Ahead of the monetary policy review, the Indian Banks’ Association (IBA) has sought a 50-basis point cut in the cash reserve ratio ( CRR). The Banks have been suggesting RBI that they continue to hold surplus funds (SLR) and borrowings from RBI is nominal.
·Ashok Leyland receives rating upgrade from ICRA
Ashok Leyland has received a rating upgrade from ICRA. The rating agency has upgraded Ashok Leyland’s long term debt from A+ to AA-. The short term loans and commercial paper continue to be rated A+. Positive for the company.
·SSWL bags Hyundai India's Passenger Car Program
Steel Strips Wheels ( SSWL) has announced that company has bagged Hyundai India's Passenger Car Program worth Rs110 crores.
·Crompton Greaves wins contract in Europe
Crompton Greaves won an important contract to supply ZIV data concentrator units (Distribution Tranformer Controller) to EDP, one of the major European operators in Energy sector. ZIV’s DCU is gaining strong acceptance in market which retrieves and store data from the meters and periodically send to management system, apart from several other management functions.
·ITNL emerges lowest bidder for Rs315 crore road project
IL&FS Transportation Networks along with its wholly owned subsidiary, Elsamex SA was declared as the lowest bidder in the bids submitted to Madhya Pradesh Road Development Corporation Limited for upgradation of 2 road projects namely, 1. Bandri-Jaruwakheda, Nirtala-Mandi-Bamora and Damoh-Hindoriya-Patera Sections comprising of 76.23 kms and 2. Pachawali - Rannod, Rannod- Pichhore, Bhasula-Chainpur, Vijaypur- Dhanrawad and Ashok Nagar-Thubon Sections comprising of 110.62 kms aggregating to 186.85 kms in the State of Madhya Pradesh on Output and Performance based Road Contract.
·Kolte Patil board approves merger scheme
Kolte Patil Developers has announced that the Board of Directors of the Company at its meeting held on May 26, 2015, has approved a scheme of merger of Olive Realty and Yashowardhan Promoters and Developers Pune, Wholly Owned Subsidiary Companies of the Company. This merger is being planned in order to synergize the operational and business efficiencies of this Company.
·TVS Srichakra will develop radial two wheeler tyres
TVS Srichakra, the tyre manufacturing arm of TVS Group, will be developing radial two wheeler tyres for the BMW- TVS Motor joint venture products. Positive for the company.
·Kaveri seeds Management concall key take away
As per management expectation of cotton acreage is likely to remain at current level. During current year income of farmer remain on the lower side hence it has impacted the spending by farmers.
Timely monsoon is likely to help increase in acreage of cotton in Andhra Pradesh, Maharashtra and Karnataka however cotton acreage is likely to see marginal decline in northern parts of the country.
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