IT stocks may edge lower after Infosys reportedly warned of a tough start to the next financial year because of weak spending by top clients. The company now expects revenue for the year ending 31 March to come in at the lower end of its forecast. The company was facing a sluggish fourth quarter with some retail and consumer clients ramping down or cancelling projects, reports added. In January 2014, Infosys had forecast revenue to grow at 11.5-12% in 2013-14. ADR of India's second-largest software exporter by sales fell 6.1% to $56.01 on Wednesday, 12 March 2014.
Tata Motors British luxury car unit Jaguar Land Rover (JLR) on Wednesday, 12 March 2014 reported 14% rise in sales to 30,487 vehicles in February 2014 over February 2013.
Commenting on the February performance Andy Goss, Jaguar Land Rover Group Sales Operations Director said: This has been another solid month for Jaguar Land Rover with continued strong demand for models across the range in our international markets. Together with January sales this has been a positive start to 2014, particularly given our comparator period in 2013 included the expected introductory sales spikes for new Range Rover and a number of limited edition models.
Jaguar sales rose 15% to 5,300 vehicles in February 2014 over February 2013. Land Rover sales rose 13% to 25,187 vehicles in February 2014 over February 2013.
L&T Finance Holdings and Just Dial will be in focus as the National Stock Exchange (NSE) has added these two stocks for trading in the futures & options (F&O) segment starting today, 13 March 2014. NSE has set the lot size for futures and options contracts of L&T Finance Holdings at 4,000 and that of Just Dial at 250.
McLeod Russel India announced that at the separate Extraordinary Meetings held on 11 March 2014 in Uganda, the shareholders of Rwenzori Tea Investments and McLeod Russel Uganda have approved the proposal to amalgamate Rwenzori Tea Investments (a wholly owned step-down subsidiary of the Company) with its wholly owned subsidiary McLeod Russel Uganda with effect from the date shown in the Certificate of Amalgamation to be issued by the Registrar of Companies, Kampala.
Thomas Cook (India) announced an agreement with Corporation Bank to distribute its unique multi currency borderless prepaid card via the bank's foreign exchange branches across its impressive 2009 strong branch network, pan India. In a first mover advantage, this pioneering initiative will see a card issued by a non-banking entity being distributed by a bank.
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Launched in November 2012, Thomas Cook India's Borderless Prepaid Card in collaboration with MasterCard Worldwide has witnessed impressive uptake- with over 60,000 of cards sold; a loaded value of US$ 205 million and a market share of more than 12%, merely a year from launch - making it the largest non bank player in the space.
UNWTO research has highlighted the powerful potential of India's outbound travel sector- estimated to account for 50mn outbound tourists by 2020. This, coupled with the strong consumer demand for its Borderless Prepaid Card, propelled Thomas Cook India to seek a strong distribution partner to fulfill its aggressive expansion strategy, and in Corporation Rank it found an ideal match. Corporation Bank's unerring focus on both technology and its consumer saw resonance with Thomas Cook India's pioneering innovation and consumer empowering product development.
The association, extends the reach of Thomas Cook India's borderless prepaid card via Corporation Bank's impressive network, across India's metros, mini metros and the emerging Tier II & III Regional markets; also rural India.
The borderless prepaid card empowers travellers with the option of loading eight currencies on a single card (US Dollars, British Pounds, Euro, Australian Dollars, Canadian Dollars, Swiss Francs, Singapore Dollars & Japanese Yen) enabling the cardholder to use the appropriate currency, basis the country being visited - effectively saving money and time. Customer-centric features on the card include instant loading, emergency cash disbursement and free replacement card in case stolen or lost and 24x7 global emergency assistance available via toll free access in over 80 countries. The chip and pin security features of the card ensures additional safety for the traveler.
Mr. S R Bansal, Chairman & Managing Director, Corporation Bank said, "Corporation Bank is delighted to partner with Thomas Cook and MasterCard in introducing a secure EMV Compliant Forex Travel Card in keeping with its tradition of introducing tech-savvy and customer friendly products and services. With the number of Indians travelling abroad for business or leisure, the single Card with 13 currency pockets will certainly increase customer convenience and enhanced security and the Bank's pan India presence would be leveraged to market this product to a large number of customers."
Commenting on the partnership, Mr. Mahesh lyer, COO, Foreign Exchange, Thomas Cook (India) said, "We are truly delighted to partner with Corporation Bank, a stalwart in the Indian banking industry, to give India's outbound traveller far greater access to our unique 13orderless Prepaid Card via the Bank's impressive reach countrywide. With this tie-up, we will take our legacy as innovators & pioneers in the travel and payment solutions business an emphatic step forward," he added.
Noida Toll Bridge Company turns ex-dividend for an interim dividend of Rs 1.50 per equity share for the financial year ending March 2014.
Hotel Leelaventure announced after market hours on Wednesday, 12 March 2014, that the board of directors of the company at its meeting held today, 12 March 2014, considered the progress on the sale of assets and indicative term sheets for a bridge loan and resolved that the terms of the loan do not meet the company's requirements and are to be negotiated. The board also authorised Mr. Vivek Nair, Chairman & Managing Director and Mr. Dinesh Nair, Co-Chairman & Managing Director to negotiate and finalise the terms and conditions of the bridge loan for meeting the debt service obligations of the company.
IFB Agro Industries has scheduled a meeting of the Board of Directors of the company today, 13 March 2014, to consider allotment of equity shares on preferential allotment basis to Nurpur Gases (a promoter group company of IFB Agro Industries).
Mphasis declares consolidated results for Q1 ended 31 January 2014 today, 13 March 2014.
ISMT had initiated an Arbitration case against one of its equipment suppliers. This matter has now been settled and the company will receive a payment of Euro 15.5 million.
Manappuram Finance board of directors at its meeting held on 11 March 2014 and extended to 12 March 2014 decided to acquire housing finance company named M/s Milestone Home Finance Company as a 100% subsidiary of the company and to execute the Share Purchase agreement with the Shareholders of M/s Milestone Home Finance Company.
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