TOP CORPORATE NEWS - 26 OCT 2015

· Valiant receives LOA worth Rs163 lacs from Delhi Transco

The company has recently received the product approval from the Delhi Transco Limited (an undertaking of government of NCT of Delhi) for its product ' Digital Tele-Protection Signaling' and has also received a Letter of Award for the supply, erection, testing and commissioning of aforesaid product for its 220KV transmission lines on turnkey basis for gross value of Rs163 lacs', the company informed.

·  Maruti Suzuki launches Baleno starting from Rs4.99 lakh

 Maruti Suzuki has launched its premium hatchback Baleno starting from Rs4.99 lakh ex-showroom Delhi. The Petrol variant is priced between Rs4.99 Lakh and Rs7 Lakh while the Diesel variants are priced between Rs6.16 Lakh and Rs8.1 Lakh. Maruti has also offered an automatic variant in the Baleno. The Baleno will also be exported to 100 countries across the globe including developed markets like Japan and Europe. The management has guided for 50,000 target for exports per year. 

· Valiant receives LOA worth Rs163 lacs from Delhi Transco

The LOA has been given for supply and testing of its product ' Digital Tele-Protection Signaling'. The company has recently received the product approval from the Delhi Transco Limited (an undertaking of government of NCT of Delhi) for its product ' Digital Tele-Protection Signaling' and has also received a Letter of Award for the supply, erection, testing and commissioning of aforesaid product for its 220KV transmission lines on turnkey basis for gross value of Rs163 lacs', the company informed.

· Arvind intimates of strike at one of its plants in Santej Complex

Arvind announced that the workers of Santej Complex, one of the manufacturing plants of the Company went on strike on October 22, 2015 demanding higher wages, bonus etc. Santej Complex manufactures mainly woven fabric (132 Million meters) and knits fabrics (10,000 tons). It also has approx. 20 Million meters of denim manufacturing facility. All the textile mills in Ahmedabad negotiated wage settlement with representative trade unions in 2012 and next round of wage negotiations are due in 2018. Therefore, strike or any agitation to increase wages at this juncture was unexpected.

·GSFC Q2 net profit at Rs143 cr (YoY)

Gujarat State Fertilizers & Chemicals (GSFC) has announced the following Un-Audited Standalone results for the quarter ended September 30, 2015 (YoY): The Company has posted a net profit of Rs142.64 crore Vs Rs124.31 crore (YoY). Total Income is at Rs1784.75 crore Vs Rs1509.70 crore (YoY).

·RBI rejects plan for 100% FDI in banks

RBI has turned down a proposal from the government to allow up to 100% foreign direct investment ( FDI) in banks, a move that may come as a damper for several private sector lenders such as ICICI Bank and HDFC Bank. While RBI has not provided a clear reason to turn down the proposal from DIPP but in the past the regulator has seen banking as a sensitive sector and opposed allowing significant shareholding by FIIs. Currently, the government permits 74% FDI in private banks, with up to 49% allowed under the automatic route.

·Force Motors reports 65% growth in net profit

Force Motors reported a strong performance in Q2FY2016. The revenues rose by 27.5% YoY to Rs763 crore. The margins expanded by 247BPS YoY to 8.5%. On the back of the strong operating performance the net profit grew by 65.3% YoY to Rs42.5 crore.

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