. The compensation package offered under the Voluntary Retirement Scheme to the employees of the Aurangabad factory was consistent with the Company’s Caring principles.

·Tech Mahindra showcases its digital transformation solutions

Tech Mahindra announced that it is showcasing its digital transformation solutions at SAPPHIRE®NOW and the ASUG Annual Conference being held 5-7 May 2015 in Orlando. Tech Mahindra is presenting six new mobility solutions that are built on SAP® Mobile Platform and are tailor made for the automotive, aerospace and energy businesses.

·SKF signs strategic agreement with ReGen Powertech

SKF India has signed a strategic agreement with wind turbine manufacturer, Regen Powertech. As per the agreement SKF will supply pitch and yaw bearing sets and mainshaft bearings for the ReGen’s 1.5MW turbine. The bearings would be manufactured at SKF Technologies’ (subsidiary of SKF India’s parent) plant at Ahmedabad. SKF India would act as a trading agent in the transaction.

·Bank of Baroda reduces base rate to 10%

Bank of Baroda has announced that the Bank has decided to reduce Base Rate by 25 basis points from 10.25% to 10.00% with effect from May 06, 2015.

·SML ISUZU records sale of 876 vehicles

SML ISUZU has announced that the Company has sold 876 vehicles during April, 2015 against 911 vehicles sold in April, 2014.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              

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