·
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.
·
Ashoka Buildcon bags orders
worth Rs440 crore
Ashoka Buildcon has
received Letters of Award from Karnataka Road Development Corporation in
respect of the following Projects:Design, Build, Finance, Operate, Maintain and
Transfer (DBFOMT) of Existing State Highway Bagewadi (NH-4)-Bailhongal -
Saundatti in the State of Karnataka on DBFOMT Annuity Basis. The estimated
Project Cost as per KRDCL is Rs235 Crore.
·
Nucleus Software to launch
its latest lending solution
Nucleus
Software Exports has announced that it will participate in the 2015 Customer
Owned Banking Convention from 19th to 22nd September 2015 in Darwin, Australia.
At the event,
the company is to demonstrate for the first time Finnone Neo for Mutuals - a
solution designed specifically to meet the needs of the mutuals sector.
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