TOP CORPORATE NEWS - 16 OCT 2015

·Mahindra Two Wheelers launches 300cc motorcycle ‘Mojo’

Mahindra Two Wheelers (subsidiary of M&M) has launched its first 300cc motorcycle ie Mojo in the domestic market. The vehicle is priced at Rs1.58 Lakh (ex showroom Delhi) and has features such as advanced electronic fuel ignition, iridium spark plug, resonator fitted intake system and twin exhausts. The launch should help improve the brand image of Mahindra Two Wheelers.

·J Kumar Infraprojects' JV firm bags Rs1,134 crore order

J Kumar Infraprojects Ltd said its joint venture firm has bagged two orders worth Rs1,133.70 crore from JNPT Port Road Company Ltd. Adding further, J Kumar Infraprojects Ltd said it has secured letter of award from Mumbai - JNPT JNPT Port Road Company Ltd under J Kumar Infraprojects Ltd - J M Mhatre Infra Pvt Ltd (JV) worth Rs1,133.70 crore. J Kumar Infraprojects Ltd said its share in the order is 65%, worth Rs 736.91 crore.

· OMC’s raise price of diesel by 95 paise a litre

OMC’s have raised the price of diesel by 95 paise a litre while price of petrol remains unchanged.

·TVS Motor ropes in Amitabh Bachchan as brand ambassador

TVS Motor has roped in Bollywood superstar Amitabh Bachchan as the brand ambassador for its scooter TVS Jupiter. A television commercial featuring Amitabh Bachchan and directed by film director Shoojit Sircar would be aired during the festive season. The move should help build the TVS Jupiter brand and is positive for the company however there could be a negative impact on margin in the near term given the increased spending on marketing.

·Money laundering scam now haunts OBC and Axis Bank

Enforcement Directorate traces money laundering scam involving OBC and Axis Bank –sentimentally negative for Axis Bank. The Enforcement Directorate (ED) has traced case involving alleged laundering of black money at Oriental Bank of Commerce (OBC) and Axis Bank. As per media reports around Rs 500 crore is routed through HSBC to Hong Kong and China using various accounts of Axis Bank and OBC.

·  Bharti Airtel falls as agreement for sale of tower assets lapses

Shares of Bharti Airtel slipped nearly 3%, touching to Rs340.95, after the company said the agreement for sale of tower assets in Africa between Bharti Airtel Malawi Holdings B.V. and Eaton Towers (Lilongwe) has lapsed. On September 08, 2015, Bharti Airtel had announced its plan to sell more than 3,500 of its mobile towers in six African countries to telecommunications tower firm, Eaton Towers in a bid to reduce costs. Bharti Airtel had also said that it will lease back the towers from Eaton under a 10-year pact.

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