Tata Power Company after market hours yesterday, 31 August 2016, announced that the company operating through its Strategic Engineering Division (SED), has signed a letter of intent (LOI) with Javelin Joint Venture team, a partnership between Raytheon and Lockheed Martin, to explore co-development and production of the Javelin anti-armour missile system. As part of the LOI, the Javelin Joint Venture (JVV) and Tata Power Company SED will create a strategy to co-develop and produce Javelin missile system and integrate platform mounts to meet Indian requirements. This includes ground combat vehicles, dismounted infantry and rotorcraft applications, Tata Power Company said.
Punjab National Bank (PNB) after market hours yesterday, 31 August 2016, announced that lending rates based on marginal cost of funds to be effective from today, 1 September 2016. The bank's Marginal Cost of Funds based Lending Rate (MCLR) for overnight loans will be 9.10%, for one month will be 9.15% and for three months will be 9.25%. The MCLR on 6-month loans will be 9.30% and for one-year loans the rate would be 9.35%, the bank said. MCLR for three-year loans would be at 9.50% and loans with five-year maturity would carry an MCLR of 9.65%, the bank said.
Oriental Bank of Commerce after market hours yesterday, 31 August 2016, announced that it intends to raise Tier 1 capital through private placement of Basel III compliant additional tier 1 bonds of Rs 10 lakh each at par aggregating to Rs 250 crore with an option to retain oversubscription of upto Rs 750 crore. The proposed bonds issue has been rated as 'A+ with Stable Outlook' by India Ratings and 'A+ (Hyb.) with negative outlook' by ICRA.
Thermax after market hours yesterday, 31 August 2016, announced that it has invested Rs 6 crores in First Energy (FE). Further the company has increased its shareholding in FE from 33% to 54.67% making it a subsidiary of the company. FE is an alternative energy solutions company in which Thermax had acquired 33% stake in July 2015.
HCC after market hours yesterday, 31 August 2016, announced that the Cabinet decision that requires Government agencies to pay 75% of arbitral awards will result in HCC's debt being reduced by half. HCC has arbitration awards for over Rs 3,200 crore and with the today's cabinet decision, the company will get 75 per cent of this amount immediately. Similarly, claims worth around Rs 5,000 crore are in arbitration process. Today's cabinet decision will further help HCC to secure these awards within a duration of 12 months.
HCC's Chairman and Managing Director said that the company is pleased with the Cabinet's decision on payment of arbitration awards to infrastructure companies. HCC will immediately be able to reduce its debt by almost half as a result and within 12 to 24 months, materially reduce it even further. With this, HCC will be able to participate in country's infrastructure development in a much bigger way.
HCC has a standalone debt of Rs 4900 crore. The Cabinet decision will help the company to substantially reduce this amount, the company added.
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The Cabinet Committee on Economic Affairs (CCEA) yesterday, 31 August 2016, approved a series of initiatives to revive the construction sector. As per the new initiatives, CCEA allowed contractors to move to the new speedier arbitration process, approved release of 75% of the amount in dispute against margin free bank guarantee and provided for a conciliation board comprising of independent subject experts in order to ensure speedy disposal of pending or new cases.
C & C Constructions after market hours yesterday, 31 August 2016, announced that it has won a project worth Rs 73.61 crore from Power Grid Corporation of India. The order is for transmission line package associated with Northern Region Strengthening Scheme XXXV. Duration for completion of project is 12 months from the date of contract. With this order, the company has an order book of approximately Rs 151 crore in transmission sector.
Union Bank of India after market hours yesterday, 31 August 2016, announced that it has concluded Basel III compliant additional tier I (AT1) bonds of face value Rs 10 lakh each at par aggregating to Rs 1,000 crore on private placement basis bearing 9.50% per annum coupon payable annually. The AT1 Bonds are rated 'IND AA'/ Stable by India Ratings and Research Private Limited ("India Ratings") and 'CARE AA' by Credit Analysis & Research ("CARE"). The bonds are issued with call option, which shall be discretionary, may or may not be exercised on the tenth anniversary from the deemed date of allotment i.e. the tenth coupon payment date or any coupon payment date thereafter. The pay-in date is scheduled on 15 September 2016.
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